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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the QuarterQuarterly Period Ended September 30,March 31, 20232024

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Transition Period From ____ to ____

 

Commission File Number: 814-00899

 

 

BLACKROCK TCP CAPITAL CORP.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware

56-2594706

(State or Other Jurisdiction of Incorporation)

(IRS Employer Identification No.)

 

 

2951 28th Street, Suite 1000

 

Santa Monica, California

90405

(Address of Principal Executive Offices)

(Zip Code)

 

(310) 566-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Common Stock, par value $0.001 per share

TCPC

NASDAQNasdaq Global Select Market

(Title of each class)

(Trading Symbol(s) )

(Name of each exchange whereon which registered)

 

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.filer, a smaller reporting company, or an emerging growth company. See definitionthe definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and large accelerated filer”“emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller Reportingreporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with aany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes No

 

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of November 2, 2023May 1, 2024 was 57,767,264.85,591,134.

 

 

 

 


 


TABLE OF CONTENTS

BLACKROCK TCP CAPITAL CORP.

 

FORM 10-Q

 

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023March 31, 2024

 

TABLE OF CONTENTS

 

Part I.

Financial Information

Item 1.

Financial Statements

 

Consolidated Statements of Assets and Liabilities as of September 30, 2023March 31, 2024 (unaudited) and December 31, 20222023

2

Consolidated Statements of Operations for the three and nine months ended September 30, 2023March 31, 2024 (unaudited) and September 30, 2022March 31, 2023 (unaudited)

3

Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30,March 31, 2024 (unaudited) and March 31, 2023 (unaudited) and September 30, 2022 (unaudited)

4

 

Consolidated Statements of Cash Flows for the ninethree months ended September 30, 2023March 31, 2024 (unaudited) and September 30, 2022March 31, 2023 (unaudited)

5

Consolidated Schedule of Investments as of September 30, 2023March 31, 2024 (unaudited) and December 31, 20222023

67

Notes to Consolidated Financial Statements (unaudited)

2730

Consolidated Schedule of Changes in Investments in Affiliates for the ninethree months ended September 30, 2023March 31, 2024 (unaudited) and year ended December 31, 20220232

5659

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of September 30, 2023March 31, 2024 (unaudited) and December 31, 20222023

6063

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

6265

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

7579

Item 4.

Controls and Procedures

7580

Part II.

Other Information

7781

Item 1.

Legal Proceedings

7681

Item 1A.

Risk Factors

7681

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

7783

Item 3.

Defaults upon Senior Securities

7783

Item 4.

Mine Safety Disclosures

7783

Item 5.

Other Information

7883

Item 6.

Exhibits

7985

 

1


TABLE OF CONTENTS

BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities

 

 

September 30, 2023

 

 

December 31, 2022

 

 

March 31, 2024

 

 

December 31, 2023

 

 

(unaudited)

 

 

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investments, at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $1,417,840,118 and $1,474,146,428, respectively)

 

$

1,357,720,924

 

 

$

1,402,764,659

 

Non-controlled, affiliated investments (cost of $38,607,673 and $37,132,993, respectively)

 

 

65,709,964

 

 

 

69,089,697

 

Controlled investments (cost of $195,494,803 and $158,500,500, respectively)

 

 

169,889,830

 

 

 

137,733,285

 

Total investments (cost of $1,651,942,594 and $1,669,779,921, respectively)

 

 

1,593,320,718

 

 

 

1,609,587,641

 

Non-controlled, non-affiliated investments (cost of $1,960,249,432 and $1,389,865,889, respectively)

 

$

1,881,772,624

 

 

$

1,317,691,543

 

Non-controlled, affiliated investments (cost of $64,012,430 and $63,188,613, respectively)

 

 

51,868,165

 

 

 

65,422,375

 

Controlled investments (cost of $211,799,722 and $198,335,511, respectively)

 

 

182,778,507

 

 

 

171,827,192

 

Total investments (cost of $2,236,061,584 and $1,651,390,013, respectively)

 

 

2,116,419,296

 

 

 

1,554,941,110

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

91,653,006

 

 

 

82,435,171

 

 

 

120,572,710

 

 

 

112,241,946

 

Interest, dividends and fees receivable

 

 

26,660,224

 

 

 

20,903,797

 

 

 

35,010,620

 

 

 

25,650,684

 

Deferred debt issuance costs

 

 

4,061,159

 

 

 

3,597,236

 

 

 

6,019,791

 

 

 

3,671,727

 

Due from broker

 

 

2,077,272

 

 

 

 

Receivable for investments sold

 

 

2,072,526

 

 

 

 

Prepaid expenses and other assets

 

 

3,469,747

 

 

 

2,826,004

 

 

 

1,359,923

 

 

 

2,266,886

 

Total assets

 

 

1,719,164,854

 

 

 

1,719,349,849

 

 

 

2,283,532,138

 

 

 

1,698,772,353

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Debt (net of deferred issuance costs of $3,784,018 and $5,056,427, respectively)

 

 

970,374,273

 

 

 

944,005,814

 

Debt (net of deferred issuance costs of $3,616,588 and $3,355,221, respectively)

 

 

1,302,812,708

 

 

 

985,200,609

 

Management fees payable

 

5,573,326

 

 

 

5,690,105

 

Incentive fees payable

 

6,010,047

 

 

 

4,883,575

 

 

5,880,378

 

 

 

5,347,711

 

Interest and debt related payables

 

3,776,700

 

 

 

9,260,738

 

 

5,725,140

 

 

 

10,407,570

 

Interest Rate Swap at fair value

 

 

1,670,896

 

 

 

 

Reimbursements due to the Advisor

 

 

1,232,776

 

 

 

1,498,733

 

 

 

44,173

 

 

 

844,664

 

Management fees payable

 

 

 

 

6,084,202

 

Distributions payable

 

 

 

 

 

2,888,363

 

Payable for investments purchased

 

 

 

 

 

1,937,465

 

 

 

 

 

 

960,000

 

Accrued expenses and other liabilities

 

 

2,773,761

 

 

 

2,037,169

 

 

 

8,343,090

 

 

 

2,720,148

 

Total liabilities

 

 

984,167,557

 

 

 

972,596,059

 

 

 

1,330,049,711

 

 

 

1,011,170,807

 

 

 

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

$

734,997,297

 

 

$

746,753,790

 

 

$

953,482,427

 

 

$

687,601,546

 

 

 

 

 

 

 

 

 

 

 

 

 

Composition of net assets applicable to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 200,000,000 shares authorized, 57,767,264 and
57,767,264 shares issued and outstanding as of September 30, 2023 and
December 31, 2022, respectively

 

$

57,767

 

 

$

57,767

 

Common stock, $0.001 par value; 200,000,000 shares authorized, 85,591,134 and
57,767,264 shares issued and outstanding as of March 31, 2024 and
December 31, 2023, respectively

 

$

85,591

 

 

$

57,767

 

Paid-in capital in excess of par

 

 

967,890,570

 

 

 

967,890,570

 

 

 

1,248,080,041

 

 

 

967,643,255

 

Distributable earnings (loss)

 

 

(232,951,040

)

 

 

(221,194,547

)

 

 

(294,683,205

)

 

 

(280,099,476

)

Total net assets

 

 

734,997,297

 

 

 

746,753,790

 

 

 

953,482,427

 

 

 

687,601,546

 

Total liabilities and net assets

 

$

1,719,164,854

 

 

$

1,719,349,849

 

 

$

2,283,532,138

 

 

$

1,698,772,353

 

Net assets per share

 

$

12.72

 

 

$

12.93

 

 

$

11.14

 

 

$

11.90

 

 

See accompanying notes to the consolidated financial statements.

2


TABLE OF CONTENTS

BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

Three Months Ended March 31,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

Investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (excluding PIK):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

46,722,801

 

 

$

42,027,715

 

 

$

138,140,812

 

 

$

116,673,959

 

 

$

48,646,193

 

 

$

45,153,147

 

Non-controlled, affiliated investments

 

 

48,712

 

 

 

38,543

 

 

 

141,950

 

 

 

105,586

 

 

 

347,635

 

 

 

45,536

 

Controlled investments

 

 

2,970,153

 

 

 

1,970,246

 

 

 

7,954,881

 

 

 

5,706,085

 

 

 

2,859,080

 

 

 

2,209,052

 

PIK income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

3,511,734

 

 

 

2,061,595

 

 

 

8,728,033

 

 

 

5,146,491

 

 

 

2,405,677

 

 

 

1,584,834

 

Non-controlled, affiliated investments

 

 

92,675

 

 

 

 

Controlled investments

 

 

 

 

 

 

 

 

310,993

 

 

 

 

 

 

349,969

 

 

 

 

Dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

263,420

 

 

 

278,321

 

 

 

821,599

 

 

 

765,404

 

 

 

312,324

 

 

 

302,743

 

Non-controlled, affiliated investments

 

 

672,734

 

 

 

597,715

 

 

 

1,960,002

 

 

 

1,741,419

 

 

 

713,703

 

 

 

634,124

 

Controlled investments

 

 

 

 

 

855,124

 

 

 

 

 

 

3,419,023

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

21,387

 

 

 

331,420

 

 

 

376,209

 

 

 

657,153

 

 

 

2,053

 

 

 

333,264

 

Non-controlled, affiliated investments

 

 

 

 

 

45,650

 

 

 

45,650

 

 

 

97,503

 

 

 

 

 

 

45,650

 

Total investment income

 

 

54,210,941

 

 

 

48,206,329

 

 

 

158,480,129

 

 

 

134,312,623

 

 

 

55,729,309

 

 

 

50,308,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

 

12,133,863

 

 

 

10,167,966

 

 

 

35,971,338

 

 

 

28,882,380

 

 

 

13,230,224

 

 

 

11,549,171

 

Incentive fees

 

 

5,880,378

 

 

 

5,389,696

 

Management fees

 

 

6,092,673

 

 

 

6,629,270

 

 

 

18,065,948

 

 

 

19,903,163

 

 

 

5,819,505

 

 

 

5,877,539

 

Incentive fees

 

 

6,010,047

 

 

 

5,173,948

 

 

 

17,255,238

 

 

 

13,876,038

 

Professional fees

 

 

745,978

 

 

 

386,531

 

 

 

1,519,106

 

 

 

1,366,919

 

 

 

919,676

 

 

 

454,350

 

Administrative expenses

 

 

357,921

 

 

 

403,355

 

 

 

1,092,268

 

 

 

1,324,450

 

 

 

561,003

 

 

 

376,544

 

Director fees

 

 

185,500

 

 

 

287,541

 

 

 

745,319

 

 

 

746,654

 

 

 

216,719

 

 

 

351,000

 

Insurance expense

 

 

134,212

 

 

 

146,566

 

 

 

426,790

 

 

 

508,688

 

 

 

145,113

 

 

 

154,003

 

Custody fees

 

 

94,811

 

 

 

80,659

 

 

 

276,727

 

 

 

241,181

 

 

 

89,920

 

 

 

90,586

 

Other operating expenses

 

 

122,860

 

 

 

539,026

 

 

 

1,781,273

 

 

 

2,047,545

 

 

 

605,498

 

 

 

656,894

 

Total operating expenses

 

 

25,877,865

 

 

 

23,814,862

 

 

 

77,134,007

 

 

 

68,897,018

 

 

 

27,468,036

 

 

 

24,899,783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income before taxes

 

 

28,333,076

 

 

 

24,391,467

 

 

 

81,346,122

 

 

 

65,415,605

 

 

 

28,261,273

 

 

 

25,408,567

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excise tax expense

 

 

13,164

 

 

 

 

 

 

48,604

 

 

 

 

 

 

 

 

 

35,440

 

Net investment income

 

 

28,319,912

 

 

 

24,391,467

 

 

 

81,297,518

 

 

 

65,415,605

 

 

 

28,261,273

 

 

 

25,373,127

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and unrealized gain (loss) on investments and foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(128,841

)

 

 

133,449

 

 

 

(31,153,173

)

 

 

(29,235,313

)

 

 

(168,077

)

 

 

(30,629,704

)

Non-controlled, affiliated investments

 

 

 

 

 

124,191

 

 

 

 

 

 

11,172,439

 

Controlled investments

 

 

 

 

 

 

 

 

 

 

 

(124,801

)

Net realized gain (loss)

 

 

(128,841

)

 

 

257,640

 

 

 

(31,153,173

)

 

 

(18,187,675

)

 

 

(168,077

)

 

 

(30,629,704

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation
(depreciation):

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation (1)
(depreciation):

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(9,268,963

)

 

 

(15,273,883

)

 

 

11,820,648

 

 

 

(23,435,906

)

 

 

(6,152,059

)

 

 

31,972,322

 

Non-controlled, affiliated investments

 

 

(4,131,670

)

 

 

(1,568,147

)

 

 

(5,339,736

)

 

 

(8,726,239

)

 

 

(14,378,028

)

 

 

(2,127,127

)

Controlled investments

 

 

(1,967,506

)

 

 

18,431,930

 

 

 

(4,837,760

)

 

 

23,494,107

 

 

 

(2,512,907

)

 

 

(1,874,739

)

Interest Rate Swap

 

 

6,939

 

 

 

 

Net change in unrealized appreciation (depreciation)

 

 

(15,368,139

)

 

 

1,589,900

 

 

 

1,643,152

 

 

 

(8,668,038

)

 

 

(23,036,055

)

 

 

27,970,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

(15,496,980

)

 

 

1,847,540

 

 

 

(29,510,021

)

 

 

(26,855,713

)

 

 

(23,204,132

)

 

 

(2,659,248

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting
from operations

 

$

12,822,932

 

 

$

26,239,007

 

 

$

51,787,497

 

 

$

38,559,892

 

 

$

5,057,141

 

 

$

22,713,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per share

 

$

0.22

 

 

$

0.45

 

 

$

0.90

 

 

$

0.67

 

 

$

0.08

 

 

$

0.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average common
shares outstanding

 

 

57,767,264

 

 

 

57,767,264

 

 

 

57,767,264

 

 

 

57,767,264

 

 

 

62,047,859

 

 

 

57,767,264

 

(1) Includes $21,347,357 change in unrealized appreciation from application of Merger accounting under ASC 805 (see Note 12.).

 

See accompanying notes to the consolidated financial statements.

3


TABLE OF CONTENTS

BlackRock TCP Capital Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

 

 

Common Stock

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital
in Excess of Par

 

 

Distributable
earnings (loss)

 

 

Total Net
Assets

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital
in Excess of Par

 

 

Distributable
earnings (loss)

 

 

Total Net
Assets

 

Balance at December 31, 2022

 

 

57,767,264

 

 

$

57,767

 

 

$

967,890,570

 

 

$

(221,194,547

)

 

$

746,753,790

 

Balance at December 31, 2023

 

 

57,767,264

 

 

$

57,767

 

 

$

967,643,255

 

 

$

(280,099,476

)

 

$

687,601,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock in connection with the Merger (Note 12)

 

 

27,823,870

 

 

 

27,824

 

 

 

280,436,786

 

 

 

 

 

 

280,464,610

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

25,373,127

 

 

 

25,373,127

 

 

 

 

 

 

 

 

 

 

 

 

28,261,273

 

 

 

28,261,273

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

(2,659,248

)

 

 

(2,659,248

)

 

 

 

 

 

 

 

 

 

 

 

(23,204,132

)

 

 

(23,204,132

)

Dividends paid to shareholders

 

 

 

 

 

 

 

 

 

 

 

(18,485,524

)

 

 

(18,485,524

)

 

 

 

 

 

 

 

 

 

 

 

(19,640,870

)

 

 

(19,640,870

)

Balance at March 31, 2023

 

57,767,264

 

 

$

57,767

 

 

$

967,890,570

 

 

$

(216,966,192

)

 

$

750,982,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

27,604,479

 

 

 

27,604,479

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

(11,353,793

)

 

 

(11,353,793

)

Dividends paid to shareholders

 

 

 

 

 

 

 

 

 

 

 

(19,640,870

)

 

 

(19,640,870

)

Balance at June 30, 2023

 

57,767,264

 

 

$

57,767

 

 

$

967,890,570

 

 

$

(220,356,376

)

 

$

747,591,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

28,319,912

 

 

 

28,319,912

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

(15,496,980

)

 

 

(15,496,980

)

Dividends paid to shareholders

 

 

 

 

 

 

 

 

 

 

 

(25,417,596

)

 

 

(25,417,596

)

Balance at September 30, 2023

 

57,767,264

 

 

$

57,767

 

 

$

967,890,570

 

 

$

(232,951,040

)

 

$

734,997,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital
in Excess of Par

 

 

Distributable
earnings (loss)

 

 

Total Net
Assets

 

Balance at December 31, 2021

 

 

57,767,264

 

 

$

57,767

 

 

$

966,409,911

 

 

$

(137,011,042

)

 

$

829,456,636

 

Cumulative effect adjustment for the adoption of ASU 2020-06 (1)

 

 

 

 

 

 

 

 

(3,309,596

)

 

 

3,196,507

 

 

 

(113,089

)

Net investment income

 

 

 

 

 

 

 

 

 

 

 

19,753,940

 

 

 

19,753,940

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

(7,304,980

)

 

 

(7,304,980

)

Dividends paid to shareholders

 

 

 

 

 

 

 

 

 

 

 

(17,330,179

)

 

 

(17,330,179

)

Balance at March 31, 2022

 

57,767,264

 

 

$

57,767

 

 

$

963,100,315

 

 

$

(138,695,754

)

 

$

824,462,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

21,270,198

 

 

 

21,270,198

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

(21,398,273

)

 

 

(21,398,273

)

Dividends paid to shareholders

 

 

 

 

 

 

 

 

 

 

 

(17,330,179

)

 

 

(17,330,179

)

Balance at June 30, 2022

 

57,767,264

 

 

$

57,767

 

 

$

963,100,315

 

 

$

(156,154,008

)

 

$

807,004,074

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

24,391,467

 

 

 

24,391,467

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

1,847,540

 

 

 

1,847,540

 

Dividends paid to shareholders

 

 

 

 

 

 

 

 

 

 

 

(17,330,179

)

 

 

(17,330,179

)

Balance at September 30, 2022

 

57,767,264

 

 

$

57,767

 

 

$

963,100,315

 

 

$

(147,245,180

)

 

$

815,912,902

 

Balance at March 31, 2024

 

85,591,134

 

 

$

85,591

 

 

$

1,248,080,041

 

 

$

(294,683,205

)

 

$

953,482,427

 

 

(1)
See Note 2 and Note 4 for further information related to the adoption of ASU 2020-06.

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital
in Excess of Par

 

 

Distributable
earnings (loss)

 

 

Total Net
Assets

 

Balance at December 31, 2022

 

 

57,767,264

 

 

$

57,767

 

 

$

967,890,570

 

 

$

(221,194,547

)

 

$

746,753,790

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

25,373,127

 

 

 

25,373,127

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

(2,659,248

)

 

 

(2,659,248

)

Dividends paid to shareholders

 

 

 

 

 

 

 

 

 

 

 

(18,485,524

)

 

 

(18,485,524

)

Balance at March 31, 2023

 

57,767,264

 

 

$

57,767

 

 

$

967,890,570

 

 

$

(216,966,192

)

 

$

750,982,145

 

 

 

 

 

 

 

 

See accompanying notes to the consolidated financial statements.

4


TABLE OF CONTENTS

BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)

 

 

Nine Months Ended September 30,

 

 

Three Months Ended March 31,

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

Operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

51,787,497

 

 

$

38,559,892

 

 

$

5,057,141

 

 

$

22,713,879

 

Adjustments to reconcile net increase (decrease) in net assets resulting
from operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized (gain) loss

 

 

31,153,173

 

 

 

18,187,675

 

 

 

168,077

 

 

 

30,629,704

 

Change in net unrealized (appreciation) depreciation of investments

 

 

(1,570,402

)

 

 

9,426,843

 

 

 

23,269,548

 

 

 

(28,144,938

)

Net amortization of investment discounts and premiums

 

 

(4,285,353

)

 

 

(8,012,520

)

 

 

(2,163,945

)

 

 

(1,929,048

)

Amortization of original issue discount on debt

 

 

159,420

 

 

 

147,862

 

 

 

57,238

 

 

 

52,055

 

Interest and dividend income paid in kind

 

 

(7,112,215

)

 

 

(5,146,491

)

 

 

(4,615,977

)

 

 

(1,584,834

)

Amortization of deferred debt issuance costs

 

 

2,219,197

 

 

 

2,282,999

 

 

 

854,100

 

 

 

712,804

 

Changes in assets and liabilities:

 

 

 

 

 

 

Purchases of investments

 

 

(178,394,100

)

 

 

(258,229,456

)

Cash acquired in the Merger

 

 

11,670,610

 

 

 

 

Merger costs capitalized into purchase price

 

 

(2,366,408

)

 

 

 

Changes in assets and liabilities (1):

 

 

 

 

 

 

Purchases of investments (2)

 

 

(15,394,688

)

 

 

(74,436,852

)

Proceeds from disposition of investments

 

 

176,475,820

 

 

 

406,036,503

 

 

 

24,318,666

 

 

 

19,323,506

 

Decrease (increase) in interest, dividends and fees receivable

 

 

(5,756,427

)

 

 

751,857

 

 

 

928,207

 

 

 

(1,485,291

)

Decrease (increase) in due from broker

 

 

(25,605

)

 

 

 

Decrease (increase) in receivable for investments sold

 

 

 

 

 

5,790,508

 

 

 

(1,401,084

)

 

 

 

Decrease (increase) in prepaid expenses and other assets

 

 

(643,743

)

 

 

(946,147

)

 

 

1,208,428

 

 

 

238,302

 

Increase (decrease) in payable for investments purchased

 

 

(1,937,465

)

 

 

(28,536,890

)

 

 

(1,554,064

)

 

 

(1,937,465

)

Increase (decrease) in incentive fees payable

 

 

1,126,472

 

 

 

1,431,505

 

 

 

(830,958

)

 

 

506,121

 

Increase (decrease) in interest and debt related payables

 

 

(5,484,038

)

 

 

(7,401,200

)

 

 

(5,610,615

)

 

 

(5,219,188

)

Increase (decrease) in reimbursements due to the Advisor

 

 

(265,957

)

 

 

204,507

 

 

 

(800,491

)

 

 

940,571

 

Increase (decrease) in management fees payable

 

 

(6,084,202

)

 

 

(6,304,176

)

 

 

(116,779

)

 

 

(473,480

)

Increase (decrease) in accrued expenses and other liabilities

 

 

736,592

 

 

 

232,166

 

 

 

761,197

 

 

 

(321,615

)

Net cash provided by (used in) operating activities

 

 

52,124,269

 

 

 

168,475,437

 

 

 

33,412,598

 

 

 

(40,415,769

)

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Draws on credit facilities

 

 

240,812,360

 

 

 

461,970,622

 

 

 

45,891,453

 

 

 

117,884,208

 

Repayments of credit facility draws

 

��

(215,875,730

)

 

 

(352,213,266

)

 

 

(44,075,226

)

 

 

(39,741,067

)

Payments of debt issuance costs

 

 

(1,410,711

)

 

 

 

Dividends paid to shareholders

 

 

(66,432,353

)

 

 

(51,990,537

)

Repayment of convertible notes

 

 

 

 

 

(140,000,000

)

Dividends paid to shareholders (3)

 

 

(26,898,061

)

 

 

(21,373,887

)

Net cash provided by (used in) financing activities

 

 

(42,906,434

)

 

 

(82,233,181

)

 

 

(25,081,834

)

 

 

56,769,254

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents (including restricted cash)

 

 

9,217,835

 

 

 

86,242,256

 

 

 

8,330,764

 

 

 

16,353,485

 

Cash and cash equivalents (including restricted cash) at beginning of period

 

 

82,435,171

 

 

 

19,552,273

 

 

 

112,241,946

 

 

 

82,435,171

 

Cash and cash equivalents (including restricted cash) at end of period

 

$

91,653,006

 

 

$

105,794,529

 

 

$

120,572,710

 

 

$

98,788,656

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

 

 

 

 

 

 

Interest payments

 

$

38,487,722

 

 

$

33,261,352

 

 

$

17,704,405

 

 

$

15,793,455

 

Excise tax payments

 

$

48,604

 

 

$

 

 

$

165,495

 

 

$

35,440

 

 

 

 

 

 

 

Non-cash operating and financing activities from the Merger

 

 

 

 

 

 

Acquisition of Merger Sub assets and liabilities (4)

 

 

 

 

 

 

Non-cash assets acquired:

 

 

 

 

 

 

Investments (5)

 

$

586,983,708

 

 

$

 

Interest, dividends and fees receivable

 

 

10,373,421

 

 

 

 

Due from broker

 

 

2,048,141

 

 

 

 

Other assets

 

 

3,731,006

 

 

 

 

Total non-cash assets acquired

 

$

603,136,276

 

 

$

 

Liabilities assumed:

 

 

 

 

 

 

Debt

 

$

315,296,749

 

 

$

 

Dividends payable

 

 

7,257,191

 

 

 

 

Management fees payable

 

 

1,888,664

 

 

 

 

Interest Rate Swap at fair value

 

 

1,674,309

 

 

 

 

Incentive fees payable

 

 

1,363,625

 

 

 

 

Other liabilities

 

 

4,495,330

 

 

 

 

Total liabilities assumed

 

$

331,975,868

 

 

 

 

Issuance of shares in connection with the Merger

 

$

280,464,610

 

 

$

 

Merger costs capitalized into purchase price

 

$

2,366,408

 

 

$

 

(1)
Adjusted for assets acquired and liabilities assumed as a result of the Merger (as defined in Note 1 “Organization and Nature of Operations”), as applicable.
(2)
Excludes $586,983,708 of cost of investments acquired in connection with the Merger.

5


TABLE OF CONTENTS

(3)
Includes payment of dividends payable of $7,257,191 assumed in the Merger declared on March 4, 2024 by the BCIC Board of Directors for the benefit of former BCIC shareholders of record as of March 15, 2024.
(4)
On March 18, 2024, in connection with the Merger, the Company acquired net assets in exchange for shares issued of the Company's common stock with a market value of $280,464,610 plus $2,366,408 in merger costs capitalized into the purchase price.
(5)
Investments acquired were recorded at fair value at the date of the acquisition, which is also the Company's initial cost basis in the investments, and reflects the impact of a $21,886,848 purchase discount.

 

See accompanying notes to the consolidated financial statements

5

6


 

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2023

March 31, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.75

%

 

 

12.18

%

 

4/15/2026

 

$

6,012,603

 

 

$

5,956,830

 

 

$

5,856,275

 

 

 

0.35

%

 

G/N

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.19

%

 

4/15/2026

 

$

7,971,755

 

 

$

7,819,178

 

 

$

7,852,178

 

 

 

0.35

%

 

G/N

ALCV Purchaser, Inc. (AutoLenders)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.75

%

 

 

12.18

%

 

4/15/2026

 

$

662,974

 

 

 

657,903

 

 

 

645,737

 

 

 

0.04

%

 

G/N

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.19

%

 

4/15/2026

 

$

896,404

 

 

 

880,426

 

 

 

882,958

 

 

 

0.04

%

 

G/N

AutoAlert, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.40

%

 

 

10.65

%

 

3/31/2028

 

$

18,812,631

 

 

 

18,812,631

 

 

 

18,812,631

 

 

 

1.11

%

 

F/N

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.40

%

 

 

10.73

%

 

3/31/2028

 

$

18,812,631

 

 

 

18,812,631

 

 

 

18,812,631

 

 

 

0.84

%

 

F/N

AutoAlert, LLC

 

Second Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.40

%

 

 

10.65

%

 

3/31/2029

 

$

8,915,522

 

 

 

8,915,522

 

 

 

8,915,522

 

 

 

0.53

%

 

F/N

 

Second Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

9.40

%

 

 

14.73

%

 

3/31/2029

 

$

9,606,197

 

 

 

9,606,197

 

 

 

9,606,197

 

 

 

0.43

%

 

F/N

 

 

 

 

 

 

 

 

 

 

 

34,342,886

 

 

 

34,230,165

 

 

 

2.03

%

 

 

 

 

 

 

 

 

 

 

 

 

37,118,432

 

 

 

37,153,964

 

 

 

1.66

%

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porcelain Acquisition Corporation (Paramount)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

11.49

%

 

4/30/2027

 

$

6,150,558

 

 

 

6,069,222

 

 

 

5,916,836

 

 

 

0.35

%

 

N

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.10

%

 

 

11.41

%

 

4/30/2027

 

$

9,525,810

 

 

 

9,229,882

 

 

 

9,030,467

 

 

 

0.40

%

 

N

Porcelain Acquisition Corporation (Paramount)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

11.49

%

 

4/30/2027

 

$

930,849

 

 

 

918,987

 

 

 

895,477

 

 

 

0.05

%

 

N

Trulite Holding Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.33

%

 

2/22/2030

 

$

1,666,667

 

 

 

1,609,851

 

 

 

1,666,667

 

 

 

0.07

%

 

N

 

 

 

 

 

 

 

 

 

 

 

6,988,209

 

 

 

6,812,313

 

 

 

0.40

%

 

 

 

 

 

 

 

 

 

 

 

 

10,839,733

 

 

 

10,697,134

 

 

 

0.47

%

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

 

7.25

%

 

 

12.92

%

 

2/7/2025

 

$

21,791,007

 

 

 

21,485,635

 

 

 

21,987,126

 

 

 

1.30

%

 

L/N

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

 

7.51

%

 

 

12.83

%

 

2/7/2025

 

$

22,291,007

 

 

 

22,076,572

 

 

 

22,291,007

 

 

 

1.00

%

 

L/N

Pico Quantitative Trading, LLC

 

First Lien Incremental Term Loan (1.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

 

7.25

%

 

 

12.88

%

 

2/7/2025

 

$

24,415,870

 

 

 

23,826,256

 

 

 

24,415,870

 

 

 

1.45

%

 

L/N

 

First Lien Incremental Term Loan (1.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

 

7.51

%

 

 

12.82

%

 

2/7/2025

 

$

24,976,099

 

 

 

24,571,679

 

 

 

24,801,266

 

 

 

1.11

%

 

L/N

PMA Parent Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.31

%

 

1/31/2031

 

$

5,250,000

 

 

 

4,998,526

 

 

 

5,155,500

 

 

 

0.23

%

 

N

PMA Parent Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.31

%

 

1/31/2031

 

$

 

 

 

(13,344

)

 

 

(13,500

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

45,311,891

 

 

 

46,402,996

 

 

 

2.75

%

 

 

 

 

 

 

 

 

 

 

 

 

51,633,433

 

 

 

52,234,273

 

 

 

2.34

%

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

1.75% Cash + 3.50% PIK

 

 

10.73

%

 

11/6/2028

 

$

1,260,849

 

 

 

1,221,862

 

 

 

1,260,849

 

 

 

0.06

%

 

N

Kellermeyer Bergensons Services, LLC

 

Subordinated Term Loan

 

SOFR(M)

 

 

1.00

%

 

1.00 Cash + 7.00% PIK

 

 

13.59

%

 

11/7/2028

 

$

542,566

 

 

 

307,075

 

 

 

542,566

 

 

 

0.02

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.82

%

 

8/23/2028

 

$

1,706,142

 

 

 

1,631,595

 

 

 

1,680,720

 

 

 

0.08

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.38

%

 

8/23/2028

 

$

358,875

 

 

 

351,393

 

 

 

353,097

 

 

 

0.02

%

 

N

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

12.09

%

 

8/23/2028

 

$

1,183,368

 

 

 

1,131,517

 

 

 

1,165,735

 

 

 

0.05

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.39

%

 

8/23/2028

 

$

196,400

 

 

 

191,046

 

 

 

192,395

 

 

 

0.01

%

 

N

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.83

%

 

9/19/2028

 

$

713,127

 

 

 

655,289

 

 

 

679,603

 

 

 

0.03

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

Sr Secured Revolver

 

PRIME

 

 

0.75

%

 

 

5.00

%

 

 

13.50

%

 

8/23/2027

 

$

19,583

 

 

 

18,402

 

 

 

18,649

 

 

 

 

 

N

 

Sr Secured Revolver

 

Prime

 

 

0.75

%

 

 

5.25

%

 

 

14.00

%

 

8/23/2027

 

$

244,515

 

 

 

229,481

 

 

 

237,331

 

 

 

0.01

%

 

N

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.82

%

 

8/31/2029

 

$

7,767,802

 

 

 

7,673,276

 

 

 

7,371,644

 

 

 

0.44

%

 

N

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.40

%

 

 

12.74

%

 

8/31/2029

 

$

10,383,054

 

 

 

10,124,150

 

 

 

10,061,180

 

 

 

0.45

%

 

N

 

 

 

 

 

 

 

 

 

 

 

8,234,117

 

 

 

7,935,785

 

 

 

0.47

%

 

 

 

 

 

 

 

 

 

 

 

 

15,300,969

 

 

 

15,627,984

 

 

 

0.70

%

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated E1 Term Loan

 

LIBOR(Q)

 

 

 

 

12.50% PIK

 

 

12.50

%

 

10/13/2023

 

$

88,455

 

 

 

58,350

 

 

 

 

 

 

 

 

C/H/N

 

Subordinated E1 Term Loan

 

Fixed

 

 

 

 

12.50% PIK

 

 

12.50

%

 

3/31/2025

 

$

88,455

 

 

 

58,350

 

 

 

 

 

 

 

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated E2 Term Loan

 

LIBOR(Q)

 

 

 

 

12.50% PIK

 

 

12.50

%

 

10/13/2023

 

$

265,368

 

 

 

174,283

 

 

 

 

 

 

 

 

C/H/N

 

Subordinated E2 Term Loan

 

Fixed

 

 

 

 

12.50% PIK

 

 

12.50

%

 

3/31/2025

 

$

265,368

 

 

 

174,283

 

 

 

 

 

 

 

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated F Term Loan

 

LIBOR(Q)

 

 

 

 

12.50% PIK

 

 

12.50

%

 

10/13/2023

 

$

1,071,041

 

 

 

650,880

 

 

 

 

 

 

 

 

C/H/N

 

Subordinated F Term Loan

 

Fixed

 

 

 

 

12.50% PIK

 

 

12.50

%

 

3/31/2025

 

$

1,071,041

 

 

 

650,880

 

 

 

 

 

 

 

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated G Term Loan

 

LIBOR(Q)

 

 

 

 

12.50% PIK

 

 

12.50

%

 

10/13/2023

 

$

315,185

 

 

 

198,154

 

 

 

 

 

 

 

 

C/H/N

 

Subordinated G Term Loan

 

Fixed

 

 

 

 

12.50% PIK

 

 

12.50

%

 

3/31/2025

 

$

315,185

 

 

 

198,154

 

 

 

 

 

 

 

 

C/H/N

 

 

 

 

 

 

 

 

 

 

 

1,081,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,081,667

 

 

 

 

 

 

 

 

Construction and Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CSG Buyer, Inc. (Core States)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.65

%

 

3/31/2028

 

$

 

 

 

(29,212

)

 

 

(61,344

)

 

 

 

 

K/N

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.26

%

 

 

11.57

%

 

3/31/2028

 

$

 

 

 

(37,486

)

 

 

(31,954

)

 

 

 

 

K/N

CSG Buyer, Inc. (Core States)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.65

%

 

3/31/2028

 

$

8,847,846

 

 

 

8,670,889

 

 

 

8,476,236

 

 

 

0.49

%

 

N

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.26

%

 

 

11.57

%

 

3/31/2028

 

$

12,036,792

 

 

 

11,694,021

 

 

 

11,844,203

 

 

 

0.53

%

 

N

CSG Buyer, Inc. (Core States)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.65

%

 

3/31/2028

 

$

 

 

 

(58,423

)

 

 

(122,689

)

 

 

-0.01

%

 

K/N

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.26

%

 

 

11.57

%

 

3/31/2028

 

$

 

 

 

(74,973

)

 

 

(63,909

)

 

 

 

 

K/N

Geo Parent Corporation

 

First Lien Term Loan

 

SOFR(S)

 

 

 

 

 

5.25

%

 

 

10.80

%

 

12/29/2025

 

$

2,194,165

 

 

 

2,158,758

 

 

 

2,155,767

 

 

 

0.13

%

 

G/N

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

12.02

%

 

11/23/2027

 

$

3,600,994

 

 

 

3,539,659

 

 

 

3,485,762

 

 

 

0.21

%

 

N

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.19

%

 

11/23/2027

 

$

7,911,853

 

 

 

6,945,739

 

 

 

6,820,017

 

 

 

0.30

%

 

N

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

12.02

%

 

11/23/2027

 

$

1,682,273

 

 

 

1,651,681

 

 

 

1,628,440

 

 

 

0.10

%

 

N

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.19

%

 

11/23/2027

 

$

5,785,687

 

 

 

5,233,271

 

 

 

4,987,262

 

 

 

0.22

%

 

N

Homerenew Buyer, Inc. (Project Dream)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

12.01

%

 

11/23/2027

 

$

552,386

 

 

 

540,847

 

 

 

530,290

 

 

 

0.03

%

 

N

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.19

%

 

11/23/2027

 

$

1,894,299

 

 

 

1,678,815

 

 

 

1,632,885

 

 

 

0.07

%

 

N

Hylan Intermediate Holding II, LLC

 

Second Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

10.00

%

 

 

15.47

%

 

3/11/2027

 

$

5,146,471

 

 

 

4,981,761

 

 

 

5,141,839

 

 

 

0.31

%

 

N

Hylan Intermediate Holding II, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

8.00

%

 

 

13.47

%

 

2/22/2026

 

$

4,983,707

 

 

 

4,983,707

 

 

 

4,979,222

 

 

 

0.30

%

 

N

LJ Avalon Holdings, LLC (Ardurra)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.77

%

 

2/1/2029

 

$

 

 

 

(22,404

)

 

 

(13,403

)

 

 

 

 

K/N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.79

%

 

2/1/2030

 

$

296,678

 

 

 

239,616

 

 

 

263,171

 

 

 

0.02

%

 

N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.77

%

 

2/1/2030

 

$

5,139,862

 

 

 

4,997,665

 

 

 

5,057,624

 

 

 

0.29

%

 

N

Vortex Finance Sub, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.32

%

 

8/31/2029

 

$

77,148

 

 

 

72,377

 

 

 

72,314

 

 

 

 

 

N

Vortex Finance Sub, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.33

%

 

8/31/2029

 

$

9,578

 

 

 

7,843

 

 

 

7,820

 

 

 

 

 

N

Vortex Finance Sub, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.32

%

 

8/31/2029

 

$

332,031

 

 

 

324,670

 

 

 

324,561

 

 

 

0.02

%

 

N

 

 

 

 

 

 

 

 

 

 

 

32,059,434

 

 

 

31,925,610

 

 

 

1.89

%

 

 

 

6

7


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2023March 31, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.54

%

 

9/21/2027

 

$

7,500,000

 

 

$

7,337,815

 

 

$

7,237,500

 

 

 

0.43

%

 

N

Freedom Financial Network Funding, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.20

%

 

9/21/2027

 

$

2,500,000

 

 

 

2,447,980

 

 

 

2,412,500

 

 

 

0.14

%

 

N

Lucky US BuyerCo, LLC (Global Payments)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.82

%

 

3/30/2029

 

$

 

 

 

(7,677

)

 

 

(5,030

)

 

 

 

 

K/N

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.82

%

 

3/30/2029

 

$

2,165,207

 

 

 

2,103,868

 

 

 

2,126,017

 

 

 

0.13

%

 

N

Money Transfer Acquisition Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.25

%

 

 

13.67

%

 

12/14/2027

 

$

6,895,930

 

 

 

6,771,114

 

 

 

6,771,803

 

 

 

0.40

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,653,100

 

 

 

18,542,790

 

 

 

1.10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Holding, Inc. (Brook & Whittle)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.50

%

 

 

13.07

%

 

12/14/2029

 

$

11,969,577

 

 

 

11,738,994

 

 

 

10,640,954

 

 

 

0.63

%

 

N

BW Holding, Inc. (Brook & Whittle)

 

Second Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.50

%

 

 

13.07

%

 

12/14/2029

 

$

1,110,271

 

 

 

1,089,200

 

 

 

987,031

 

 

 

0.06

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,828,194

 

 

 

11,627,985

 

 

 

0.69

%

 

 

Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colony Display, LLC

 

First Lien Term Loan (15% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

6.50% Cash + 3.00% PIK

 

 

 

15.15

%

 

6/30/2026

 

$

7,001,641

 

 

 

6,919,587

 

 

 

6,385,496

 

 

 

0.38

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.72

%

 

9/14/2029

 

$

458,797

 

 

 

449,839

 

 

 

452,053

 

 

 

0.03

%

 

N

Fusion Holding Corp. (Finalsite)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.72

%

 

9/15/2027

 

$

 

 

 

(673

)

 

 

(551

)

 

 

 

 

K/N

Razor Group GmbH (Germany)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

2.00

%

 

5.00% Cash + 5.00% PIK

 

 

 

15.47

%

 

4/30/2025

 

$

43,330,479

 

 

 

43,433,112

 

 

 

41,679,702

 

 

 

2.48

%

 

H/N

Razor Group GmbH (Germany)

 

First Lien Sr Secured Convertible Term Loan

 

Fixed

 

 

 

 

3.50% Cash + 3.50% PIK

 

 

 

7.00

%

 

4/30/2025

 

$

4,776,297

 

 

 

4,776,297

 

 

 

4,795,402

 

 

 

0.28

%

 

H/N

SellerX Germany GmbH & Co. KG (Germany)

 

First Lien B Delayed Draw Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.39

%

 

5/23/2026

 

$

 

 

 

 

 

 

 

 

 

 

 

H/N

SellerX Germany GmbH & Co. KG (Germany)

 

First Lien A1 Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.39

%

 

5/23/2026

 

$

18,231,349

 

 

 

18,009,717

 

 

 

18,231,349

 

 

 

1.08

%

 

H/N

SellerX Germany GmbH & Co. KG (Germany)

 

First Lien A2 Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.39

%

 

5/23/2026

 

$

20,578,700

 

 

 

20,302,630

 

 

 

20,578,700

 

 

 

1.22

%

 

H/N

Thras.io, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.65

%

 

12/18/2026

 

$

9,714,990

 

 

 

9,516,913

 

 

 

7,253,843

 

 

 

0.43

%

 

G

Thras.io, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.65

%

 

12/18/2026

 

$

23,235,019

 

 

 

22,988,445

 

 

 

17,348,776

 

 

 

1.03

%

 

G

Whele, LLC (PerchHQ)

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

1.00

%

 

11.50% PIK

 

 

 

16.95

%

 

10/15/2025

 

$

19,398,793

 

 

 

19,467,953

 

 

 

14,859,476

 

 

 

0.88

%

 

C/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

138,944,233

 

 

 

125,198,750

 

 

 

7.43

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-10 Holdco, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.42

%

 

3/26/2026

 

$

8,082,534

 

 

 

8,068,890

 

 

 

7,918,459

 

 

 

0.47

%

 

N

2-10 Holdco, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.42

%

 

3/26/2026

 

$

 

 

 

(935

)

 

 

(14,690

)

 

 

 

 

K/N

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed

 

 

 

 

 

 

 

 

12.00

%

 

11/30/2025

 

$

50,131,437

 

 

 

50,131,437

 

 

 

50,131,437

 

 

 

2.97

%

 

E/F/N

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.64

%

 

8/29/2029

 

$

1,266,930

 

 

 

1,242,120

 

 

 

1,277,065

 

 

 

0.08

%

 

N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.89

%

 

8/29/2029

 

$

101,481

 

 

 

99,483

 

 

 

102,496

 

 

 

0.01

%

 

N

Accordion Partners LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.64

%

 

8/31/2028

 

$

 

 

 

(2,077

)

 

 

 

 

 

 

 

K/N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.62

%

 

8/29/2029

 

$

154,762

 

 

 

151,690

 

 

 

156,000

 

 

 

0.01

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.75

%

 

 

11.28

%

 

8/21/2028

 

$

698,210

 

 

 

686,447

 

 

 

684,315

 

 

 

0.04

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.75

%

 

 

11.28

%

 

8/21/2028

 

$

193,947

 

 

 

190,662

 

 

 

190,088

 

 

 

0.01

%

 

N

Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)

 

Second Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.50

%

 

 

13.94

%

 

7/5/2026

 

$

17,633,544

 

 

 

17,428,025

 

 

 

17,280,873

 

 

 

1.02

%

 

N

Wealth Enhancement Group, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

10.77

%

 

10/4/2027

 

$

333,250

 

 

 

331,337

 

 

 

327,118

 

 

 

0.02

%

 

N

Wealth Enhancement Group, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

11.26

%

 

10/4/2027

 

$

 

 

 

(100

)

 

 

(348

)

 

 

 

 

K/N

Worldremit Group Limited (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

9.25

%

 

 

14.81

%

 

2/11/2025

 

$

43,629,951

 

 

 

43,291,294

 

 

 

42,451,942

 

 

 

2.52

%

 

H/L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

121,618,273

 

 

 

120,504,755

 

 

 

7.15

%

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Intermediate Holding II, LLC

 

Second Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

3.00% Cash + 7.00% PIK

 

 

 

15.23

%

 

3/11/2027

 

$

5,330,210

 

 

$

5,196,614

 

 

$

5,325,946

 

 

 

0.24

%

 

B/N

Hylan Intermediate Holding II, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

8.00

%

 

 

13.23

%

 

2/22/2026

 

$

4,983,707

 

 

 

4,983,707

 

 

 

4,980,218

 

 

 

0.22

%

 

B/N

LJ Avalon Holdings, LLC (Ardurra)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

11.42

%

 

2/1/2029

 

$

 

 

 

(20,354

)

 

 

 

 

 

 

 

K/N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

11.71

%

 

2/1/2030

 

$

1,090,271

 

 

 

1,032,170

 

 

 

1,109,863

 

 

 

0.05

%

 

N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

11.42

%

 

2/1/2030

 

$

6,848,204

 

 

 

6,667,604

 

 

 

6,896,142

 

 

 

0.31

%

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.33

%

 

9/4/2029

 

$

1,551,658

 

 

 

1,498,492

 

 

 

1,548,556

 

 

 

0.07

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.33

%

 

9/4/2029

 

$

428,228

 

 

 

414,126

 

 

 

425,653

 

 

 

0.02

%

 

N

Vortex Companies, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

13.50

%

 

9/4/2029

 

$

26,969

 

 

 

24,742

 

 

 

26,656

 

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,236,488

 

 

 

45,501,538

 

 

 

2.03

%

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.50

%

 

9/21/2027

 

$

12,693,335

 

 

 

12,238,484

 

 

 

12,376,001

 

 

 

0.55

%

 

N

Freedom Financial Network Funding, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.64

%

 

9/21/2027

 

$

4,231,112

 

 

 

4,079,338

 

 

 

4,125,334

 

 

 

0.18

%

 

N

Lucky US BuyerCo, LLC (Global Payments)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.83

%

 

3/30/2029

 

$

166,750

 

 

 

155,167

 

 

 

157,245

 

 

 

0.01

%

 

N

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.80

%

 

3/30/2029

 

$

4,308,653

 

 

 

4,138,748

 

 

 

4,234,975

 

 

 

0.19

%

 

N

Money Transfer Acquisition Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.35

%

 

 

13.68

%

 

12/14/2027

 

$

9,381,422

 

 

 

9,156,294

 

 

 

9,287,608

 

 

 

0.42

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,768,031

 

 

 

30,181,163

 

 

 

1.35

%

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Holding, Inc. (Brook & Whittle)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.50

%

 

 

12.99

%

 

12/14/2029

 

$

17,639,207

 

 

 

16,784,082

 

 

 

15,787,090

 

 

 

0.71

%

 

N

PVHC Holding Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

 

2.50

%

 

5.50% Cash + 0.75% PIK

 

 

 

11.71

%

 

2/17/2027

 

$

5,046,485

 

 

 

4,873,297

 

 

 

5,052,793

 

 

 

0.23

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,657,379

 

 

 

20,839,883

 

 

 

0.94

%

 

 

Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colony Display, LLC

 

First Lien Term Loan (15% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

6.76% Cash + 3.00% PIK

 

 

 

15.07

%

 

6/30/2026

 

$

9,382,620

 

 

 

9,030,159

 

 

 

8,556,949

 

 

 

0.38

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.56

%

 

9/14/2029

 

$

3,617,398

 

 

 

3,468,872

 

 

 

3,585,565

 

 

 

0.16

%

 

N

Fusion Holding Corp. (Finalsite)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.56

%

 

9/15/2027

 

$

 

 

 

(2,957

)

 

 

(2,871

)

 

 

 

 

K/N

Razor Group Holdings II, Inc. (Germany)

 

First Lien A Term Loan

 

Fixed

 

 

 

 

2.50% Cash + 5.00% PIK

 

 

 

7.50

%

 

9/30/2028

 

$

59,093,427

 

 

 

57,659,278

 

 

 

54,897,793

 

 

 

2.45

%

 

H/N

Razor Group Holdings II, Inc. (Germany)

 

First Lien C Term Loan

 

Fixed

 

 

 

 

3.50% Cash + 3.50% PIK

 

 

 

7.00

%

 

9/30/2028

 

$

6,534,515

 

 

 

5,925,223

 

 

 

4,325,849

 

 

 

0.19

%

 

H/N

SellerX Germany GmbH (Germany)

 

First Lien B Delayed Draw Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.31

%

 

5/23/2026

 

$

 

 

 

(24,582

)

 

 

(96,513

)

 

 

 

 

H/K/N

SellerX Germany GmbH (Germany)

 

First Lien A1 Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.31

%

 

5/23/2026

 

$

25,311,619

 

 

 

24,990,934

 

 

 

24,957,256

 

 

 

1.12

%

 

H/N

SellerX Germany GmbH (Germany)

 

First Lien A2 Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.31

%

 

5/23/2026

 

$

29,040,808

 

 

 

28,656,018

 

 

 

28,634,236

 

 

 

1.28

%

 

H/N

Thras.io, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

9.26

%

 

 

14.59

%

 

12/18/2026

 

$

40,936,031

 

 

 

33,279,347

 

 

 

14,327,611

 

 

 

0.64

%

 

C

Thras.io, LLC

 

DIP Facility

 

SOFR(M)

 

 

1.00

%

 

 

8.11

%

 

 

13.44

%

 

1/30/2029

 

$

2,548,573

 

 

 

2,476,138

 

 

 

2,497,602

 

 

 

0.11

%

 

N

Thras.io, LLC

 

Roll-Up DIP Facility

 

SOFR(M)

 

 

1.00

%

 

10.00% PIK

 

 

 

15.44

%

 

1/29/2029

 

$

2,408,283

 

 

 

1,957,815

 

 

 

2,379,865

 

 

 

0.11

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

158,386,086

 

 

 

135,506,393

 

 

 

6.06

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-10 Holdco, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.10

%

 

 

11.43

%

 

3/26/2026

 

$

14,103,699

 

 

 

13,814,350

 

 

 

13,961,301

 

 

 

0.62

%

 

N

2-10 Holdco, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.10

%

 

 

11.43

%

 

3/26/2026

 

$

 

 

 

(3,107

)

 

 

(9,736

)

 

 

 

 

K/N

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed

 

 

 

 

 

 

 

 

12.00

%

 

11/30/2025

 

$

52,318,937

 

 

 

52,318,937

 

 

 

52,318,937

 

 

 

2.34

%

 

E/F/N

 

7

8


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2023March 31, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aventiv Technologies, Inc. (Securus)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.25

%

 

 

13.98

%

 

10/31/2025

 

$

25,846,154

 

 

$

25,750,004

 

 

$

18,738,462

 

 

 

1.11

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia & ME Pte. Ltd. (Singapore)

 

First Lien Term Loan

 

Fixed

 

 

 

 

 

 

 

 

0

 

 

6/30/2024

 

$

2,110,141

 

 

 

2,110,141

 

 

 

 

 

 

 

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Bank Guarantee Credit Facility

 

Fixed

 

 

 

 

 

 

 

 

0

 

 

12/31/2023

 

$

6,578,877

 

 

 

6,578,877

 

 

 

101,315

 

 

 

0.01

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Revolving Credit Facility

 

Fixed

 

 

 

 

 

 

 

 

0

 

 

12/31/2023

 

$

5,535,517

 

 

 

5,535,517

 

 

 

1,380,004

 

 

 

0.08

%

 

D/F/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,224,535

 

 

 

1,481,319

 

 

 

0.09

%

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.23

%

 

5/6/2027

 

$

8,106,701

 

 

 

8,004,982

 

 

 

7,936,460

 

 

 

0.47

%

 

N

Appriss Health, LLC (PatientPing)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.23

%

 

5/6/2027

 

$

 

 

 

(6,558

)

 

 

(11,435

)

 

 

 

 

K/N

CareATC, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.26

%

 

3/14/2026

 

$

13,767,771

 

 

 

13,625,345

 

 

 

13,519,951

 

 

 

0.80

%

 

N

CareATC, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.26

%

 

3/14/2026

 

$

 

 

 

(4,864

)

 

 

(10,931

)

 

 

0.00

%

 

K/N

ESO Solutions, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.40

%

 

5/3/2027

 

$

23,802,071

 

 

 

23,463,752

 

 

 

23,016,602

 

 

 

1.38

%

 

N

ESO Solutions, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.33

%

 

5/3/2027

 

$

1,050,166

 

 

 

1,028,671

 

 

 

992,407

 

 

 

0.06

%

 

N

Edifecs, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.11

%

 

 

12.50

%

 

9/21/2026

 

$

1,350,694

 

 

 

1,332,229

 

 

 

1,364,201

 

 

 

0.08

%

 

N

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

13.37

%

 

10/2/2028

 

$

5,727,820

 

 

 

5,706,506

 

 

 

5,607,536

 

 

 

0.33

%

 

N

Sandata Technologies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

 

 

 

6.00

%

 

 

11.55

%

 

7/23/2024

 

$

860,842

 

 

 

833,348

 

 

 

860,842

 

 

 

0.05

%

 

N

Sandata Technologies, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

6.00

%

 

 

11.54

%

 

7/23/2024

 

$

20,250,000

 

 

 

20,192,679

 

 

 

20,128,500

 

 

 

1.19

%

 

N

Sandata Technologies, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

 

 

 

6.00

%

 

 

11.53

%

 

7/23/2024

 

$

1,200,000

 

 

 

1,193,808

 

 

 

1,186,500

 

 

 

0.07

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75,369,898

 

 

 

74,590,633

 

 

 

4.43

%

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INH Buyer, Inc. (IMS Health)

 

First Lien Term Loan (1.5% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.50% PIK

 

 

 

12.49

%

 

6/28/2028

 

$

4,591,644

 

 

 

4,521,156

 

 

 

3,792,698

 

 

 

0.23

%

 

L/N

Opco Borrower, LLC (Giving Home Health Care)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.99

%

 

8/19/2027

 

$

 

 

 

(245

)

 

 

 

 

 

 

 

K/N

Opco Borrower, LLC (Giving Home Health Care)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.99

%

 

8/19/2027

 

$

324,805

 

 

 

322,183

 

 

 

326,916

 

 

 

0.02

%

 

N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.50

%

 

5/4/2028

 

$

10,262,656

 

 

 

10,098,231

 

 

 

10,062,534

 

 

 

0.59

%

 

N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.50

%

 

5/4/2028

 

$

 

 

 

(60,749

)

 

 

(77,202

)

 

 

0.00

%

 

K/N

Team Services Group, LLC

 

Second Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

9.00

%

 

 

14.88

%

 

11/13/2028

 

$

27,855,847

 

 

 

27,229,879

 

 

 

25,766,659

 

 

 

1.53

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,110,455

 

 

 

39,871,605

 

 

 

2.37

%

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fishbowl, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.26

%

 

 

10.65

%

 

5/27/2027

 

$

12,089,579

 

 

 

12,089,579

 

 

 

12,089,579

 

 

 

0.72

%

 

F/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.15

%

 

6/3/2027

 

$

229,167

 

 

 

225,581

 

 

 

225,729

 

 

 

0.01

%

 

H/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

11.08

%

 

6/3/2027

 

$

13,889

 

 

 

13,613

 

 

 

13,611

 

 

 

 

 

H/N

Showtime Acquisition, L.L.C. (World Choice)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.97

%

 

8/7/2028

 

$

 

 

 

(34,451

)

 

 

(23,770

)

 

 

 

 

K/N

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.97

%

 

8/7/2028

 

$

 

 

 

(27,594

)

 

 

(19,016

)

 

 

 

 

K/N

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.97

%

 

8/7/2028

 

$

18,139,083

 

 

 

17,640,907

 

 

 

17,807,138

 

 

 

1.06

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,907,635

 

 

 

30,093,271

 

 

 

1.79

%

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.30

%

 

8/29/2029

 

$

6,023,238

 

 

$

5,874,937

 

 

$

6,083,470

 

 

 

0.27

%

 

N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.55

%

 

8/29/2029

 

$

482,473

 

 

 

470,580

 

 

 

487,298

 

 

 

0.02

%

 

N

Accordion Partners LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.57

%

 

8/31/2028

 

$

267,403

 

 

 

257,967

 

 

 

267,403

 

 

 

0.01

%

 

N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.31

%

 

8/29/2029

 

$

735,797

 

 

 

717,714

 

 

 

743,155

 

 

 

0.03

%

 

N

Accuserve Solutions, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

11.10

%

 

3/14/2030

 

$

 

 

 

(21,446

)

 

 

(21,648

)

 

 

 

 

K/N

Callodine Commercial Finance, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

9.00

%

 

 

14.57

%

 

11/3/2025

 

$

25,000,000

 

 

 

24,145,578

 

 

 

25,050,000

 

 

 

1.12

%

 

N

Callodine Commercial Finance, LLC

 

Subordinated Debt

 

SOFR(M)

 

 

0.25

%

 

 

8.50

%

 

 

13.97

%

 

10/8/2027

 

$

5,000,000

 

 

 

4,822,374

 

 

 

5,000,000

 

 

 

0.22

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.71

%

 

8/21/2028

 

$

7,781,742

 

 

 

7,391,180

 

 

 

7,638,558

 

 

 

0.34

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.71

%

 

8/21/2028

 

$

2,161,595

 

 

 

2,053,089

 

 

 

2,121,822

 

 

 

0.09

%

 

N

Gordon Brothers Finance Company

 

Unsecured Debt

 

LIBOR(M)

 

 

1.00

%

 

 

11.00

%

 

 

16.44

%

 

3/31/2025

 

$

37,183,232

 

 

 

13,114,243

 

 

 

13,680,606

 

 

 

0.61

%

 

C/F/N

Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)

 

Second Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.62

%

 

 

13.94

%

 

7/5/2026

 

$

22,633,544

 

 

 

22,196,805

 

 

 

22,226,140

 

 

 

0.99

%

 

N

TransNetwork, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

5.50

%

 

 

10.81

%

 

12/29/2030

 

$

3,678,811

 

 

 

3,564,649

 

 

 

3,701,804

 

 

 

0.17

%

 

N

Wealth Enhancement Group, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.85

%

 

 

11.06

%

 

10/4/2027

 

$

7,430,550

 

 

 

7,101,816

 

 

 

7,318,676

 

 

 

0.33

%

 

N

Wealth Enhancement Group, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

11.06

%

 

10/4/2027

 

$

 

 

 

(5,929

)

 

 

(6,422

)

 

 

 

 

K/N

Worldremit Group Limited (United Kingdom)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

9.40

%

 

 

14.74

%

 

2/11/2026

 

$

55,066,384

 

 

 

53,263,448

 

 

 

53,359,326

 

 

 

2.39

%

 

H/N

Worldremit Group Limited (United Kingdom)

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

9.35

%

 

 

14.68

%

 

2/11/2026

 

$

1,758,650

 

 

 

1,590,134

 

 

 

1,704,132

 

 

 

0.08

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

212,667,319

 

 

 

215,624,822

 

 

 

9.63

%

 

 

Diversified Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aventiv Technologies, Inc. (Securus)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

1.26% Cash + 8.05% PIK

 

 

 

14.62

%

 

7/31/2026

 

$

26,345,954

 

 

 

25,824,324

 

 

 

6,586,488

 

 

 

0.29

%

 

C

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia & ME Pte. Ltd. (Singapore)

 

First Lien Term Loan

 

Fixed

 

 

 

 

 

 

 

 

 

 

3/31/2025

 

$

2,110,141

 

 

 

2,110,141

 

 

 

 

 

 

 

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Bank Guarantee Credit Facility

 

Fixed

 

 

 

 

 

 

 

 

 

 

3/31/2025

 

$

6,578,877

 

 

 

6,578,877

 

 

 

101,481

 

 

 

 

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Revolving Credit Facility

 

Fixed

 

 

 

 

 

 

 

 

 

 

3/31/2025

 

$

5,535,517

 

 

 

5,535,517

 

 

 

1,231,765

 

 

 

0.06

%

 

D/F/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,224,535

 

 

 

1,333,246

 

 

 

0.06

%

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.15

%

 

 

12.48

%

 

5/6/2027

 

$

10,905,812

 

 

 

10,669,998

 

 

 

10,720,413

 

 

 

0.48

%

 

N

Appriss Health, LLC (PatientPing)

 

Sr Secured Revolver

 

PRIME

 

 

1.00

%

 

 

8.50

%

 

 

14.50

%

 

5/6/2027

 

$

73,625

 

 

 

64,203

 

 

 

61,109

 

 

 

 

 

N

CareATC, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.85

%

 

 

13.18

%

 

3/14/2026

 

$

21,432,216

 

 

 

20,913,393

 

 

 

21,046,436

 

 

 

0.94

%

 

N

CareATC, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.85

%

 

 

13.18

%

 

3/14/2026

 

$

 

 

 

(9,616

)

 

 

(17,017

)

 

 

 

 

K/N

ESO Solutions, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.35

%

 

5/3/2027

 

$

32,182,664

 

 

 

31,413,499

 

 

 

31,539,011

 

 

 

1.41

%

 

N

ESO Solutions, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.35

%

 

5/3/2027

 

$

1,419,924

 

 

 

1,375,691

 

 

 

1,372,594

 

 

 

0.06

%

 

N

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.10

%

 

 

13.43

%

 

10/2/2028

 

$

7,744,557

 

 

 

7,576,030

 

 

 

7,396,052

 

 

 

0.33

%

 

N

Sandata Technologies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.15

%

 

 

11.47

%

 

7/23/2024

 

$

1,052,140

 

 

 

1,035,468

 

 

 

1,052,140

 

 

 

0.05

%

 

N

Sandata Technologies, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

6.15

%

 

 

11.46

%

 

7/23/2024

 

$

24,750,000

 

 

 

24,558,939

 

 

 

24,601,500

 

 

 

1.10

%

 

N

Sandata Technologies, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

 

 

 

6.15

%

 

 

11.48

%

 

7/23/2024

 

$

1,466,667

 

 

 

1,453,069

 

 

 

1,450,167

 

 

 

0.06

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

99,050,674

 

 

 

99,222,405

 

 

 

4.43

%

 

 

 

9

8


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2023March 31, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

5.75

%

 

 

11.08

%

 

8/31/2029

 

$

1,804,545

 

 

$

1,772,783

 

 

$

1,786,500

 

 

 

0.11

%

 

N

AmeriLife Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

5.75

%

 

 

10.62

%

 

8/31/2029

 

$

300,758

 

 

 

292,857

 

 

 

296,235

 

 

 

0.02

%

 

N

AmeriLife Holdings, LLC

 

Sr Secured Revolver

 

SOFR(S)

 

 

0.75

%

 

 

5.75

%

 

 

10.99

%

 

8/31/2028

 

$

37,879

 

 

 

34,128

 

 

 

35,606

 

 

 

 

 

N

Integrity Marketing Acquisition, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.08

%

 

8/31/2030

 

$

 

 

 

(582,768

)

 

 

 

 

 

 

 

K/N

Integrity Marketing Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.92

%

 

8/27/2026

 

$

10,177,783

 

 

 

10,030,302

 

 

 

10,177,783

 

 

 

0.61

%

 

N

IT Parent, LLC (Insurance Technologies)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.25

%

 

 

11.67

%

 

10/1/2026

 

$

4,797,131

 

 

 

4,743,414

 

 

 

4,446,940

 

 

 

0.26

%

 

N

IT Parent, LLC (Insurance Technologies)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.25

%

 

 

11.82

%

 

10/1/2026

 

$

562,500

 

 

 

555,603

 

 

 

516,875

 

 

 

0.03

%

 

N

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.43

%

 

11/1/2028

 

$

846,429

 

 

 

836,201

 

 

 

837,964

 

 

 

0.05

%

 

N

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.43

%

 

11/1/2028

 

$

2,118,073

 

 

 

2,092,467

 

 

 

2,096,892

 

 

 

0.12

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,774,987

 

 

 

20,194,795

 

 

 

1.20

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CommerceHub, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.77

%

 

12/29/2027

 

$

957,054

 

 

 

899,311

 

 

 

891,974

 

 

 

0.05

%

 

N

Syndigo, LLC

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

8.00

%

 

 

13.67

%

 

12/14/2028

 

$

12,141,870

 

 

 

12,006,815

 

 

 

10,684,846

 

 

 

0.64

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,906,126

 

 

 

11,576,820

 

 

 

0.69

%

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia, Inc.

 

Sr Secured Revolver

 

LIBOR(S)

 

 

1.00

%

 

 

7.00

%

 

 

12.34

%

 

10/31/2025

 

$

930,531

 

 

 

917,033

 

 

 

930,531

 

 

 

0.06

%

 

N

Acquia, Inc.

 

First Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

7.00

%

 

 

12.34

%

 

10/31/2025

 

$

25,299,736

 

 

 

25,069,324

 

 

 

25,299,735

 

 

 

1.50

%

 

N

Anaconda, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.92

%

 

8/22/2027

 

$

5,717,940

 

 

 

5,668,784

 

 

 

5,615,017

 

 

 

0.33

%

 

N

Astra Acquisition Corp. (Anthology)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

8.88

%

 

 

14.53

%

 

10/25/2029

 

$

20,715,038

 

 

 

20,377,230

 

 

 

14,790,537

 

 

 

0.88

%

 

G/N

Bynder Bidco, Inc. (Netherlands)

 

Sr Secured Revolver A

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.60

%

 

1/26/2029

 

$

 

 

 

(6,474

)

 

 

(4,228

)

 

 

 

 

H/K/N

Bynder Bidco, Inc. (Netherlands)

 

First Lien Term Loan A

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.60

%

 

1/26/2029

 

$

3,000,000

 

 

 

2,918,117

 

 

 

2,947,800

 

 

 

0.17

%

 

H/N

Bynder Bidco B.V. (Netherlands)

 

Sr Secured Revolver B

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.60

%

 

1/26/2029

 

$

 

 

 

(23,499

)

 

 

(15,347

)

 

 

0.00

%

 

H/K/N

Bynder Bidco B.V. (Netherlands)

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.60

%

 

1/26/2029

 

$

10,875,000

 

 

 

10,578,176

 

 

 

10,685,775

 

 

 

0.63

%

 

H/N

Domo, Inc.

 

First Lien Delayed Draw Term Loan (7.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

5.50% Cash + 2.50% PIK

 

 

 

13.63

%

 

4/1/2025

 

$

57,320,683

 

 

 

57,240,336

 

 

 

57,091,401

 

 

 

3.40

%

 

L/N

Domo, Inc.

 

First Lien PIK Term Loan

 

Fixed

 

 

 

 

9.50% PIK

 

 

 

9.50

%

 

4/1/2025

 

$

3,342,136

 

 

 

852,259

 

 

 

3,158,319

 

 

 

0.19

%

 

N

e-Discovery Acquireco, LLC (Reveal)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.90

%

 

8/29/2029

 

$

 

 

 

(2,052

)

 

 

(2,083

)

 

 

 

 

K/N

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.90

%

 

8/29/2029

 

$

916,667

 

 

 

893,912

 

 

 

893,750

 

 

 

0.05

%

 

N

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

4.00% Cash + 4.00% PIK

 

 

 

13.45

%

 

7/8/2027

 

$

524,815

 

 

 

520,823

 

 

 

522,191

 

 

 

0.03

%

 

N

InMoment, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

5.00% cash + 2.50% PIK

 

 

 

12.34

%

 

6/8/2028

 

$

7,699,824

 

 

 

7,573,926

 

 

 

7,473,449

 

 

 

0.44

%

 

N

Magenta Buyer, LLC (McAfee)

 

First Lien Incremental Term Loan

 

Fixed

 

 

 

 

 

12.00

%

 

 

12.00

%

 

7/27/2028

 

$

4,196,286

 

 

 

3,841,605

 

 

 

3,419,973

 

 

 

0.20

%

 

G

Magenta Buyer, LLC (McAfee)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

8.25

%

 

 

13.88

%

 

7/27/2029

 

$

20,000,000

 

 

 

19,767,284

 

 

 

9,650,000

 

 

 

0.57

%

 

G

Oranje Holdco, Inc. (KnowBe4)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.12

%

 

2/1/2029

 

$

 

 

 

(27,403

)

 

 

(1,230

)

 

 

 

 

K/N

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.12

%

 

2/1/2029

 

$

9,838,988

 

 

 

9,615,755

 

 

 

9,829,149

 

 

 

0.58

%

 

N

Persado, Inc.

 

First Lien Delayed Draw Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

 

1.80

%

 

 

7.50

%

 

 

12.83

%

 

6/10/2027

 

$

7,464,767

 

 

 

7,427,310

 

 

 

6,837,726

 

 

 

0.41

%

 

L/N

Persado, Inc.

 

First Lien Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

 

1.80

%

 

 

7.50

%

 

 

12.83

%

 

6/10/2027

 

$

7,317,617

 

 

 

7,237,813

 

 

 

6,702,937

 

 

 

0.40

%

 

L/N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

13.45

%

 

4/6/2027

 

$

32,582,872

 

 

 

32,139,712

 

 

 

31,442,472

 

 

 

1.87

%

 

N

Pluralsight, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

13.44

%

 

4/6/2027

 

$

1,515,539

 

 

 

1,486,226

 

 

 

1,430,940

 

 

 

0.08

%

 

N

Quartz Holding Company (Quick Base)

 

Second Lien Term Loan

 

SOFR(M)

 

 

 

 

 

8.00

%

 

 

13.42

%

 

4/2/2027

 

$

9,903,019

 

 

 

9,792,740

 

 

 

9,863,407

 

 

 

0.59

%

 

N

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INH Buyer, Inc. (IMS Health)

 

First Lien Term Loan (1.5% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.41

%

 

6/28/2028

 

$

7,393,627

 

 

$

6,576,053

 

 

$

5,567,401

 

 

 

0.25

%

 

L/N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.34

%

 

5/4/2028

 

$

13,961,709

 

 

 

13,587,131

 

 

 

13,598,705

 

 

 

0.61

%

 

N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.32

%

 

5/4/2028

 

$

3,245,721

 

 

 

3,123,962

 

 

 

3,105,032

 

 

 

0.14

%

 

N

Outcomes Group Holdings, Inc.

 

Second Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

7.50

%

 

 

12.93

%

 

10/26/2026

 

$

5,769,231

 

 

 

5,290,549

 

 

 

5,480,769

 

 

 

0.25

%

 

N

Outcomes Group Holdings, Inc.

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

7.50

%

 

 

12.93

%

 

10/26/2026

 

$

3,538,462

 

 

 

3,244,870

 

 

 

3,361,538

 

 

 

0.15

%

 

N

Team Services Group, LLC

 

Second Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.58

%

 

11/13/2028

 

$

34,410,390

 

 

 

33,321,345

 

 

 

33,206,026

 

 

 

1.48

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65,143,910

 

 

 

64,319,471

 

 

 

2.88

%

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mesquite Bidco, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.44

%

 

11/30/2029

 

$

 

 

 

(62,689

)

 

 

(61,224

)

 

 

 

 

K/N

Mesquite Bidco, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.10

%

 

 

12.44

%

 

11/30/2029

 

$

35,076,045

 

 

 

33,751,858

 

 

 

34,065,855

 

 

 

1.52

%

 

N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

First Lien Term Loan

 

SOFR(Q)

 

 

2.00

%

 

 

5.75

%

 

 

11.07

%

 

6/3/2027

 

$

5,396,896

 

 

 

5,141,617

 

 

 

5,324,577

 

 

 

0.24

%

 

H/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

2.00

%

 

 

5.75

%

 

 

11.07

%

 

6/3/2027

 

$

3,377,440

 

 

 

3,215,111

 

 

 

3,332,183

 

 

 

0.15

%

 

H/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

2.00

%

 

 

5.75

%

 

 

11.07

%

 

6/3/2027

 

$

 

 

 

(5,701

)

 

 

(5,874

)

 

 

 

 

H/K/N

Showtime Acquisition, L.L.C. (World Choice)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.60

%

 

 

12.92

%

 

8/7/2028

 

$

 

 

 

(38,199

)

 

 

(29,673

)

 

 

 

 

K/N

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.60

%

 

 

12.92

%

 

8/7/2028

 

$

1,388,223

 

 

 

1,345,198

 

 

 

1,364,484

 

 

 

0.06

%

 

N

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.60

%

 

 

12.92

%

 

8/7/2028

 

$

24,111,700

 

 

 

23,345,382

 

 

 

23,699,390

 

 

 

1.06

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66,692,577

 

 

 

67,689,718

 

 

 

3.03

%

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bad Boy Mowers JV Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.31

%

 

11/9/2029

 

$

5,127,343

 

 

 

4,887,916

 

 

 

5,050,433

 

 

 

0.23

%

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.08

%

 

8/31/2029

 

$

5,865,684

 

 

 

5,658,932

 

 

 

5,824,624

 

 

 

0.26

%

 

N

AmeriLife Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.24

%

 

8/31/2029

 

$

1,470,756

 

 

 

1,418,990

 

 

 

1,460,461

 

 

 

0.07

%

 

N

AmeriLife Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.08

%

 

8/31/2028

 

$

 

 

 

(7,311

)

 

 

(5,197

)

 

 

 

 

K/N

Integrity Marketing Acquisition, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.84

%

 

8/27/2026

 

$

 

 

 

(486,812

)

 

 

 

 

 

 

 

K/N

Integrity Marketing Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.84

%

 

8/27/2026

 

$

15,230,117

 

 

 

14,925,965

 

 

 

15,230,117

 

 

 

0.68

%

 

N

IT Parent, LLC (Insurance Technologies)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.35

%

 

 

11.68

%

 

10/1/2026

 

$

6,681,454

 

 

 

6,494,687

 

 

 

6,427,558

 

 

 

0.29

%

 

N

IT Parent, LLC (Insurance Technologies)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.35

%

 

 

13.75

%

 

10/1/2026

 

$

729,167

 

 

 

706,370

 

 

 

695,917

 

 

 

0.03

%

 

N

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.11

%

 

 

11.44

%

 

11/1/2028

 

$

5,897,348

 

 

 

5,759,409

 

 

 

5,897,348

 

 

 

0.26

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,470,230

 

 

 

35,530,828

 

 

 

1.59

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CommerceHub, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.40

%

 

 

11.58

%

 

12/29/2027

 

$

3,150,126

 

 

 

2,880,676

 

 

 

2,943,477

 

 

 

0.13

%

 

N

Syndigo, LLC

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

8.00

%

 

 

13.44

%

 

12/14/2028

 

$

16,815,342

 

 

 

16,248,891

 

 

 

15,974,575

 

 

 

0.71

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,129,567

 

 

 

18,918,052

 

 

 

0.84

%

 

 

 

10

9


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2023March 31, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ResearchGate GmBH (Germany)

 

First Lien Term Loan (4.0% Exit Fee)

 

EURIBOR(M)

 

 

 

 

 

8.55

%

 

 

12.36

%

 

10/1/2024

 

$

7,500,000

 

 

$

8,266,295

 

 

$

7,645,234

 

 

 

0.45

%

 

H/L/N/O

Sailpoint Technologies Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

11.58

%

 

8/16/2029

 

$

462,462

 

 

 

454,350

 

 

 

462,185

 

 

 

0.03

%

 

N

Sailpoint Technologies Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

11.58

%

 

8/16/2028

 

$

 

 

 

(611

)

 

 

(86

)

 

 

 

 

K/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

0.75% Cash + 6.25% PIK

 

 

 

12.50

%

 

1/24/2028

 

$

533,277

 

 

 

524,862

 

 

 

528,424

 

 

 

0.03

%

 

H/I/N

Suited Connector, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

6.00% Cash + 2.00% PIK

 

 

 

13.36

%

 

12/1/2027

 

$

581,423

 

 

 

572,886

 

 

 

386,065

 

 

 

0.02

%

 

N

Suited Connector, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00% Cash + 2.00% PIK

 

 

 

13.31

%

 

12/1/2027

 

$

3,525,834

 

 

 

3,470,534

 

 

 

2,341,153

 

 

 

0.14

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

237,147,253

 

 

 

219,925,196

 

 

 

13.05

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.64

%

 

10/19/2028

 

$

 

 

 

(949

)

 

 

 

 

 

 

 

K/N

Avalara, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.64

%

 

10/19/2028

 

$

450,000

 

 

 

440,275

 

 

 

455,850

 

 

 

0.03

%

 

N

Ensono, Inc.

 

Second Lien Term Loan B

 

SOFR(M)

 

 

 

 

 

8.00

%

 

 

13.43

%

 

5/28/2029

 

$

15,000,000

 

 

 

14,892,589

 

 

 

14,220,000

 

 

 

0.84

%

 

G/N

Madison Logic Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.39

%

 

12/30/2027

 

$

 

 

 

(27,324

)

 

 

(22,469

)

 

 

0.00

%

 

K/N

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.39

%

 

12/29/2028

 

$

14,834,092

 

 

 

14,416,339

 

 

 

14,522,576

 

 

 

0.86

%

 

N

Serrano Parent, LLC (Sumo Logic)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.87

%

 

5/13/2030

 

$

 

 

 

(2,131

)

 

 

(720

)

 

 

 

 

K/N

Serrano Parent, LLC (Sumo Logic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.87

%

 

5/13/2030

 

$

900,000

 

 

 

877,756

 

 

 

892,800

 

 

 

0.05

%

 

N

Xactly Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.35

%

 

 

12.77

%

 

7/31/2025

 

$

 

 

 

 

 

 

 

 

 

 

 

N

Xactly Corporation

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.35

%

 

 

12.77

%

 

7/31/2025

 

$

14,671,682

 

 

 

14,671,682

 

 

 

14,671,682

 

 

 

0.87

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,268,237

 

 

 

44,739,719

 

 

 

2.65

%

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blue Star Sports Holdings, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00% cash + 3.50% PIK

 

 

 

14.92

%

 

6/15/2024

 

$

69,771

 

 

 

69,617

 

 

 

66,806

 

 

 

 

 

N

Blue Star Sports Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

6.00% cash + 3.50% PIK

 

 

 

14.94

%

 

6/15/2024

 

$

139,044

 

 

 

138,741

 

 

 

133,135

 

 

 

0.01

%

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00% cash + 3.50% PIK

 

 

 

14.95

%

 

6/15/2024

 

$

1,914,512

 

 

 

1,909,520

 

 

 

1,833,145

 

 

 

0.11

%

 

N

Peloton Interactive, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

0.50

%

 

 

7.00

%

 

 

12.26

%

 

5/25/2027

 

$

98,750

 

 

 

95,903

 

 

 

99,096

 

 

 

0.01

%

 

G/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,213,781

 

 

 

2,132,182

 

 

 

0.13

%

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.42

%

 

12/21/2028

 

$

 

 

 

(16,779

)

 

 

5,463

 

 

 

 

 

K/N

Alcami Corporation

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.42

%

 

12/21/2028

 

$

 

 

 

(26,742

)

 

 

 

 

 

 

 

K/N

Alcami Corporation

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.42

%

 

12/21/2028

 

$

6,506,023

 

 

 

6,297,274

 

 

 

6,571,083

 

 

 

0.39

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,253,753

 

 

 

6,576,546

 

 

 

0.39

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny’s Enterprises, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.27

%

 

8/5/2028

 

$

13,627,999

 

 

 

13,363,549

 

 

 

13,655,255

 

 

 

0.81

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,363,549

 

 

 

13,655,255

 

 

 

0.81

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Khoros, LLC (Lithium)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.36

%

 

1/3/2024

 

$

28,016,636

 

 

 

27,882,963

 

 

 

22,917,609

 

 

 

1.36

%

 

N

Khoros, LLC (Lithium)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

13.36

%

 

1/3/2024

 

$

1,156,962

 

 

 

1,147,401

 

 

 

856,152

 

 

 

0.05

%

 

N

NEP Group, Inc. et al

 

Second Lien Term Loan

 

SOFR(M)

 

 

 

 

 

7.00

%

 

 

12.43

%

 

10/19/2026

 

$

14,500,000

 

 

 

14,167,251

 

 

 

11,587,965

 

 

 

0.69

%

 

G

Quora, Inc.

 

First Lien Term Loan (4.0% Exit Fee)

 

Fixed

 

 

 

 

 

 

 

 

10.10

%

 

5/1/2024

 

$

12,819,528

 

 

 

12,782,320

 

 

 

12,469,593

 

 

 

0.74

%

 

L/N

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.01% Cash + 1.75% PIK

 

 

 

14.13

%

 

12/31/2024

 

$

376,268

 

 

 

371,957

 

 

 

362,346

 

 

 

0.02

%

 

N

Terraboost Media Operating Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

12.04

%

 

8/23/2026

 

$

10,366,422

 

 

 

10,228,904

 

 

 

9,412,711

 

 

 

0.56

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66,580,796

 

 

 

57,606,376

 

 

 

3.42

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore International Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

9.15

%

 

 

14.54

%

 

4/12/2024

 

$

1,324,151

 

 

 

1,324,151

 

 

 

1,324,151

 

 

 

0.08

%

 

B/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.75

%

 

 

11.43

%

 

11/30/2026

 

$

20,209,854

 

 

 

19,910,581

 

 

 

19,603,558

 

 

 

1.17

%

 

N

Alpine Acquisition Corp II (48Forty)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

5.75

%

 

 

11.69

%

 

11/30/2026

 

$

71,628

 

 

 

67,973

 

 

 

66,256

 

 

 

 

 

N

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.25

%

 

 

6.00

%

 

 

11.43

%

 

12/23/2026

 

$

10,439,801

 

 

 

10,174,272

 

 

 

10,076,496

 

 

 

0.60

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,152,826

 

 

 

29,746,310

 

 

 

1.77

%

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nephron Pharmaceuticals Corp. et al

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.50

%

 

 

9.00

%

 

 

14.57

%

 

9/11/2026

 

$

23,709,677

 

 

 

22,773,271

 

 

 

22,761,290

 

 

 

1.35

%

 

N

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.48

%

 

10/31/2025

 

$

627,919

 

 

$

617,791

 

 

$

627,919

 

 

 

0.03

%

 

N

Acquia, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.74

%

 

10/31/2025

 

$

25,299,736

 

 

 

25,120,410

 

 

 

25,299,736

 

 

 

1.13

%

 

N

Anaconda, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.84

%

 

8/22/2027

 

$

7,656,897

 

 

 

7,525,680

 

 

 

7,587,985

 

 

 

0.34

%

 

N

Astra Acquisition Corp. (Anthology)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

9.14

%

 

 

14.44

%

 

10/25/2029

 

$

27,879,880

 

 

 

22,414,693

 

 

 

8,085,165

 

 

 

0.36

%

 

N

Bynder Bidco, Inc. (Netherlands)

 

Sr Secured Revolver A

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.57

%

 

1/26/2029

 

$

 

 

 

(7,533

)

 

 

(5,656

)

 

 

 

 

H/K/N

Bynder Bidco, Inc. (Netherlands)

 

First Lien Term Loan A

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.57

%

 

1/26/2029

 

$

4,283,754

 

 

 

4,140,482

 

 

 

4,213,929

 

 

 

0.19

%

 

H/N

Bynder Bidco B.V. (Netherlands)

 

Sr Secured Revolver B

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.57

%

 

1/26/2029

 

$

 

 

 

(27,340

)

 

 

(20,529

)

 

 

 

 

H/K/N

Bynder Bidco B.V. (Netherlands)

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.57

%

 

1/26/2029

 

$

15,528,609

 

 

 

15,009,246

 

 

 

15,275,493

 

 

 

0.68

%

 

H/N

Domo, Inc.

 

First Lien Delayed Draw Term Loan (7.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

5.76% Cash + 2.50% PIK

 

 

 

13.57

%

 

4/1/2026

 

$

58,048,978

 

 

 

58,004,208

 

 

 

57,526,538

 

 

 

2.57

%

 

L/N

Domo, Inc.

 

First Lien PIK Term Loan

 

Fixed

 

 

 

 

9.50% PIK

 

 

 

9.50

%

 

4/1/2026

 

$

3,505,898

 

 

 

1,016,020

 

 

 

3,285,026

 

 

 

0.15

%

 

N

e-Discovery Acquireco, LLC (Reveal)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.84

%

 

8/29/2029

 

$

 

 

 

(9,498

)

 

 

(9,450

)

 

 

 

 

K/N

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.89

%

 

8/29/2029

 

$

5,500,000

 

 

 

5,230,019

 

 

 

5,396,050

 

 

 

0.24

%

 

N

Fishbowl, Inc.

 

First Lien Term Loan (7.5% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

 

5.26

%

 

 

10.57

%

 

5/27/2027

 

$

12,089,579

 

 

 

12,089,579

 

 

 

12,391,818

 

 

 

0.55

%

 

F/L/N

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

4.00% Cash + 4.00% PIK

 

 

 

13.44

%

 

7/8/2027

 

$

2,559,418

 

 

 

2,491,238

 

 

 

2,574,774

 

 

 

0.12

%

 

N

Gympass US, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

4.00% Cash + 4.00% PIK

 

 

 

13.44

%

 

7/8/2027

 

$

 

 

 

18,310

 

 

 

28,495

 

 

 

0.00

%

 

N

InMoment, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.00% Cash + 2.50% PIK

 

 

 

12.96

%

 

6/8/2028

 

$

19,627,359

 

 

 

18,790,792

 

 

 

19,109,197

 

 

 

0.85

%

 

N

Magenta Buyer, LLC (McAfee)

 

First Lien Incremental Term Loan

 

Fixed

 

 

 

 

 

12.00

%

 

 

12.00

%

 

7/27/2028

 

$

5,482,807

 

 

 

4,666,096

 

 

 

3,445,039

 

 

 

0.15

%

 

G

Magenta Buyer, LLC (McAfee)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

8.51

%

 

 

13.82

%

 

7/27/2029

 

$

27,000,000

 

 

 

21,856,427

 

 

 

8,144,955

 

 

 

0.36

%

 

G

Oranje Holdco, Inc. (KnowBe4)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

12.81

%

 

2/1/2029

 

$

 

 

 

(24,890

)

 

 

 

 

 

 

 

K/N

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.81

%

 

2/1/2029

 

$

13,175,394

 

 

 

12,911,747

 

 

 

13,228,096

 

 

 

0.59

%

 

N

Persado, Inc.

 

First Lien Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

 

1.80

%

 

 

7.50

%

 

 

12.83

%

 

6/10/2027

 

$

17,031,867

 

 

 

16,408,981

 

 

 

15,805,573

 

 

 

0.71

%

 

L/N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.15

%

 

 

13.47

%

 

4/6/2027

 

$

44,652,507

 

 

 

42,669,564

 

 

 

40,276,561

 

 

 

1.80

%

 

N

Pluralsight, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

8.15

%

 

 

13.47

%

 

4/6/2027

 

$

3,347,493

 

 

 

3,199,106

 

 

 

3,019,439

 

 

 

0.13

%

 

N

ResearchGate GmBH (Germany)

 

First Lien Term Loan (4.0% Exit Fee)

 

EURIBOR(M)

 

 

 

 

 

8.55

%

 

 

12.55

%

 

10/1/2024

 

$

7,500,000

 

 

 

8,210,511

 

 

 

7,852,950

 

 

 

0.35

%

 

H/L/N/O

Sailpoint Technologies Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.31

%

 

8/16/2029

 

$

4,574,177

 

 

 

4,436,608

 

 

 

4,594,303

 

 

 

0.21

%

 

N

Sailpoint Technologies Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.31

%

 

8/16/2028

 

$

 

 

 

(549

)

 

 

 

 

 

 

 

K/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

0.90% Cash + 6.25% PIK

 

 

 

12.47

%

 

1/24/2028

 

$

4,709,933

 

 

 

4,511,589

 

 

 

4,659,537

 

 

 

0.21

%

 

H/N

Suited Connector, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

6.20% Cash + 2.00% PIK

 

 

 

13.52

%

 

12/1/2027

 

$

822,389

 

 

 

745,758

 

 

 

600,344

 

 

 

0.03

%

 

N

Suited Connector, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.20% Cash + 2.00% PIK

 

 

 

13.50

%

 

12/1/2027

 

$

5,226,567

 

 

 

4,739,155

 

 

 

3,815,394

 

 

 

0.17

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

296,754,200

 

 

 

266,808,681

 

 

 

11.92

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.56

%

 

10/19/2028

 

$

 

 

 

(857

)

 

 

 

 

 

 

 

K/N

Avalara, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.56

%

 

10/19/2028

 

$

2,700,000

 

 

 

2,642,693

 

 

 

2,740,500

 

 

 

0.12

%

 

N

Crewline Buyer, Inc. (New Relic)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.06

%

 

11/8/2030

 

$

 

 

 

(2,088

)

 

 

(327

)

 

 

 

 

K/N

Crewline Buyer, Inc. (New Relic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.06

%

 

11/8/2030

 

$

1,569,811

 

 

 

1,521,462

 

 

 

1,566,672

 

 

 

0.07

%

 

N

Ensono, Inc.

 

Second Lien Term Loan B

 

SOFR(M)

 

 

 

 

 

8.11

%

 

 

13.44

%

 

5/28/2029

 

$

20,000,000

 

 

 

19,643,752

 

 

 

19,660,000

 

 

 

0.88

%

 

G/N

Idera, Inc.

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.75

%

 

 

12.21

%

 

2/4/2029

 

$

2,867,296

 

 

 

2,696,076

 

 

 

2,795,614

 

 

 

0.12

%

 

G

10

11


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2023March 31, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applause App Quality, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

5.00

%

 

 

10.30

%

 

9/20/2025

 

$

15,166,455

 

 

$

15,164,342

 

 

$

15,166,455

 

 

 

0.90

%

 

N

Applause App Quality, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

5.00

%

 

 

10.30

%

 

9/20/2025

 

$

 

 

 

(5,693

)

 

 

 

 

 

 

 

K/N

CIBT Solutions, Inc.

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

1.00% Cash + 6.75% PIK

 

 

 

7.75

%

 

6/1/2025

 

$

8,146,376

 

 

 

7,567,314

 

 

 

2,199,522

 

 

 

0.13

%

 

C/G/N

DTI Holdco, Inc. (Epiq Systems, Inc.)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.75

%

 

 

13.12

%

 

4/26/2030

 

$

7,500,000

 

 

 

7,375,907

 

 

 

6,562,500

 

 

 

0.39

%

 

G/N

GI Consilio Parent, LLC

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

7.50

%

 

 

12.93

%

 

5/14/2029

 

$

10,000,000

 

 

 

9,934,419

 

 

 

9,840,000

 

 

 

0.58

%

 

G/N

ICIMS, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

12.63

%

 

8/18/2028

 

$

126,297

 

 

 

126,297

 

 

 

118,877

 

 

 

0.01

%

 

N

ICIMS, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.75

%

 

 

12.14

%

 

8/18/2028

 

$

66,270

 

 

 

60,557

 

 

 

63,611

 

 

 

 

 

N

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

12.63

%

 

8/18/2028

 

$

4,165,841

 

 

 

4,103,542

 

 

 

4,137,930

 

 

 

0.25

%

 

N

ICIMS, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.63

%

 

8/18/2028

 

$

4,449,002

 

 

 

4,379,746

 

 

 

4,421,863

 

 

 

0.26

%

 

N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.75

%

 

 

14.20

%

 

2/17/2025

 

$

18,590,587

 

 

 

18,434,944

 

 

 

18,274,547

 

 

 

1.08

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.75

%

 

 

14.20

%

 

2/17/2025

 

$

26,409,413

 

 

 

26,168,077

 

 

 

25,960,453

 

 

 

1.55

%

 

H/L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

93,309,452

 

 

 

86,745,758

 

 

 

5.15

%

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greystone Affordable Housing Initiatives, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.25

%

 

 

6.00

%

 

 

11.84

%

 

3/2/2026

 

$

4,666,667

 

 

 

4,666,667

 

 

 

4,624,667

 

 

 

0.27

%

 

I/N

Greystone Select Company II, LLC (Passco)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.50

%

 

 

6.50

%

 

 

11.93

%

 

3/21/2027

 

$

8,181,818

 

 

 

8,049,556

 

 

 

8,113,091

 

 

 

0.49

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,716,223

 

 

 

12,737,758

 

 

 

0.76

%

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (fka Keep Truckin, Inc.)

 

First Lien Incremental Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.68

%

 

 

13.18

%

 

4/8/2025

 

$

10,119,063

 

 

 

10,038,533

 

 

 

10,058,348

 

 

 

0.60

%

 

N

Motive Technologies, Inc. (fka Keep Truckin, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

13.18

%

 

4/8/2025

 

$

29,880,937

 

 

 

29,666,733

 

 

 

29,701,652

 

 

 

1.76

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,705,266

 

 

 

39,760,000

 

 

 

2.36

%

 

 

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

11.82

%

 

12/29/2027

 

$

5,389,917

 

 

 

5,305,350

 

 

 

5,174,321

 

 

 

0.31

%

 

G/N

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.43

%

 

12/29/2026

 

$

1,128,945

 

 

 

935,677

 

 

 

989,688

 

 

 

0.06

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,241,027

 

 

 

6,164,009

 

 

 

0.37

%

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospike, Inc.

 

First Lien Term Loan (0.50% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.93

%

 

12/29/2025

 

$

6,933,486

 

 

 

6,893,083

 

 

 

6,862,764

 

 

 

0.41

%

 

L/N

Aerospike, Inc.

 

First Lien Delayed Draw Term Loan (0.50% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.95

%

 

12/29/2025

 

$

2,539,229

 

 

 

2,498,936

 

 

 

2,513,329

 

 

 

0.15

%

 

L/N

Aerospike, Inc.

 

First Lien Delayed Draw Term Loan (0.50% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.93

%

 

12/29/2025

 

$

485,546

 

 

 

464,942

 

 

 

480,593

 

 

 

0.03

%

 

L/N

AlphaSense, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.43

%

 

3/11/2027

 

$

25,095,612

 

 

 

24,902,864

 

 

 

25,080,554

 

 

 

1.49

%

 

N

Aras Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

12.14

%

 

4/13/2027

 

$

639,711

 

 

 

629,120

 

 

 

609,179

 

 

 

0.04

%

 

N

Aras Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.25% PIK

 

 

 

12.20

%

 

4/13/2027

 

$

12,963,777

 

 

 

12,820,361

 

 

 

12,510,045

 

 

 

0.74

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

Sr Secured Revolver

 

PRIME

 

 

1.00

%

 

 

6.75

%

 

 

15.25

%

 

4/30/2026

 

$

1,285,940

 

 

 

1,256,822

 

 

 

1,285,940

 

 

 

0.08

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.75

%

 

 

12.78

%

 

4/30/2026

 

$

11,381,790

 

 

 

11,186,294

 

 

 

11,495,607

 

 

 

0.68

%

 

N

Bluefin Holding, LLC (Allvue)

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.72

%

 

9/12/2030

 

$

 

 

 

(2,224

)

 

 

(2,244

)

 

 

0.00

%

 

K/N

Bluefin Holding, LLC (Allvue)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.72

%

 

9/12/2030

 

$

910,256

 

 

 

887,648

 

 

 

887,500

 

 

 

0.05

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.64

%

 

9/8/2027

 

$

2,833,333

 

 

 

2,803,542

 

 

 

2,758,817

 

 

 

0.16

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.64

%

 

9/8/2027

 

$

83,019

 

 

 

82,184

 

 

 

80,836

 

 

 

 

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.64

%

 

9/8/2027

 

$

 

 

 

(2,829

)

 

 

(7,306

)

 

 

 

 

K/N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Incremental Amendment 4 Term Loan

 

SOFR(Q)

 

 

0.75

%

 

8.00% PIK

 

 

 

13.39

%

 

9/8/2027

 

$

838,217

 

 

 

825,664

 

 

 

825,644

 

 

 

0.05

%

 

 

Disco Parent, Inc. (Duck Creek Technologies)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.92

%

 

3/30/2029

 

$

 

 

 

(2,089

)

 

 

(545

)

 

 

 

 

K/N

Disco Parent, Inc. (Duck Creek Technologies)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.92

%

 

3/30/2029

 

$

909,091

 

 

 

887,365

 

 

 

903,636

 

 

 

0.05

%

 

N

Elastic Path Software, Inc. (Canada)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

13.18

%

 

1/6/2026

 

$

2,758,041

 

 

 

2,737,175

 

 

 

2,750,318

 

 

 

0.16

%

 

H/N

Elastic Path Software, Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

13.03

%

 

1/6/2026

 

$

5,432,783

 

 

 

5,400,999

 

 

 

5,417,571

 

 

 

0.32

%

 

H/N

Fusion Risk Management, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.88

%

 

5/22/2029

 

$

 

 

 

(2,023

)

 

 

(1,929

)

 

 

 

 

K/N

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Madison Logic Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.30

%

 

12/30/2027

 

$

 

 

$

(35,787

)

 

$

(50,029

)

 

 

 

 

K/N

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.30

%

 

12/29/2028

 

$

19,718,232

 

 

 

18,994,361

 

 

 

19,028,094

 

 

 

0.85

%

 

N

Serrano Parent, LLC (Sumo Logic)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.81

%

 

5/13/2030

 

$

 

 

 

(3,137

)

 

 

(2,094

)

 

 

 

 

K/N

Serrano Parent, LLC (Sumo Logic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.81

%

 

5/13/2030

 

$

6,979,701

 

 

 

6,728,374

 

 

 

6,958,762

 

 

 

0.31

%

 

N

Xactly Corporation

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.35

%

 

 

12.69

%

 

7/31/2025

 

$

14,671,682

 

 

 

14,671,682

 

 

 

14,671,682

 

 

 

0.66

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66,856,531

 

 

 

67,368,874

 

 

 

3.01

%

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blue Star Sports Holdings, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

6.00% Cash + 3.50% PIK

 

 

 

14.71

%

 

6/15/2026

 

$

73,093

 

 

 

73,053

 

 

 

70,739

 

 

 

 

 

N

Blue Star Sports Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

6.00% Cash + 3.50% PIK

 

 

 

14.71

%

 

6/15/2026

 

$

145,721

 

 

 

144,729

 

 

 

141,029

 

 

 

0.01

%

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00% Cash + 3.50% PIK

 

 

 

14.71

%

 

6/15/2026

 

$

2,005,859

 

 

 

2,003,900

 

 

 

1,941,271

 

 

 

0.09

%

 

N

Peloton Interactive, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

0.50

%

 

 

7.10

%

 

 

12.48

%

 

5/25/2027

 

$

643,389

 

 

 

628,865

 

 

 

648,217

 

 

 

0.03

%

 

G/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,850,547

 

 

 

2,801,256

 

 

 

0.13

%

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.15

%

 

 

12.47

%

 

12/21/2028

 

$

636,378

 

 

 

620,402

 

 

 

649,106

 

 

 

0.03

%

 

N

Alcami Corporation

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.15

%

 

 

12.49

%

 

12/21/2028

 

$

 

 

 

(24,231

)

 

 

 

 

 

 

 

K/N

Alcami Corporation

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.15

%

 

 

12.49

%

 

12/21/2028

 

$

8,669,921

 

 

 

8,440,852

 

 

 

8,843,320

 

 

 

0.40

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,037,023

 

 

 

9,492,426

 

 

 

0.43

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny’s Enterprises, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.90

%

 

 

12.22

%

 

8/5/2028

 

$

19,708,566

 

 

 

19,308,306

 

 

 

19,905,651

 

 

 

0.89

%

 

N

Sonny’s Enterprises, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.21

%

 

8/5/2028

 

$

127,950

 

 

 

125,330

 

 

 

129,993

 

 

 

0.01

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,433,636

 

 

 

20,035,644

 

 

 

0.90

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEP Group, Inc. et al

 

First Lien Term Loan (2.0% Exit Fee)

 

SOFR(M)

 

 

 

 

3.36% Cash + 1.50% PIK

 

 

 

10.19

%

 

8/19/2026

 

$

666,037

 

 

 

615,556

 

 

 

636,692

 

 

 

0.03

%

 

L

NEP Group, Inc. et al

 

Second Lien Term Loan

 

SOFR(M)

 

 

 

 

 

7.11

%

 

 

12.44

%

 

10/19/2026

 

$

17,631,760

 

 

 

16,693,754

 

 

 

14,388,222

 

 

 

0.64

%

 

G

Khoros, LLC (Lithium)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.32

%

 

10/3/2024

 

$

29,855,839

 

 

 

29,762,789

 

 

 

22,421,735

 

 

 

1.00

%

 

N

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.01% Cash + 0.5% PIK

 

 

 

12.82

%

 

12/31/2024

 

$

750,661

 

 

 

715,557

 

 

 

710,126

 

 

 

0.03

%

 

N

Terraboost Media Operating Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.00

%

 

8/23/2026

 

$

13,940,604

 

 

 

13,453,016

 

 

 

12,950,821

 

 

 

0.58

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61,240,672

 

 

 

51,107,596

 

 

 

2.28

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore International Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

9.50

%

 

 

14.46

%

 

4/12/2028

 

$

1,324,151

 

 

 

1,324,151

 

 

 

1,324,151

 

 

 

0.06

%

 

B/N

Palmdale Oil Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.08

%

 

10/2/2029

 

$

3,318,126

 

 

 

3,151,174

 

 

 

3,235,173

 

 

 

0.14

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,475,325

 

 

 

4,559,324

 

 

 

0.20

%

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.43

%

 

11/30/2026

 

$

31,343,676

 

 

 

30,305,850

 

 

 

30,177,690

 

 

 

1.35

%

 

N

Alpine Acquisition Corp II (48Forty)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.43

%

 

11/30/2026

 

$

594,376

 

 

 

550,514

 

 

 

562,789

 

 

 

0.03

%

 

N

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.25

%

 

 

6.15

%

 

 

11.98

%

 

12/23/2026

 

$

13,877,020

 

 

 

13,395,875

 

 

 

13,339,980

 

 

 

0.60

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,252,239

 

 

 

44,080,459

 

 

 

1.98

%

 

 

11

12


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2023March 31, 2024

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 4.00% PIK

 

 

 

12.63

%

 

5/22/2029

 

$

901,414

 

 

$

883,996

 

 

$

885,188

 

 

 

0.05

%

 

N

Grey Orange Incorporated

 

First Lien Term Loan (3.75% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.88

%

 

5/6/2026

 

$

4,190,378

 

 

 

4,158,385

 

 

 

4,148,055

 

 

 

0.25

%

 

L/N

Grey Orange Incorporated

 

First Lien Delayed Draw Term Loan (3.75% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.79

%

 

5/6/2026

 

$

4,190,378

 

 

 

4,161,271

 

 

 

4,148,055

 

 

 

0.25

%

 

L/N

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.27

%

 

7/9/2029

 

$

267,745

 

 

 

263,477

 

 

 

267,557

 

 

 

0.02

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.27

%

 

7/9/2029

 

$

206,895

 

 

 

203,480

 

 

 

206,750

 

 

 

0.01

%

 

N

GTY Technology Holdings Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

12.27

%

 

7/9/2029

 

$

 

 

 

(767

)

 

 

(32

)

 

 

 

 

K/N

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 3.00% PIK

 

 

 

11.54

%

 

12/17/2027

 

$

3,931,985

 

 

 

3,874,876

 

 

 

3,799,870

 

 

 

0.23

%

 

N

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 3.00% PIK

 

 

 

11.54

%

 

12/17/2027

 

$

250,000

 

 

 

240,422

 

 

 

227,600

 

 

 

0.01

%

 

N

Integrate.com, Inc. (Infinity Data, Inc.)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.54

%

 

12/17/2027

 

$

 

 

 

(4,719

)

 

 

(11,200

)

 

 

 

 

K/N

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

8.00

%

 

 

13.43

%

 

8/7/2028

 

$

1,000,000

 

 

 

978,442

 

 

 

981,300

 

 

 

0.06

%

 

N

Kaseya, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.75% Cash + 2.50% PIK

 

 

 

11.62

%

 

6/25/2029

 

$

1,639,459

 

 

 

1,618,280

 

 

 

1,626,344

 

 

 

0.10

%

 

N

Kaseya, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.75% Cash + 2.50% PIK

 

 

 

11.62

%

 

6/25/2029

 

$

6,114

 

 

 

4,879

 

 

 

5,313

 

 

 

 

 

N

Kaseya, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

3.75% Cash + 2.50% PIK

 

 

 

11.57

%

 

6/25/2029

 

$

25,160

 

 

 

23,916

 

 

 

24,359

 

 

 

 

 

N

Kong Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.50% Cash + 3.25% PIK

 

 

 

14.19

%

 

11/1/2027

 

$

6,346,338

 

 

 

6,231,166

 

 

 

6,339,992

 

 

 

0.38

%

 

N

Nvest, Inc. (SigFig)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.50

%

 

 

13.40

%

 

9/15/2025

 

$

6,118,418

 

 

 

6,069,642

 

 

 

5,962,399

 

 

 

0.35

%

 

N

Oversight Systems, Inc.

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.22

%

 

9/24/2026

 

$

 

 

 

(3,776

)

 

 

(3,147

)

 

 

 

 

K/N

Oversight Systems, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.22

%

 

9/24/2026

 

$

212,667

 

 

 

208,804

 

 

 

209,520

 

 

 

0.01

%

 

N

Oversight Systems, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.22

%

 

9/24/2026

 

$

4,489,882

 

 

 

4,432,959

 

 

 

4,423,432

 

 

 

0.26

%

 

N

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

0.07

 

 

 

12.54

%

 

3/31/2027

 

$

10,872,518

 

 

 

10,738,428

 

 

 

10,687,685

 

 

 

0.63

%

 

H/N

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

0.07

 

 

 

12.52

%

 

3/31/2027

 

$

581,638

 

 

 

567,871

 

 

 

561,862

 

 

 

0.03

%

 

H/K/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 3.50% PIK

 

 

 

11.87

%

 

5/9/2028

 

$

16,336,628

 

 

 

16,077,550

 

 

 

16,207,568

 

 

 

0.97

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.38

%

 

5/9/2028

 

$

533,914

 

 

 

509,151

 

 

 

521,260

 

 

 

0.03

%

 

H/K/N

Superman Holdings, LLC (Foundation Software)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.13

%

 

 

11.52

%

 

8/31/2027

 

$

10,099,151

 

 

 

9,944,752

 

 

 

9,988,060

 

 

 

0.59

%

 

N

Superman Holdings, LLC (Foundation Software)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.13

%

 

 

11.52

%

 

8/31/2026

 

$

 

 

 

(15,354

)

 

 

(13,816

)

 

 

0.00

%

 

K/N

Tessian, Inc. (United Kingdom)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

13.58

%

 

3/15/2028

 

$

1,000,000

 

 

 

981,246

 

 

 

992,000

 

 

 

0.06

%

 

H/N

Trintech, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.82

%

 

7/25/2029

 

$

17,388

 

 

 

15,608

 

 

 

15,617

 

 

 

 

 

N

Trintech, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.82

%

 

7/25/2029

 

$

791,143

 

 

 

767,637

 

 

 

768,121

 

 

 

0.05

%

 

N

Zendesk Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.50% Cash + 3.50% PIK

 

 

 

12.15

%

 

11/22/2028

 

$

 

 

 

(1,639

)

 

 

860

 

 

 

 

 

K/N

Zendesk Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

12.15

%

 

11/22/2028

 

$

 

 

 

(676

)

 

 

 

 

 

 

 

K/N

Zendesk Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.50% Cash + 3.50% PIK

 

 

 

12.15

%

 

11/22/2028

 

$

388,733

 

 

 

382,071

 

 

 

392,232

 

 

 

0.02

%

 

N

Zilliant Incorporated

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

2.00% Cash + 4.50% PIK

 

 

 

11.92

%

 

12/21/2027

 

$

1,605,549

 

 

 

1,583,100

 

 

 

1,526,877

 

 

 

0.09

%

 

N

Zilliant Incorporated

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.00% Cash + 4.50% PIK

 

 

 

11.92

%

 

12/21/2027

 

$

 

 

 

(5,229

)

 

 

(18,148

)

 

 

0.00

%

 

K/N

Zilliant Incorporated

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.92

%

 

12/21/2027

 

$

 

 

 

(2,091

)

 

 

(7,259

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

149,154,992

 

 

 

149,314,583

 

 

 

8.86

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan

 

SOFR(Q)

 

 

2.00

%

 

 

6.75

%

 

 

12.14

%

 

8/15/2029

 

$

20,903,665

 

 

 

20,283,618

 

 

 

20,297,459

 

 

 

1.20

%

 

G

Hanna Andersson, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

12.92

%

 

7/2/2026

 

$

4,518,750

 

 

 

4,464,118

 

 

 

4,351,556

 

 

 

0.26

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,747,736

 

 

 

24,649,015

 

 

 

1.46

%

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.54

%

 

2/17/2026

 

$

31,114,286

 

 

 

30,705,423

 

 

 

31,238,743

 

 

 

1.85

%

 

H/N

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nephron Pharmaceuticals Corp. et al

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.50

%

 

 

9.00

%

 

 

16.49

%

 

9/11/2026

 

$

28,119,960

 

 

$

26,715,848

 

 

$

25,279,844

 

 

 

1.13

%

 

N

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applause App Quality, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

5.00

%

 

 

10.40

%

 

9/20/2025

 

$

15,088,478

 

 

 

15,078,310

 

 

 

15,088,478

 

 

 

0.67

%

 

N

Applause App Quality, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

5.00

%

 

 

10.40

%

 

9/20/2025

 

$

 

 

 

(4,264

)

 

 

 

 

 

 

 

K/N

CIBT Solutions, Inc.

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

1.00% Cash + 6.75% PIK

 

 

 

13.19

%

 

6/1/2025

 

$

8,146,376

 

 

 

7,567,314

 

 

 

1,914,398

 

 

 

0.09

%

 

C/N

DTI Holdco, Inc. (Epiq Systems, Inc.)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.75

%

 

 

13.06

%

 

4/26/2030

 

$

12,507,465

 

 

 

11,608,982

 

 

 

10,944,032

 

 

 

0.49

%

 

G/N

GI Consilio Parent, LLC

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

7.50

%

 

 

12.94

%

 

5/14/2029

 

$

15,000,000

 

 

 

14,766,407

 

 

 

15,000,000

 

 

 

0.67

%

 

G/N

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

11.06

%

 

1/16/2030

 

$

1,483,871

 

 

 

1,430,069

 

 

 

1,458,645

 

 

 

0.07

%

 

N

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

11.06

%

 

1/16/2030

 

$

 

 

 

(5,869

)

 

 

(5,484

)

 

 

 

 

K/N

Huckabee Acquisition, LLC (MOREgroup)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

11.06

%

 

1/16/2030

 

$

 

 

 

(3,521

)

 

 

(3,290

)

 

 

 

 

K/N

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

12.58

%

 

8/18/2028

 

$

15,997,413

 

 

 

15,452,961

 

 

 

15,898,229

 

 

 

0.71

%

 

N

ICIMS, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.58

%

 

8/18/2028

 

$

4,449,002

 

 

 

4,385,070

 

 

 

4,423,643

 

 

 

0.20

%

 

N

ICIMS, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

12.58

%

 

8/18/2028

 

$

 

 

 

(13,709

)

 

 

(19,106

)

 

 

 

 

K/N

ICIMS, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.75

%

 

 

12.05

%

 

8/18/2028

 

$

97,160

 

 

 

83,037

 

 

 

88,170

 

 

 

 

 

N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.86

%

 

 

14.19

%

 

2/17/2025

 

$

23,890,586

 

 

 

23,467,696

 

 

 

23,269,431

 

 

 

1.04

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.86

%

 

 

14.19

%

 

2/17/2025

 

$

36,301,904

 

 

 

35,545,152

 

 

 

35,358,054

 

 

 

1.58

%

 

H/L/N

TLE Holdings, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.50

%

 

 

10.93

%

 

6/28/2026

 

$

965,310

 

 

 

917,317

 

 

 

950,831

 

 

 

0.04

%

 

N

TLE Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.50

%

 

 

10.93

%

 

6/28/2026

 

$

3,770,363

 

 

 

3,582,897

 

 

 

3,713,808

 

 

 

0.17

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

133,857,849

 

 

 

128,079,839

 

 

 

5.73

%

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Community Merger Sub Debt LLC (CINC Systems)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.05

%

 

1/18/2030

 

$

1,571,429

 

 

 

1,512,158

 

 

 

1,540,157

 

 

 

0.07

%

 

N

Community Merger Sub Debt LLC (CINC Systems)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.05

%

 

1/18/2030

 

$

 

 

 

(8,422

)

 

 

(8,529

)

 

 

 

 

K/N

Greystone Affordable Housing Initiatives, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.25

%

 

 

6.43

%

 

 

11.61

%

 

3/2/2026

 

$

6,533,333

 

 

 

6,464,091

 

 

 

6,533,333

 

 

 

0.29

%

 

I/N

Greystone Select Company II, LLC (Passco)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.50

%

 

 

6.61

%

 

 

11.94

%

 

3/21/2027

 

$

12,843,151

 

 

 

12,526,512

 

 

 

12,746,827

 

 

 

0.57

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,494,339

 

 

 

20,811,788

 

 

 

0.93

%

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (fka Keep Truckin, Inc.)

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(S)

 

 

1.00

%

 

 

7.68

%

 

 

12.90

%

 

4/8/2027

 

$

55,000,000

 

 

 

54,213,528

 

 

 

54,621,416

 

 

 

2.44

%

 

L/N

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.40

%

 

 

11.74

%

 

12/29/2027

 

$

7,158,477

 

 

 

6,870,274

 

 

 

6,585,799

 

 

 

0.29

%

 

G/N

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.43

%

 

12/29/2026

 

$

1,928,157

 

 

 

1,669,126

 

 

 

1,635,603

 

 

 

0.07

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,539,400

 

 

 

8,221,402

 

 

 

0.36

%

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospike, Inc.

 

First Lien Term Loan (0.50% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.94

%

 

12/29/2025

 

$

13,429,501

 

 

 

13,207,057

 

 

 

13,328,779

 

 

 

0.60

%

 

L/N

AlphaSense, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.44

%

 

3/11/2027

 

$

33,768,629

 

 

 

33,312,904

 

 

 

33,856,428

 

 

 

1.51

%

 

N

Aras Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

11.98

%

 

4/13/2027

 

$

1,179,477

 

 

 

1,151,434

 

 

 

1,149,990

 

 

 

0.05

%

 

N

 

1213


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2023March 31, 2024

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity/
Expiration

 

Principal/Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.38

%

 

9/8/2027

 

$

15,555,556

 

 

$

15,386,924

 

 

$

15,555,555

 

 

 

0.92

%

 

N

James Perse Enterprises, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.38

%

 

9/8/2027

 

$

 

 

 

(19,187

)

 

 

 

 

 

 

 

K/N

PSEB, LLC (Eddie Bauer)

 

First Lien Incremental Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.75

%

 

 

12.05

%

 

12/30/2026

 

$

24,625,000

 

 

 

24,364,848

 

 

 

22,605,750

 

 

 

1.34

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,732,585

 

 

 

38,161,305

 

 

 

2.26

%

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Purchaser, Inc. (Ohio Transmission Corp.)

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

7.50

%

 

 

12.92

%

 

4/8/2027

 

$

10,153,647

 

 

 

10,009,523

 

 

 

10,021,649

 

 

 

0.59

%

 

N

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenMarket, Inc. (Infobip) (United Kingdom)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

 

 

9/17/2026

 

$

9,800,000

 

 

 

9,641,845

 

 

 

9,696,120

 

 

 

0.58

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

11.90

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 192.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,488,066,920

 

 

 

1,413,069,515

 

 

 

83.86

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AutoAlert, LLC

 

Class A Common Interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

540,248

 

 

 

4,713,886

 

 

 

5,178,298

 

 

 

0.31

%

 

D/E/F/N

AutoAlert, LLC

 

Preferred Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,302,264

 

 

 

4,302,264

 

 

 

4,632,027

 

 

 

0.27

%

 

E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,016,150

 

 

 

9,810,325

 

 

 

0.58

%

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading Holdings, LLC

 

Warrants to Purchase Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

2/7/2030

 

 

7,030

 

 

 

645,120

 

 

 

1,542,083

 

 

 

0.09

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGY Equity, LLC

 

Class A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,786,785

 

 

 

485,322

 

 

 

 

 

 

 

 

D/E/N

AGY Equity, LLC

 

Class B Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,250,749

 

 

 

 

 

 

 

 

 

 

 

D/E/N

AGY Equity, LLC

 

Class C Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

982,732

 

 

 

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

485,322

 

 

 

 

 

 

 

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

364

 

 

 

 

 

 

 

 

 

 

 

D/E/H/N/O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Novellus LLC

 

Class A Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

117,124

 

 

 

13,817,817

 

 

 

4,105,196

 

 

 

0.24

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elevate Brands Holdco, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

2,895

 

 

 

 

 

 

332,693

 

 

 

0.02

%

 

D/E/N

Elevate Brands Holdco, Inc.

 

Warrants to Purchase Preferred New Super Senior Shares

 

 

 

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

11,532

 

 

 

 

 

 

1,325,257

 

 

 

0.08

%

 

D/E/N

MXP Prime Platform GmbH (SellerX) (Germany)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

3,966

 

 

 

 

 

 

321,444

 

 

 

0.02

%

 

D/E/H/N

PerchHQ, LLC

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

10/15/2027

 

 

134,500

 

 

 

 

 

 

 

 

 

 

 

D/E/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Preferred Series A1 Shares

 

 

 

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

516

 

 

 

 

 

 

1,062,960

 

 

 

0.06

%

 

D/E/H/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Series C Shares

 

 

 

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

158

 

 

 

 

 

 

775,780

 

 

 

0.05

%

 

D/E/H/N

TVG-Edmentum Holdings, LLC

 

Series B-1 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

19,684,650

 

 

 

31,180,919

 

 

 

1.85

%

 

B/E/N

TVG-Edmentum Holdings, LLC

 

Series B-2 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

13,421,162

 

 

 

31,180,919

 

 

 

1.85

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,105,812

 

 

 

66,179,972

 

 

 

3.93

%

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aras Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.65% Cash + 3.25% PIK

 

 

 

12.23

%

 

4/13/2027

 

$

17,819,037

 

 

$

17,425,871

 

 

$

17,373,561

 

 

 

0.78

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.14

%

 

4/30/2026

 

$

1,778,731

 

 

 

1,736,660

 

 

 

1,778,731

 

 

 

0.08

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.19

%

 

4/30/2026

 

$

15,515,007

 

 

 

15,203,585

 

 

 

15,515,007

 

 

 

0.69

%

 

N

Bluefin Holding, LLC (Allvue)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.25

%

 

 

12.57

%

 

9/12/2029

 

$

 

 

 

(11,054

)

 

 

(10,679

)

 

 

 

 

K/N

Bluefin Holding, LLC (Allvue)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.25

%

 

 

12.57

%

 

9/12/2029

 

$

7,737,179

 

 

 

7,378,854

 

 

 

7,628,859

 

 

 

0.34

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.55

%

 

9/8/2027

 

$

5,832,706

 

 

 

5,634,037

 

 

 

5,693,304

 

 

 

0.25

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.56

%

 

9/8/2027

 

$

288,889

 

 

 

279,208

 

 

 

275,611

 

 

 

0.01

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Incremental Amendment 4 Term Loan

 

SOFR(Q)

 

 

0.75

%

 

8.00% PIK

 

 

 

13.30

%

 

9/8/2027

 

$

1,792,281

 

 

 

1,738,662

 

 

 

1,768,802

 

 

 

0.08

%

 

N

Disco Parent, Inc. (Duck Creek Technologies)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.84

%

 

3/30/2029

 

$

 

 

 

(4,844

)

 

 

(4,228

)

 

 

 

 

K/N

Disco Parent, Inc. (Duck Creek Technologies)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.84

%

 

3/30/2029

 

$

6,040,409

 

 

 

5,806,478

 

 

 

5,998,126

 

 

 

0.27

%

 

N

Elastic Path Software, Inc. (Canada)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.76

%

 

 

13.10

%

 

1/6/2026

 

$

3,719,435

 

 

 

3,659,435

 

 

 

3,681,869

 

 

 

0.16

%

 

H/N

Elastic Path Software, Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.76

%

 

 

13.09

%

 

1/6/2026

 

$

7,326,537

 

 

 

7,213,988

 

 

 

7,252,539

 

 

 

0.32

%

 

H/N

Fusion Risk Management, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.75% PIK

 

 

 

12.58

%

 

5/22/2029

 

$

 

 

 

(12,091

)

 

 

(12,857

)

 

 

 

 

K/N

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.75% PIK

 

 

 

12.58

%

 

5/22/2029

 

$

5,512,641

 

 

 

5,243,573

 

 

 

5,402,389

 

 

 

0.24

%

 

N

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.18

%

 

7/9/2029

 

$

2,341,008

 

 

 

2,204,024

 

 

 

2,271,012

 

 

 

0.10

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.20

%

 

7/9/2029

 

$

1,808,789

 

 

 

1,702,703

 

 

 

1,754,707

 

 

 

0.08

%

 

N

GTY Technology Holdings Inc.

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.20

%

 

7/9/2029

 

$

415,253

 

 

 

372,740

 

 

 

387,331

 

 

 

0.02

%

 

N

GTY Technology Holdings Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.25

%

 

 

13.75

%

 

7/9/2029

 

$

 

 

 

(12,957

)

 

 

(11,808

)

 

 

 

 

K/N

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

4.65% Cash + 2.25% PIK

 

 

 

12.18

%

 

12/17/2027

 

$

5,854,779

 

 

 

5,691,320

 

 

 

5,676,793

 

 

 

0.25

%

 

N

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.15

%

 

 

11.47

%

 

12/17/2027

 

$

294,426

 

 

 

275,233

 

 

 

285,475

 

 

 

0.01

%

 

N

Integrate.com, Inc. (Infinity Data, Inc.)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.15

%

 

 

11.48

%

 

12/17/2027

 

$

452,667

 

 

 

439,930

 

 

 

438,480

 

 

 

0.02

%

 

N

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

8.00

%

 

 

13.19

%

 

8/7/2028

 

$

8,017,052

 

 

 

7,644,624

 

 

 

7,898,400

 

 

 

0.35

%

 

N

Kaseya, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.50% Cash + 2.50% PIK

 

 

 

11.38

%

 

6/25/2029

 

$

9,216,319

 

 

 

8,927,079

 

 

 

9,216,319

 

 

 

0.41

%

 

N

Kaseya, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.50

%

 

 

10.81

%

 

6/25/2029

 

$

34,368

 

 

 

32,218

 

 

 

34,368

 

 

 

 

 

N

Kaseya, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

5.50

%

 

 

10.83

%

 

6/25/2029

 

$

140,252

 

 

 

134,970

 

 

 

140,251

 

 

 

0.01

%

 

N

Kong Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.50% Cash + 3.25% PIK

 

 

 

14.19

%

 

11/1/2027

 

$

9,797,967

 

 

 

9,568,944

 

 

 

9,790,129

 

 

 

0.44

%

 

N

Nvest, Inc. (SigFig)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.50

%

 

 

13.18

%

 

9/15/2025

 

$

7,318,167

 

 

 

7,188,817

 

 

 

7,173,999

 

 

 

0.32

%

 

N

Oversight Systems, Inc.

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.10

%

 

 

11.41

%

 

9/24/2026

 

$

 

 

 

(3,858

)

 

 

(2,854

)

 

 

 

 

K/N

Oversight Systems, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.10

%

 

 

11.41

%

 

9/24/2026

 

$

6,279,056

 

 

 

6,156,149

 

 

 

6,216,266

 

 

 

0.28

%

 

N

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.15

%

 

 

11.93

%

 

3/31/2027

 

$

14,700,679

 

 

 

14,409,688

 

 

 

14,583,073

 

 

 

0.65

%

 

H/N

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.15

%

 

 

12.44

%

 

3/31/2027

 

$

1,572,860

 

 

 

1,542,260

 

 

 

1,560,277

 

 

 

0.07

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 3.50% PIK

 

 

 

11.81

%

 

5/9/2028

 

$

23,361,861

 

 

 

22,871,482

 

 

 

23,249,724

 

 

 

1.05

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 3.50% PIK

 

 

 

11.83

%

 

5/9/2028

 

$

 

 

 

(24,814

)

 

 

(10,513

)

 

 

 

 

H/K/N

 

1314


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2023March 31, 2024

 

Issuer

 

Instrument

 

 

 

 

 

 

 

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

26,902,397

 

 

$

26,902,397

 

 

$

50,934,308

 

 

 

3.01

%

 

E/F/N

Conventional Lending TCP Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

17,800,591

 

 

 

17,675,790

 

 

 

16,376,544

 

 

 

0.97

%

 

E/F/I/N

GACP I, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

351,847

 

 

 

351,847

 

 

 

94,810

 

 

 

0.01

%

 

E/I/N

GACP II, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

3,716,866

 

 

 

3,716,866

 

 

 

3,708,950

 

 

 

0.22

%

 

E/I/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

 

2/11/2031

 

 

34,820

 

 

 

 

 

 

253,141

 

 

 

0.02

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,646,900

 

 

 

71,367,753

 

 

 

4.23

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia Holdings Limited (United Kingdom)

 

Class B Shares

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

 

 

 

 

 

D/E/F/H/N

Conergy Asia Holdings Limited (United Kingdom)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

5,318,860

 

 

 

7,833,333

 

 

 

 

 

 

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

2,332,594

 

 

 

 

 

 

 

 

 

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Series B Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

93,023

 

 

 

1,395,349

 

 

 

 

 

 

 

 

D/E/F/H/N

Utilidata, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

29,094

 

 

 

216,336

 

 

 

1,000

 

 

 

 

 

D/E/N

Utilidata, Inc.

 

Series A-2 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

257,369

 

 

 

153,398

 

 

 

89,000

 

 

 

0.01

%

 

D/E/N

Utilidata, Inc.

 

Series A-1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

500,000

 

 

 

500,000

 

 

 

36,000

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,098,416

 

 

 

126,000

 

 

 

0.01

%

 

 

Electronic Equipment, Instruments and Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soraa, Inc.

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

8/29/2024

 

 

3,071,860

 

 

 

478,899

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

9/12/2029

 

 

16

 

 

 

275,200

 

 

 

2,312,614

 

 

 

0.14

%

 

D/E/N

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fishbowl, Inc.

 

Common Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

604,479

 

 

 

787,032

 

 

 

722,957

 

 

 

0.04

%

 

D/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

49,792

 

 

 

1,543,054

 

 

 

488,460

 

 

 

0.03

%

 

D

Foursquare Labs, Inc.

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

5/4/2027

 

 

2,062,500

 

 

 

508,805

 

 

 

932,651

 

 

 

0.06

%

 

D/E/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

8/15/2027

 

 

1,327,869

 

 

 

212,360

 

 

 

3,146,268

 

 

 

0.19

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

9/18/2025

 

 

1,049,996

 

 

 

276,492

 

 

 

2,519,467

 

 

 

0.15

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

10/3/2028

 

 

1,511,002

 

 

 

93,407

 

 

 

1,584,904

 

 

 

0.09

%

 

D/E/H/N

ResearchGate Corporation (Germany)

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

10/30/2029

 

 

333,370

 

 

 

202,001

 

 

 

76,800

 

 

 

 

 

D/E/H/N/O

SuCo Investors, LP (Suited Connector)

 

Warrants to Purchase Class A Units

 

 

 

 

 

 

 

 

 

3/6/2033

 

 

4,129

 

 

 

 

 

 

 

 

 

 

 

D/E/N

SnapLogic, Inc.

 

Warrants to Purchase Series Preferred Stock

 

 

 

 

 

 

 

 

3/19/2028

 

 

1,860,000

 

 

 

377,722

 

 

 

4,900,000

 

 

 

0.29

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,213,841

 

 

 

13,648,550

 

 

 

0.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelis (SVC), LLC

 

Preferred Unit-C

 

 

 

 

 

 

 

 

 

 

 

657,932

 

 

 

2,001,384

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quora, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

4/11/2029

 

 

507,704

 

 

 

65,245

 

 

 

90,940

 

 

 

0.01

%

 

D/E/N

SoundCloud, Ltd. (United Kingdom)

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

4/29/2025

 

 

946,498

 

 

 

79,082

 

 

 

661,647

 

 

 

0.04

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

144,327

 

 

 

752,587

 

 

 

0.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore Investments Holdings, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

16,207

 

 

 

4,177,710

 

 

 

2,023,975

 

 

 

0.12

%

 

B/D/E/N

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity/
Expiration

 

Principal/Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Superman Holdings, LLC (Foundation Software)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.13

%

 

 

11.43

%

 

8/31/2027

 

$

16,057,115

 

 

$

15,705,623

 

 

$

16,057,115

 

 

 

0.72

%

 

N

Superman Holdings, LLC (Foundation Software)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.13

%

 

 

11.43

%

 

8/31/2026

 

$

 

 

 

(12,724

)

 

 

 

 

 

 

 

K/N

Trintech, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.83

%

 

7/25/2029

 

$

60,857

 

 

 

53,620

 

 

 

54,978

 

 

 

 

 

N

Trintech, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.83

%

 

7/25/2029

 

$

2,762,077

 

 

 

2,616,770

 

 

 

2,685,844

 

 

 

0.12

%

 

N

Zendesk Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.57

%

 

11/22/2028

 

$

 

 

 

(612

)

 

 

 

 

 

 

 

K/N

Zendesk Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.57

%

 

11/22/2028

 

$

5,717,521

 

 

 

5,571,843

 

 

 

5,746,108

 

 

 

0.26

%

 

N

Zendesk Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.57

%

 

11/22/2028

 

$

 

 

 

10,917

 

 

 

6,965

 

 

 

 

 

N

Zilliant Incorporated

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

2.10% Cash + 5.00% PIK

 

 

 

12.43

%

 

12/21/2027

 

$

 

 

 

(7,774

)

 

 

(12,148

)

 

 

 

 

K/N

Zilliant Incorporated

 

First Lien Term Loan (0.25% Exit Fee)

 

SOFR(M)

 

 

0.75

%

 

2.10% Cash + 5.00% PIK

 

 

 

12.43

%

 

12/21/2027

 

$

3,891,468

 

 

 

3,720,179

 

 

 

3,731,917

 

 

 

0.17

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

235,742,151

 

 

 

239,598,439

 

 

 

10.71

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan

 

SOFR(Q)

 

 

2.00

%

 

 

6.75

%

 

 

11.81

%

 

8/15/2029

 

$

25,262,171

 

 

 

24,462,780

 

 

 

24,832,714

 

 

 

1.11

%

 

G

Hanna Andersson, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.60

%

 

 

12.91

%

 

7/2/2026

 

$

10,877,600

 

 

 

10,467,940

 

 

 

10,660,048

 

 

 

0.48

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,930,720

 

 

 

35,492,762

 

 

 

1.59

%

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.23

%

 

2/17/2026

 

$

41,957,143

 

 

 

41,429,480

 

 

 

42,712,371

 

 

 

1.91

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.25

%

 

 

11.58

%

 

9/8/2027

 

$

25,417,903

 

 

 

24,917,422

 

 

 

25,417,903

 

 

 

1.14

%

 

N

James Perse Enterprises, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.25

%

 

 

11.58

%

 

9/8/2027

 

$

 

 

 

(16,751

)

 

 

 

 

 

 

 

K/N

PSEB, LLC (Eddie Bauer)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

11.99

%

 

12/30/2026

 

$

24,500,000

 

 

 

24,283,737

 

 

 

22,809,500

 

 

 

1.02

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,184,408

 

 

 

48,227,403

 

 

 

2.16

%

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenMarket, Inc. (Infobip) (United Kingdom)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.00

%

 

 

6.51

%

 

 

11.82

%

 

9/17/2026

 

$

14,625,000

 

 

 

14,276,011

 

 

 

14,493,375

 

 

 

0.65

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 205.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,046,427,336

 

 

 

1,954,367,643

 

 

 

87.37

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AutoAlert, LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

540,248

 

 

 

9,016,151

 

 

 

10,282,595

 

 

 

0.46

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marsico Holdings, LLC

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

91,445

 

 

 

 

 

 

 

 

 

 

 

D/E/N

Pico Quantitative Trading Holdings, LLC

 

Warrants to Purchase Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

2/7/2030

 

 

7,191

 

 

 

673,788

 

 

 

1,321,641

 

 

 

0.06

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

673,788

 

 

 

1,321,641

 

 

 

0.06

%

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGY Equity, LLC

 

Class A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,982,385

 

 

 

485,322

 

 

 

 

 

 

 

 

D/E/N

AGY Equity, LLC

 

Class B Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,187,669

 

 

 

 

 

 

 

 

 

 

 

D/E/N

AGY Equity, LLC

 

Class C Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,290,312

 

 

 

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

485,322

 

 

 

 

 

 

 

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

364

 

 

 

 

 

 

 

 

 

 

 

D/E/H/N/O

 

1415


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2023March 31, 2024

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

 

Total
Coupon

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inotiv, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,578

 

 

$

 

 

$

44,900

 

 

 

 

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anacomp, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,255,527

 

 

 

26,711,048

 

 

 

615,208

 

 

 

0.04

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grey Orange International Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

5/6/2032

 

 

7,706

 

 

 

 

 

 

1,541

 

 

 

 

 

D/E/N

Tradeshift, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

3/26/2027

 

 

1,712,930

 

 

 

577,843

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

577,843

 

 

 

1,541

 

 

 

0.00

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Holdco, Inc. (Ohio Transmission Corp.)

 

Preferred Stock

 

Fixed

 

 

 

 

12.50

%

 

 

12.50

%

 

 

 

 

7,108

 

 

 

8,692,853

 

 

 

6,997,542

 

 

 

0.42

%

 

E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 24.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

163,875,674

 

 

 

180,251,203

 

 

 

10.70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 216.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,651,942,594

 

 

$

1,593,320,718

 

 

 

94.56

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 12.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

91,653,006

 

 

 

5.44

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 229.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,684,973,724

 

 

 

100.00

%

 

M

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

171,813

 

 

$

285,933

 

 

$

316,531

 

 

 

0.01

%

 

D/N

Kellermeyer Bergensons Services, LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

171,813

 

 

 

 

 

 

 

 

 

 

 

D/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

285,933

 

 

 

316,531

 

 

 

0.01

%

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Novellus LLC

 

Class A Units

 

 

 

 

 

 

 

 

 

 

 

 

 

117,124

 

 

 

13,817,817

 

 

 

1,533,200

 

 

 

0.07

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elevate Brands Holdco, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

3,980

 

 

 

73,107

 

 

 

275,013

 

 

 

0.01

%

 

D/E/N

Elevate Brands Holdco, Inc.

 

Warrants to Purchase Preferred New Super Senior Shares

 

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

15,793

 

 

 

287,104

 

 

 

1,091,275

 

 

 

0.05

%

 

D/E/N

MXP Prime Platform GmbH (SellerX) (Germany)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

5,430

 

 

 

66,734

 

 

 

253,458

 

 

 

0.01

%

 

D/E/H/N

Razor US LP

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

 

263,206

 

 

 

 

 

 

 

 

 

 

 

D/N

Razor US LP

 

Class A Preferred Units

 

Fixed

 

 

 

 

 

 

3.00

%

 

 

 

 

26,320,670

 

 

 

22,711,306

 

 

 

13,055,052

 

 

 

0.58

%

 

N

Razor Group GmbH (Germany)

 

Warrants to Purchase Preferred Series A1 Shares

 

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

698

 

 

 

13,654

 

 

 

52,905

 

 

 

 

 

D/E/H/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Series C Shares

 

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

213

 

 

 

20,680

 

 

 

81,046

 

 

 

0.00

%

 

D/E/H/N

TVG-Edmentum Holdings, LLC

 

Series B-1 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

21,091,269

 

 

 

18,289,138

 

 

 

0.82

%

 

B/D/E/N

TVG-Edmentum Holdings, LLC

 

Series B-2 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

13,421,162

 

 

 

18,289,138

 

 

 

0.82

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57,685,016

 

 

 

51,387,025

 

 

 

2.29

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

 

27,214,897

 

 

 

27,214,897

 

 

 

47,457,337

 

 

 

2.12

%

 

E/F/N

Conventional Lending TCP Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

 

17,800,591

 

 

 

17,675,790

 

 

 

16,020,000

 

 

 

0.71

%

 

E/F/I/N

GACP I, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

 

351,847

 

 

 

351,847

 

 

 

81,869

 

 

 

0.00

%

 

E/I/N

GACP II, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

 

861,529

 

 

 

861,529

 

 

 

1,255,955

 

 

 

0.06

%

 

E/I/N

Gordon Brothers Finance Company

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

10,612

 

 

 

 

 

 

 

 

 

 

 

D/F/N

Gordon Brothers Finance Company

 

Preferred Stock

 

Fixed

 

 

 

 

 

 

13.50

%

 

 

 

 

34,285

 

 

 

 

 

 

 

 

 

 

 

D/F/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

 

 

2/11/2031

 

 

42,482

 

 

 

28,022

 

 

 

161,420

 

 

 

0.01

%

 

D/E/H/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series E Stock

 

 

 

 

 

 

 

 

 

 

8/27/2031

 

 

508

 

 

 

61

 

 

 

63

 

 

 

 

 

D/H/N/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46,132,146

 

 

 

64,976,644

 

 

 

2.90

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia Holdings Limited (United Kingdom)

 

Class B Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

 

 

 

 

 

D/E/F/H/N

Conergy Asia Holdings Limited (United Kingdom)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

5,318,860

 

 

 

7,833,333

 

 

 

 

 

 

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

2,332,594

 

 

 

 

 

 

 

 

 

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Series B Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

93,023

 

 

 

1,395,349

 

 

 

 

 

 

 

 

D/E/F/H/N

Utilidata, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

29,094

 

 

 

216,336

 

 

 

201

 

 

 

 

 

D/E/N

Utilidata, Inc.

 

Series A-2 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

257,369

 

 

 

153,398

 

 

 

42,279

 

 

 

 

 

D/E/N

Utilidata, Inc.

 

Series A-1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

500,000

 

 

 

500,000

 

 

 

5,004

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,098,416

 

 

 

47,484

 

 

 

 

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

9/12/2029

 

 

16

 

 

 

275,200

 

 

 

2,055,657

 

 

 

0.09

%

 

D/E/N

 

16

15


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2023March 31, 2024

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stitch Holdings, L.P.

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

5,910

 

 

 

 

 

 

 

 

 

 

 

D/N/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

49,792

 

 

 

1,543,054

 

 

 

444,145

 

 

 

0.02

%

 

D

Domo, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

2/17/2028

 

 

94,136

 

 

 

 

 

 

838,901

 

 

 

0.04

%

 

D/N

Fishbowl, Inc.

 

Common Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

 

604,479

 

 

 

787,032

 

 

 

 

 

 

 

 

D/F/N

Foursquare Labs, Inc.

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

5/4/2027

 

 

2,187,500

 

 

 

508,805

 

 

 

260,743

 

 

 

0.01

%

 

D/E/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

8/15/2027

 

 

1,327,869

 

 

 

212,360

 

 

 

2,798,575

 

 

 

0.13

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

9/18/2025

 

 

1,049,996

 

 

 

276,492

 

 

 

2,250,756

 

 

 

0.10

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

10/3/2028

 

 

1,511,002

 

 

 

93,407

 

 

 

1,740,067

 

 

 

0.08

%

 

D/E/H/N

ResearchGate Corporation (Germany)

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

10/30/2029

 

 

333,370

 

 

 

202,001

 

 

 

65,005

 

 

 

 

 

D/E/H/N/O

SuCo Investors, LP (Suited Connector)

 

Warrants to Purchase Class A Units

 

 

 

 

 

 

 

 

 

 

3/6/2033

 

 

20,072

 

 

 

 

 

 

 

 

 

 

 

D/E/N

SnapLogic, Inc.

 

Warrants to Purchase Series Preferred Stock

 

 

 

 

 

 

 

 

 

3/19/2028

 

 

1,860,000

 

 

 

377,722

 

 

 

5,290,573

 

 

 

0.24

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,000,873

 

 

 

13,688,765

 

 

 

0.62

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelis (SVC), LLC

 

Preferred Unit-C

 

 

 

 

 

 

 

 

 

 

 

 

657,932

 

 

 

2,001,384

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MBS Parent, LLC

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

546

 

 

 

21,204

 

 

 

22,000

 

 

 

 

 

D/N

Quora, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

4/11/2029

 

 

507,704

 

 

 

65,245

 

 

 

108,074

 

 

 

0.00

%

 

D/E/N

SoundCloud, Ltd. (United Kingdom)

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

4/29/2025

 

 

946,498

 

 

 

79,082

 

 

 

611,307

 

 

 

0.03

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

165,531

 

 

 

741,381

 

 

 

0.03

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore Investments Holdings, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

16,207

 

 

 

4,177,710

 

 

 

2,126,374

 

 

 

0.10

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inotiv, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

14,578

 

 

 

 

 

 

159,483

 

 

 

0.01

%

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anacomp, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

1,255,527

 

 

 

26,711,048

 

 

 

875,140

 

 

 

0.04

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grey Orange International Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

5/6/2032

 

 

10,538

 

 

 

546

 

 

 

2,108

 

 

 

 

 

D/E/N

Tradeshift, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

 

3/26/2027

 

 

1,712,930

 

 

 

577,843

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

578,389

 

 

 

2,108

 

 

 

 

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Holdco, Inc. (Ohio Transmission Corp.)

 

Preferred Stock

 

Fixed

 

 

 

 

 

 

12.50

%

 

 

 

 

9,586

 

 

 

12,529,524

 

 

 

12,537,625

 

 

 

0.56

%

 

E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 17.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

189,634,248

 

 

 

162,051,653

 

 

 

7.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 222.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,236,061,584

 

 

$

2,116,419,296

 

 

 

94.61

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 12.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

120,572,710

 

 

 

5.39

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 234.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,236,992,006

 

 

 

100.00

%

 

M

 

 

Interest Rate Swap as of March 31, 2024

 

 

 

Company Receives Fixed

 

Company Pays Floating

 

Counterparty

 

Maturity Date

 

Payment Frequency

 

Notional Amount

 

 

Derivative Liability at Fair Value

 

Interest rate swap

 

2.633%

 

1 Day SOFR

 

CME

 

6/9/2025

 

Annual

 

 

35,000,000

 

 

$

(1,670,896

)

17


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2024

Notes to Consolidated Schedule of Investments:

(A)
Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the “Securities Act”). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
(B)
Non-controlled affiliate – as defined under the Investment Company Act of 1940 (the "1940 Act") (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.
(C)
Non-accruing debt investment.
(D)
Other non-income producing investment.
(E)
Restricted security. (See Note 2)
(F)
Controlled issuer – as defined under the 1940 Act (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates.
(G)
Investment has been segregated to collateralize certain unfunded commitments.
(H)
Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(I)
Deemed not an investment company under Section 3(c) of the 1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(J)
Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(K)
Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.
(L)
In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
(M)
All cash and investments, except those referenced in Note G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.
(N)
Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.
(O)
Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to U.S. dollars. Foreign currency denominated investments are generally hedged for currency exposure.

LIBORLIBOR/SOFR or EURIBOR resets monthly (M), quarterly (Q), semiannually (S), or annually (A).

AggregateExcluding $586,903,708 of investments acquired in connection with the Merger, aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $185,506,315$20,010,665 and $176,475,820,$24,318,666, respectively, for the ninethree months ended September 30, 2023.March 31, 2024. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of September 30, 2023March 31, 2024 was $1,592,109,301$2,101,742,667 or 94.5%94.0% of total cash and investments of the Company. As of September 30, 2023,March 31, 2024, approximately 18.2%18.6% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

1618


 

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments

December 31, 20222023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Airlines

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mesa Airlines, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

2.00

%

 

 

5.00

%

 

 

9.38

%

 

9/27/2023

 

$

531,024

 

 

$

529,625

 

 

$

531,024

 

 

 

0.03

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.45

%

 

4/15/2026

 

$

6,537,976

 

 

 

6,458,830

 

 

 

6,537,976

 

 

 

0.39

%

 

G/N

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.39

%

 

4/15/2026

 

$

5,954,228

 

 

$

5,902,287

 

 

$

5,817,281

 

 

 

0.35

%

 

G/N

ALCV Purchaser, Inc. (AutoLenders)

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.39

%

 

4/15/2026

 

$

662,974

 

 

 

656,491

 

 

 

662,974

 

 

 

0.04

%

 

G/N

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.39

%

 

4/15/2026

 

$

662,974

 

 

 

658,294

 

 

 

647,726

 

 

 

0.04

%

 

G/N

Autoalert, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.25

%

 

 

8.75

%

 

 

12.46

%

 

2/15/2023

 

$

61,737,067

 

 

 

61,724,678

 

 

 

28,399,050

 

 

 

1.67

%

 

C/N

AutoAlert, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.40

%

 

 

10.79

%

 

3/31/2028

 

$

18,812,631

 

 

 

18,812,631

 

 

 

18,812,631

 

 

 

1.13

%

 

F/N

AutoAlert, LLC

 

Second Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

9.40

%

 

 

14.79

%

 

3/31/2029

 

$

9,256,229

 

 

 

9,256,229

 

 

 

9,256,229

 

 

 

0.55

%

 

F/N

 

 

 

 

 

 

 

 

 

 

 

68,839,999

 

 

 

35,600,000

 

 

 

2.10

%

 

 

 

 

 

 

 

 

 

 

 

 

34,629,441

 

 

 

34,533,867

 

 

 

2.07

%

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porcelain Acquisition Corporation (Paramount)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.48

%

 

4/30/2027

 

$

6,179,837

 

 

 

6,082,271

 

 

 

6,216,916

 

 

 

0.36

%

 

N

Porcelain Acquisition Corporation (Paramount)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.48

%

 

4/30/2027

 

$

963,102

 

 

 

948,389

 

 

 

968,881

 

 

 

0.06

%

 

N

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.10

%

 

 

11.45

%

 

4/30/2027

 

$

7,063,314

 

 

 

6,974,654

 

 

 

6,554,755

 

 

 

0.39

%

 

N

 

 

 

 

 

 

 

 

 

 

 

7,030,660

 

 

 

7,185,797

 

 

 

0.42

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

 

7.25

%

 

 

11.98

%

 

2/7/2025

 

$

21,791,007

 

 

 

21,330,811

 

 

 

22,008,917

 

 

 

1.30

%

 

L/N

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

 

7.51

%

 

 

12.88

%

 

2/7/2025

 

$

21,791,007

 

 

 

21,536,495

 

 

 

21,965,335

 

 

 

1.32

%

 

L/N

Pico Quantitative Trading, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.50

%

 

 

7.25

%

 

 

11.61

%

 

2/7/2025

 

$

24,415,870

 

 

 

23,535,145

 

 

 

24,415,870

 

 

 

1.45

%

 

N

 

First Lien Incremental Term Loan (1.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

 

7.51

%

 

 

12.89

%

 

2/7/2025

 

$

24,415,870

 

 

 

23,922,187

 

 

 

24,391,455

 

 

 

1.46

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

44,865,956

 

 

 

46,424,787

 

 

 

2.75

%

 

 

 

 

 

 

 

 

 

 

 

 

45,458,682

 

 

 

46,356,790

 

 

 

2.78

%

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pueblo Mechanical and Controls, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

10.32

%

 

8/23/2028

 

$

361,594

 

 

 

352,873

 

 

 

353,169

 

 

 

0.02

%

 

N

Pueblo Mechanical and Controls, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

10.49

%

 

8/23/2028

 

$

94,750

 

 

 

88,844

 

 

 

88,925

 

 

 

0.01

%

 

N

Pueblo Mechanical and Controls, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

10.32

%

 

8/23/2027

 

$

 

 

 

(1,372

)

 

 

(1,357

)

 

 

 

 

K/N

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

11.98

%

 

8/31/2029

 

$

7,767,802

 

 

 

7,666,578

 

 

 

7,224,056

 

 

 

0.43

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.63

%

 

8/23/2028

 

$

357,969

 

 

 

350,756

 

 

 

352,349

 

 

 

0.02

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.60

%

 

8/23/2028

 

$

248,281

 

 

 

243,106

 

 

 

244,383

 

 

 

0.01

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

Sr Secured Revolver

 

ABR

 

 

0.75

%

 

 

5.25

%

 

 

13.75

%

 

8/23/2027

 

$

19,583

 

 

 

18,469

 

 

 

18,684

 

 

 

 

 

N

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

11.98

%

 

8/31/2029

 

$

 

 

 

(8,306

)

 

 

(93,047

)

 

 

-0.01

%

 

K/N

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.40

%

 

 

12.79

%

 

8/31/2029

 

$

7,767,802

 

 

 

7,676,913

 

 

 

7,426,019

 

 

 

0.45

%

 

N

 

 

 

 

 

 

 

 

 

 

 

8,098,617

 

 

 

7,571,746

 

 

 

0.45

%

 

 

 

 

 

 

 

 

 

 

 

 

8,289,244

 

 

 

8,041,435

 

 

 

0.48

%

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated E1 Term Loan

 

LIBOR(Q)

 

 

 

 

12.50% PIK

 

 

12.50

%

 

10/13/2023

 

$

85,717

 

 

 

58,232

 

 

 

8,572

 

 

 

 

 

C/H/N

 

Subordinated E1 Term Loan

 

LIBOR(Q)

 

 

 

 

12.50% PIK

 

 

12.50

%

 

4/13/2024

 

$

88,455

 

 

 

58,350

 

 

 

 

 

 

 

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated E2 Term Loan

 

LIBOR(Q)

 

 

 

 

12.50% PIK

 

 

12.50

%

 

10/13/2023

 

$

257,153

 

 

 

174,697

 

 

 

25,715

 

 

 

0.01

%

 

C/H/N

 

Subordinated E2 Term Loan

 

LIBOR(Q)

 

 

 

 

12.50% PIK

 

 

12.50

%

 

4/13/2024

 

$

265,368

 

 

 

174,283

 

 

 

 

 

 

 

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated F Term Loan

 

LIBOR(Q)

 

 

 

 

12.50% PIK

 

 

12.50

%

 

10/13/2023

 

$

968,913

 

 

 

633,949

 

 

 

24,223

 

 

 

 

 

C/H/N

 

Subordinated F Term Loan

 

LIBOR(Q)

 

 

 

 

12.50% PIK

 

 

12.50

%

 

4/13/2024

 

$

1,071,041

 

 

 

650,880

 

 

 

 

 

 

 

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated G Term Loan

 

LIBOR(Q)

 

 

 

 

12.50% PIK

 

 

12.50

%

 

10/13/2023

 

$

305,428

 

 

 

207,493

 

 

 

 

 

 

 

 

C/H/N

 

Subordinated G Term Loan

 

LIBOR(Q)

 

 

 

 

12.50% PIK

 

 

12.50

%

 

10/13/2024

 

$

315,185

 

 

 

198,154

 

 

 

 

 

 

 

 

C/H/N

 

 

 

 

 

 

 

 

 

 

 

1,074,371

 

 

 

58,510

 

 

 

0.01

%

 

 

 

 

 

 

 

 

 

 

 

 

1,081,667

 

 

 

 

 

 

 

 

Construction and Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CSG Buyer, Inc. (Core States)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

10.84

%

 

3/31/2028

 

$

8,915,215

 

 

 

8,736,911

 

 

 

8,594,267

 

 

 

0.52

%

 

N

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.26

%

 

 

11.61

%

 

3/31/2028

 

$

 

 

 

(29,212

)

 

 

(36,515

)

 

 

 

 

K/N

CSG Buyer, Inc. (Core States)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

10.84

%

 

3/31/2028

 

$

 

 

 

(29,212

)

 

 

(52,581

)

 

 

 

 

K/N

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.26

%

 

 

11.61

%

 

3/31/2028

 

$

8,825,389

 

 

 

8,648,881

 

 

 

8,604,754

 

 

 

0.51

%

 

N

CSG Buyer, Inc. (Core States)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

10.84

%

 

3/31/2028

 

$

 

 

 

(58,423

)

 

 

(105,162

)

 

 

-0.01

%

 

K/N

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.26

%

 

 

11.61

%

 

3/31/2028

 

$

 

 

 

(58,423

)

 

 

(73,029

)

 

 

 

 

K/N

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.50

%

 

 

11.36

%

 

11/23/2027

 

$

3,552,660

 

 

 

3,458,253

 

 

 

3,384,484

 

 

 

0.20

%

 

N

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.19

%

 

11/23/2027

 

$

2,481,621

 

 

 

2,438,418

 

 

 

2,352,577

 

 

 

0.14

%

 

N

Homerenew Buyer, Inc. (Project Dream)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.12

%

 

11/23/2027

 

$

138,097

 

 

 

124,889

 

 

 

115,311

 

 

 

0.01

%

 

N

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.18

%

 

11/23/2027

 

$

2,788,293

 

 

 

2,744,082

 

 

 

2,643,302

 

 

 

0.16

%

 

N

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.50

%

 

 

11.54

%

 

11/23/2027

 

$

1,695,068

 

 

 

1,659,692

 

 

 

1,639,131

 

 

 

0.10

%

 

N

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.19

%

 

11/23/2027

 

$

690,482

 

 

 

679,463

 

 

 

654,577

 

 

 

0.04

%

 

N

Hylan Intermediate Holding II, LLC

 

Second Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

10.00

%

 

 

11.07

%

 

3/11/2027

 

$

4,794,539

 

 

 

4,747,519

 

 

 

4,789,265

 

 

 

0.28

%

 

N

 

Second Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

10.00

%

 

 

15.47

%

 

3/11/2027

 

$

5,237,535

 

 

 

5,086,500

 

 

 

5,232,821

 

 

 

0.31

%

 

B/N

Hylan Intermediate Holding II, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

10.00

%

 

 

11.07

%

 

2/22/2026

 

$

4,983,707

 

 

 

4,983,707

 

 

 

4,978,225

 

 

 

0.29

%

 

N

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

8.00

%

 

 

13.47

%

 

2/22/2026

 

$

4,983,707

 

 

 

4,983,707

 

 

 

4,979,720

 

 

 

0.30

%

 

B/N

Sunland Asphalt & Construction, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

6.00

%

 

 

11.15

%

 

1/13/2026

 

$

2,161,987

 

 

 

2,133,477

 

 

 

2,114,424

 

 

 

0.12

%

 

N

Sunland Asphalt & Construction, LLC

 

First Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

6.00

%

 

 

11.15

%

 

1/13/2026

 

$

6,429,702

 

 

 

6,345,923

 

 

 

6,288,249

 

 

 

0.37

%

 

N

LJ Avalon Holdings, LLC (Ardurra)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.04

%

 

2/1/2030

 

$

 

 

 

(21,388

)

 

 

(12,565

)

 

 

 

 

K/N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.03

%

 

2/1/2030

 

$

816,228

 

 

 

761,052

 

 

 

784,845

 

 

 

0.05

%

 

N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.04

%

 

2/1/2030

 

$

5,126,947

 

 

 

4,990,101

 

 

 

5,050,043

 

 

 

0.30

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.36

%

 

9/4/2029

 

$

214,651

 

 

 

210,049

 

 

 

210,358

 

 

 

0.01

%

 

N

Vortex Companies, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.36

%

 

9/4/2029

 

$

9,578

 

 

 

7,913

 

 

 

8,016

 

 

 

 

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.36

%

 

9/4/2029

 

$

331,201

 

 

 

324,038

 

 

 

324,577

 

 

 

0.02

%

 

N

 

 

 

 

 

 

 

 

 

 

 

32,102,736

 

 

 

31,745,613

 

 

 

1.88

%

 

 

 

 

 

 

 

 

 

 

 

 

30,765,181

 

 

 

30,723,481

 

 

 

1.84

%

 

 

 

17

19


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20222023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

13.95

%

 

9/21/2027

 

$

7,500,000

 

 

$

7,319,662

 

 

$

7,312,500

 

 

 

0.43

%

 

N

Freedom Financial Network Funding, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

13.95

%

 

9/21/2027

 

$

 

 

 

(59,287

)

 

 

(62,500

)

 

 

 

 

K/N

Money Transfer Acquisition Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.25

%

 

 

12.67

%

 

12/14/2027

 

$

7,027,699

 

 

 

6,888,178

 

 

 

6,887,145

 

 

 

0.41

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,148,553

 

 

 

14,137,145

 

 

 

0.84

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Holding, Inc. (Brook & Whittle)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.50

%

 

 

12.05

%

 

12/14/2029

 

$

11,969,577

 

 

 

11,723,498

 

 

 

11,095,797

 

 

 

0.66

%

 

N

BW Holding, Inc. (Brook & Whittle)

 

Second Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.50

%

 

 

12.05

%

 

12/14/2029

 

$

1,110,271

 

 

 

1,087,786

 

 

 

1,029,222

 

 

 

0.06

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,811,284

 

 

 

12,125,019

 

 

 

0.72

%

 

 

Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colony Display, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.50

%

 

 

13.91

%

 

6/30/2026

 

$

7,001,885

 

 

 

6,899,214

 

 

 

6,490,748

 

 

 

0.38

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elevate Brands OpCo, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.50

%

 

 

13.23

%

 

3/15/2027

 

$

20,800,000

 

 

 

20,481,244

 

 

 

20,616,000

 

 

 

1.22

%

 

N

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.78

%

 

9/14/2029

 

$

462,264

 

 

 

452,289

 

 

 

452,187

 

 

 

0.03

%

 

N

Fusion Holding Corp. (Finalsite)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.78

%

 

9/15/2027

 

$

 

 

 

(799

)

 

 

(808

)

 

 

 

 

K/N

Razor Group GmbH (Germany)

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

9.00

%

 

 

14.21

%

 

4/30/2025

 

$

39,269,210

 

 

 

39,479,357

 

 

 

37,672,005

 

 

 

2.22

%

 

H/N

Razor Group GmbH (Germany)

 

First Lien Sr Secured Convertible Term Loan

 

Fixed

 

 

 

 

3.50% Cash + 3.50% PIK

 

 

 

7.00

%

 

4/30/2025

 

$

4,653,062

 

 

 

4,653,062

 

 

 

5,006,695

 

 

 

0.30

%

 

H/N

SellerX Germany Gmbh & Co. Kg (Germany)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

8.00% Cash + 3.00% PIK

 

 

 

15.73

%

 

11/23/2025

 

$

17,748,723

 

 

 

17,458,552

 

 

 

17,499,523

 

 

 

1.03

%

 

H/N

Thras.io, LLC

 

First Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

7.00

%

 

 

11.17

%

 

12/18/2026

 

$

23,414,209

 

 

 

23,112,939

 

 

 

20,750,844

 

 

 

1.23

%

 

 

Thras.io, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

7.00

%

 

 

11.17

%

 

12/18/2026

 

$

9,789,913

 

 

 

9,520,360

 

 

 

7,676,715

 

 

 

0.45

%

 

 

Whele, LLC (Perch)

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

1.00

%

 

(8.50% Cash + 3.00% PIK

 

 

 

16.20

%

 

10/15/2025

 

$

19,398,793

 

 

 

19,497,939

 

 

 

18,021,479

 

 

 

1.07

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

134,654,943

 

 

 

127,694,640

 

 

 

7.55

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-10 Holdco, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

10.42

%

 

3/26/2026

 

$

8,209,065

 

 

 

8,183,608

 

 

 

8,100,705

 

 

 

0.48

%

 

N

2-10 Holdco, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

10.42

%

 

3/26/2026

 

$

 

 

 

(1,215

)

 

 

(9,552

)

 

 

 

 

K/N

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed

 

 

 

 

 

 

 

 

12.00

%

 

11/30/2025

 

$

50,131,437

 

 

 

50,131,437

 

 

 

50,131,437

 

 

 

2.96

%

 

E/F/N

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.83

%

 

8/29/2029

 

$

1,417,619

 

 

 

1,386,895

 

 

 

1,380,761

 

 

 

0.08

%

 

N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.08

%

 

8/29/2029

 

$

 

 

 

(2,660

)

 

 

(1,857

)

 

 

 

 

K/N

Accordion Partners LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.83

%

 

8/31/2028

 

$

 

 

 

(2,631

)

 

 

(3,219

)

 

 

 

 

K/N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.83

%

 

8/29/2029

 

$

 

 

 

(3,325

)

 

 

(4,024

)

 

 

 

 

K/N

Credit Suisse AG (Cayman Islands)

 

Asset-Backed Credit Linked Notes

 

Fixed

 

 

 

 

 

9.50

%

 

 

9.50

%

 

4/12/2025

 

$

1,573,042

 

 

 

1,573,042

 

 

 

1,415,738

 

 

 

0.08

%

 

E/H/I/N

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.75

%

 

 

11.15

%

 

8/21/2028

 

$

696,464

 

 

 

683,182

 

 

 

676,127

 

 

 

0.04

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.75

%

 

 

11.15

%

 

8/21/2028

 

$

 

 

 

(3,650

)

 

 

(5,663

)

 

 

 

 

K/N

Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)

 

Second Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.50

%

 

 

12.93

%

 

7/5/2026

 

$

17,633,544

 

 

 

17,383,495

 

 

 

17,175,072

 

 

 

1.02

%

 

N

Wealth Enhancement Group, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.00

%

 

 

10.44

%

 

10/4/2027

 

$

223,806

 

 

 

221,696

 

 

 

212,406

 

 

 

0.01

%

 

N

Wealth Enhancement Group, LLC

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

6.00

%

 

 

10.44

%

 

10/4/2027

 

$

 

 

 

(119

)

 

 

(650

)

 

 

 

 

K/N

Worldremit Group Limited (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

LIBOR(Q)

 

 

1.00

%

 

 

9.25

%

 

 

13.91

%

 

2/11/2025

 

$

43,629,951

 

 

 

43,101,443

 

 

 

42,800,982

 

 

 

2.53

%

 

H/L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

122,651,198

 

 

 

121,868,263

 

 

 

7.20

%

 

 

Diversified Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aventiv Technologies, Inc. (Securus)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.25

%

 

 

12.66

%

 

11/1/2025

 

$

25,846,154

 

 

 

25,728,438

 

 

 

17,236,154

 

 

 

1.02

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia & ME Pte. Ltd. (Singapore)

 

First Lien Term Loan

 

Fixed

 

 

 

 

 

 

 

 

 

 

12/31/2023

 

$

2,110,141

 

 

 

2,110,141

 

 

 

 

 

 

 

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Bank Guarantee Credit Facility

 

Fixed

 

 

 

 

 

 

 

 

 

 

12/31/2023

 

$

6,578,877

 

 

 

6,578,877

 

 

 

101,315

 

 

 

0.01

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Revolving Credit Facility

 

Fixed

 

 

 

 

 

 

 

 

 

 

12/31/2023

 

$

5,535,517

 

 

 

5,535,517

 

 

 

1,862,701

 

 

 

0.11

%

 

D/F/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,224,535

 

 

 

1,964,016

 

 

 

0.12

%

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.50

%

 

9/21/2027

 

$

7,500,000

 

 

$

7,346,913

 

 

$

7,237,500

 

 

 

0.43

%

 

N

Freedom Financial Network Funding, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.64

%

 

9/21/2027

 

$

2,500,000

 

 

 

2,450,322

 

 

 

2,412,500

 

 

 

0.14

%

 

N

Lucky US BuyerCo, LLC (Global Payments)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.85

%

 

3/30/2029

 

$

 

 

 

(7,333

)

 

 

(4,947

)

 

 

 

 

K/N

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.85

%

 

3/30/2029

 

$

2,159,767

 

 

 

2,100,379

 

 

 

2,121,323

 

 

 

0.13

%

 

N

Money Transfer Acquisition Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.35

%

 

 

13.71

%

 

12/14/2027

 

$

6,852,007

 

 

 

6,732,469

 

 

 

6,714,966

 

 

 

0.41

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,622,750

 

 

 

18,481,342

 

 

 

1.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Holding, Inc. (Brook & Whittle)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.50

%

 

 

13.04

%

 

12/14/2029

 

$

13,079,848

 

 

 

12,836,393

 

 

 

11,667,224

 

 

 

0.70

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colony Display, LLC

 

First Lien Term Loan (15% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

6.76% Cash + 3.00% PIK

 

 

 

15.11

%

 

6/30/2026

 

$

7,037,045

 

 

 

6,962,201

 

 

 

6,389,637

 

 

 

0.38

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.72

%

 

9/14/2029

 

$

457,642

 

 

 

449,013

 

 

 

453,477

 

 

 

0.03

%

 

N

Fusion Holding Corp. (Finalsite)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.72

%

 

9/15/2027

 

$

 

 

 

(631

)

 

 

(385

)

 

 

 

 

K/N

Razor Group GmbH (Germany)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

2.00

%

 

5.00% Cash + 5.00% PIK

 

 

 

15.37

%

 

4/30/2025

 

$

43,330,478

 

 

 

43,409,327

 

 

 

41,632,537

 

 

 

2.50

%

 

H/N

Razor Group GmbH (Germany)

 

First Lien Sr Secured Convertible Term Loan

 

Fixed

 

 

 

 

3.50% Cash + 3.50% PIK

 

 

 

7.00

%

 

4/30/2025

 

$

4,818,557

 

 

 

4,818,557

 

 

 

4,659,545

 

 

 

0.28

%

 

H/N

SellerX Germany GmbH (Germany)

 

First Lien B Delayed Draw Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.35

%

 

5/23/2026

 

$

 

 

 

 

 

 

(55,380

)

 

 

 

 

H/K/N

SellerX Germany GmbH (Germany)

 

First Lien A1 Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.35

%

 

5/23/2026

 

$

18,438,731

 

 

 

18,438,731

 

 

 

18,235,905

 

 

 

1.09

%

 

H/N

SellerX Germany GmbH (Germany)

 

First Lien A2 Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.35

%

 

5/23/2026

 

$

20,812,783

 

 

 

20,812,783

 

 

 

20,583,842

 

 

 

1.23

%

 

H/N

Thras.io, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

9.26

%

 

 

14.61

%

 

12/18/2026

 

$

33,034,714

 

 

 

32,603,849

 

 

 

16,076,839

 

 

 

0.96

%

 

C

Whele, LLC (PerchHQ)

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

1.00

%

 

11.50% PIK

 

 

 

13.82

%

 

10/15/2025

 

$

19,398,793

 

 

 

19,438,393

 

 

 

13,171,781

 

 

 

0.79

%

 

C/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

139,970,022

 

 

 

114,758,161

 

 

 

6.88

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-10 Holdco, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.10

%

 

 

11.46

%

 

3/26/2026

 

$

8,082,534

 

 

 

8,071,292

 

 

 

7,952,405

 

 

 

0.48

%

 

N

2-10 Holdco, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.10

%

 

 

11.46

%

 

3/26/2026

 

$

 

 

 

(841

)

 

 

(11,651

)

 

 

 

 

K/N

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed

 

 

 

 

 

 

 

 

12.00

%

 

11/30/2025

 

$

52,318,937

 

 

 

52,318,937

 

 

 

52,318,937

 

 

 

3.13

%

 

E/F/N

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.35

%

 

8/29/2029

 

$

1,263,739

 

 

 

1,239,642

 

 

 

1,276,376

 

 

 

0.08

%

 

N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.60

%

 

8/29/2029

 

$

101,227

 

 

 

99,281

 

 

 

102,239

 

 

 

0.01

%

 

N

Accordion Partners LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.35

%

 

8/31/2028

 

$

 

 

 

(1,973

)

 

 

 

 

 

 

 

K/N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.38

%

 

8/29/2029

 

$

154,375

 

 

 

151,371

 

 

 

155,919

 

 

 

0.01

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.71

%

 

8/21/2028

 

$

696,464

 

 

 

685,047

 

 

 

682,883

 

 

 

0.04

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.71

%

 

8/21/2028

 

$

193,462

 

 

 

190,274

 

 

 

189,690

 

 

 

0.01

%

 

N

Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)

 

Second Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.62

%

 

 

13.97

%

 

7/5/2026

 

$

17,633,544

 

 

 

17,441,040

 

 

 

17,280,873

 

 

 

1.04

%

 

N

TransNetwork, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

5.50

%

 

 

10.87

%

 

11/20/2030

 

$

1,000,000

 

 

 

960,000

 

 

 

997,500

 

 

 

0.06

%

 

N

Wealth Enhancement Group, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.85

%

 

 

11.23

%

 

10/4/2027

 

$

399,109

 

 

 

397,266

 

 

 

393,271

 

 

 

0.02

%

 

N

Wealth Enhancement Group, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

11.63

%

 

10/4/2027

 

$

 

 

 

(94

)

 

 

(335

)

 

 

 

 

K/N

Worldremit Group Limited (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

9.40

%

 

 

14.78

%

 

2/11/2025

 

$

43,629,951

 

 

 

43,288,691

 

 

 

42,102,902

 

 

 

2.52

%

 

H/L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

124,839,933

 

 

 

123,441,009

 

 

 

7.40

%

 

 

 

18

20


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20222023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aventiv Technologies, Inc. (Securus)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.25

%

 

 

14.26

%

 

10/31/2025

 

$

26,345,954

 

 

$

26,259,652

 

 

$

13,831,626

 

 

 

0.83

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia & ME Pte. Ltd. (Singapore)

 

First Lien Term Loan

 

Fixed

 

 

 

 

 

 

 

 

 

 

6/30/2024

 

$

2,110,141

 

 

 

2,110,141

 

 

 

 

 

 

 

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Bank Guarantee Credit Facility

 

Fixed

 

 

 

 

 

 

 

 

 

 

12/31/2023

 

$

6,578,877

 

 

 

6,578,877

 

 

 

101,315

 

 

 

0.01

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Revolving Credit Facility

 

Fixed

 

 

 

 

 

 

 

 

 

 

12/31/2023

 

$

5,535,517

 

 

 

5,535,517

 

 

 

1,367,273

 

 

 

0.08

%

 

D/F/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,224,535

 

 

 

1,468,588

 

 

 

0.09

%

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.90

%

 

 

12.32

%

 

5/6/2027

 

$

8,086,281

 

 

 

7,990,592

 

 

 

7,932,642

 

 

 

0.48

%

 

N

Appriss Health, LLC (PatientPing)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.90

%

 

 

12.32

%

 

5/6/2027

 

$

 

 

 

(6,114

)

 

 

(10,346

)

 

 

 

 

K/N

CareATC, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.85

%

 

 

13.23

%

 

3/14/2026

 

$

13,767,771

 

 

 

13,638,522

 

 

 

13,492,416

 

 

 

0.81

%

 

N

CareATC, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.85

%

 

 

13.23

%

 

3/14/2026

 

$

 

 

 

(4,367

)

 

 

(12,146

)

 

 

 

 

K/N

ESO Solutions, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.36

%

 

5/3/2027

 

$

23,802,071

 

 

 

23,478,616

 

 

 

23,159,415

 

 

 

1.39

%

 

N

ESO Solutions, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.36

%

 

5/3/2027

 

$

1,050,166

 

 

 

1,029,786

 

 

 

1,002,909

 

 

 

0.06

%

 

N

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.10

%

 

 

13.52

%

 

10/2/2028

 

$

5,727,820

 

 

 

5,707,000

 

 

 

5,584,624

 

 

 

0.33

%

 

N

Sandata Technologies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.15

%

 

 

11.51

%

 

7/23/2024

 

$

860,842

 

 

 

841,342

 

 

 

860,842

 

 

 

0.05

%

 

N

Sandata Technologies, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

6.15

%

 

 

11.50

%

 

7/23/2024

 

$

20,250,000

 

 

 

20,206,261

 

 

 

20,169,000

 

 

 

1.21

%

 

N

Sandata Technologies, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

 

 

 

6.15

%

 

 

11.52

%

 

7/23/2024

 

$

1,200,000

 

 

 

1,195,468

 

 

 

1,191,000

 

 

 

0.07

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74,077,106

 

 

 

73,370,356

 

 

 

4.40

%

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INH Buyer, Inc. (IMS Health)

 

First Lien Term Loan (1.5% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.50% PIK

 

 

 

12.45

%

 

6/28/2028

 

$

4,621,017

 

 

 

4,553,794

 

 

 

3,830,823

 

 

 

0.23

%

 

L/N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.50

%

 

5/4/2028

 

$

10,236,675

 

 

 

10,080,420

 

 

 

9,956,190

 

 

 

0.59

%

 

N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.39

%

 

5/4/2028

 

$

692,838

 

 

 

635,134

 

 

 

584,359

 

 

 

0.04

%

 

N

Team Services Group, LLC

 

Second Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.88

%

 

11/13/2028

 

$

27,855,847

 

 

 

27,242,251

 

 

 

26,184,497

 

 

 

1.57

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,511,599

 

 

 

40,555,869

 

 

 

2.43

%

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fishbowl, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.26

%

 

 

10.61

%

 

5/27/2027

 

$

12,089,579

 

 

 

12,089,579

 

 

 

12,089,579

 

 

 

0.73

%

 

F/N

Mesquite Bidco, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.48

%

 

11/30/2029

 

$

 

 

 

(47,562

)

 

 

(47,562

)

 

 

 

 

K/N

Mesquite Bidco, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.10

%

 

 

12.48

%

 

11/30/2029

 

$

26,159,150

 

 

 

25,382,587

 

 

 

25,374,376

 

 

 

1.52

%

 

N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.11

%

 

6/3/2027

 

$

228,588

 

 

 

225,234

 

 

 

225,296

 

 

 

0.01

%

 

H/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

5.75

%

 

 

11.11

%

 

6/3/2027

 

$

18,519

 

 

 

18,257

 

 

 

18,252

 

 

 

 

 

H/N

Showtime Acquisition, L.L.C. (World Choice)

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

7.60

%

 

 

12.98

%

 

8/7/2028

 

$

 

 

 

(32,730

)

 

 

(23,380

)

 

 

 

 

K/N

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.60

%

 

 

12.97

%

 

8/7/2028

 

$

 

 

 

(26,241

)

 

 

(18,704

)

 

 

 

 

K/N

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.60

%

 

 

12.98

%

 

8/7/2028

 

$

18,093,621

 

 

 

17,616,543

 

 

 

17,767,936

 

 

 

1.07

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,225,667

 

 

 

55,385,793

 

 

 

3.33

%

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bad Boy Mowers JV Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.37

%

 

11/9/2029

 

$

666,667

 

 

 

650,234

 

 

 

640,000

 

 

 

0.04

%

 

Notes

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.25

%

 

 

11.54

%

 

5/6/2027

 

$

8,147,541

 

 

$

8,028,671

 

 

$

7,699,426

 

 

 

0.46

%

 

N

Appriss Health, LLC (PatientPing)

 

Sr Secured Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

7.25

%

 

 

11.54

%

 

5/6/2027

 

$

 

 

 

(7,913

)

 

 

(29,949

)

 

 

 

 

K/N

CareATC, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

11.99

%

 

3/14/2024

 

$

13,783,122

 

 

 

13,676,548

 

 

 

13,562,592

 

 

 

0.80

%

 

N

CareATC, Inc.

 

Sr Secured Revolver

 

LIBOR(S)

 

 

1.00

%

 

 

7.25

%

 

 

9.73

%

 

3/14/2024

 

$

607,288

 

 

 

604,277

 

 

 

597,571

 

 

 

0.04

%

 

N

ESO Solutions, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

11.59

%

 

5/3/2027

 

$

23,802,071

 

 

 

23,397,473

 

 

 

22,849,988

 

 

 

1.35

%

 

N

ESO Solutions, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

11.59

%

 

5/3/2027

 

$

 

 

 

(25,389

)

 

 

(70,011

)

 

 

 

 

K/N

Edifecs, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.23

%

 

9/21/2026

 

$

1,361,111

 

 

 

1,338,046

 

 

 

1,374,722

 

 

 

0.08

%

 

N

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

11.74

%

 

10/2/2028

 

$

5,727,820

 

 

 

5,703,837

 

 

 

5,395,606

 

 

 

0.32

%

 

N

Sandata Technologies, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

6.00

%

 

 

10.75

%

 

7/23/2024

 

$

20,250,000

 

 

 

20,138,494

 

 

 

19,784,250

 

 

 

1.16

%

 

N

Sandata Technologies, LLC

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

 

 

 

6.00

%

 

 

10.29

%

 

7/23/2024

 

$

2,250,000

 

 

 

2,238,653

 

 

 

2,198,250

 

 

 

0.13

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75,092,697

 

 

 

73,362,445

 

 

 

4.34

%

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INH Buyer, Inc. (IMS Health)

 

First Lien Term Loan (1.5% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.50% PIK

 

 

 

11.68

%

 

6/28/2028

 

$

4,505,060

 

 

 

4,428,186

 

 

 

3,535,571

 

 

 

0.21

%

 

L/N

Opco Borrower, LLC (Giving Home Health Care)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

10.87

%

 

8/19/2027

 

$

6,250

 

 

 

5,958

 

 

 

5,706

 

 

 

 

 

N

Opco Borrower, LLC (Giving Home Health Care)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.18

%

 

8/19/2027

 

$

341,602

 

 

 

338,323

 

 

 

335,658

 

 

 

0.02

%

 

N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

6.00

%

 

 

10.70

%

 

5/4/2028

 

$

10,340,600

 

 

 

10,152,047

 

 

 

10,010,735

 

 

 

0.59

%

 

N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

6.00

%

 

 

10.70

%

 

5/4/2028

 

$

 

 

 

(70,579

)

 

 

(126,294

)

 

 

-0.01

%

 

K/N

Team Services Group, LLC

 

Second Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

9.00

%

 

 

13.93

%

 

11/13/2028

 

$

27,855,847

 

 

 

27,164,042

 

 

 

26,463,055

 

 

 

1.57

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,017,977

 

 

 

40,224,431

 

 

 

2.38

%

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fishbowl, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.00

%

 

 

9.84

%

 

5/27/2027

 

$

12,089,579

 

 

 

12,089,579

 

 

 

12,089,579

 

 

 

0.72

%

 

F/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.68

%

 

6/3/2027

 

$

230,903

 

 

 

226,708

 

 

 

224,899

 

 

 

0.01

%

 

H/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.68

%

 

6/3/2027

 

$

 

 

 

(328

)

 

 

(481

)

 

 

 

 

H/K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,315,959

 

 

 

12,313,997

 

 

 

0.73

%

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

9.58

%

 

8/31/2029

 

$

1,818,182

 

 

 

1,783,546

 

 

 

1,743,636

 

 

 

0.10

%

 

N

AmeriLife Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

5.75

%

 

 

10.15

%

 

8/31/2029

 

$

303,030

 

 

 

294,326

 

 

 

284,394

 

 

 

0.02

%

 

N

AmeriLife Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

9.58

%

 

8/31/2028

 

$

 

 

 

(4,291

)

 

 

(9,318

)

 

 

 

 

K/N

Integrity Marketing Acquisition, LLC

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.50

%

 

 

10.82

%

 

8/27/2025

 

$

10,254,564

 

 

 

10,077,026

 

 

 

10,172,528

 

 

 

0.60

%

 

N

Integrity Marketing Acquisition, LLC

 

Sr Secured Incremental Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.50

%

 

 

10.82

%

 

8/27/2025

 

$

 

 

 

(786,502

)

 

 

(82,037

)

 

 

 

 

K/N

IT Parent, LLC (Insurance Technologies)

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.25

%

 

 

10.63

%

 

10/1/2026

 

$

4,834,127

 

 

 

4,769,068

 

 

 

4,519,909

 

 

 

0.27

%

 

N

IT Parent, LLC (Insurance Technologies)

 

Sr Secured Revolver

 

LIBOR(M)/PRIME

 

 

1.00

%

 

 

6.25

%

 

 

11.21

%

 

10/1/2026

 

$

458,333

 

 

 

450,271

 

 

 

417,708

 

 

 

0.02

%

 

N

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

6.00

%

 

 

11.12

%

 

11/1/2028

 

$

852,857

 

 

 

841,089

 

 

 

814,479

 

 

 

0.05

%

 

N

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

6.00

%

 

 

11.11

%

 

11/1/2028

 

$

1,860,573

 

 

 

1,831,392

 

 

 

1,764,330

 

 

 

0.10

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,255,925

 

 

 

19,625,629

 

 

 

1.16

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CommerceHub, Inc.

 

First Lien Term Loan

 

PRIME

 

 

0.75

%

 

 

5.25

%

 

 

12.25

%

 

12/29/2027

 

$

964,286

 

 

 

898,056

 

 

 

897,750

 

 

 

0.05

%

 

N

Syndigo, LLC

 

Second Lien Term Loan

 

LIBOR(S)

 

 

0.75

%

 

 

8.00

%

 

 

13.21

%

 

12/14/2028

 

$

12,141,870

 

 

 

11,996,183

 

 

 

9,652,787

 

 

 

0.58

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,894,239

 

 

 

10,550,537

 

 

 

0.63

%

 

 

 

19

21


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20222023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.14

%

 

8/31/2029

 

$

1,800,000

 

 

$

1,769,190

 

 

$

1,782,000

 

 

 

0.11

%

 

N

AmeriLife Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.14

%

 

8/31/2029

 

$

375,115

 

 

 

367,470

 

 

 

370,601

 

 

 

0.02

%

 

N

AmeriLife Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.14

%

 

8/31/2028

 

$

 

 

 

(3,563

)

 

 

(2,273

)

 

 

 

 

K/N

Integrity Marketing Acquisition, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.39

%

 

8/27/2026

 

$

 

 

 

(535,197

)

 

 

 

 

 

 

 

K/N

Integrity Marketing Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.89

%

 

8/27/2026

 

$

10,152,275

 

 

 

10,015,937

 

 

 

10,152,275

 

 

 

0.61

%

 

N

IT Parent, LLC (Insurance Technologies)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.35

%

 

 

11.71

%

 

10/1/2026

 

$

4,784,799

 

 

 

4,733,187

 

 

 

4,540,774

 

 

 

0.27

%

 

N

IT Parent, LLC (Insurance Technologies)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.35

%

 

 

11.70

%

 

10/1/2026

 

$

520,833

 

 

 

514,360

 

 

 

488,958

 

 

 

0.03

%

 

N

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.11

%

 

 

11.47

%

 

11/1/2028

 

$

2,957,002

 

 

 

2,922,362

 

 

 

2,945,174

 

 

 

0.18

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,783,746

 

 

 

20,277,509

 

 

 

1.22

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CommerceHub, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.40

%

 

 

11.79

%

 

12/29/2027

 

$

954,643

 

 

 

899,762

 

 

 

888,295

 

 

 

0.05

%

 

N

Syndigo, LLC

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

8.00

%

 

 

13.48

%

 

12/14/2028

 

$

12,141,870

 

 

 

12,011,417

 

 

 

11,109,811

 

 

 

0.67

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,911,179

 

 

 

11,998,106

 

 

 

0.72

%

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.72

%

 

10/31/2025

 

$

930,531

 

 

 

918,376

 

 

 

930,531

 

 

 

0.06

%

 

N

Acquia, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.74

%

 

10/31/2025

 

$

25,299,736

 

 

 

25,087,954

 

 

 

25,299,736

 

 

 

1.52

%

 

N

Anaconda, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.85

%

 

8/22/2027

 

$

5,717,940

 

 

 

5,670,100

 

 

 

5,609,300

 

 

 

0.34

%

 

N

Astra Acquisition Corp. (Anthology)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

9.14

%

 

 

14.48

%

 

10/25/2029

 

$

20,715,038

 

 

 

20,393,463

 

 

 

12,429,023

 

 

 

0.75

%

 

G/N

Bynder Bidco, Inc. (Netherlands)

 

Sr Secured Revolver A

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.63

%

 

1/26/2029

 

$

 

 

 

(6,180

)

 

 

(4,180

)

 

 

 

 

H/K/N

Bynder Bidco, Inc. (Netherlands)

 

First Lien Term Loan A

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.63

%

 

1/26/2029

 

$

3,000,000

 

 

 

2,920,136

 

 

 

2,948,400

 

 

 

0.18

%

 

H/N

Bynder Bidco B.V. (Netherlands)

 

Sr Secured Revolver B

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.63

%

 

1/26/2029

 

$

 

 

 

(22,430

)

 

 

(15,170

)

 

 

 

 

H/K/N

Bynder Bidco B.V. (Netherlands)

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.63

%

 

1/26/2029

 

$

10,875,000

 

 

 

10,585,492

 

 

 

10,687,950

 

 

 

0.64

%

 

H/N

Domo, Inc.

 

First Lien Delayed Draw Term Loan (7.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

5.76% Cash + 2.50% PIK

 

 

 

13.64

%

 

4/1/2025

 

$

57,683,682

 

 

 

57,621,710

 

 

 

57,452,947

 

 

 

3.45

%

 

L/N

Domo, Inc.

 

First Lien PIK Term Loan

 

Fixed

 

 

 

 

9.50% PIK

 

 

 

9.50

%

 

4/1/2025

 

$

3,423,038

 

 

 

933,160

 

 

 

3,269,001

 

 

 

0.20

%

 

N

e-Discovery Acquireco, LLC (Reveal)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.89

%

 

8/29/2029

 

$

 

 

 

(1,970

)

 

 

(2,058

)

 

 

 

 

K/N

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.89

%

 

8/29/2029

 

$

916,667

 

 

 

894,416

 

 

 

894,025

 

 

 

0.05

%

 

N

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

4.00% Cash + 4.00% PIK

 

 

 

13.47

%

 

7/8/2027

 

$

530,257

 

 

 

526,407

 

 

 

530,257

 

 

 

0.03

%

 

N

InMoment, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.00% cash + 2.50% PIK

 

 

 

12.96

%

 

6/8/2028

 

$

7,749,018

 

 

 

7,627,539

 

 

 

7,520,422

 

 

 

0.45

%

 

N

Magenta Buyer, LLC (McAfee)

 

First Lien Incremental Term Loan

 

Fixed

 

 

 

 

 

12.00

%

 

 

12.00

%

 

7/27/2028

 

$

4,196,286

 

 

 

3,854,119

 

 

 

3,252,122

 

 

 

0.20

%

 

G

Magenta Buyer, LLC (McAfee)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

8.51

%

 

 

13.89

%

 

7/27/2029

 

$

20,000,000

 

 

 

19,770,718

 

 

 

8,000,000

 

 

 

0.48

%

 

G

Oranje Holdco, Inc. (KnowBe4)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.13

%

 

2/1/2029

 

$

 

 

 

(26,159

)

 

 

 

 

 

 

 

K/N

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.88

%

 

2/1/2029

 

$

9,838,988

 

 

 

9,620,806

 

 

 

9,947,217

 

 

 

0.60

%

 

N

Persado, Inc.

 

First Lien Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

 

1.80

%

 

 

7.50

%

 

 

12.84

%

 

6/10/2027

 

$

12,171,367

 

 

 

12,078,305

 

 

 

11,209,829

 

 

 

0.67

%

 

L/N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.15

%

 

 

13.56

%

 

4/6/2027

 

$

32,582,872

 

 

 

32,162,182

 

 

 

31,768,301

 

 

 

1.91

%

 

N

Pluralsight, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

8.15

%

 

 

13.56

%

 

4/6/2027

 

$

1,878,109

 

 

 

1,850,684

 

 

 

1,817,680

 

 

 

0.11

%

 

N

Quartz Holding Company (Quick Base)

 

Second Lien Term Loan

 

SOFR(M)

 

 

 

 

 

8.10

%

 

 

13.46

%

 

4/2/2027

 

$

9,903,019

 

 

 

9,797,435

 

 

 

9,903,019

 

 

 

0.59

%

 

N

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

10.64

%

 

10/31/2025

 

$

1,112,098

 

 

$

1,094,116

 

 

$

1,112,098

 

 

 

0.07

%

 

N

Acquia, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

10.74

%

 

10/31/2025

 

$

25,299,735

 

 

 

24,992,125

 

 

 

25,299,735

 

 

 

1.50

%

 

N

Anaconda, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

11.86

%

 

8/22/2027

 

$

5,717,940

 

 

 

5,663,515

 

 

 

5,637,889

 

 

 

0.33

%

 

N

Astra Acquisition Corp. (Anthology)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

8.88

%

 

 

13.26

%

 

10/25/2029

 

$

20,715,038

 

 

 

20,337,084

 

 

 

18,643,534

 

 

 

1.10

%

 

N

Domo, Inc.

 

First Lien Delayed Draw Term Loan (7.0% Exit Fee)

 

LIBOR(M)

 

 

1.50

%

 

5.50% Cash + 2.50% PIK

 

 

 

12.81

%

 

4/1/2025

 

$

56,241,443

 

 

 

56,101,006

 

 

 

55,791,511

 

 

 

3.27

%

 

L/N

Domo, Inc.

 

First Lien PIK Term Loan

 

Fixed

 

 

 

 

9.50% PIK

 

 

 

9.50

%

 

4/1/2025

 

$

3,109,912

 

 

 

620,035

 

 

 

2,882,889

 

 

 

0.17

%

 

N

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

4.00% Cash + 4.00% PIK

 

 

 

12.77

%

 

7/8/2027

 

$

508,896

 

 

 

504,226

 

 

 

500,245

 

 

 

0.03

%

 

N

InMoment, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

5.00% cash + 2.50% PIK

 

 

 

11.58

%

 

6/8/2028

 

$

7,555,674

 

 

 

7,415,417

 

 

 

7,381,138

 

 

 

0.44

%

 

N

Magenta Buyer, LLC (McAfee)

 

First Lien Incremental Term Loan

 

Fixed

 

 

 

 

 

12.00

%

 

 

12.00

%

 

7/27/2028

 

$

2,152,739

 

 

 

1,937,465

 

 

 

2,012,811

 

 

 

0.12

%

 

 

Magenta Buyer, LLC (McAfee)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

8.25

%

 

 

12.67

%

 

7/27/2029

 

$

20,000,000

 

 

 

19,751,604

 

 

 

15,900,000

 

 

 

0.94

%

 

G

Persado, Inc.

 

First Lien Delayed Draw Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

 

1.80

%

 

 

7.00

%

 

 

11.12

%

 

6/10/2027

 

$

8,782,078

 

 

 

8,724,912

 

 

 

7,769,872

 

 

 

0.46

%

 

L/N

Persado, Inc.

 

First Lien Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

 

1.80

%

 

 

7.00

%

 

 

11.12

%

 

6/10/2027

 

$

8,608,961

 

 

 

8,496,728

 

 

 

8,148,381

 

 

 

0.48

%

 

L/N

Pluralsight, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

11.83

%

 

4/6/2027

 

$

32,582,872

 

 

 

32,075,239

 

 

 

31,312,141

 

 

 

1.85

%

 

N

Pluralsight, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

8.00

%

 

 

12.36

%

 

4/6/2027

 

$

1,208,564

 

 

 

1,174,147

 

 

 

1,114,296

 

 

 

0.07

%

 

N

Quartz Holding Company (Quick Base)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

8.00

%

 

 

12.38

%

 

4/2/2027

 

$

9,903,019

 

 

 

9,773,676

 

 

 

9,625,734

 

 

 

0.57

%

 

N

Reveal Data Corporation et al

 

First Lien FILO Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.50

%

 

 

9.92

%

 

3/9/2028

 

$

8,143,975

 

 

 

7,965,825

 

 

 

7,876,038

 

 

 

0.47

%

 

N

ResearchGate GmBH (Germany)

 

First Lien Term Loan (4.0% Exit Fee)

 

EURIBOR(M)

 

 

 

 

 

8.55

%

 

 

8.55

%

 

10/1/2024

 

7,500,000

 

 

 

8,221,114

 

 

 

7,783,454

 

 

 

0.46

%

 

H/L/N/O

Sailpoint Technologies Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

10.58

%

 

8/16/2029

 

$

462,462

 

 

 

453,467

 

 

 

448,450

 

 

 

0.03

%

 

N

Sailpoint Technologies Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

10.58

%

 

8/16/2028

 

$

 

 

 

(704

)

 

 

(1,092

)

 

 

 

 

K/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

0.75% Cash + 6.50% PIK

 

 

 

11.46

%

 

1/24/2028

 

$

508,856

 

 

 

499,502

 

 

 

494,506

 

 

 

0.03

%

 

H/I/N

Suited Connector, LLC

 

Sr Secured Revolver

 

LIBOR(S)

 

 

1.00

%

 

 

6.00

%

 

 

10.98

%

 

12/1/2027

 

$

568,182

 

 

 

558,631

 

 

 

455,682

 

 

 

0.03

%

 

N

Suited Connector, LLC

 

First Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

6.00

%

 

 

10.92

%

 

12/1/2027

 

$

3,490,057

 

 

 

3,429,466

 

 

 

2,799,026

 

 

 

0.17

%

 

N

Suited Connector, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

6.00

%

 

 

10.92

%

 

12/1/2027

 

$

 

 

 

(13,985

)

 

 

(168,750

)

 

 

-0.01

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

219,774,611

 

 

 

212,819,588

 

 

 

12.58

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

11.83

%

 

10/19/2028

 

$

450,000

 

 

 

438,988

 

 

 

436,500

 

 

 

0.03

%

 

N

Avalara, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

11.83

%

 

10/19/2028

 

$

 

 

 

(1,089

)

 

 

(1,350

)

 

 

 

 

K

Ensono, Inc.

 

Second Lien Term Loan B

 

LIBOR(S)

 

 

 

 

 

8.00

%

 

 

13.15

%

 

5/28/2029

 

$

15,000,000

 

 

 

14,874,842

 

 

 

13,875,000

 

 

 

0.82

%

 

N

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

11.58

%

 

12/29/2028

 

$

14,908,635

 

 

 

14,461,662

 

 

 

14,461,376

 

 

 

0.85

%

 

N

Madison Logic Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

11.58

%

 

12/30/2027

 

$

 

 

 

(32,098

)

 

 

(32,098

)

 

 

 

 

K/N

Xactly Corporation

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

11.99

%

 

7/31/2023

 

$

14,671,682

 

 

 

14,627,537

 

 

 

14,671,682

 

 

 

0.87

%

 

N

Xactly Corporation

 

Sr Secured Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

7.25

%

 

 

11.64

%

 

7/31/2023

 

$

854,898

 

 

 

849,211

 

 

 

854,898

 

 

 

0.05

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,219,053

 

 

 

44,266,008

 

 

 

2.62

%

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blue Star Sports Holdings, Inc.

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

5.75% cash + 3.50% PIK

 

 

 

13.16

%

 

6/15/2024

 

$

64,693

 

 

 

64,403

 

 

 

62,623

 

 

 

 

 

N

Blue Star Sports Holdings, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

5.75% cash + 3.50% PIK

 

 

 

13.66

%

 

6/15/2024

 

$

129,778

 

 

 

129,213

 

 

 

125,625

 

 

 

0.01

%

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

5.75% cash + 3.50% PIK

 

 

 

13.66

%

 

6/15/2024

 

$

1,788,770

 

 

 

1,779,707

 

 

 

1,731,530

 

 

 

0.10

%

 

N

Peloton Interactive, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

0.50

%

 

 

7.00

%

 

 

11.76

%

 

5/25/2027

 

$

99,500

 

 

 

96,138

 

 

 

98,132

 

 

 

0.01

%

 

J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,069,461

 

 

 

2,017,910

 

 

 

0.12

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

11.42

%

 

12/21/2028

 

$

6,555,187

 

 

 

6,326,692

 

 

 

6,325,755

 

 

 

0.37

%

 

N

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

11.42

%

 

12/21/2028

 

$

 

 

 

(19,027

)

 

 

(19,119

)

 

 

 

 

K/N

Alcami Corporation

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

11.42

%

 

12/21/2028

 

$

 

 

 

(30,443

)

 

 

(30,591

)

 

 

 

 

K/N

Sonny's Enterprises, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

10.99

%

 

8/5/2026

 

$

3,715,700

 

 

 

3,662,754

 

 

 

3,752,857

 

 

 

0.22

%

 

N

Sonny's Enterprises, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

10.99

%

 

8/5/2026

 

$

10,016,732

 

 

 

9,875,324

 

 

 

10,116,899

 

 

 

0.60

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,815,300

 

 

 

20,145,801

 

 

 

1.19

%

 

 

 

20

22


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20222023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ResearchGate GmBH (Germany)

 

First Lien Term Loan (4.0% Exit Fee)

 

EURIBOR(M)

 

 

 

 

 

8.55

%

 

 

12.55

%

 

10/1/2024

 

$

7,500,000

 

 

$

8,205,097

 

 

$

8,017,274

 

 

 

0.47

%

 

H/L/N/O

Sailpoint Technologies Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.36

%

 

8/16/2029

 

$

462,462

 

 

 

454,559

 

 

 

462,092

 

 

 

0.03

%

 

N

Sailpoint Technologies Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.36

%

 

8/16/2028

 

$

 

 

 

(580

)

 

 

(83

)

 

 

 

 

K/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

0.90% Cash + 6.25% PIK

 

 

 

12.53

%

 

1/24/2028

 

$

541,794

 

 

 

533,702

 

 

 

536,431

 

 

 

0.03

%

 

H/I/N

Suited Connector, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

6.20% Cash + 2.00% PIK

 

 

 

13.58

%

 

12/1/2027

 

$

584,388

 

 

 

576,331

 

 

 

383,359

 

 

 

0.02

%

 

N

Suited Connector, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.20% Cash + 2.00% PIK

 

 

 

13.57

%

 

12/1/2027

 

$

3,629,082

 

 

 

3,577,053

 

 

 

2,380,678

 

 

 

0.14

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

235,602,425

 

 

 

215,228,103

 

 

 

12.92

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.60

%

 

10/19/2028

 

$

 

 

 

(903

)

 

 

 

 

 

 

 

K/N

Avalara, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.60

%

 

10/19/2028

 

$

450,000

 

 

 

440,589

 

 

 

456,750

 

 

 

0.03

%

 

N

Crewline Buyer, Inc. (New Relic)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.10

%

 

11/8/2030

 

$

 

 

 

(2,003

)

 

 

(818

)

 

 

 

 

K/N

Crewline Buyer, Inc. (New Relic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.10

%

 

11/8/2030

 

$

784,906

 

 

 

765,420

 

 

 

777,057

 

 

 

0.05

%

 

N

Ensono, Inc.

 

Second Lien Term Loan B

 

SOFR(M)

 

 

 

 

 

8.11

%

 

 

13.47

%

 

5/28/2029

 

$

15,000,000

 

 

 

14,897,865

 

 

 

14,610,000

 

 

 

0.88

%

 

G/N

Madison Logic Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.35

%

 

12/30/2027

 

$

 

 

 

(25,722

)

 

 

(29,959

)

 

 

 

 

K/N

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.35

%

 

12/29/2028

 

$

14,796,820

 

 

 

14,395,217

 

 

 

14,382,509

 

 

 

0.86

%

 

N

Serrano Parent, LLC (Sumo Logic)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.88

%

 

5/13/2030

 

$

 

 

 

(2,053

)

 

 

(540

)

 

 

 

 

K/N

Serrano Parent, LLC (Sumo Logic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.88

%

 

5/13/2030

 

$

900,000

 

 

 

878,238

 

 

 

894,600

 

 

 

0.05

%

 

N

Xactly Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.35

%

 

 

12.74

%

 

7/31/2025

 

$

 

 

 

 

 

 

 

 

 

 

 

N

Xactly Corporation

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.35

%

 

 

12.74

%

 

7/31/2025

 

$

14,671,682

 

 

 

14,671,682

 

 

 

14,671,682

 

 

 

0.88

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46,018,330

 

 

 

45,761,281

 

 

 

2.75

%

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blue Star Sports Holdings, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

6.00% cash + 3.50% PIK

 

 

 

14.92

%

 

6/15/2024

 

$

71,413

 

 

 

71,322

 

 

 

68,713

 

 

 

 

 

N

Blue Star Sports Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

6.00% cash + 3.50% PIK

 

 

 

14.94

%

 

6/15/2024

 

$

142,322

 

 

 

142,142

 

 

 

136,942

 

 

 

0.01

%

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00% cash + 3.50% PIK

 

 

 

14.95

%

 

6/15/2024

 

$

1,959,653

 

 

 

1,956,621

 

 

 

1,885,579

 

 

 

0.11

%

 

N

Peloton Interactive, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

0.50

%

 

 

7.10

%

 

 

12.48

%

 

5/25/2027

 

$

98,500

 

 

 

95,531

 

 

 

99,214

 

 

 

0.01

%

 

G/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,265,616

 

 

 

2,190,448

 

 

 

0.13

%

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.10

%

 

 

12.46

%

 

12/21/2028

 

$

 

 

 

(16,005

)

 

 

10,925

 

 

 

 

 

K/N

Alcami Corporation

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.10

%

 

 

12.46

%

 

12/21/2028

 

$

 

 

 

(25,480

)

 

 

 

 

 

 

 

K/N

Alcami Corporation

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.10

%

 

 

12.46

%

 

12/21/2028

 

$

6,489,635

 

 

 

6,287,606

 

 

 

6,619,428

 

 

 

0.40

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,246,121

 

 

 

6,630,353

 

 

 

0.40

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny’s Enterprises, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.90

%

 

 

12.28

%

 

8/5/2028

 

$

13,593,271

 

 

 

13,341,301

 

 

 

13,865,137

 

 

 

0.83

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,341,301

 

 

 

13,865,137

 

 

 

0.83

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEP Group, Inc. et al

 

Second Lien Term Loan

 

SOFR(M)

 

 

 

 

 

7.11

%

 

 

12.47

%

 

10/19/2026

 

$

14,500,000

 

 

 

14,189,402

 

 

 

11,672,500

 

 

 

0.70

%

 

G

Khoros, LLC (Lithium)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.39

%

 

1/3/2024

 

$

29,509,107

 

 

 

29,369,194

 

 

 

23,666,304

 

 

 

1.42

%

 

N

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.01% Cash + 0.50% PIK

 

 

 

12.89

%

 

12/31/2024

 

$

375,800

 

 

 

372,235

 

 

 

355,131

 

 

 

0.02

%

 

N

Terraboost Media Operating Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.00

%

 

8/23/2026

 

$

10,364,664

 

 

 

10,236,830

 

 

 

9,214,186

 

 

 

0.55

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,167,661

 

 

 

44,908,121

 

 

 

2.69

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore International Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

9.15

%

 

 

14.50

%

 

4/12/2024

 

$

1,324,151

 

 

 

1,324,151

 

 

 

1,324,151

 

 

 

0.08

%

 

B/N

Palmdale Oil Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.06

%

 

10/2/2029

 

$

1,000,000

 

 

 

970,518

 

 

 

975,000

 

 

 

0.06

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,294,669

 

 

 

2,299,151

 

 

 

0.14

%

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.44

%

 

11/30/2026

 

$

20,158,690

 

 

 

19,877,911

 

 

 

19,467,247

 

 

 

1.17

%

 

N

Alpine Acquisition Corp II (48Forty)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.44

%

 

11/30/2026

 

$

107,443

 

 

 

104,030

 

 

 

101,300

 

 

 

0.01

%

 

N

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.25

%

 

 

6.15

%

 

 

11.56

%

 

12/23/2026

 

$

10,413,534

 

 

 

10,166,872

 

 

 

10,038,647

 

 

 

0.60

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,148,813

 

 

 

29,607,194

 

 

 

1.78

%

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nephron Pharmaceuticals Corp. et al

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.50

%

 

 

9.00

%

 

 

16.57

%

 

9/11/2026

 

$

23,709,677

 

 

 

22,839,598

 

 

 

20,508,871

 

 

 

1.23

%

 

N

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Khoros, LLC (Lithium)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

12.06

%

 

1/3/2024

 

$

28,016,636

 

 

$

27,815,415

 

 

$

27,624,404

 

 

 

1.63

%

 

N

Khoros, LLC (Lithium)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

10.53

%

 

1/3/2024

 

$

661,121

 

 

 

648,192

 

 

 

637,982

 

 

 

0.04

%

 

N

NEP II, Inc.

 

Second Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

7.00

%

 

 

11.38

%

 

10/19/2026

 

$

14,500,000

 

 

 

14,104,319

 

 

 

10,856,875

 

 

 

0.64

%

 

G

Quora, Inc.

 

First Lien Term Loan (4.0% Exit Fee)

 

Fixed

 

 

 

 

 

 

 

 

10.10

%

 

5/1/2024

 

$

12,819,528

 

 

 

12,742,240

 

 

 

12,154,309

 

 

 

0.72

%

 

L/N

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.11

%

 

8/31/2023

 

$

379,050

 

 

 

374,456

 

 

 

361,614

 

 

 

0.02

%

 

N

Streamland Media Midco LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.11

%

 

8/31/2023

 

$

 

 

 

(1,460

)

 

 

(5,520

)

 

 

 

 

K/N

Terraboost Media Operating Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

8.14

%

 

8/23/2026

 

$

10,331,869

 

 

 

10,157,200

 

 

 

9,577,643

 

 

 

0.57

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65,840,362

 

 

 

61,207,307

 

 

 

3.62

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore International Holdings, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

9.00

%

 

 

13.75

%

 

4/12/2024

 

$

1,324,140

 

 

 

1,324,140

 

 

 

1,324,140

 

 

 

0.08

%

 

B/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.50

%

 

 

9.76

%

 

11/30/2026

 

$

20,184,544

 

 

 

19,841,042

 

 

 

19,213,667

 

 

 

1.14

%

 

N

Alpine Acquisition Corp II (48Forty)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.50

%

 

 

9.76

%

 

11/30/2026

 

$

178,802

 

 

 

174,001

 

 

 

170,202

 

 

 

0.01

%

 

N

Alpine Acquisition Corp II (48Forty)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

5.50

%

 

 

9.76

%

 

11/30/2026

 

$

 

 

 

(4,465

)

 

 

(8,613

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,010,578

 

 

 

19,375,256

 

 

 

1.15

%

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applause App Quality, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

5.00

%

 

 

8.26

%

 

9/20/2025

 

$

15,283,420

 

 

 

15,259,441

 

 

 

15,283,420

 

 

 

0.90

%

 

N

Applause App Quality, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

5.00

%

 

 

8.26

%

 

9/30/2025

 

$

 

 

 

(7,753

)

 

 

 

 

 

 

 

K/N

CIBT Solutions, Inc.

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

1.00% Cash + 6.75% PIK

 

 

 

8.75

%

 

6/1/2025

 

$

8,146,376

 

 

 

7,567,314

 

 

 

4,466,903

 

 

 

0.26

%

 

C/G

DTI Holdco, Inc. (Epiq Systems, Inc.)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.75

%

 

 

11.84

%

 

4/26/2030

 

$

7,500,000

 

 

 

7,359,282

 

 

 

6,924,998

 

 

 

0.41

%

 

 

GI Consilio Parent, LLC

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.50

%

 

 

7.50

%

 

 

11.88

%

 

5/14/2029

 

$

10,000,000

 

 

 

9,919,358

 

 

 

9,590,000

 

 

 

0.57

%

 

N

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

11.52

%

 

8/18/2028

 

$

4,166,667

 

 

 

4,096,289

 

 

 

4,008,750

 

 

 

0.24

%

 

N

ICIMS, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

11.52

%

 

8/18/2028

 

$

4,449,002

 

 

 

4,373,036

 

 

 

4,372,479

 

 

 

0.26

%

 

N

ICIMS, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

11.52

%

 

8/18/2028

 

$

 

 

 

(18,180

)

 

 

(41,945

)

 

 

 

 

K/N

ICIMS, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.75

%

 

 

11.02

%

 

8/18/2028

 

$

 

 

 

(6,520

)

 

 

(15,040

)

 

 

 

 

K/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.75

%

 

 

13.19

%

 

2/17/2025

 

$

18,590,586

 

 

 

18,362,455

 

 

 

18,144,413

 

 

 

1.07

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.75

%

 

 

13.19

%

 

2/17/2025

 

$

26,409,413

 

 

 

26,063,403

 

 

 

25,775,587

 

 

 

1.52

%

 

H/L/N

RigUp, Inc.

 

First Lien Delayed Draw Term Loan (4.0% Exit Fee)

 

LIBOR(M)

 

 

1.50

%

 

 

7.00

%

 

 

11.81

%

 

3/1/2024

 

$

29,000,000

 

 

 

28,800,422

 

 

 

28,565,000

 

 

 

1.69

%

 

L/N

VT TopCo, Inc. (Veritext)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

6.75

%

 

 

11.13

%

 

8/4/2026

 

$

2,666,667

 

 

 

2,653,075

 

 

 

2,560,000

 

 

 

0.15

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

124,421,622

 

 

 

119,634,565

 

 

 

7.07

%

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greystone Affordable Housing Initiatives, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(S)

 

 

1.25

%

 

 

6.00

%

 

 

9.05

%

 

3/2/2026

 

$

4,666,667

 

 

 

4,666,667

 

 

 

4,610,667

 

 

 

0.27

%

 

I/N

Greystone Select Company II, LLC (Passco)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.50

%

 

 

6.50

%

 

 

10.94

%

 

3/21/2027

 

$

8,181,818

 

 

 

8,033,414

 

 

 

8,034,545

 

 

 

0.47

%

 

N

Greystone Select Company II, LLC (Passco)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.50

%

 

 

6.50

%

 

 

10.94

%

 

3/21/2027

 

$

 

 

 

(199,825

)

 

 

(212,727

)

 

 

-0.01

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,500,256

 

 

 

12,432,485

 

 

 

0.73

%

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (fka Keep Truckin, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

11.03

%

 

4/8/2025

 

$

29,880,937

 

 

 

29,588,102

 

 

 

29,671,771

 

 

 

1.76

%

 

N

Motive Technologies, Inc. (fka Keep Truckin, Inc.)

 

First Lien Incremental Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

10.94

%

 

4/8/2025

 

$

10,119,063

 

 

 

10,009,446

 

 

 

10,048,229

 

 

 

0.59

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,597,548

 

 

 

39,720,000

 

 

 

2.35

%

 

 

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.25

%

 

 

10.67

%

 

12/29/2027

 

$

5,494,916

 

 

$

5,398,475

 

 

$

5,215,582

 

 

 

0.31

%

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

10.42

%

 

12/29/2026

 

$

955,261

 

 

 

723,341

 

 

 

794,833

 

 

 

0.05

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,121,816

 

 

 

6,010,415

 

 

 

0.36

%

 

 

23

21


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20222023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospike, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.50

%

 

 

11.88

%

 

12/29/2025

 

$

6,933,486

 

 

 

6,879,278

 

 

 

6,814,230

 

 

 

0.40

%

 

N

AlphaSense, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

11.44

%

 

3/11/2027

 

$

25,095,612

 

 

 

24,863,294

 

 

 

24,869,751

 

 

 

1.46

%

 

N

Aras Corporation

 

Sr Secured Revolver

 

LIBOR(S)

 

 

1.00

%

 

 

6.50

%

 

 

9.50

%

 

4/13/2027

 

$

290,778

 

 

 

278,104

 

 

 

257,629

 

 

 

0.02

%

 

N

Aras Corporation

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

3.25% Cash + 3.75% PIK

 

 

 

10.94

%

 

4/13/2027

 

$

12,617,624

 

 

 

12,448,640

 

 

 

12,138,154

 

 

 

0.72

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

Sr Secured Revolver

 

PRIME

 

 

1.00

%

 

 

6.75

%

 

 

14.25

%

 

4/30/2026

 

$

1,354,523

 

 

 

1,318,492

 

 

 

1,308,229

 

 

 

0.08

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

12.00

%

 

4/30/2026

 

$

12,916,507

 

 

 

12,643,518

 

 

 

12,567,761

 

 

 

0.74

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.98

%

 

9/8/2027

 

$

2,833,333

 

 

 

2,798,816

 

 

 

2,746,350

 

 

 

0.16

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.98

%

 

9/8/2027

 

$

54,686

 

 

 

51,425

 

 

 

46,158

 

 

 

 

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.98

%

 

9/8/2027

 

$

103,311

 

 

 

100,015

 

 

 

94,783

 

 

 

0.01

%

 

N

Certify, Inc.

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

5.50

%

 

 

9.89

%

 

2/28/2024

 

$

3,188,631

 

 

 

3,176,216

 

 

 

3,171,412

 

 

 

0.19

%

 

N

Certify, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

5.50

%

 

 

9.89

%

 

2/28/2024

 

$

23,383,293

 

 

 

23,362,751

 

 

 

23,257,023

 

 

 

1.37

%

 

N

Certify, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

5.50

%

 

 

9.89

%

 

2/28/2024

 

$

265,719

 

 

 

261,918

 

 

 

259,980

 

 

 

0.02

%

 

N

Elastic Path Software, Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

11.37

%

 

1/6/2026

 

$

5,432,783

 

 

 

5,389,945

 

 

 

5,379,542

 

 

 

0.32

%

 

H/N

Elastic Path Software, Inc. (Canada)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.12

%

 

1/6/2026

 

$

2,758,041

 

 

 

2,731,501

 

 

 

2,731,012

 

 

 

0.16

%

 

H/N

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.25% Cash + 3.75% PIK

 

 

 

11.40

%

 

8/30/2028

 

$

362,133

 

 

 

354,405

 

 

 

349,821

 

 

 

0.02

%

 

N

Fusion Risk Management, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

10.90

%

 

8/30/2028

 

$

 

 

 

(762

)

 

 

(1,220

)

 

 

 

 

K/N

Grey Orange Incorporated

 

First Lien Term Loan (3.75% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.23

%

 

5/6/2026

 

$

4,190,378

 

 

 

4,152,336

 

 

 

4,139,675

 

 

 

0.24

%

 

L/N

Grey Orange Incorporated

 

First Lien Delayed Draw Term Loan (3.75% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

11.55

%

 

5/6/2026

 

$

2,514,227

 

 

 

2,478,477

 

 

 

2,463,523

 

 

 

0.15

%

 

L/N

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

11.46

%

 

7/9/2029

 

$

259,207

 

 

 

254,404

 

 

 

250,912

 

 

 

0.01

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

11.40

%

 

7/9/2029

 

$

200,257

 

 

 

196,523

 

 

 

193,849

 

 

 

0.01

%

 

N

GTY Technology Holdings Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.83

%

 

7/9/2029

 

$

 

 

 

(864

)

 

 

(1,477

)

 

 

 

 

K/N

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Term Loan

 

LIBOR(M)/SOFR(M)

 

 

1.00

%

 

3.00% Cash + 3.00% PIK

 

 

 

10.34

%

 

12/17/2027

 

$

3,873,660

 

 

 

3,807,368

 

 

 

3,757,451

 

 

 

0.22

%

 

N

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

3.00% Cash + 3.00% PIK

 

 

 

10.28

%

 

12/17/2027

 

$

 

 

 

(11,038

)

 

 

(20,000

)

 

 

 

 

K/N

Integrate.com, Inc. (Infinity Data, Inc.)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

10.28

%

 

12/17/2027

 

$

 

 

 

(5,519

)

 

 

(10,000

)

 

 

 

 

K/N

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

8.00

%

 

 

10.93

%

 

8/5/2028

 

$

1,000,000

 

 

 

975,863

 

 

 

966,200

 

 

 

0.06

%

 

N

Kaseya, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

10.33

%

 

6/25/2029

 

$

1,635,938

 

 

 

1,612,469

 

 

 

1,586,859

 

 

 

0.09

%

 

N

Kaseya, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

10.33

%

 

6/25/2029

 

$

 

 

 

(1,388

)

 

 

(3,000

)

 

 

 

 

K/N

Kaseya, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

10.33

%

 

6/25/2029

 

$

 

 

 

(1,388

)

 

 

(3,000

)

 

 

 

 

K/N

Kong Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

(5.50% Cash + 3.25% PIK

 

 

 

12.99

%

 

11/1/2027

 

$

6,193,721

 

 

 

6,070,623

 

 

 

6,069,846

 

 

 

0.36

%

 

N

Nvest, Inc. (SigFig)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.50

%

 

 

11.49

%

 

9/15/2025

 

$

6,798,242

 

 

 

6,708,885

 

 

 

6,625,567

 

 

 

0.39

%

 

N

Oversight Systems, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.00

%

 

 

11.38

%

 

9/24/2026

 

$

4,513,081

 

 

 

4,442,490

 

 

 

4,332,558

 

 

 

0.26

%

 

N

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applause App Quality, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

5.00

%

 

 

10.40

%

 

9/20/2025

 

$

15,127,466

 

 

$

15,097,104

 

 

$

15,127,466

 

 

 

0.91

%

 

N

Applause App Quality, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

5.00

%

 

 

10.40

%

 

9/20/2025

 

$

 

 

 

(4,975

)

 

 

 

 

 

 

 

K/N

CIBT Solutions, Inc.

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

1.00% Cash + 6.75% PIK

 

 

 

7.75

%

 

6/1/2025

 

$

8,146,376

 

 

 

7,567,314

 

 

 

1,710,739

 

 

 

0.10

%

 

C/N

DTI Holdco, Inc. (Epiq Systems, Inc.)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.75

%

 

 

13.13

%

 

4/26/2030

 

$

7,500,000

 

 

 

7,377,765

 

 

 

6,562,500

 

 

 

0.39

%

 

G/N

GI Consilio Parent, LLC

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

7.50

%

 

 

12.97

%

 

5/14/2029

 

$

10,000,000

 

 

 

9,937,579

 

 

 

10,000,000

 

 

 

0.60

%

 

G/N

ICIMS, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

12.62

%

 

8/18/2028

 

$

 

 

 

 

 

 

(5,760

)

 

 

 

 

K/N

ICIMS, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.75

%

 

 

12.10

%

 

8/18/2028

 

$

66,269

 

 

 

60,824

 

 

 

63,690

 

 

 

 

 

N

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

12.62

%

 

8/18/2028

 

$

8,783,644

 

 

 

8,656,913

 

 

 

8,728,775

 

 

 

0.52

%

 

N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.86

%

 

 

14.22

%

 

2/17/2025

 

$

18,590,587

 

 

 

18,462,713

 

 

 

18,107,231

 

 

 

1.10

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.86

%

 

 

14.22

%

 

2/17/2025

 

$

26,409,413

 

 

 

26,210,523

 

 

 

25,722,768

 

 

 

1.54

%

 

H/L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

93,365,760

 

 

 

86,017,409

 

 

 

5.16

%

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greystone Affordable Housing Initiatives, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.25

%

 

 

6.43

%

 

 

11.84

%

 

3/2/2026

 

$

4,666,667

 

 

 

4,666,667

 

 

 

4,634,000

 

 

 

0.28

%

 

I/N

Greystone Select Company II, LLC (Passco)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.50

%

 

 

6.61

%

 

 

11.97

%

 

3/21/2027

 

$

8,181,818

 

 

 

8,057,028

 

 

 

8,116,364

 

 

 

0.48

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,723,695

 

 

 

12,750,364

 

 

 

0.76

%

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (fka Keep Truckin, Inc.)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.68

%

 

 

13.18

%

 

4/8/2025

 

$

40,000,000

 

 

 

39,746,666

 

 

 

39,840,000

 

 

 

2.39

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.40

%

 

 

11.79

%

 

12/29/2027

 

$

5,354,918

 

 

 

5,276,269

 

 

 

4,872,975

 

 

 

0.29

%

 

G/N

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.46

%

 

12/29/2026

 

$

1,422,037

 

 

 

1,241,272

 

 

 

1,166,324

 

 

 

0.07

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,517,541

 

 

 

6,039,299

 

 

 

0.36

%

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospike, Inc.

 

First Lien Term Loan (0.50% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.97

%

 

12/29/2025

 

$

9,958,261

 

 

 

9,867,485

 

 

 

9,878,595

 

 

 

0.59

%

 

L/N

AlphaSense, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.47

%

 

3/11/2027

 

$

25,095,612

 

 

 

24,913,264

 

 

 

25,165,879

 

 

 

1.51

%

 

N

Aras Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.04

%

 

4/13/2027

 

$

756,022

 

 

 

746,002

 

 

 

728,107

 

 

 

0.04

%

 

N

Aras Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.65% Cash + 3.25% PIK

 

 

 

12.20

%

 

4/13/2027

 

$

13,071,448

 

 

 

12,935,644

 

 

 

12,653,162

 

 

 

0.76

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.14

%

 

4/30/2026

 

$

1,285,939

 

 

 

1,258,628

 

 

 

1,285,940

 

 

 

0.08

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.19

%

 

4/30/2026

 

$

11,299,209

 

 

 

11,115,593

 

 

 

11,412,201

 

 

 

0.68

%

 

N

Bluefin Holding, LLC (Allvue)

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.72

%

 

9/12/2029

 

$

 

 

 

(2,132

)

 

 

(1,526

)

 

 

 

 

K/N

Bluefin Holding, LLC (Allvue)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.72

%

 

9/12/2029

 

$

910,256

 

 

 

888,370

 

 

 

894,782

 

 

 

0.05

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.60

%

 

9/8/2027

 

$

2,916,353

 

 

 

2,887,546

 

 

 

2,842,277

 

 

 

0.17

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.60

%

 

9/8/2027

 

$

83,334

 

 

 

80,684

 

 

 

76,278

 

 

 

 

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Incremental Amendment 4 Term Loan

 

SOFR(Q)

 

 

0.75

%

 

8.00% PIK

 

 

 

13.35

%

 

9/8/2027

 

$

866,891

 

 

 

855,048

 

 

 

854,668

 

 

 

0.05

%

 

N

Disco Parent, Inc. (Duck Creek Technologies)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.89

%

 

3/30/2029

 

$

 

 

 

(1,995

)

 

 

 

 

 

 

 

K/N

Disco Parent, Inc. (Duck Creek Technologies)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.89

%

 

3/30/2029

 

$

909,091

 

 

 

888,144

 

 

 

910,909

 

 

 

0.05

%

 

N

Elastic Path Software, Inc. (Canada)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.76

%

 

 

13.15

%

 

1/6/2026

 

$

2,758,041

 

 

 

2,739,098

 

 

 

2,738,734

 

 

 

0.16

%

 

H/N

Elastic Path Software, Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.76

%

 

 

13.18

%

 

1/6/2026

 

$

5,432,783

 

 

 

5,401,609

 

 

 

5,394,754

 

 

 

0.32

%

 

H/N

Fusion Risk Management, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.75% PIK

 

 

 

12.62

%

 

5/22/2029

 

$

 

 

 

(1,938

)

 

 

(2,250

)

 

 

 

 

K/N

 

2224


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20222023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.50% Cash + 3.00% PIK

 

 

 

12.25

%

 

3/31/2027

 

$

10,790,689

 

 

 

10,628,613

 

 

 

10,596,456

 

 

 

0.63

%

 

H/N

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

4.50% Cash + 3.00% PIK

 

 

 

12.25

%

 

3/31/2027

 

$

 

 

 

(16,517

)

 

 

(20,939

)

 

 

 

 

H/K/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 3.50% PIK

 

 

 

10.71

%

 

5/9/2028

 

$

15,366,421

 

 

 

15,083,444

 

 

 

14,910,039

 

 

 

0.88

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

10.71

%

 

5/9/2028

 

$

 

 

 

(28,627

)

 

 

(47,572

)

 

 

 

 

H/K/N

Superman Holdings, LLC (Foundation Software)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.13

%

 

 

10.85

%

 

8/31/2027

 

$

10,175,926

 

 

 

9,997,599

 

 

 

10,002,935

 

 

 

0.59

%

 

N

Superman Holdings, LLC (Foundation Software)

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.13

%

 

 

10.85

%

 

8/31/2026

 

$

 

 

 

(19,255

)

 

 

(21,352

)

 

 

 

 

K/N

Syntellis Parent, LLC (Axiom Software)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.50

%

 

 

10.82

%

 

8/2/2027

 

$

20,973,180

 

 

 

20,512,363

 

 

 

20,343,985

 

 

 

1.20

%

 

N

Zendesk Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.04

%

 

11/22/2028

 

$

382,011

 

 

 

374,395

 

 

 

374,370

 

 

 

0.02

%

 

N

Zendesk Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.04

%

 

11/22/2028

 

$

 

 

 

(1,875

)

 

 

(1,910

)

 

 

 

 

K/N

Zendesk Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.04

%

 

11/22/2028

 

$

 

 

 

(773

)

 

 

(786

)

 

 

 

 

K/N

Zilliant Incorporated

 

First Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

2.00% Cash + 4.50% PIK

 

 

 

10.85

%

 

12/21/2027

 

$

1,550,239

 

 

 

1,524,752

 

 

 

1,454,124

 

 

 

0.09

%

 

N

Zilliant Incorporated

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

0.75

%

 

2.00% Cash + 4.50% PIK

 

 

 

10.85

%

 

12/21/2027

 

$

 

 

 

(6,146

)

 

 

(22,963

)

 

 

 

 

K/N

Zilliant Incorporated

 

Sr Secured Revolver

 

LIBOR(M)

 

 

0.75

%

 

 

6.00

%

 

 

10.35

%

 

12/21/2027

 

$

 

 

 

(2,458

)

 

 

(9,185

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

185,382,312

 

 

 

183,896,780

 

 

 

10.87

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan B

 

LIBOR(Q)

 

 

 

 

 

5.50

%

 

 

10.23

%

 

2/12/2025

 

$

903,665

 

 

$

854,187

 

 

$

838,150

 

 

 

0.05

%

 

G

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Sr Secured Notes

 

Fixed

 

 

 

 

 

9.75

%

 

 

9.75

%

 

2/19/2025

 

$

20,000,000

 

 

 

19,693,296

 

 

 

18,320,000

 

 

 

1.08

%

 

E/G/N

Hanna Andersson, LLC

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.00

%

 

 

10.29

%

 

7/2/2026

 

$

4,843,750

 

 

 

4,770,790

 

 

 

4,616,094

 

 

 

0.27

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,318,273

 

 

 

23,774,244

 

 

 

1.40

%

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

11.68

%

 

2/17/2026

 

$

31,114,286

 

 

 

30,621,766

 

 

 

29,994,171

 

 

 

1.77

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

10.93

%

 

9/8/2027

 

$

15,555,556

 

 

 

15,364,765

 

 

 

15,499,556

 

 

 

0.92

%

 

N

James Perse Enterprises, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

10.93

%

 

9/8/2027

 

$

 

 

 

(22,804

)

 

 

(7,000

)

 

 

 

 

K/N

PSEB, LLC (Eddie Bauer)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.23

%

 

10/12/2023

 

$

24,812,500

 

 

 

24,685,686

 

 

 

22,455,312

 

 

 

1.32

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,027,647

 

 

 

37,947,868

 

 

 

2.24

%

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Purchaser, Inc. (Ohio Transmission Corp.)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

7.50

%

 

 

11.88

%

 

4/8/2027

 

$

10,153,647

 

 

 

9,983,551

 

 

 

9,729,224

 

 

 

0.58

%

 

N

Blackbird Purchaser, Inc. (Ohio Transmission Corp.)

 

Second Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

7.50

%

 

 

11.88

%

 

4/8/2027

 

$

 

 

 

(54,446

)

 

 

(141,474

)

 

 

-0.01

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,929,105

 

 

 

9,587,750

 

 

 

0.57

%

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenMarket, Inc. (Infobip) (United Kingdom)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.98

%

 

9/17/2026

 

$

9,875,000

 

 

 

9,682,978

 

 

 

9,562,950

 

 

 

0.57

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 190.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,512,893,754

 

 

 

1,420,427,739

 

 

 

83.95

%

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.75% PIK

 

 

 

12.62

%

 

5/22/2029

 

$

910,052

 

 

$

892,951

 

 

$

890,941

 

 

 

0.05

%

 

N

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.22

%

 

7/9/2029

 

$

270,653

 

 

 

266,496

 

 

 

270,464

 

 

 

0.02

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.22

%

 

7/9/2029

 

$

209,142

 

 

 

205,823

 

 

 

208,996

 

 

 

0.01

%

 

N

GTY Technology Holdings Inc.

 

Sr Secured Revolver

 

PRIME(Q)

 

 

0.75

%

 

 

5.25

%

 

 

13.75

%

 

7/9/2029

 

$

4,616

 

 

 

3,880

 

 

 

4,583

 

 

 

 

 

N

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

3.25% Cash + 3.00% PIK

 

 

 

11.43

%

 

12/17/2027

 

$

4,211,805

 

 

 

4,154,469

 

 

 

4,075,764

 

 

 

0.24

%

 

N

Integrate.com, Inc. (Infinity Data, Inc.)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.15

%

 

 

11.52

%

 

12/17/2027

 

$

323,333

 

 

 

318,904

 

 

 

312,567

 

 

 

0.02

%

 

K/N

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

8.00

%

 

 

13.43

%

 

8/7/2028

 

$

1,000,000

 

 

 

979,213

 

 

 

985,100

 

 

 

0.06

%

 

N

Kaseya, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.50% Cash + 2.50% PIK

 

 

 

11.38

%

 

6/25/2029

 

$

1,649,934

 

 

 

1,629,453

 

 

 

1,641,684

 

 

 

0.10

%

 

N

Kaseya, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.50% Cash + 2.50% PIK

 

 

 

11.38

%

 

6/25/2029

 

$

6,153

 

 

 

4,970

 

 

 

5,652

 

 

 

 

 

N

Kaseya, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

3.50% Cash + 2.50% PIK

 

 

 

11.38

%

 

6/25/2029

 

$

25,269

 

 

 

24,067

 

 

 

24,767

 

 

 

0.00

%

 

N

Kong Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.50% Cash + 3.25% PIK

 

 

 

14.21

%

 

11/1/2027

 

$

6,398,042

 

 

 

6,288,112

 

 

 

6,392,284

 

 

 

0.39

%

 

N

Nvest, Inc. (SigFig)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.50

%

 

 

13.40

%

 

9/15/2025

 

$

5,438,594

 

 

 

5,402,895

 

 

 

5,315,138

 

 

 

0.32

%

 

N

Oversight Systems, Inc.

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.10

%

 

 

11.48

%

 

9/24/2026

 

$

 

 

 

(3,460

)

 

 

(2,318

)

 

 

 

 

K/N

Oversight Systems, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.10

%

 

 

11.48

%

 

9/24/2026

 

$

4,679,002

 

 

 

4,623,559

 

 

 

4,628,001

 

 

 

0.28

%

 

N

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.15

%

 

 

12.50

%

 

3/31/2027

 

$

10,872,518

 

 

 

10,744,790

 

 

 

10,687,685

 

 

 

0.65

%

 

H/N

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.15

%

 

 

12.51

%

 

3/31/2027

 

$

1,163,276

 

 

 

1,150,316

 

 

 

1,143,500

 

 

 

0.07

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 3.50% PIK

 

 

 

11.87

%

 

5/9/2028

 

$

16,706,836

 

 

 

16,454,610

 

 

 

16,636,667

 

 

 

1.01

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

0.065

 

 

 

11.87

%

 

5/9/2028

 

$

 

 

 

(23,540

)

 

 

(6,727

)

 

 

 

 

H/K/N

Superman Holdings, LLC (Foundation Software)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.13

%

 

 

11.47

%

 

8/31/2027

 

$

10,073,776

 

 

 

9,928,598

 

 

 

9,993,186

 

 

 

0.60

%

 

N

Superman Holdings, LLC (Foundation Software)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.13

%

 

 

11.47

%

 

8/31/2026

 

$

 

 

 

(14,030

)

 

 

(10,048

)

 

 

 

 

K/N

Trintech, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.86

%

 

7/25/2029

 

$

17,388

 

 

 

15,674

 

 

 

15,635

 

 

 

 

 

N

Trintech, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.86

%

 

7/25/2029

 

$

791,143

 

 

 

768,243

 

 

 

768,358

 

 

 

0.05

%

 

N

Zendesk Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

3.00% Cash + 3.25% PIK

 

 

 

11.61

%

 

11/22/2028

 

$

 

 

 

(644

)

 

 

 

 

 

 

 

K/N

Zendesk Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.00% Cash + 3.25% PIK

 

 

 

11.61

%

 

11/22/2028

 

$

391,962

 

 

 

385,520

 

 

 

393,922

 

 

 

0.02

%

 

N

Zendesk Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.00% Cash + 3.25% PIK

 

 

 

11.61

%

 

11/22/2028

 

$

 

 

 

(1,560

)

 

 

478

 

 

 

 

 

K/N

Zilliant Incorporated

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

2.10% Cash + 4.50% PIK

 

 

 

11.96

%

 

12/21/2027

 

$

 

 

 

(1,967

)

 

 

(7,259

)

 

 

 

 

K/N

Zilliant Incorporated

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

2.10% Cash + 4.50% PIK

 

 

 

11.96

%

 

12/21/2027

 

$

1,921,454

 

 

 

1,895,963

 

 

 

1,827,303

 

 

 

0.11

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

140,664,355

 

 

 

141,028,833

 

 

 

8.46

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan

 

SOFR(Q)

 

 

2.00

%

 

 

6.75

%

 

 

12.10

%

 

8/15/2029

 

$

20,773,018

 

 

 

20,186,136

 

 

 

20,170,600

 

 

 

1.21

%

 

G

Hanna Andersson, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.60

%

 

 

12.96

%

 

7/2/2026

 

$

4,456,250

 

 

 

4,406,443

 

 

 

4,327,019

 

 

 

0.26

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,592,579

 

 

 

24,497,619

 

 

 

1.47

%

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.27

%

 

2/17/2026

 

$

31,114,286

 

 

 

30,738,884

 

 

 

31,612,114

 

 

 

1.90

%

 

H/N

 

23

25


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20222023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity/
Expiration

 

Principal/Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.25

%

 

 

11.61

%

 

9/8/2027

 

$

15,555,556

 

 

$

15,393,224

 

 

$

15,555,556

 

 

 

0.93

%

 

N

James Perse Enterprises, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.25

%

 

 

11.61

%

 

9/8/2027

 

$

 

 

 

(17,961

)

 

 

 

 

 

 

 

K/N

PSEB, LLC (Eddie Bauer)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.04

%

 

12/30/2026

 

$

24,562,500

 

 

 

24,322,997

 

 

 

22,695,750

 

 

 

1.36

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,698,260

 

 

 

38,251,306

 

 

 

2.29

%

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenMarket, Inc. (Infobip) (United Kingdom)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.00

%

 

 

6.51

%

 

 

11.86

%

 

9/17/2026

 

$

9,775,000

 

 

 

9,629,432

 

 

 

9,679,205

 

 

 

0.58

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 202.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,486,675,592

 

 

 

1,389,190,356

 

 

 

83.33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AutoAlert, LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

540,248

 

 

 

9,016,151

 

 

 

9,985,207

 

 

 

0.60

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading Holdings, LLC

 

Warrants to Purchase Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

2/7/2030

 

 

7,030

 

 

 

645,121

 

 

 

1,438,087

 

 

 

0.09

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGY Equity, LLC

 

Class A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,786,785

 

 

 

485,322

 

 

 

 

 

 

 

 

D/E/N

AGY Equity, LLC

 

Class B Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,250,749

 

 

 

 

 

 

 

 

 

 

 

D/E/N

AGY Equity, LLC

 

Class C Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

982,732

 

 

 

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

485,322

 

 

 

 

 

 

 

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

364

 

 

 

 

 

 

 

 

 

 

 

D/E/H/N/O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Novellus LLC

 

Class A Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

117,124

 

 

 

13,817,817

 

 

 

2,827,373

 

 

 

0.17

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elevate Brands Holdco, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

2,895

 

 

 

 

 

 

308,983

 

 

 

0.02

%

 

D/E/N

Elevate Brands Holdco, Inc.

 

Warrants to Purchase Preferred New Super Senior Shares

 

 

 

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

11,532

 

 

 

 

 

 

1,230,810

 

 

 

0.07

%

 

D/E/N

MXP Prime Platform GmbH (SellerX) (Germany)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

3,966

 

 

 

 

 

 

293,563

 

 

 

0.02

%

 

D/E/H/N

PerchHQ, LLC

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

10/15/2027

 

 

295,667

 

 

 

 

 

 

 

 

 

 

 

D/E/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Preferred Series A1 Shares

 

 

 

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

516

 

 

 

 

 

 

485,055

 

 

 

0.03

%

 

D/E/H/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Series C Shares

 

 

 

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

158

 

 

 

 

 

 

687,200

 

 

 

0.04

%

 

D/E/H/N

TVG-Edmentum Holdings, LLC

 

Series B-1 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

20,377,566

 

 

 

24,629,566

 

 

 

1.47

%

 

B/E/N

TVG-Edmentum Holdings, LLC

 

Series B-2 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

13,421,162

 

 

 

24,629,566

 

 

 

1.48

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,798,728

 

 

 

52,264,743

 

 

 

3.13

%

 

 

 

Issuer

 

Instrument

 

 

 

 

 

 

 

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Autoalert Acquisition Co, LLC

 

Warrants to Purchase LLC Interest

 

 

 

 

 

 

 

 

 

6/28/2030

 

 

7

 

 

 

2,910,423

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading Holdings, LLC

 

Warrants to Purchase Membership Units

 

 

 

 

 

 

 

 

 

2/7/2030

 

 

287

 

 

 

645,121

 

 

 

1,671,461

 

 

 

0.10

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGY Equity, LLC

 

Class A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

1,786,785

 

 

 

485,322

 

 

 

 

 

 

 

 

B/D/E/N

AGY Equity, LLC

 

Class B Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

1,250,749

 

 

 

 

 

 

 

 

 

 

 

B/D/E/N

AGY Equity, LLC

 

Class C Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

982,732

 

 

 

 

 

 

 

 

 

 

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

485,322

 

 

 

 

 

 

 

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

364

 

 

 

 

 

 

 

 

 

 

 

D/E/H/N/O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Novellus LLC

 

Class A Units

 

 

 

 

 

 

 

 

 

 

 

 

117,124

 

 

 

13,817,817

 

 

 

12,230,088

 

 

 

0.72

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MXP Prime Platform GmbH (SellerX) (Germany)

 

Warrants to Purchase Preferred Series B Shares

 

 

 

 

 

 

 

 

 

11/23/2028

 

 

135

 

 

 

 

 

 

275,458

 

 

 

0.02

%

 

D/E/H/N

PerchHQ, LLC

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

10/15/2027

 

 

134,500

 

 

 

 

 

 

749,165

 

 

 

0.04

%

 

D/E/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Preferred Series A1 Shares

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

516

 

 

 

 

 

 

1,992,877

 

 

 

0.12

%

 

D/E/H/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Series C Shares

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

158

 

 

 

 

 

 

908,631

 

 

 

0.05

%

 

D/E/H/N

TVG-Edmentum Holdings, LLC

 

Series B-1 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

17,724,660

 

 

 

32,391,197

 

 

 

1.92

%

 

B/E/N

TVG-Edmentum Holdings, LLC

 

Series B-2 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

13,421,162

 

 

 

32,391,197

 

 

 

1.91

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,145,822

 

 

 

68,708,525

 

 

 

4.06

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

26,902,397

 

 

 

26,902,397

 

 

 

56,272,000

 

 

 

3.34

%

 

E/F/N

Conventional Lending TCP Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

17,550,591

 

 

 

17,425,790

 

 

 

16,146,544

 

 

 

0.95

%

 

E/F/I/N

Elevate Brands Holdco, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

3/14/2032

 

 

174,897

 

 

 

 

 

 

84,160

 

 

 

 

 

D/E/N

Elevate Brands Holdco, Inc.

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

3/14/2032

 

 

87,449

 

 

 

 

 

 

67,520

 

 

 

 

 

D/E/N

GACP I, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

460,486

 

 

 

460,486

 

 

 

656,020

 

 

 

0.04

%

 

E/I/N

GACP II, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

4,807,739

 

 

 

4,807,739

 

 

 

4,929,560

 

 

 

0.29

%

 

E/I/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

 

2/11/2031

 

 

34,820

 

 

 

 

 

 

834,635

 

 

 

0.05

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,596,412

 

 

 

78,990,439

 

 

 

4.67

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia Holdings Limited (United Kingdom)

 

Class B Shares

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

 

 

 

 

 

D/E/F/H/N

Conergy Asia Holdings Limited (United Kingdom)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

5,318,860

 

 

 

7,833,333

 

 

 

 

 

 

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

2,332,594

 

 

 

 

 

 

 

 

 

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Series B Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

93,023

 

 

 

1,395,349

 

 

 

 

 

 

 

 

D/E/F/H/N

Utilidata, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

29,094

 

 

 

216,336

 

 

 

13,000

 

 

 

 

 

D/E/N

Utilidata, Inc.

 

Series A-2 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

257,369

 

 

 

153,398

 

 

 

236,000

 

 

 

0.01

%

 

D/E/N

Utilidata, Inc.

 

Series A-1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

500,000

 

 

 

500,000

 

 

 

255,000

 

 

 

0.02

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,098,416

 

 

 

504,000

 

 

 

0.03

%

 

 

Electronic Equipment, Instruments and Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soraa, Inc.

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

8/29/2024

 

 

3,071,860

 

 

 

478,899

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

9/12/2029

 

 

16

 

 

 

275,200

 

 

 

2,687,071

 

 

 

0.16

%

 

D/E/N

26

24


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20222023

Issuer

 

Instrument

 

 

 

 

 

 

 

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

27,214,897

 

 

$

27,214,897

 

 

$

50,541,000

 

 

 

3.03

%

 

E/F/N

Conventional Lending TCP Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

17,800,591

 

 

 

17,675,790

 

 

 

16,376,544

 

 

 

0.98

%

 

E/F/I/N

GACP I, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

351,847

 

 

 

351,847

 

 

 

107,310

 

 

 

0.01

%

 

E/I/N

GACP II, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

3,716,866

 

 

 

3,716,866

 

 

 

3,914,270

 

 

 

0.23

%

 

E/I/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

 

2/11/2031

 

 

34,820

 

 

 

 

 

 

148,681

 

 

 

0.01

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,959,400

 

 

 

71,087,805

 

 

 

4.26

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia Holdings Limited (United Kingdom)

 

Class B Shares

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

 

 

 

 

 

D/E/F/H/N

Conergy Asia Holdings Limited (United Kingdom)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

5,318,860

 

 

 

7,833,333

 

 

 

 

 

 

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

2,332,594

 

 

 

 

 

 

 

 

 

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Series B Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

93,023

 

 

 

1,395,349

 

 

 

 

 

 

 

 

D/E/F/H/N

Utilidata, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

29,094

 

 

 

216,336

 

 

 

 

 

 

 

 

D/E/N

Utilidata, Inc.

 

Series A-2 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

257,369

 

 

 

153,398

 

 

 

34,000

 

 

 

 

 

D/E/N

Utilidata, Inc.

 

Series A-1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

500,000

 

 

 

500,000

 

 

 

2,000

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,098,416

 

 

 

36,000

 

 

 

 

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

9/12/2029

 

 

16

 

 

 

275,200

 

 

 

2,055,657

 

 

 

0.12

%

 

D/E/N

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fishbowl, Inc.

 

Common Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

604,479

 

 

 

787,032

 

 

 

135,403

 

 

 

0.01

%

 

D/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

49,792

 

 

 

1,543,054

 

 

 

512,360

 

 

 

0.03

%

 

D

Foursquare Labs, Inc.

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

5/4/2027

 

 

2,062,500

 

 

 

508,805

 

 

 

713,161

 

 

 

0.04

%

 

D/E/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

8/15/2027

 

 

1,327,869

 

 

 

212,360

 

 

 

3,112,163

 

 

 

0.19

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

9/18/2025

 

 

1,049,996

 

 

 

276,492

 

 

 

2,491,582

 

 

 

0.15

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

10/3/2028

 

 

1,511,002

 

 

 

93,407

 

 

 

1,288,026

 

 

 

0.08

%

 

D/E/H/N

ResearchGate Corporation (Germany)

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

10/30/2029

 

 

333,370

 

 

 

202,001

 

 

 

70,600

 

 

 

 

 

D/E/H/N/O

SuCo Investors, LP (Suited Connector)

 

Warrants to Purchase Class A Units

 

 

 

 

 

 

 

 

 

3/6/2033

 

 

14,337

 

 

 

 

 

 

 

 

 

 

 

D/E/N

SnapLogic, Inc.

 

Warrants to Purchase Series Preferred Stock

 

 

 

 

 

 

 

 

3/19/2028

 

 

1,860,000

 

 

 

377,722

 

 

 

5,300,000

 

 

 

0.32

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,213,841

 

 

 

13,487,892

 

 

 

0.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelis (SVC), LLC

 

Preferred Unit-C

 

 

 

 

 

 

 

 

 

 

 

657,932

 

 

 

2,001,384

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quora, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

4/11/2029

 

 

507,704

 

 

 

65,245

 

 

 

108,334

 

 

 

0.01

%

 

D/E/N

SoundCloud, Ltd. (United Kingdom)

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

4/29/2025

 

 

946,498

 

 

 

79,082

 

 

 

612,069

 

 

 

0.04

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

144,327

 

 

 

720,403

 

 

 

0.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore Investments Holdings, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

16,207

 

 

 

4,177,710

 

 

 

1,799,178

 

 

 

0.11

%

 

B/D/E/N

 

Issuer

 

Instrument

 

 

 

 

 

 

 

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fishbowl, Inc.

 

Common Membership Units

 

 

 

 

 

 

 

 

 

5/27/2027

 

 

604,479

 

 

 

787,032

 

 

 

577,277

 

 

 

0.03

%

 

D/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

49,792

 

 

 

1,543,054

 

 

 

709,038

 

 

 

0.04

%

 

D

FinancialForce.com, Inc.

 

Warrants to Purchase Series C Preferred Stock

 

 

 

 

 

 

 

 

 

1/30/2029

 

 

1,125,000

 

 

 

287,985

 

 

 

528,375

 

 

 

0.03

%

 

D/E/N

Foursquare Labs, Inc.

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

5/4/2027

 

 

2,062,500

 

 

 

508,805

 

 

 

994,321

 

 

 

0.06

%

 

D/E/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

8/15/2027

 

 

1,327,869

 

 

 

212,360

 

 

 

1,718,934

 

 

 

0.10

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

9/18/2025

 

 

1,049,996

 

 

 

276,492

 

 

 

1,438,612

 

 

 

0.09

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

10/3/2028

 

 

1,511,002

 

 

 

93,407

 

 

 

1,712,638

 

 

 

0.10

%

 

D/E/H/N

ResearchGate Corporation (Germany)

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

10/30/2029

 

 

333,370

 

 

 

202,001

 

 

 

73,400

 

 

 

 

 

D/E/H/N/O

SnapLogic, Inc.

 

Warrants to Purchase Series Preferred Stock

 

 

 

 

 

 

 

 

 

3/19/2028

 

 

1,860,000

 

 

 

377,722

 

 

 

4,600,000

 

 

 

0.28

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,501,826

 

 

 

11,775,318

 

 

 

0.70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelis (SVC), LLC

 

Preferred Unit-C

 

 

 

 

 

 

 

 

 

 

 

 

657,932

 

 

 

2,001,384

 

 

 

60,188

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quora, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

4/11/2029

 

 

507,704

 

 

 

65,245

 

 

 

73,257

 

 

 

 

 

D/E/N

SoundCloud, Ltd. (United Kingdom)

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

4/29/2025

 

 

946,498

 

 

 

79,082

 

 

 

616,576

 

 

 

0.04

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

144,327

 

 

 

689,833

 

 

 

0.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore Investments Holdings, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

16,207

 

 

 

4,177,710

 

 

 

2,983,163

 

 

 

0.18

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inotiv, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

14,578

 

 

 

 

 

 

72,015

 

 

 

 

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anacomp, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

1,255,527

 

 

 

26,711,048

 

 

 

552,432

 

 

 

0.03

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nanosys, Inc.

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

3/29/2023

 

 

800,000

 

 

 

605,266

 

 

 

261,441

 

 

 

0.02

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grey Orange International Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

5/6/2032

 

 

5,678

 

 

 

 

 

 

24,075

 

 

 

 

 

D/E/N

Tradeshift, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

3/26/2027

 

 

1,712,930

 

 

 

577,843

 

 

 

619,621

 

 

 

0.04

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

577,843

 

 

 

643,696

 

 

 

0.04

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Holdco, Inc. (Ohio Transmission Corp.)

 

Preferred Stock

 

Fixed

 

 

 

 

 

12.50% PIK

 

 

 

 

7,108

 

 

 

7,926,299

 

 

 

6,752,955

 

 

 

0.40

%

 

E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 25.3% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

156,886,167

 

 

 

189,159,902

 

 

 

11.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 215.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,669,779,921

 

 

$

1,609,587,641

 

 

 

95.13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 11.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

82,435,171

 

 

 

4.87

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 226.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,692,022,812

 

 

 

100.00

%

 

M

27

25


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20222023

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

 

Total
Coupon

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inotiv, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,578

 

 

$

 

 

$

53,501

 

 

 

 

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anacomp, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,255,527

 

 

 

26,711,048

 

 

 

843,074

 

 

 

0.05

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grey Orange International Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

5/6/2032

 

 

7,706

 

 

 

 

 

 

1,541

 

 

 

 

 

D/E/N

Tradeshift, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

3/26/2027

 

 

1,712,930

 

 

 

577,843

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

577,843

 

 

 

1,541

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Holdco, Inc. (Ohio Transmission Corp.)

 

Preferred Stock

 

Fixed

 

 

 

 

12.50

%

 

 

12.50

%

 

 

 

 

7,108

 

 

 

9,005,081

 

 

 

9,014,890

 

 

 

0.54

%

 

E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 24.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

164,714,421

 

 

 

165,750,754

 

 

 

9.94

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 226.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,651,390,013

 

 

$

1,554,941,110

 

 

 

93.27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 16.3% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

112,241,946

 

 

 

6.73

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 242.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,667,183,056

 

 

 

100.00

%

 

M

 

28


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2023

Notes to Consolidated Schedule of Investments:

(A)
Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
(B)
Non-controlled affiliate – as defined under the 1940 Act (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.
(C)
Non-accruing debt investment.
(D)
Other non-income producing investment.
(E)
Restricted security. (See Note 2)
(F)
Controlled issuer – as defined under the 1940 Act (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates.
(G)
Investment has been segregated to collateralize certain unfunded commitments.
(H)
Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(I)
Deemed not an investment company under Section 3(c) of the 1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(J)
Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(K)
Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.
(L)
In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
(M)
All cash and investments, except those referenced in Note G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.
(N)
Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.
(O)
Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to U.S. dollars. Foreign currency denominated investments are generally hedged for currency exposure.

LIBOR or EURIBOR resets monthly (M), quarterly (Q), semiannually (S), or annually (A).

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $338,307,784$226,093,128 and $481,458,510,$218,669,941, respectively, for the year ended December 31, 2022.2023. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of December 31, 20222023 was $1,608,277,251$1,554,293,347 or 95.0%93.2% of total cash and investments of the Company. As of December 31, 2022,2023, approximately 15.7%18.3% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

2629


 

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2023March 31, 2024

 

1. Organization and Nature of Operations

BlackRock TCP Capital Corp. (the “Company”), formerly known as TCP Capital Corp., is a Delaware corporation formed on April 2, 2012 as an externally managed, closed-end, non-diversified management investment company. The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. The Company invests primarily in the debt of middle-market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. Such investments may include an equity component, and, to a lesser extent, the Company may make equity investments directly. The Company was formed through the conversion on April 2, 2012 of the Company’s predecessor, Special Value Continuation Fund, LLC, from a limited liability company to a corporation in a non-taxable transaction, leaving the Company as the surviving entity. On April 3, 2012, the Company completed its initial public offering.

Investment operations are conducted through the Company's wholly-owned subsidiaries, Special Value Continuation Partners LLC, a Delaware limited liability company ("SVCP"), TCPC Funding I, LLC, a Delaware limited liability company (“TCPC Funding”), TCPC Funding II, LLC, a Delaware limited liability company ("TCPC Funding II") and, TCPC SBIC, LP, a Delaware limited partnership (the “SBIC”) and BCIC Merger Sub, LLC, a Delaware limited liability company and wholly-owned subsidiary of SVCP (“Merger Sub”). SVCP was organized as a limited partnership and had elected to be regulated as a BDC under the 1940 Act through July 31, 2018. On August 1, 2018, SVCP withdrew its election to be regulated as a BDC under the 1940 Act and withdrew the registration of its common limited partner interests under Section 12(g) of the Securities Exchange Act of 1934 (the “1934 Act”) and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. The SBIC was organized in June 2013, and, on April 22, 2014, received a license from the United States Small Business Administration (the “SBA”) to operate as a small business investment company under the provisions of Section 301(c) of the Small Business Investment Act of 1958. These consolidated financial statements include the accounts of the Company, SVCP (including effective from the closing (the "Closing") of the Merger (as defined below) on March 18, 2024, the consolidated accounts of Merger Sub), TCPC Funding, TCPC Funding II and the SBIC. All significant intercompany transactions and balances have been eliminated in the consolidation.

The Company has elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. TCPC Funding, TCPC Funding II and the SBIC have elected to be treated as partnerships for U.S. federal income tax purposes. SVCP was treated as a partnership for U.S. federal income tax purposes through August 1, 2018 and upon its conversion to a limited liability company on August 2, 2018 and thereafter is and will be treated as a disregarded entity.

Series H of SVOF/MM, LLC serves as the administrator of the Company (the “Administrator”). The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II, Merger Sub and the SBIC. On August 1, 2018, the Advisor merged with and into a wholly owned subsidiary of BlackRock Capital Investment Advisors, LLC, an indirect wholly owned subsidiary of BlackRock, Inc., with the Advisor as the surviving entity.

Company management consists of the Advisor and the Company’s boardBoard of directorsDirectors (the “Board of Directors”). The Advisor directs and executes the day-to-day operations of the Company, subject to oversight from the Board of Directors, which sets the broad policies of the Company. The Board of Directors of the Company has delegated investment management of SVCP’s assets to the Advisor. The Board of Directors consists of six persons, five of whom are independent.

On September 6, 2023,March 18, 2024, the Company entered into an Agreement and Plancompleted its previously announced acquisition of Merger (the “Merger Agreement”) with BlackRock Capital Investment Corporation, a Delaware corporation (“BCIC”), pursuant to the Amended and Restated Agreement and Plan of Merger (the "Merger Agreement"), dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, LLC, a Delaware limited liability company and indirect wholly-owned subsidiary of the Company (formerly known as Project Spurs Merger Sub, LLC, “Merger Sub”), and solely for the limited purposes set forth therein, (x) BlackRock Capital Investment Advisors, LLC, a Delaware limited liability company and investment advisor to BCIC (“BCIA”), and (y) the AdvisorAdvisor. Pursuant to the Merger Agreement, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company (the "Merger"). The Company’s BoardAs a result of, Directors and the BCIC Board of Directors, including allas of the independent directors of each board, on the recommendation of a special committee comprised solelyeffective time of, the independent directorsMerger, BCIC’s separate corporate existence ceased.

30


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

March 31, 2024

1. Organization and Nature of each respective board, have approved the Merger Agreement and the terms and transactions contemplated thereby. Operations — (continued)

See “Note 12 – Proposed Merger with BlackRock Capital Investment Corporation” for further information regarding the Merger Agreement and the Merger.

27


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2023

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Company has consolidated the results of its wholly owned subsidiaries in its consolidated financial statements in accordance with ASC Topic 946. The following is a summary of the significant accounting policies of the Company.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material.

Investment Valuation

Pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act, the Board of Directors designated the Advisor as the Company’s valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations and has approved policies and procedures adopted by the Advisor to seek to ensure compliance with the requirements of the Rule.

The Company’s investments are generally held by the Company's subsidiaries. Investments are recorded at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in the policies adopted by the Valuation Designee and approved by the Board of Directors. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date.

All investments are valued at least quarterly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Valuation Designee which in the aggregate comprise less than 5% of the assets of the Company. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation. Investments not listed on a recognized exchange or market quotation system, but for which reliable market quotations are readily available are valued using prices provided by a nationally recognized pricing service or by using quotations from broker-dealers.

Investments for which market quotations are either not readily available or are determined to be unreliable are priced at fair value using affirmative valuations performed by independent valuation services approved by the Valuation Designee or, for investments aggregating less than 5% of the total assets of the Company, using valuations determined directly by the Valuation Designee. Such valuations are determined under documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the “Valuation Committee”).

Generally, to increase objectivity in valuing the investments, the Valuation Designee will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Valuation Designee’s valuation is not based on long-term work-out value, immediate liquidation value, nor incremental value for potential changes that may take place in the future. The values assigned to investments are based on available information and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, geopolitical and other events and conditions that may significantly impact the profitability or viability of businesses in which the Company is invested, and therefore may significantly impact the return

31


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

March 31, 2024

2. Summary of Significant Accounting Policies — (continued)

on the Company’s investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5% of the Company’s assets.

28


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2023

2. Summary of Significant Accounting Policies — (continued)

Fair valuations of investments in each asset class are determined using one or more methodologies including market quotations, the market approach, income approach, or, in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Such information may include observed multiples of earnings and/or revenues at which transactions in securities of comparable companies occur, with appropriate adjustments for differences in company size, operations or other factors affecting comparability.

The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The discount rates used for such analyses reflect market yields for comparable investments, considering such factors as relative credit quality, capital structure, and other factors.

In following these approaches, the types of factors that may be taken into account also include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, comparable costs of capital, the principal market in which the investment trades and enterprise values, among other factors.

Investments may be categorized based on the types of inputs used in valuing such investments. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Transfers between levels are recognized as of the beginning of the reporting period.

At September 30, 2023,March 31, 2024, the Company's investments were categorized as follows:

 

Level

 

Basis for Determining Fair Value

 

Bank Debt (1)

 

 

Other
Corporate
Debt
(2)

 

 

Equity
Securities

 

 

Total

 

 

Basis for Determining Fair Value

 

Bank Debt (1)

 

 

Other
Corporate
Debt
(2)

 

 

Equity
Securities

 

 

Total

 

1

 

Quoted prices in active markets for identical
   assets

 

$

 

 

$

 

 

$

533,360

 

 

$

533,360

 

 

Quoted prices in active markets for identical
   assets

 

$

 

 

$

 

 

$

603,628

 

 

$

603,628

 

2

 

Other direct and indirect observable market
   inputs
(3)

 

 

68,098,115

 

 

 

 

 

 

 

 

 

68,098,115

 

 

Other direct and indirect observable market
   inputs
(3)

 

 

30,058,739

 

 

 

 

 

 

 

 

 

30,058,739

 

3

 

Independent third-party valuation sources
   that employ significant unobservable inputs

 

 

1,294,839,963

 

 

 

50,131,437

 

 

 

179,102,635

 

 

 

1,524,074,035

 

 

Independent third-party valuation sources
   that employ significant unobservable inputs

 

 

1,852,766,795

 

 

 

71,542,109

 

 

 

160,570,777

 

 

 

2,084,879,681

 

3

 

Valuation Designee valuations with significant unobservable inputs

 

 

 

 

 

 

 

 

615,208

 

 

 

615,208

 

 

Valuation Designee valuations with significant unobservable inputs

 

 

 

 

 

 

 

 

877,248

 

 

 

877,248

 

Total

 

 

$

1,362,938,078

 

 

$

50,131,437

 

 

$

180,251,203

 

 

$

1,593,320,718

 

 

 

$

1,882,825,534

 

 

$

71,542,109

 

 

$

162,051,653

 

 

$

2,116,419,296

 

 

(1)
Includes senior secured loans
(2)
Includes senior secured notes, unsecured debt and subordinated debt
(3)
For example, quoted prices in inactive markets or quotes for comparable investments

 

2932


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023March 31, 2024

2. Summary of Significant Accounting Policies — (continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of September 30, 2023March 31, 2024 included the following:

 

Asset Type

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Avg.) (1)

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Avg.) (1)

Bank Debt

 

$

1,142,877,601

 

 

Income approach

 

Discount rate

 

10.4% - 25.1% (14.8%)

 

$

1,624,998,146

 

 

Income approach

 

Discount rate

 

9.9% - 27.0% (13.9%)

 

 

60,983,781

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

135,757,853

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 - 7 (1)

 

 

83,377,709

 

 

Market comparable companies

 

Revenue multiples

 

0.6x - 2.0x (1.4x)

 

 

73,215,520

 

 

Market comparable companies

 

Revenue multiples

 

0.5x - 1.9x (1.4x)

 

 

1,324,151

 

 

Market comparable companies

 

EBITDA multiples

 

4.0x (4.0x)

 

 

10,670,165

 

 

Market comparable companies

 

EBITDA multiples

 

3.8x - 10.3x (7.7x)

 

 

4,795,402

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

0.0x - 2.0x (2.0x)

 

 

1,914,398

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

2.2x (2.2x)

 

 

 

 

 

 

Implied volatility

 

20.0% - 65.0% (65.0%)

 

 

 

 

 

 

Implied volatility

 

35.0% (35.0%)

 

 

 

 

 

 

Term

 

1.0 years - 1.5 years (1.5 years)

 

 

 

 

 

 

Term

 

2.1 years (2.1 years)

 

 

1,481,319

 

 

Asset approach (2)

 

N/A

 

N/A

 

 

1,333,246

 

 

Asset approach (2)

 

N/A

 

N/A

 

 

4,877,467

 

 

Transaction approach (3)

 

N/A

 

N/A

Other Corporate Debt

 

 

50,131,437

 

 

Market comparable companies

 

Book value multiples

 

1.6x (1.6x)

 

 

18,680,606

 

 

Income approach

 

Discount rate

 

13.7% - 14.2% (14.1%)

 

 

 

 

Market comparable companies

 

Revenue multiples

 

3.0x (3.0x)

 

 

542,566

 

 

Market comparable companies

 

EBITDA multiples

 

10.3x (10.3x)

 

 

52,318,937

 

 

Market comparable companies

 

Book value multiples

 

1.6x (1.6x)

Equity

 

 

7,092,352

 

 

Income approach

 

Discount rate

 

4.4% - 13.6% (13.5%)

 

 

12,537,625

 

 

Income approach

 

Discount rate

 

13.4 - 14.2% (13.4%)

 

 

17,178,842

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

2.0x - 15.3x (5.4x)

 

 

875,140

 

 

Market comparable companies

 

Revenue multiples

 

1.1x - 3.0x (1.1x)

 

 

 

 

 

 

Implied volatility

 

50.0% - 70.0% (61.8%)

 

 

3,976,105

 

 

Market comparable companies

 

EBITDA multiples

 

3.8x - 10.3x (4.7x)

 

 

 

 

 

 

Term

 

1.0 years - 3.5 years (1.4 years)

 

 

63,477,337

 

 

Market comparable companies

 

Book value multiples

 

0.9x - 1.6x (1.4x)

 

 

13,623,224

 

 

Market comparable companies

 

Revenue multiples

 

0.8x - 6.3x (1.8x)

 

 

66,905,742

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

0.8x - 14.0x (9.1x)

 

 

68,491,009

 

 

Market comparable companies

 

EBITDA multiples

 

4.0x - 13.5x (12.8x)

 

 

 

 

 

 

Implied volatility

 

45.0% - 75.0% (54.1%)

 

 

67,310,852

 

 

Market comparable companies

 

Book value multiples

 

0.9x - 1.6x (1.4x)

 

 

 

 

 

 

Term

 

0.8 years - 4.0 years (2.4 years)

 

 

3,708,950

 

 

Asset approach (3)

 

N/A

 

N/A

 

 

2,055,657

 

 

Transaction approach (3)

 

N/A

 

N/A

 

 

2,312,614

 

 

Transaction approach (4)

 

N/A

 

N/A

 

 

11,620,419

 

 

Asset approach (4)

 

N/A

 

N/A

 

$

1,524,689,243

 

 

 

 

 

 

 

 

$

2,085,756,929

 

 

 

 

 

 

 

 

(1)
Weighted by fair value.
(2)
Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.
(3)
Fair value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date.
(4)
Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.
(4)
Fair value was determined based on the most recently available net asset value of the issuer for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date.

 

3033


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023March 31, 2024

2. Summary of Significant Accounting Policies — (continued)

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:

 

Input

 

Impact to Value if
Input Increases

 

Impact to Value if
Input Decreases

Discount rate

 

Decrease

 

Increase

Revenue multiples

 

Increase

 

Decrease

EBITDA multiples

 

Increase

 

Decrease

Book value multiples

 

Increase

 

Decrease

Implied volatility

 

Increase

 

Decrease

Term

 

Increase

 

Decrease

Yield

 

Increase

 

Decrease

 

Changes in investments categorized as Level 3 during the three months ended September 30, 2023March 31, 2024 were as follows:

 

 

Independent Third-Party Valuation

 

 

Independent Third-Party Valuation

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,261,005,221

 

 

$

69,891,437

 

 

$

188,595,657

 

 

$

1,519,492,315

 

 

$

1,289,587,391

 

 

$

52,318,937

 

 

$

164,340,278

 

 

$

1,506,246,606

 

Net realized and unrealized gains (losses)

 

 

(1,037,535

)

 

 

1,473

 

 

 

(8,541,388

)

 

 

(9,577,450

)

 

 

6,655,628

 

 

 

979,480

 

 

 

(28,688,781

)

 

 

(21,053,673

)

Acquisitions (1)

 

 

92,775,943

 

 

 

238,527

 

 

 

1,211,612

 

 

 

94,226,082

 

 

 

552,406,683

 

 

 

18,243,692

 

 

 

27,682,155

 

 

 

598,332,530

 

Dispositions

 

 

(100,056,206

)

 

 

(20,000,000

)

 

 

(2,163,246

)

 

 

(122,219,452

)

 

 

(20,143,099

)

 

 

 

 

 

(2,762,875

)

 

 

(22,905,974

)

Transfers into Level 3 (2)

 

 

42,152,540

 

 

 

 

 

 

 

 

 

42,152,540

 

 

 

27,512,314

 

 

 

 

 

 

 

 

 

27,512,314

 

Transfers out of Level 3 (3)

 

 

(3,252,122

)

 

 

 

 

 

 

 

 

(3,252,122

)

Ending balance

 

$

1,294,839,963

 

 

$

50,131,437

 

 

$

179,102,635

 

 

$

1,524,074,035

 

 

$

1,852,766,795

 

 

$

71,542,109

 

 

$

160,570,777

 

 

$

2,084,879,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized
appreciation/depreciation during the
period on investments still held at
period end (included in net realized and
unrealized gains/losses, above)

 

$

(98,945

)

 

$

 

 

$

(8,421,386

)

 

$

(8,520,331

)

 

$

(2,531,121

)

 

$

979,480

 

 

$

(28,688,781

)

 

$

(30,240,422

)

 

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of three investments that were transferred from Level 2 due to reduced number of market quotes.

31


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2023

2. Summary of Significant Accounting Policies — (continued)

 

 

Valuation Designee Valuation

 

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

 

 

$

 

 

$

918,924

 

 

$

918,924

 

Net realized and unrealized gains (losses)

 

 

 

 

 

 

 

 

(303,716

)

 

 

(303,716

)

Ending balance

 

$

 

 

$

 

 

$

615,208

 

 

$

615,208

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation/depreciation
during the period on investments still held at
period end (included in net realized and
unrealized gains/losses, above)

 

$

 

 

$

 

 

$

(136,671

)

 

$

(136,671

)

Changes in investments categorized asdiscounts and Level 3 duringinvestments acquired in connection with the nine months ended September 30, 2023 were as follows:

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,258,052,376

 

 

$

68,451,437

 

 

$

187,504,790

 

 

$

1,514,008,603

 

Net realized and unrealized gains (losses)

 

 

(3,416,236

)

 

 

1,373,296

 

 

 

(17,863,231

)

 

 

(19,906,171

)

Acquisitions (1)

 

 

184,413,836

 

 

 

306,704

 

 

 

3,006,600

 

 

 

187,727,140

 

Dispositions

 

 

(160,817,496

)

 

 

(20,000,000

)

 

 

7,074,097

 

 

 

(173,743,399

)

Transfers into Level 3 (2)

 

 

16,607,483

 

 

 

 

 

 

 

 

 

16,607,483

 

Reclassifications within Level 3 (3)

 

 

 

 

 

 

 

 

(619,621

)

 

 

(619,621

)

Ending balance

 

$

1,294,839,963

 

 

$

50,131,437

 

 

$

179,102,635

 

 

$

1,524,074,035

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized
appreciation/depreciation during the
period on investments still held at
period end (included in net realized and
unrealized gains/losses, above)

 

$

(9,501,868

)

 

$

 

 

$

(17,895,662

)

 

$

(27,397,530

)

(1)
Includes payments received in kind and accretion of original issue and market discounts.Merger.
(2)
Comprised of three investments that were transferred from Level 2 due to reduced number of market quotes.
(3)
Comprised of one investment that was reclassifiedtransferred to Valuation Designee Valuation.Level 2 due to increased number of market quotes.

 

3234


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023March 31, 2024

2. Summary of Significant Accounting Policies — (continued)

 

 

Valuation Designee Valuation

 

 

Valuation Designee Valuation

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

531,024

 

 

$

1,415,738

 

 

$

874,061

 

 

$

2,820,823

 

 

$

 

 

$

 

 

$

844,615

 

 

$

844,615

 

Net realized and unrealized gains (losses)

 

 

(1,400

)

 

 

(147,734

)

 

 

(878,474

)

 

 

(1,027,608

)

 

 

 

 

 

 

 

 

32,087

 

 

 

32,087

 

Acquisitions (1)

 

 

1,400

 

 

 

 

 

 

605,266

 

 

 

606,666

 

 

 

 

 

 

 

 

 

546

 

 

 

546

 

Dispositions

 

 

(531,024

)

 

 

(1,268,004

)

 

 

(605,266

)

 

 

(2,404,294

)

Reclassifications within Level 3 (2)

 

 

 

 

 

 

 

 

619,621

 

 

 

619,621

 

Ending balance

 

$

 

 

$

 

 

$

615,208

 

 

$

615,208

 

 

$

 

 

$

 

 

$

877,248

 

 

$

877,248

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized
appreciation/depreciation during the
period on investments still held at
period end (included in net realized and
unrealized gains/losses, above)

 

$

 

 

$

 

 

$

(617,033

)

 

$

(617,033

)

 

$

 

 

$

 

 

$

32,087

 

 

$

32,087

 

 

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of one investment that was reclassified from Independent Third-Party Valuation.discounts and Level 3 investments acquired in connection with the Merger.

 

At December 31, 2022,2023, the Company’s investments were categorized as follows:

 

Level

 

Basis for Determining Fair Value

 

Bank Debt (1)

 

 

Other
Corporate Debt
(2)

 

 

Equity
Securities

 

 

Total

 

 

Basis for Determining Fair Value

 

Bank Debt (1)

 

 

Other
Corporate Debt
(2)

 

 

Equity
Securities

 

 

Total

 

1

 

Quoted prices in active markets for identical
  assets

 

$

 

 

$

 

 

$

781,051

 

 

$

781,051

 

 

Quoted prices in active markets for identical
  assets

 

$

 

 

$

 

 

$

565,860

 

 

$

565,860

 

2

 

Other direct and indirect observable market
  inputs
(3)

 

 

91,977,164

 

 

 

 

 

 

 

 

 

91,977,164

 

 

Other direct and indirect observable market
  inputs
(3)

 

 

47,284,029

 

 

 

 

 

 

 

 

 

47,284,029

 

3

 

Independent third-party valuation sources that
  employ significant unobservable inputs

 

 

1,258,052,376

 

 

 

68,451,437

 

 

 

187,504,790

 

 

 

1,514,008,603

 

 

Independent third-party valuation sources that
  employ significant unobservable inputs

 

 

1,289,587,391

 

 

 

52,318,937

 

 

 

164,340,278

 

 

 

1,506,246,606

 

3

 

Advisor valuations with significant unobservable inputs

 

 

531,024

 

 

 

1,415,738

 

 

 

874,061

 

 

 

2,820,823

 

 

Advisor valuations with significant unobservable inputs

 

 

 

 

 

 

 

 

844,615

 

 

 

844,615

 

Total

 

$

1,350,560,564

 

 

$

69,867,175

 

 

$

189,159,902

 

 

$

1,609,587,641

 

 

$

1,336,871,420

 

 

$

52,318,937

 

 

$

165,750,753

 

 

$

1,554,941,110

 

 

(1)
Includes senior secured loans.
(2)
Includes senior secured notes, unsecured debt and subordinated debt.
(3)
For example, quoted prices in inactive markets or quotes for comparable investments.

 

3335


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023March 31, 2024

2. Summary of Significant Accounting Policies — (continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 20222023 included the following:

 

Asset Type

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Avg.) (1)

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Avg.) (1)

Bank Debt

 

$

1,143,846,175

 

 

Income approach

 

Discount rate

 

9.4% - 19.5% (13.8%)

 

$

1,132,856,927

 

 

Income approach

 

Discount rate

 

9.8% - 29.7% (14.3%)

 

 

82,058,774

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

67,806,880

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

26,289,104

 

 

Market comparable companies

 

Revenue multiples

 

1.0x - 1.4x (1.2x)

 

 

81,471,300

 

 

Market comparable companies

 

Revenue multiples

 

0.6x - 3.3x (1.4x)

 

 

1,324,140

 

 

Market comparable companies

 

EBITDA multiples

 

3.8x (3.8x)

 

 

1,324,151

 

 

Market comparable companies

 

EBITDA multiples

 

3.8x (3.8x)

 

 

5,065,205

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

2.8x (2.8x)

 

 

4,659,545

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

1.9x (1.9x)

 

 

 

 

 

 

Implied volatility

 

20.0% - 65.0% (64.5%)

 

 

 

 

 

 

Implied volatility

 

65.0% (65.0%)

 

 

 

 

 

 

Term

 

1.8 years - 2.3 years (2.2 years)

 

 

 

 

 

 

Term

 

1.3 years (1.3 years)

 

 

1,468,588

 

 

Asset approach (2)

 

N/A

 

N/A

Other Corporate Debt

 

 

25,065,719

 

 

Market comparable companies

 

Book value multiples

 

1.5x (1.5x)

 

 

52,318,937

 

 

Market comparable companies

 

Book value multiples

 

1.6x (1.6x)

 

 

18,320,000

 

 

Income approach

 

Discount rate

 

15.3% (15.3%)

 

 

26,481,456

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

Equity

 

 

6,752,959

 

 

Income approach

 

Discount rate

 

13.9% (13.9%)

 

 

9,014,890

 

 

Income approach

 

Discount rate

 

13.6% (13.6%)

 

 

30,823,071

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

12,886,826

 

 

Market comparable companies

 

Revenue multiples

 

0.6x - 6.0x (1.8x)

 

 

19,060,180

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

2.5x - 12.5x (5.7x)

 

 

53,885,683

 

 

Market comparable companies

 

EBITDA multiples

 

3.8x - 13.4x (12.6x)

 

 

 

 

 

 

Implied volatility

 

40.0% - 70.0% (59.7%)

 

 

66,917,544

 

 

Market comparable companies

 

Book value multiples

 

0.9x - 1.6x (1.4x)

 

 

 

 

 

 

Term

 

0.3 years - 4.3 years (1.4 years)

 

 

16,402,713

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

1.9x - 15.3x (6.4x)

 

 

1,878,874

 

 

Market comparable companies

 

Revenue multiples

 

0.8x - 2.8x (1.3x)

 

 

 

 

 

 

Implied volatility

 

20.0% - 65.0% (57.2%)

 

 

80,651,665

 

 

Market comparable companies

 

EBITDA multiples

 

3.0x - 13.5x (12.0x)

 

 

 

 

 

 

Term

 

0.8 years - 3.5 years (1.2 years)

 

 

44,282,544

 

 

Market comparable companies

 

Book value multiples

 

0.9x - 1.5x (1.3x)

 

 

2,055,657

 

 

Transaction approach (4)

 

N/A

 

N/A

 

 

4,929,560

 

 

Other (2)

 

N/A

 

N/A

 

 

4,021,580

 

 

Asset approach (3)

 

N/A

 

N/A

 

$

1,516,829,426

 

 

 

 

 

 

 

 

$

1,507,091,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Weighted by fair value.
(2)
Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.
(3)
Fair value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date.
(4)
Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

 

 

36

34


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023March 31, 2024

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended September 30, 2022 were as follows:

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,438,536,441

 

 

$

58,521,437

 

 

$

198,860,894

 

 

$

1,695,918,772

 

Net realized and unrealized gains (losses)

 

 

(13,491,383

)

 

 

748,455

 

 

 

15,810,822

 

 

 

3,067,894

 

Acquisitions (1)

 

 

49,367,811

 

 

 

31,546

 

 

 

933,670

 

 

 

50,333,027

 

Dispositions

 

 

(169,380,088

)

 

 

 

 

 

(737,303

)

 

 

(170,117,391

)

Transfers into Level 3 (2)

 

 

23,915,834

 

 

 

 

 

 

 

 

 

23,915,834

 

Ending balance

 

$

1,328,948,615

 

 

$

59,301,438

 

 

$

214,868,083

 

 

$

1,603,118,136

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized
appreciation/depreciation during the
period on investments still held at
period end (included in net realized and
unrealized gains/losses, above)

 

$

(16,643,814

)

 

$

748,455

 

 

$

15,686,630

 

 

$

(208,729

)

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of one investment that was transferred from Level 2 due to reduced number of market quotes.

 

 

Valuation Designee Valuation

 

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

 

 

$

1,415,738

 

 

$

1,564,975

 

 

$

2,980,713

 

Net realized and unrealized gains (losses)

 

 

 

 

 

 

 

 

(287,941

)

 

 

(287,941

)

Ending balance

 

$

 

 

$

1,415,738

 

 

$

1,277,034

 

 

$

2,692,772

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation/depreciation
during the period on investments still held at
period end (included in net realized and
unrealized gains/losses, above)

 

$

 

 

$

 

 

$

(287,941

)

 

$

(287,941

)

35


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2023

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the ninethree months ended September 30, 2022March 31, 2023 were as follows:

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,453,211,129

 

 

$

61,266,010

 

 

$

201,713,142

 

 

$

1,716,190,281

 

Net realized and unrealized gains (losses)

 

 

(41,154,229

)

 

 

(2,080,937

)

 

 

23,675,350

 

 

 

(19,559,816

)

Acquisitions (1)

 

 

260,684,047

 

 

 

116,365

 

 

 

4,371,404

 

 

 

265,171,816

 

Dispositions

 

 

(388,929,966

)

 

 

 

 

 

(14,891,813

)

 

 

(403,821,779

)

Transfers into Level 3 (2)

 

 

45,137,634

 

 

 

 

 

 

 

 

 

45,137,634

 

Ending balance

 

$

1,328,948,615

 

 

$

59,301,438

 

 

$

214,868,083

 

 

$

1,603,118,136

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized
appreciation/depreciation during the
period on investments still held at
period end (included in net realized and
unrealized gains/losses, above)

 

$

(41,203,881

)

 

$

(2,267,875

)

 

$

30,099,207

 

 

$

(13,372,548

)

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,258,052,376

 

 

$

68,451,437

 

 

$

187,504,790

 

 

$

1,514,008,603

 

Net realized and unrealized gains (losses)

 

 

3,018,083

 

 

 

862,966

 

 

 

(4,018,114

)

 

 

(137,065

)

Acquisitions (1)

 

 

74,099,564

 

 

 

37,036

 

 

 

9,928,017

 

 

 

84,064,617

 

Dispositions

 

 

(25,483,646

)

 

 

0

 

 

 

(28,360

)

 

 

(25,512,006

)

Ending balance

 

$

1,309,686,377

 

 

$

69,351,439

 

 

$

193,386,333

 

 

$

1,572,424,149

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized
appreciation/depreciation during the
period on investments still held at
period end (included in net realized and
unrealized gains/losses, above)

 

$

(3,125,051

)

 

$

862,965

 

 

$

(4,016,421

)

 

$

(6,278,507

)

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of two investments that were transferred from Level 2 due to reduced number of market quotes.discounts

 

 

 

Valuation Designee Valuation

 

 

Valuation Designee Valuation

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

 

 

$

2,888,000

 

 

$

2,197,030

 

 

$

5,085,030

 

 

$

531,024

 

 

$

1,415,738

 

 

$

874,061

 

 

$

2,820,823

 

Net realized and unrealized gains (losses)

 

 

 

 

 

(15,342

)

 

 

(731,590

)

 

 

(746,932

)

 

 

(1,400

)

 

 

157,305

 

 

 

(31,323

)

 

 

124,582

 

Acquisitions (1)

 

$

1,400

 

 

$

 

 

$

605,266

 

 

$

606,666

 

Dispositions

 

 

 

 

 

(1,456,920

)

 

 

(188,406

)

 

 

(1,645,326

)

 

 

(531,024

)

 

 

(1,182,099

)

 

 

(605,265

)

 

 

(2,318,388

)

Ending balance

 

$

 

 

$

1,415,738

 

 

$

1,277,034

 

 

$

2,692,772

 

 

$

 

 

$

390,944

 

 

$

842,739

 

 

$

1,233,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized
appreciation/depreciation during the
period on investments still held at
period end (included in net realized and
unrealized gains/losses, above)

 

$

 

 

$

(5,304

)

 

$

(129,646

)

 

$

(134,950

)

 

$

 

 

$

157,304

 

 

$

(375,150

)

 

$

(217,846

)

(1)
Includes payments received in kind and accretion of original issue and market discounts

 

3637


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023

March 31, 2024

2. Summary of Significant Accounting Policies — (continued)

Investment Transactions

Investment transactions are recorded on the trade date, except for private transactions that have conditions to closing, which are recorded on the closing date. The cost of investments purchased is based upon the purchase price plus those professional fees which are specifically identifiable to the investment transaction. Realized gains and losses on investments are recorded based on the specific identification method, which typically allocates the highest cost inventory to the basis of investments sold.

Cash and Cash Equivalents

Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally 60 days or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. There was no restricted cash at September 30, 2023 orMarch 31, 2024 and December 31, 2022.2023.

Restricted Investments

The Company may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted investments is included at the end of the Consolidated Schedule of Investments. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above.

Foreign Currency Investments

The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency denominated investments comprised approximately 0.5%0.4% and 0.5% of total investments at September 30, 2023March 31, 2024 and December 31, 2022,2023, respectively. Such positions were converted at the respective closing foreign exchange rates in effect at September 30, 2023March 31, 2024 and December 31, 20222023 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. government.

37


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2023

2. Summary of Significant Accounting Policies — (continued)Derivatives

Derivatives

In order to mitigate certain currency exchange and interest rate risks, the Company may enter into certain derivative transactions. All derivatives are subject to a master netting agreement and are reported at their gross amounts as either assets or liabilities in the Consolidated Statements of Assets and Liabilities. Transactions entered into are accounted for using the mark-to-market method with the resulting change in fair value recognized in earnings for the current period. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in interest rates and the value of foreign currencies relative to the U.S. dollar. Certain derivatives may also require the Company to pledge assets as collateral to secure its obligations.

Valuations of derivatives are determined using observable market inputs other than quoted prices in active markets for identical assets and, accordingly, are generally classified as Level 2 in the GAAP valuation hierarchy.

Merger Sub entered into a centrally-cleared interest rate swap (the “Interest Rate Swap”) to economically hedge the interest payable on the fixed rate tranche of Merger Sub’s 2025 Notes (as defined below) (see Note 4). The notional amount of the Interest Rate Swap is $35.0 million and matures on June 9, 2025. Under the swap agreement, Merger Sub receives a fixed interest rate of 2.633% and pays a floating interest rate of SOFR with payments due annually.

38


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

March 31, 2024

2. Summary of Significant Accounting Policies — (continued)

Pursuant to the contract, Merger Sub was required to deposit initial margin with the broker in the form of cash and has agreed to receive from or pay to the broker daily variation margin. The amounts related to the right to claim or the obligation to return cash collateral may not be used to offset amounts due under the Interest Rate Swap contract in the normal course of settlement. Both the initial margin and variation margin paid are included as assets within Due from broker on the Consolidated Statement of Assets and Liabilities at March 31, 2024.

Since the swap contract has not been designated as a hedge accounting relationship pursuant to ASC 815, Derivatives and Hedging, changes in the fair value of the swap contract, net of any periodic interest accruals, are presented as part of change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. As of March 31, 2024, the Interest Rate Swap had a fair value of $1.7 million, which is reflected as a liability on the Consolidated Statements of Assets and Liabilities; such fair value is inclusive of any net periodic interest accruals and payments on the contract.

Interest rate swap agreements are valued utilizing quotes received from independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. The fair value of the Interest Rate Swap is classified as Level 2 with respect to the fair value hierarchy.

During the ninethree months ended September 30,March 31, 2023, and 2022, the Company did not enter into any derivative transactions nor hold any derivative positions.

Valuations of derivatives are determined using observable market inputs other than quoted prices in active markets for identical assets and, accordingly, are generally classified as Level 2 in the GAAP valuation hierarchy.

Deferred Debt Issuance Costs

Certain costs incurred in connection with the issuance and/or extension of debt of the Company and its subsidiaries were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Company.

Revenue Recognition

Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.

39


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

March 31, 2024

2. Summary of Significant Accounting Policies — (continued)

Income Taxes

The Company intends to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required. The income or loss of SVCP (including effective from the Closing, the consolidated income or loss of Merger Sub), TCPC Funding, TCPC Funding II and the SBIC is reported in the respective members' or partners’ income tax returns, as applicable. In accordance with ASC Topic 740 - Income Taxes, the Company recognizes in its consolidated financial statements the effect of a tax position when it is determined that such position is more likely than not, based on the technical merits, to be sustained upon examination. The tax returns of the Company, SVCP, TCPC Funding, TCPC Funding II and the SBIC remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the Company as of September 30, 2023,March 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the consolidated financial statements.

38


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2023

2. Summary of Significant Accounting Policies — (continued)

The final tax characterization of distributions is determined after the fiscal year and is reported on Form 1099 and in the Company’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. As of December 31, 2022,2023, the Company had non-expiring capital loss carryforwards in the amount of $176,325,662$206,680,323 available to offset future realized capital gains.

As of December 31, 2022,2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

 

 

December 31, 2023

 

Tax Cost

 

$

1,631,931,217

 

 

 

 

Gross Unrealized Appreciation

 

$

65,463,168

 

Gross Unrealized Depreciation

 

 

(142,453,275

)

Net Unrealized Appreciation (Depreciation)

 

$

(76,990,107

)

On March 18, 2024, the Company completed its previously announced Merger with BCIC. Pursuant to the Merger Agreement, BCIC was merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP. The Merger was considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the acquired BCIC investments for tax purposes. As a result of the Merger, BCIC’s separate existence ceased.

 

 

December 31, 2022

 

Tax basis of investments

 

$

1,656,032,096

 

 

 

 

Unrealized appreciation

 

$

100,832,690

 

Unrealized depreciation

 

 

(147,277,145

)

Net unrealized appreciation (depreciation)

 

$

(46,444,455

)

 

Recent Accounting Pronouncements

In March 2020 and January 2021, the FASB issued ASU No. 2020-04 and ASU No. 2021-01, respectively, “ReferenceReference Rate Reform (Topic 848), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective and can be adopted by all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of adopting ASU 2020-04 on its consolidated financial statements.

40


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

March 31, 2024

2. Summary of Significant Accounting Policies — (continued)

In August 2020, the FASB issued ASU No. 2020-06, “Debt-DebtDebt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, after adoption, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020 and can be adopted on either a fully retrospective or modified retrospective basis. The Company adoptedASU 2020-06 under the modified retrospective basis as of January 1, 2022. The impact of the Company’s adoption under the modified retrospective basis required an adjustment of $0.1 million to opening net assets for the remaining unamortized discount on the convertible senior unsecured notes due March 2022 issued by the Company (the “2022 Convertible Notes,Notes”), an increase to our debt balance in the amount of $0.1 million as a result of the recombination of the equity conversion component of the 2022 Convertible Notes, and $0.1 million lower interest expense on the Consolidated Statements of Operations. The Company’s adoption of this guidance did not have a material impact on the Company’s financial position, results of operations, or cash flows.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Company has concluded that this guidance will not have a material impact on its consolidated financial statements.

 

3941


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023March 31, 2024

3. Management Fees, Incentive Fees and Other Expenses

On February 8, 2019, the stockholdersshareholders of the Company approved an amended investment management agreement to be effective on February 9, 2019 between the Company and the Advisor which (i) reduced the base management fee on total assets (excluding cash and cash equivalents) that exceed an amount equal to 200% of the net asset value of the Company from 1.5%1.50% to 1.0%1.00%, (ii) reduced the incentive compensation on net investment income and net realized gains (reduced by any net unrealized losses) from 20% to 17.5% and (iii) reduced the cumulative total return hurdle from 8% to 7%.

Accordingly, the Company’s base management fee iswas calculated at an annual rate of 1.5%1.50% on total assets (excluding cash and cash equivalents) up to an amount equal to 200% of the net asset value of the Company, and 1.0%1.00% thereafter. The base management fee is calculated on a consolidated basis as of the beginning of each quarter and is payable to the Advisor quarterly in arrears.

In connection with the Merger, the Company and the Advisor entered into an amended and restated investment advisory agreement (the “Amended and Restated Investment Advisory Agreement”) that became effective at the Closing, pursuant to which the Advisor reduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of calculation. Prior to the Closing, the Advisor's base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The base management fee is calculated on a consolidated basis as of the beginning of each quarter and is payable to the Advisor quarterly in arrears.

In connection with the Merger, the Company also entered into a fee waiver agreement with the Advisor (the “Fee Waiver Agreement”). The Fee Waiver Agreement provides that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit (the waiver amount in a given quarter cannot exceed the total advisory fees for such quarter). For the quarter ended March 31, 2024, no advisory fee waiver was required.

Incentive compensation is only incurred to the extent the Company’s cumulative total return (after incentive compensation) exceeds a 7% annual rate on daily weighted-average contributed common equity. Subject to that limitation, incentive compensation is calculated on ordinary income (before incentive compensation) and net realized gains (net of any unrealized depreciation) at rates of 17.5% on income since the fee reduction on February 8, 2019 and 20% previously. Incentive compensation is computed as the difference between incentive compensation earned and incentive compensation paid, subject to the total return hurdle, on a cumulative basis since January 1, 2013, and is payable quarterly in arrears.

In connection with the Merger, the Company and the Advisor agreed that, for the purposes of calculating adjusted net investment income and for purposes of incentive fee calculations under the Amended and Restated Investment Advisory Agreement, any amortization of original issue discount to interest income or any gains and losses resulting solely from accounting adjustments to the cost basis of the BCIC assets acquired in the Merger as required under applicable accounting guidance under ASC 805 will be excluded.

A reserve for incentive compensation is accrued based on the amount of any additional incentive compensation that would have been payable to the Advisor assuming a hypothetical liquidation of the Company at net asset value on the balance sheet date. As of September 30, 2023March 31, 2024 and December 31, 2022,2023, no such reserve was accrued.

The Company bears all expenses incurred in connection with its business, including fees and expenses of outside contracted services, such as custodian, administrative, legal, audit and tax preparation fees, costs of valuing investments, insurance costs, brokers’ and finders’ fees relating to investments, and any other transaction costs associated with the purchase and sale of investments.

 

4042


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023March 31, 2024

4. Debt

Debt is comprised of unsecured notes due August 2024 issued by the Company (the “2024 Notes”), unsecured notes due December 2025 originally issued by BCIC and assumed by Merger Sub (the “2025 Notes”) as of the Closing, unsecured notes due February 2026 issued by the Company (the “2026 Notes”), amounts outstanding under a senior secured revolving, multi-currency credit facility issuedentered into by SVCP (the “Operating Facility”), amounts outstanding under a senior secured revolving credit facility issuedentered into by TCPC Funding II (“Funding Facility II”), amounts outstanding under a senior secured revolving credit facility originally entered into by BCIC and assumed by Merger Sub (“Merger Sub Facility”), and debentures guaranteed by the SBA (the “SBA Debentures”). Prior to being repaid on March 1, 2022, debt included $140.0 million in convertible senior unsecured notes due March 2022 issued by the Company (the "2022 Convertible Notes"). Prior to being repaid on September 17, 2021, debt included $175.0 million in unsecured notes due August 2022 issued by the Company (the "2022 Notes").

Total debt outstanding and available at September 30, 2023March 31, 2024 was as follows:

 

 

Maturity

 

Rate

 

 

Carrying
Value
(1)

 

 

Available

 

 

Total
Capacity

 

 

 

Maturity

 

Rate

 

 

Carrying
Value
(1)

 

 

Available

 

 

Total
Capacity

 

 

Operating Facility

 

2026

 

SOFR+1.75%

(2)

 

$

148,826,611

 

 

$

151,173,389

 

 

$

300,000,000

 

(3)

 

2026

 

SOFR+2.00%

(2)

 

$

167,985,035

 

 

$

132,014,965

 

 

$

300,000,000

 

(3)

Funding Facility II

 

2027

 

SOFR+2.05%

(4)

 

 

100,000,000

 

 

 

100,000,000

 

 

 

200,000,000

 

(5)

 

2027

 

SOFR+2.05%

(4)

 

 

100,000,000

 

 

 

100,000,000

 

 

 

200,000,000

 

(5)

Merger Sub Facility(6)

 

2028

 

SOFR+2.00%

(7)

 

 

221,000,000

 

 

 

44,000,000

 

 

 

265,000,000

 

(8)

SBA Debentures

 

20242031

 

2.52%

(6)

 

 

150,000,000

 

 

 

10,000,000

 

 

 

160,000,000

 

 

 

20242031

 

2.52%

(9)

 

 

150,000,000

 

 

 

10,000,000

 

 

 

160,000,000

 

 

2024 Notes ($250 million par)

 

2024

 

3.900%

 

 

249,443,956

 

 

 

 

 

 

249,443,956

 

 

 

2024

 

3.90%

 

 

249,750,603

 

 

 

 

 

 

249,750,603

 

 

2025 Notes ($92 million par)(6)

 

2025

 

Fixed/Variable

(10)

 

 

92,000,000

 

 

 

 

 

 

92,000,000

 

 

2026 Notes ($325 million par)

 

2026

 

2.850%

 

 

325,887,724

 

 

 

 

 

 

325,887,724

 

 

 

2026

 

2.85%

 

 

325,693,658

 

 

 

 

 

 

325,693,658

 

 

Total leverage

 

 

 

 

 

 

974,158,291

 

 

$

261,173,389

 

 

$

1,235,331,680

 

 

 

 

 

 

 

 

1,306,429,296

 

 

$

286,014,965

 

 

$

1,592,444,261

 

 

Unamortized issuance costs

 

 

 

 

 

 

(3,784,018

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,616,588

)

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

$

970,374,273

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,302,812,708

 

 

 

 

 

 

 

 

 

(1)
Except for the 2024 Notes and the 2026 Notes, all carrying values are the same as the principal amounts outstanding.
(2)
As of September 30, 2023, $139.0March 31, 2024, $160.0 million of the outstanding amount iswas subject to a SOFR credit adjustment of 0.11%. $7.8$8.0 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $2.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%.
(3)
Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.
(4)
Subject to certain funding requirements and a SOFR credit adjustment of 0.15%.
(5)
Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.
(6)
Debt assumed by the Company as a result of the Merger with BCIC.
(7)
The applicable margin for SOFR-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness.
(8)
Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.
(9)
Weighted-average interest rate, excluding fees of 0.35% or 0.36%.
(10)
The 2025 Notes consist of two tranches: $35.0 million aggregate principal amount with a fixed interest rate of 6.85% and $57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14%.

Total debt outstanding and available at December 31, 20222023 was as follows:

 

 

Maturity

 

Rate

 

 

Carrying
Value
(1)

 

 

Available

 

 

Total
Capacity

 

 

 

Maturity

 

Rate

 

 

Carrying
Value
(1)

 

 

Available

 

 

Total
Capacity

 

 

Operating Facility

 

2026

 

L+1.75%

(2)

 

$

123,889,980

 

 

$

176,110,020

 

 

$

300,000,000

 

(3)

 

2026

 

SOFR+2.00%

(2)

 

$

163,168,808

 

 

$

136,831,192

 

 

$

300,000,000

 

(3)

Funding Facility II

 

2025

 

L+2.00%

(4)

 

 

100,000,000

 

 

 

100,000,000

 

 

 

200,000,000

 

(5)

 

2027

 

SOFR+2.05%

(4)

 

 

100,000,000

 

 

 

100,000,000

 

 

 

200,000,000

 

(5)

SBA Debentures

 

20242031

 

2.52%

(6)

 

 

150,000,000

 

 

 

10,000,000

 

 

 

160,000,000

 

 

 

20242031

 

2.52%

(6)

 

 

150,000,000

 

 

 

10,000,000

 

 

 

160,000,000

 

 

2024 Notes ($250 million par)

 

2024

 

3.900%

 

 

248,997,527

 

 

 

 

 

 

248,997,527

 

 

 

2024

 

3.90%

 

 

249,596,009

 

 

 

 

 

 

249,596,009

 

 

2026 Notes ($325 million par)

 

2026

 

2.850%

 

 

326,174,734

 

 

 

 

 

 

326,174,734

 

 

 

2026

 

2.85%

 

 

325,791,013

 

 

 

 

 

 

325,791,013

 

 

Total leverage

 

 

 

 

 

 

949,062,241

 

 

$

286,110,020

 

 

$

1,235,172,261

 

 

 

 

 

 

 

 

988,555,830

 

 

$

246,831,192

 

 

$

1,235,387,022

 

 

Unamortized issuance costs

 

 

 

 

 

 

(5,056,427

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,355,221

)

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

$

944,005,814

 

 

 

 

 

 

 

 

 

 

 

 

 

$

985,200,609

 

 

 

 

 

 

 

 

43


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

March 31, 2024

4. Debt — (continued)

 

(1)
Except for the 2024 Notes and the 2026 Notes, all carrying values are the same as the principal amounts outstanding.
(2)
As of December 31, 2022, $7.92023, $155.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.11%. $8.2 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $16.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%.
(3)
Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.
(4)
Subject to certain funding requirements and a SOFR credit adjustment of 0.15%.
(5)
Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.
(6)
Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

 

41


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2023

4. Debt — (continued)

The combined weighted-average interest rates on total debt outstanding at September 30, 2023March 31, 2024 and December 31, 20222023 were 4.24%5.08% and 3.90%4.29%, respectively.

Total expenses related to debt included the following:

 

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

Interest expense

 

$

33,163,104

 

 

$

26,008,014

 

Amortization of deferred debt issuance costs

 

 

2,219,197

 

 

 

2,282,999

 

Commitment fees

 

 

589,037

 

 

 

591,367

 

Total

 

$

35,971,338

 

 

$

28,882,380

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Interest expense

 

$

12,151,028

 

 

$

10,626,322

 

Amortization of deferred debt issuance costs

 

 

854,100

 

 

 

712,804

 

Commitment fees

 

 

225,096

 

 

 

210,045

 

Total

 

$

13,230,224

 

 

$

11,549,171

 

 

Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of September 30,March 31, 2024, the estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures approximated their carrying values, the estimated fair value of the Merger Sub Facility was $204.4 million, and the 2024 Notes, the 2025 Notes and the 2026 Notes had estimated fair values of $247.7 million, $92.1 million and $304.6 million, respectively. As of December 31, 2023, the estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures approximated their carrying values, and the 2024 Notes and the 2026 Notes had estimated fair values of $242.8$246.0 million and $292.6 million, respectively. As of December 31, 2022, the estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures approximated their carrying values, and the 2024 Notes and the 2026 Notes had estimated fair values of $238.7 million and $290.1$303.9 million, respectively. The estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures were determined by discounting projected remaining payments using market interest rates for borrowings of the Company and entities with similar credit risks at the measurement date. The estimated fair value of the Merger Sub Facility was derived by taking the average of the high and low quotes as obtained from a broker. The estimated fair values of the 2024 Notes and 2026 Notes were determined using market quotations.quotations, and the estimated fair value of the 2025 Notes was derived by an independent valuation firm. The estimated fair values of the Operating Facility, Funding Facility II, the 2024 Notes, the 2026 Notes, the 2025 Notes and the SBA Debentures as prepared for disclosure purposes were deemed to be Level 3 in the GAAP valuation hierarchy. The estimated fair value of the Merger Sub Facility as prepared for disclosure purposes was deemed to be Level 2 in the GAAP valuation hierarchy.

Convertible Unsecured Notes

On August 30, 2016, the Company issued $140.0 million of convertible senior unsecured notes, which matured on March 1, 2022. The 2022 Convertible Notes were general unsecured obligations of the Company, and ranked structurally junior to the Operating Facility, Funding Facility II and the SBA Debentures. The Company did not have the right to redeem the 2022 Convertible Notes prior to maturity. The 2022 Convertible Notes bore interest at an annual rate of 4.625%, paid semi-annually. In certain circumstances, the 2022 Convertible Notes could have been converted into cash, shares of the Company’s common stock or a combination of cash and shares of common stock (such combination to be at the Company’s election), at an initial conversion rate of 54.5019 shares of common stock per one thousand dollar principal amount of the 2022 Convertible Notes, which is equivalent to an initial conversion price of approximately $18.35 per share of common stock, subject to customary anti-dilutional adjustments. The initial conversion price was approximately 10.0% above the $16.68 per share closing price of the Company’s common stock on August 30, 2016. Prior to its maturity on March 1, 2022, the principal amount of the 2022 Convertible Notes exceeded the value of the conversion rate multiplied by the per share closing price of the Company’s common stock. Therefore, no additional shares were added to the calculation of diluted earnings per common share and weighted average common shares outstanding.

The 2022 Convertible Notes were accounted for in accordance with ASC Topic 470-20 – Debt with Conversion and Other Options. Upon conversion of any of the 2022 Convertible Notes, the Company intended to pay the outstanding principal amount in cash and, to the extent that the conversion value exceeds the principal amount, had the option to pay the excess amount in cash or shares of the Company’s common stock (or a combination of cash and shares), subject to the requirements of the respective indenture.

44


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

March 31, 2024

4. Debt — (continued)

Prior to the adoption of ASU 2020-06, the Company had determined that the embedded conversion options in 2022 Convertible Notes were not required to be separately accounted for as derivatives under GAAP. At the time of issuance the estimated values of the debt and equity components of the 2022 Convertible Notes were approximately 97.6% and 2.4%, respectively. During the year ended December 31, 2022, the Company adopted ASU 2020-06 using the modified retrospective basis. In accordance with this guidance, the Company recombined the equity conversion component of our 2022 Convertible Notes outstanding, and accounted for the 2022 Convertible Notes as a single liability measured at amortized cost. This resulted in a cumulative decrease to additional paid in capital of $3.3 million, partially offset by a decrease to accumulated loss of $3.2 million as of January 1, 2022 (see Note 2).

Prior to the close of business on the business day immediately preceding September 1, 2021, holders were permitted to convert their 2022 Convertible Notes only under certain circumstances set forth in the indenture governing the terms of the 2022 Convertible Notes. On or after September 1, 2021 until the close of business on the scheduled trading day immediately preceding March 1, 2022, holders may have converted their 2022 Convertible Notes at any time. Upon conversion, the Company would pay or deliver, as the case may be, at its election, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, subject to the requirements of the indenture. No notes were converted prior to the notes maturing on March 1, 2022.

42


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2023

4. Debt — (continued)

The original issue discounts equal to the equity components of the 2022 Convertible Notes were recorded in “paid-in capital in excess of par” in the accompanying Consolidated Statements of Assets and Liabilities. As a result, the Company records interest expense comprised of both stated interest and amortization of the original issue discounts. At the time of issuance, the equity components of the 2022 Convertible Notes were $3.3 million. As of September 30, 2023 and December 31, 2022, the components of the carrying values of the 2022 Convertible Notes were $0.0.

For the nine months ended September 30, 2023 and 2022, the components of interest expense for the convertible notes were as follows:

 

 

Nine Months Ended September 30,

 

 

2023

 

2022

 

Stated interest expense

 

NA

 

$

1,079,167

 

Amortization of original issue discount

 

NA

 

 

 

Total interest expense

 

NA

 

$

1,079,167

 

The estimated effective interest rate of the debt component of the 2022 Convertible Notes, equal to the stated interest of 4.625% plus the accretion of the original issue discount, was approximately 5.125% for the year ended December 31, 2022. The Company adopted ASU 2020-06 under the modified retrospective basis as of January 1, 2022. As a result of the adoption, the Company has not recognized any amortization of original discount on the 2022 Convertible Notes during the year ended December 31, 2022 (see Note 2).

 

Unsecured Notes

On August 4, 2017, the Company issued $125.0 million of unsecured notes with a maturity date of August 11, 2022, unless previously repurchased or redeemed in accordance with their terms. On November 3, 2017, the Company issued an additional $50.0 million of the 2022 Notes. The 2022 Notes bore interest at an annual rate of 4.125%, payable semi-annually, and all principal were due upon maturity. The 2022 Notes were general unsecured obligations of the Company and ranked structurally junior to the Operating Facility, Funding Facility I, Funding Facility II and the SBA Debentures, and ranked pari passu with the 2022 Convertible Notes, the 2024 Notes and the 2026 Notes.

On September 17, 2021 and pursuant to the indenture governing the 2022 Notes, the Company redeemed all $175.0 million of the 2022 Notes then outstanding at a price equal to par plus a "make whole" premium, and accrued and unpaid interest. In connection with the redemption, the Company recognized a $6.2 million loss on extinguishment of debt as reflected in the Consolidated Statement of Operations.

On August 23, 2019, the Company issued $150.0 million of unsecured notes that mature on August 23, 2024, unless previously repurchased or redeemed in accordance with their terms. On November 26, 2019, the Company issued an additional $50.0 million of the 2024 Notes and on October 2, 2020, the Company issued an additional $50.0 million of the 2024 Notes for a total outstanding aggregate principal amount of $250.0 million. The 2024 Notes bear interest at an annual rate of 3.900%, payable semi-annually, and all principal is due upon maturity. The 2024 Notes are general unsecured obligations of the Company and rank structurally junior to the Operating Facility, Funding Facility I, Funding Facility II and the SBA Debentures, and rank pari passu with the 2026 Notes. The 2024 Notes may be redeemed in whole or part at the Company's option at a redemption price equal to par plus a "make whole" premium, as determined pursuant to the indenture governing the 2024 Notes, and any accrued and unpaid interest. The 2024 Notes were issued at a discount to the principal amount.

43


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2023

4. Debt — (continued)

On February 9, 2021, the Company issued $175.0 million of unsecured notes that mature on February 9, 2026, unless previously repurchased or redeemed in accordance with their terms. The 2026 Notes were issued at a discount to the principal amount. On August 27, 2021, the Company issued an additional $150.0 million of the 2026 Notes, at a premium to par, for a total outstanding aggregate principal amount of $325.0 million. The 2026 Notes bear interest at an annual rate of 2.850%, payable semi-annually, and all principal is due upon maturity. The 2026 Notes are general unsecured obligations of the Company and rank structurally junior to the Operating Facility, Funding Facility I, Funding Facility II and the SBA Debentures, and rank pari passu with the 2024 Notes. The 2026 Notes may be redeemed in whole or part at the Company's option at a redemption price equal to par plus a "make whole" premium, as determined pursuant to the indenture governing the 2026 Notes, and any accrued and unpaid interest.

As of September 30, 2023 and December 31, 2022, the componentsOn March 18, 2024, Merger Sub entered into an assumption agreement (the “Note Assumption Agreement”), effective as of the carrying valueClosing. The Note Assumption Agreement relates to Merger Sub’s assumption of (a) $35.0 million aggregate principal amount of BCIC’s 6.85% Series 2022A Senior Notes, Tranche A, due December 9, 2025 (the “Tranche A Notes”) and (b) $57.0 million aggregate principal amount of BCIC’s Floating Rate Series 2022A Senior Notes, Tranche B due December 9, 2025 (the “Tranche B Notes” and, collectively with the Tranche A Notes, the “2025 Notes”) and other obligations of BCIC under the Master Note Purchase Agreement, dated as of April 21, 2022 (as amended by the First Amendment to the Master Note Purchase Agreement, dated as of March 13, 2024 Notes(the “First Amendment”), and 2026 Notes were as follows:further amended, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”), among BCIC and certain institutional investors.

Pursuant to the Note Assumption Agreement, Merger Sub expressly assumed on behalf of BCIC the due and punctual payment of the principal of (and premium, if any) and interest on all the 2025 Notes outstanding, and the due and punctual performance and observance of every covenant and every condition of the Note Purchase Agreement and the 2025 Notes, to be performed or observed by BCIC.

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

2024 Notes

 

 

2026 Notes

 

 

2024 Notes

 

 

2026 Notes

 

Principal amount of debt

 

$

250,000,000

 

 

$

325,000,000

 

 

$

250,000,000

 

 

$

325,000,000

 

Original issue (discount)/ premium, net of accretion

 

 

(556,044

)

 

 

887,724

 

 

 

(1,002,473

)

 

 

1,174,734

 

Carrying value of debt

 

$

249,443,956

 

 

$

325,887,724

 

 

$

248,997,527

 

 

$

326,174,734

 

45

For the nine months ended September 30, 2023 and 2022, the components of interest expense for the 2024 Notes and 2026 Notes were as follows:

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2024 Notes

 

 

2026 Notes

 

 

2024 Notes

 

 

2026 Notes

 

Stated interest expense

 

$

7,312,499

 

 

$

6,946,875

 

 

$

4,875,000

 

 

$

4,631,250

 

Amortization of original issue discount/ (premium)

 

 

446,428

 

 

 

(287,008

)

 

 

284,225

 

 

 

(186,504

)

Total interest expense

 

$

7,758,927

 

 

$

6,659,867

 

 

$

5,159,225

 

 

$

4,444,746

 

44


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30,March 31, 2024

4. Debt — (continued)

The Tranche A Notes bear interest at a fixed rate equal to 6.85% per annum (which was increased from 5.82% per annum effective as of the Closing) that is payable semi-annually. The Tranche B Notes bear interest at a rate equal to the SOFR plus 3.14% that is payable quarterly. The 2025 Notes will be due on December 9, 2025 unless redeemed, purchased or prepaid prior to such date by Merger Sub or its affiliates in accordance with their terms. Merger Sub may prepay the 2025 Notes at its option, subject to a prepayment premium, in an amount equal to 1% on or before June 9, 2024, 0.5% after June 9, 2024 but on or before June 9, 2025 and zero after June 9, 2025. In addition, Merger Sub will be obligated to offer to repay the 2025 Notes at par if certain change in control events occur.

As of March 31, 2024 and December 31, 2023, the components of the carrying value of 2024 Notes, 2025 Notes and 2026 Notes were as follows:

 

 

 

March 31, 2024

 

 

December 31, 2023

 

 

 

2024 Notes

 

 

2025 Notes

 

 

2026 Notes

 

 

2024 Notes

 

 

2025 Notes

 

2026 Notes

 

Principal amount of debt

 

$

250,000,000

 

 

$

92,000,000

 

 

$

325,000,000

 

 

$

250,000,000

 

 

N/A

 

$

325,000,000

 

Original issue (discount)/ premium, net of accretion

 

 

(249,397

)

 

 

 

 

 

693,658

 

 

 

(403,991

)

 

N/A

 

 

791,013

 

Carrying value of debt

 

$

249,750,603

 

 

$

92,000,000

 

 

$

325,693,658

 

 

$

249,596,009

 

 

N/A

 

$

325,791,013

 

For the three months ended March 31, 2024 and 2023, the components of interest expense for the 2024 Notes, 2025 Notes and 2026 Notes were as follows:

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

2024 Notes

 

 

2025 Notes

 

 

2026 Notes

 

 

2024 Notes

 

 

2025 Notes

 

2026 Notes

 

Stated interest expense

 

$

2,437,500

 

 

$

313,711

 

 

$

2,315,625

 

 

$

2,437,500

 

 

N/A

 

$

2,315,625

 

Amortization of original issue discount/ (premium)

 

 

154,594

 

 

 

 

 

 

(97,356

)

 

 

147,206

 

 

N/A

 

 

(95,151

)

Total interest expense

 

$

2,592,094

 

 

$

313,711

 

 

$

2,218,269

 

 

$

2,584,706

 

 

N/A

 

$

2,220,474

 

46


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

March 31, 2024

4. Debt — (continued)

Operating Facility

The Operating Facility consists of a revolving, multi-currency credit facility which provides for amounts to be drawn up to $300.0 million, subject to certain collateral and other restrictions. The Operating Facility includes a $100.0 million accordion feature which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions. Most of the cash and investments held directly by SVCP, as well as the net assets of TCPC Funding, TCPC Funding II and the SBIC, are included in the collateral for the facility.

On June 22, 2021, the Operating Facility was amended to (i) extend the maturity date by two years from May 6, 2024 to May 6, 2026, (ii) change the interest rate applicable to borrowings to (a) LIBOR plus an applicable margin equal to either 1.75% or 2.00%, or (b) in the case of ABR borrowings, generally the prime rate in effect plus an applicable margin of either 0.75% or 1.00% depending on a ratio of the borrowing base to the facility commitments in both cases, and (iii) reduce commitment fees on the undrawn portion of the Operating Facility above the minimum utilization amount from 0.50% per annum to 0.375% per annum. Undrawn portions of the Operating Facility below the minimum utilization amount continued to accrue commitment fees at a rate of 0.50% per annum until March 1, 2022, the date on which the March 2022 Convertible Notes were terminated in full, after which time they accrue at a rate of 2.00% per annum.

On June 15, 2023, the Operating Facility was amended to update the terms of the interest rate from LIBOR to SOFR plus a credit spread adjustment of 0.11%, plus a margin equal to either 1.75% or 2.00%, depending on a ratio of the borrowing base to the facility commitments. The Operating Facility may be terminated, and any outstanding amounts there under may become due and payable, should SVCP fail to satisfy certain financial or other covenants. As of September 30, 2023,March 31, 2024, SVCP was in full compliance with such covenants.

Funding Facility I

Funding Facility I was a senior secured revolving credit facility which provided for amounts to be drawn up to $300.0 million, subject to certain collateral and other restrictions and had a maturity of May 31, 2023. Borrowings under Funding Facility I bore interest at a rate of LIBOR plus either 2.00% or 2.35% per annum, subject to certain funding requirements, plus an administrative fee of 0.25% per annum. In addition to amounts due on outstanding debt, the facility accrued commitment fees of 0.25% per annum on the unused portion of the facility, or 0.50% per annum when the unused portion is greater than 33% of the total facility, plus an administrative fee of 0.25% per annum. The facility was terminated in August 2020 and replaced with Funding Facility II.

Funding Facility II

Funding Facility II is a senior secured revolving credit facility which provides for amounts to be drawn up to $200.0 million, subject to certain collateral and other restrictions. The facility contains an accordion feature which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions. The cash and investments of TCPC Funding II are included in the collateral for the facility.

Borrowings under Funding Facility II bore interest at a rate of LIBOR plus 2.00% per annum, subject to certain funding requirements, plus a 0.35% fee on drawn amounts and an administrativeagency fee of 0.15% per annum on the facility. The facility also accrued commitment fees of 0.35% per annum on the unused portion of the facility.

Since February 28, 2023, borrowings under Funding Facility II bore interest at a rate of SOFR plus a credit spread adjustment of 0.15%, plus a margin of 2.00% per annum, which is subject to increase after the end of the revolving period or under other customary circumstances. The facility also accrues a 0.35% fee on drawn amounts and an administrativeagency fee of 0.15% per annum on the facility. The facility also accrues commitment fees of 0.35% per annum on the unused portion of the facility.

On August 4, 2023, the Funding Facility II was amended to extend the maturity date from August 4, 2025 to August 4, 2027, and updated interest to a rate of SOFR plus a credit spread adjustment of 0.15%, plus a margin of 2.05%. The facility may be terminated, and any outstanding amounts thereunder may become due and payable, should TCPC Funding II fail to satisfy certain financial or other covenants. As of September 30, 2023,March 31, 2024, TCPC Funding II was in full compliance with such covenants.

4547


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023March 31, 2024

4. Debt — (continued)

Merger Sub Facility

On March 18, 2024, Merger Sub entered into an assumption agreement (the “Credit Assumption Agreement”), effective as of the Closing. The Credit Assumption Agreement relates to Merger Sub’s assumption of that certain Second Amended and Restated Senior Secured Revolving Credit Agreement, originally entered into on February 19, 2016, as amended as of August 8, 2016, June 5, 2017, March 15, 2018, August 30, 2019, May 22, 2020, April 23, 2021, April 26, 2023 and September 6, 2023 (as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Merger Sub Facility"), by and among BCIC (the "Initial Borrower"), Citibank, N.A., as administrative agent and the other parties thereto. The Merger Sub Facility provides for amounts to be drawn up to $265.0 million, by which Merger Sub may seek an increase in the commitments to $325.0 million in the aggregate (subject to satisfaction of certain conditions, including obtaining commitments). The Merger Sub Facility matures on September 6, 2028. Amounts outstanding under the Merger Sub Facility bear interest at a rate based on, at Merger Sub’s election, (i) in the case of ABR loans, a base reference rate equal to the highest of (a) the federal funds effective rate plus 0.50%, (b) the "Prime Rate" in effect on such day and (c) the adjusted term SOFR rate plus 1.00%, plus a margin ranging from 0.75% to 1.00% per annum, in the case of ABR loans, and 1.75% to 2.00% per annum, in the case of eurocurrency loans or SOFR loans, (ii) in the case of eurocurrency loans, a rate per annum equal to the adjusted CDOR rate or the adjusted EURIBOR rate, for loans denominated in Canadian dollars or in euros, respectively, plus, in either case, the Applicable Margin (as defined in the Merger Sub Facility) or (iii) in the case of SOFR loans, a rate per annum equal to the adjusted term SOFR rate plus the Applicable Margin. The Merger Sub Facility is secured by all of the assets held by Merger Sub as successor to BCIC.

SBA Debentures

As of September 30, 2023,March 31, 2024, the SBIC is able to issue up to $160.0 million in SBA Debentures, subject to funded regulatory capital and other customary regulatory requirements. As of September 30, 2023,March 31, 2024, SVCP had committed $87.5 million of regulatory capital to the SBIC, all of which had been funded. SBA Debentures are non-recourse and may be prepaid at any time without penalty. Once drawn, the SBIC debentures bear an interim interest rate of LIBORSOFR plus 30 basis points. The rate then becomes fixed at the time of SBA pooling, which occurs twice each year, and is set to the then-current 10-year treasury rate plus a spread and an annual SBA charge.

SBA Debentures outstanding as of September 30, 2023March 31, 2024 and December 31, 20222023 were as follows:

Issuance Date

 

Maturity

 

Debenture
Amount

 

 

Fixed
Interest
Rate

 

 

SBA
Annual
Charge

 

September 24, 2014

 

September 1, 2024

 

$

18,500,000

 

 

 

3.02

%

 

 

0.36

%

March 25, 2015

 

March 1, 2025

 

 

9,500,000

 

 

 

2.52

%

 

 

0.36

%

September 23, 2015

 

September 1, 2025

 

 

10,800,000

 

 

 

2.83

%

 

 

0.36

%

March 23, 2016

 

March 1, 2026

 

 

4,000,000

 

 

 

2.51

%

 

 

0.36

%

September 21, 2016

 

September 1, 2026

 

 

18,200,000

 

 

 

2.05

%

 

 

0.36

%

September 20, 2017

 

September 1, 2027

 

 

14,000,000

 

 

 

2.52

%

 

 

0.36

%

March 21, 2018

 

March 1, 2028

 

 

8,000,000

 

 

 

3.19

%

 

 

0.35

%

September 19, 2018

 

September 1, 2028

 

 

15,000,000

 

 

 

3.55

%

 

 

0.35

%

September 25, 2019

 

September 1, 2029

 

 

40,000,000

 

 

 

2.28

%

 

 

0.35

%

September 22, 2021

 

September 1, 2031

 

 

12,000,000

 

 

 

1.30

%

 

 

0.35

%

 

 

 

 

$

150,000,000

 

 

 

2.52

%

*

 

 

 

* Weighted-average interest rate

48


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

March 31, 2024

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk

SVCP, TCPC Funding, TCPC Funding II, Merger Sub and the SBIC conduct business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the San Francisco area.area and in New York.

In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the custodian. These activities may expose the Company to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Company, SVCP, TCPC Funding, TCPC Funding II, Merger Sub and the SBIC enter into contracts that contain a variety of indemnifications, and are engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote.

46


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2023

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)

The Consolidated Schedules of Investments include certain revolving loan facilities and other commitments with unfunded balances at September 30, 2023March 31, 2024 and December 31, 20222023 as follows:

 

 

 

 

Unfunded Balances

 

Issuer

 

Maturity

 

September 30, 2023

 

 

December 31, 2022

 

2-10 Holdco, Inc.

 

3/26/2026

 

$

723,670

 

 

$

723,670

 

Accordion Partners LLC

 

8/31/2028

 

 

111,925

 

 

 

278,571

 

Accordion Partners LLC

 

8/31/2028

 

N/A

 

 

 

123,810

 

Acquia, Inc.

 

10/31/2025

 

 

960,792

 

 

 

779,225

 

Alcami Corporation

 

12/21/2028

 

 

546,266

 

 

 

1,420,290

 

Alcami Corporation

 

12/21/2028

 

 

874,025

 

 

N/A

 

Alpine Acquisition Corp II (48Forty)

 

11/30/2026

 

 

107,443

 

 

 

179,071

 

AmeriLife Holdings, LLC

 

8/31/2029

 

 

151,515

 

 

 

151,515

 

AmeriLife Holdings, LLC

 

8/31/2028

 

 

189,394

 

 

 

227,273

 

Applause App Quality, Inc.

 

9/20/2025

 

 

1,133,535

 

 

 

1,133,535

 

Appriss Health, LLC (PatientPing)

 

5/6/2027

 

 

544,531

 

 

 

544,531

 

Aras Corporation

 

4/13/2027

 

 

232,622

 

 

 

581,555

 

Avalara, Inc.

 

10/19/2028

 

 

45,000

 

 

 

45,000

 

Backoffice Associates Holdings, LLC (Syniti)

 

4/30/2026

 

 

428,647

 

 

 

360,063

 

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

5/9/2028

 

 

1,067,828

 

 

N/A

 

Blackbird Purchaser, Inc. (Ohio Transmission Corp.)

 

4/8/2027

 

N/A

 

 

 

3,384,549

 

Bluefin Holding, LLC

 

9/12/2029

 

 

89,744

 

 

N/A

 

Bynder Bidco B.V. (Netherlands)

 

1/26/2029

 

 

882,000

 

 

N/A

 

Bynder Bidco, Inc. (Netherlands)

 

1/26/2029

 

 

243,000

 

 

N/A

 

CareATC, Inc.

 

3/14/2026

 

 

607,288

 

 

N/A

 

Certify, Inc.

 

2/28/2024

 

N/A

 

 

 

797,158

 

CSG Buyer, Inc. (Core States)

 

3/31/2028

 

 

2,921,166

 

 

 

4,381,748

 

CSG Buyer, Inc. (Core States)

 

3/31/2028

 

 

1,460,583

 

 

N/A

 

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

9/8/2027

 

 

277,778

 

 

 

397,558

 

Disco Parent, Inc. (Duck Creek Technologies)

 

3/30/2029

 

 

90,909

 

 

N/A

 

Elevate Brands OpCo, LLC

 

3/15/2027

 

N/A

 

 

 

16,000,000

 

e-Discovery AcquireCo, LLC

 

8/29/2029

 

 

83,333

 

 

N/A

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

12/29/2026

 

 

824,999

 

 

 

998,683

 

ESO Solutions, Inc.

 

5/3/2027

 

 

700,111

 

 

 

1,750,277

 

Freedom Financial Network Funding, LLC

 

9/21/2027

 

N/A

 

 

 

2,500,000

 

Fusion Holding Corp. (Finalsite)

 

9/15/2027

 

 

37,736

 

 

N/A

 

Fusion Risk Management, Inc.

 

5/22/2029

 

 

107,143

 

 

 

37,736

 

Fusion Risk Management, Inc.

 

5/22/2029

 

N/A

 

 

 

35,870

 

GC Champion Acquisition LLC (Numerix)

 

8/21/2028

 

N/A

 

 

 

193,947

 

Grey Orange Incorporated

 

5/6/2026

 

N/A

 

 

 

1,676,151

 

Greystone Select Company II, LLC (Passco)

 

3/21/2027

 

N/A

 

 

 

11,818,182

 

GTY Technology Holdings Inc.

 

7/9/2029

 

 

46,154

 

 

 

46,154

 

Homerenew Buyer, Inc. (Project Dream)

 

11/23/2027

 

 

68,166

 

 

 

2,095,944

 

Homerenew Buyer, Inc. (Project Dream)

 

11/23/2027

 

 

69,930

 

 

N/A

 

ICIMS, Inc.

 

8/18/2028

 

 

981,259

 

 

 

1,503,556

 

ICIMS, Inc.

 

8/18/2028

 

 

330,556

 

 

N/A

 

Integrate.com, Inc. (Infinity Data, Inc.)

 

12/17/2027

 

 

416,667

 

 

 

1,000,000

 

Integrate.com, Inc. (Infinity Data, Inc.)

 

12/17/2027

 

 

333,333

 

 

N/A

 

Integrity Marketing Acquisition, LLC

 

8/19/2026

 

 

10,254,564

 

 

 

10,254,564

 

IT Parent, LLC (Insurance Technologies)

 

10/1/2026

 

 

62,500

 

 

 

166,667

 

James Perse Enterprises, Inc.

 

9/8/2027

 

 

1,944,444

 

 

 

1,944,444

 

Kaseya, Inc.

 

6/25/2029

 

 

93,900

 

 

 

200,000

 

Kaseya, Inc.

 

6/25/2029

 

 

75,000

 

 

N/A

 

Khoros, LLC (Lithium)

 

1/3/2024

 

 

113,807

 

 

 

991,682

 

Khoros, LLC (Lithium)

 

1/3/2024

 

 

382,034

 

 

N/A

 

LJ Avalon Holdings, LLC (Ardurra)

 

2/1/2030

 

 

1,797,520

 

 

N/A

 

LJ Avalon Holdings, LLC (Ardurra)

 

2/1/2029

 

 

837,679

 

 

N/A

 

Lucky US BuyerCo, LLC (Global Payments)

 

3/30/2029

 

 

277,917

 

 

N/A

 

Madison Logic Holdings, Inc.

 

12/30/2027

 

 

1,069,947

 

 

 

1,069,947

 

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

6/3/2027

 

 

4,630

 

 

 

18,519

 

Opco Borrower, LLC (Giving Home Health Care)

 

8/19/2027

 

 

31,250

 

 

 

25,000

 

Oranje Holdco, Inc. (KnowBe4)

 

2/1/2029

 

 

1,229,873

 

 

N/A

 

Persado, Inc.

 

6/10/2027

 

N/A

 

 

 

8,608,961

 

Oversight Systems, Inc.

 

9/24/2026

 

 

212,667

 

 

N/A

 

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

11/1/2028

 

N/A

 

 

 

278,157

 

PHC Buyer, LLC (Patriot Home Care)

 

5/4/2028

 

 

3,959,072

 

 

 

3,959,072

 

Pluralsight, Inc.

 

4/6/2027

 

 

901,589

 

 

 

1,208,564

 

Pueblo Mechanical and Controls, LLC

 

8/23/2028

 

 

52,375

 

 

 

155,250

 

Pueblo Mechanical and Controls, LLC

 

8/23/2027

 

 

39,167

 

 

 

58,750

 

 

 

 

 

Unfunded Balances

 

Issuer

 

Maturity

 

March 31, 2024

 

 

December 31, 2023

 

2-10 Holdco, Inc.

 

3/26/2026

 

$

963,927

 

 

$

723,670

 

Accordion Partners LLC

 

8/31/2028

 

 

267,403

 

 

 

111,925

 

Accuserve Solutions, Inc.

 

3/14/2030

 

 

4,329,698

 

 

N/A

 

Acquia, Inc.

 

10/31/2025

 

 

1,263,404

 

 

 

960,792

 

Alcami Corporation

 

12/21/2028

 

 

1,167,666

 

 

 

874,025

 

Alcami Corporation

 

12/21/2028

 

N/A

 

 

 

546,266

 

Alpine Acquisition Corp II (48Forty)

 

11/30/2026

 

 

254,733

 

 

 

71,628

 

AmeriLife Holdings, LLC

 

8/31/2028

 

 

742,492

 

 

 

227,273

 

AmeriLife Holdings, LLC

 

8/31/2029

 

N/A

 

 

 

76,212

 

Applause App Quality, Inc.

 

9/20/2025

 

 

1,133,535

 

 

 

1,133,535

 

Appriss Health, LLC (PatientPing)

 

5/6/2027

 

 

662,632

 

 

 

544,531

 

Aras Corporation

 

4/13/2027

 

N/A

 

 

 

116,311

 

Avalara, Inc.

 

10/19/2028

 

 

270,000

 

 

 

45,000

 

Backoffice Associates Holdings, LLC (Syniti)

 

4/30/2026

 

 

592,910

 

 

 

428,647

 

Bluefin Holding, LLC (Allvue)

 

9/12/2029

 

 

762,821

 

 

 

89,744

 

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

9/8/2027

 

 

266,667

 

 

 

194,444

 

Bynder Bidco B.V. (Netherlands)

 

1/26/2029

 

 

1,259,424

 

 

 

882,000

 

Bynder Bidco, Inc. (Netherlands)

 

1/26/2029

 

 

346,984

 

 

 

243,000

 

CareATC, Inc.

 

3/14/2026

 

 

945,362

 

 

 

607,288

 

Community Merger Sub Debt LLC (CINC Systems)

 

1/18/2030

 

 

428,571

 

 

N/A

 

CrewLine Buyer, Inc. (New Relic)

 

11/8/2030

 

 

163,522

 

 

 

81,761

 

CSG Buyer, Inc. (Core States)

 

3/31/2028

 

 

3,994,290

 

 

 

2,921,165

 

CSG Buyer, Inc. (Core States)

 

3/31/2028

 

 

1,997,145

 

 

 

1,460,583

 

Disco Parent, Inc. (Duck Creek Technologies)

 

3/30/2029

 

 

604,041

 

 

 

90,909

 

e-Discovery Acquireco, LLC (Reveal)

 

8/29/2029

 

 

500,000

 

 

 

83,333

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

12/29/2026

 

 

701,068

 

 

 

531,907

 

ESO Solutions, Inc.

 

5/3/2027

 

 

946,617

 

 

 

700,111

 

Fusion Holding Corp. (Finalsite)

 

9/15/2027

 

 

299,035

 

 

 

37,736

 

Fusion Risk Management, Inc.

 

5/22/2029

 

 

642,857

 

 

 

107,143

 

GTY Technology Holdings Inc.

 

7/9/2029

 

 

1,016,653

 

 

N/A

 

GTY Technology Holdings Inc.

 

7/9/2029

 

 

394,917

 

 

 

41,538

 

Gympass US, LLC

 

7/8/2027

 

 

4,749,182

 

 

N/A

 

Huckabee Acquisition, LLC (MOREgroup)

 

1/16/2030

 

 

322,581

 

 

N/A

 

Huckabee Acquisition, LLC (MOREgroup)

 

1/16/2030

 

 

193,548

 

 

N/A

 

ICIMS, Inc.

 

8/18/2028

 

 

3,081,653

 

 

 

886,195

 

ICIMS, Inc.

 

8/18/2028

 

 

1,353,001

 

 

 

330,556

 

Integrate.com, Inc. (Infinity Data, Inc.)

 

12/17/2027

 

 

14,000

 

 

 

10,000

 

Integrity Marketing Acquisition, LLC

 

8/27/2026

 

 

15,422,318

 

 

 

10,254,564

 

IT Parent, LLC (Insurance Technologies)

 

10/1/2026

 

 

145,833

 

 

 

104,167

 

James Perse Enterprises, Inc.

 

9/8/2027

 

 

3,416,914

 

 

 

1,944,444

 

Kaseya, Inc.

 

6/25/2029

 

 

521,184

 

 

 

93,900

 

Kaseya, Inc.

 

6/25/2029

 

 

416,280

 

 

 

75,000

 

Kellermeyer Bergensons Services, LLC

 

11/6/2028

 

 

39,048

 

 

N/A

 

LJ Avalon Holdings, LLC (Ardurra)

 

2/1/2030

 

 

1,708,595

 

 

 

1,275,925

 

LJ Avalon Holdings, LLC (Ardurra)

 

2/1/2029

 

 

1,121,737

 

 

 

837,680

 

Lucky US BuyerCo, LLC (Global Payments)

 

3/30/2029

 

 

389,083

 

 

 

277,917

 

Madison Logic Holdings, Inc.

 

12/30/2027

 

 

1,429,411

 

 

 

1,069,947

 

 

 

4749


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023March 31, 2024

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)

 

Mesquite Bidco, LLC

 

11/30/2029

 

 

2,125,821

 

 

 

1,585,403

 

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

9/19/2028

 

 

1,536,784

 

 

N/A

 

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

8/23/2027

 

 

261,378

 

 

 

39,167

 

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

6/3/2027

 

 

438,327

 

 

N/A

 

Oranje Holdco, Inc. (KnowBe4)

 

2/1/2029

 

 

1,646,924

 

 

 

1,229,873

 

Oversight Systems, Inc.

 

9/24/2026

 

 

285,392

 

 

 

212,667

 

PHC Buyer, LLC (Patriot Home Care)

 

5/4/2028

 

 

2,165,393

 

 

 

3,266,234

 

Pluralsight, Inc.

 

4/6/2027

 

N/A

 

 

 

539,019

 

PMA Parent Holdings, LLC

 

1/31/2031

 

 

750,000

 

 

N/A

 

Razor Group GmbH (Germany)

 

4/30/2025

 

 

3,834,570

 

 

 

6,365,227

 

 

4/30/2025

 

N/A

 

 

 

3,834,569

 

Sailpoint Technologies Holdings, Inc.

 

8/16/2028

 

 

37,538

 

 

 

37,538

 

 

8/16/2028

 

 

371,281

 

 

 

37,538

 

Sandata Technologies, LLC

 

7/23/2024

 

 

1,050,000

 

 

N/A

 

 

7/23/2024

 

 

1,283,333

 

 

 

1,050,000

 

SellerX Germany GmbH & Co. KG (Germany)

 

5/23/2026

 

 

5,034,506

 

 

 

20,589,674

 

SellerX Germany GmbH (Germany)

 

5/23/2026

 

 

6,893,808

 

 

 

5,034,506

 

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

5/9/2028

 

N/A

 

 

 

1,601,742

 

 

5/9/2028

 

 

2,190,160

 

 

 

1,601,742

 

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

3/31/2027

 

 

581,638

 

 

 

1,163,276

 

Serrano Parent, LLC (Sumo Logic)

 

5/13/2030

 

 

90,000

 

 

N/A

 

 

5/13/2030

 

 

697,970

 

 

 

90,000

 

Streamland Media Midco LLC

 

8/31/2023

 

N/A

 

 

 

120,000

 

Showtime Acquisition, L.L.C. (World Choice)

 

8/7/2028

 

 

1,039,117

 

 

N/A

 

 

8/7/2028

 

 

1,735,279

 

 

 

1,298,896

 

Showtime Acquisition, L.L.C. (World Choice)

 

8/7/2028

 

 

1,298,896

 

 

N/A

 

 

8/7/2028

 

N/A

 

 

 

1,039,117

 

Suited Connector, LLC

 

12/1/2027

 

N/A

 

 

 

852,273

 

Sonny’s Enterprises, LLC

 

8/5/2027

 

 

177,253

 

 

N/A

 

Sonny’s Enterprises, LLC

 

8/5/2028

 

 

76,355

 

 

N/A

 

Superman Holdings, LLC (Foundation Software)

 

8/31/2026

 

 

1,256,026

 

 

 

1,256,026

 

 

8/31/2026

 

 

1,585,476

 

 

 

1,256,026

 

Thermostat Purchaser III, Inc. (Reedy Industries)

 

8/31/2029

 

N/A

 

 

 

1,329,250

 

Thras.io, LLC

 

12/18/2026

 

N/A

 

 

 

8,787,651

 

Superman Holdings, LLC (Foundation Software)

 

8/31/2027

 

 

344,596

 

 

N/A

 

Trintech, Inc.

 

7/25/2029

 

 

152,143

 

 

 

43,469

 

Vortex Companies, LLC

 

9/4/2029

 

 

858,797

 

 

N/A

 

Vortex Companies, LLC

 

9/4/2029

 

 

129,281

 

 

 

68,547

 

Wealth Enhancement Group, LLC

 

10/4/2027

 

 

26,980

 

 

 

276,194

 

 

10/4/2027

 

 

445,999

 

 

 

26,980

 

Wealth Enhancement Group, LLC

 

10/4/2027

 

 

138,392

 

 

N/A

 

 

10/4/2027

 

 

338,471

 

 

 

71,696

 

Trintech, Inc.

 

7/25/2029

 

 

43,469

 

 

N/A

 

Vortex Finance Sub, LLC

 

8/31/2029

 

 

137,695

 

 

N/A

 

Vortex Finance Sub, LLC

 

8/31/2029

 

 

68,547

 

 

N/A

 

Xactly Corporation

 

7/31/2025

 

 

854,898

 

 

N/A

 

 

7/31/2025

 

 

854,898

 

 

 

854,898

 

Zendesk Inc.

 

11/22/2028

 

 

95,503

 

 

 

134,827

 

 

11/22/2028

 

 

1,393,091

 

 

 

95,503

 

Zendesk Inc.

 

11/22/2028

 

 

39,325

 

 

N/A

 

 

11/22/2028

 

 

573,626

 

 

 

39,325

 

Zilliant Incorporated

 

12/21/2027

 

 

370,370

 

 

 

518,519

 

 

12/21/2027

 

 

296,296

 

 

 

148,148

 

Zilliant Incorporated

 

12/21/2027

 

 

148,148

 

 

N/A

 

Total Unfunded Balances

 

 

 

57,174,597

 

 

 

127,137,393

 

 

 

 

90,850,874

 

 

 

54,556,095

 

 

From time to time, the Company and the Advisor may be parties to certain legal proceedings incidental to the normal course of our business, including with respect to our investments in our portfolio companies. On September 13, 2023, the Company was named as a defendant, together with the Advisor and certain other funds managed by the Advisor, as well as certain other defendants, in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York. The suit relates to a third-party sponsored collateralized loan obligation in which the Company and certain other defendants invested. The suit alleges that the Company and the other defendants knew or should have known of certain fraudulent activities of the third-party manager relating to its management of the collateralized loan obligation that caused the plaintiffs to suffer investment losses. The suit seeks to recover from the Company approximately $15 million, plus interest, additional amounts from the other defendants,Defendants, and attorneys’ fees and costs from all defendants.Defendants. the Company, the affiliated funds and the Advisor intend to vigorously defend against these claims and will file a motion to dismiss the lawsuit on or around November 6, 2023.claims. At this time, however, the Company and the Advisor cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome, including any potential losses that could result. On November 6, 2023, the Company, the affiliated funds, and the Advisor, and certain other Defendants filed motions to dismiss the lawsuit, which was fully briefed on February 12, 2024 and was argued in court on March 6, 2024.

 

50


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

March 31, 2024

6. Other Related Party Transactions

The Company, SVCP, TCPC Funding, TCPC Funding II, the SBIC, Merger Sub, the Advisor and their members and affiliates may be considered related parties. From time to time, SVCP advances payments to third parties on behalf of the Company which are reimbursable through deductions from distributions to the Company. At September 30, 2023March 31, 2024 and December 31, 2022,2023, no such amounts were outstanding. From time to time, the Advisor advances payments to third parties on behalf of the Company, SVCP and SVCPMerger Sub and receives reimbursement from the Company. At September 30, 2023March 31, 2024 and December 31, 2022,2023, amounts reimbursable to the Advisor totaled $1.2$0.1 million and $1.5$0.8 million, respectively, as reflected in the Consolidated Statements of Assets and Liabilities.

Pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement”), the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to the Company, as well as costs and expenses incurred by the Administrator or its affiliates relating to any administrative, operating, or other non-investment advisory services provided by the Administrator or its affiliates to the Company. For the nine monthsquarters ended September 30,March 31, 2024 and 2023, and 2022, expenses allocated pursuant to the Administration Agreement totaled 1.1$0.6 million and $1.3$0.4 million, respectively.

On September 6, 2023, the Company entered into the Merger Agreement with BCIC, Merger Sub and, solely for the limited purposes set forth therein, BCIA and the Advisor. See “Note 12 – Proposed Merger with BlackRock Capital Investment Corporation” for further information regarding the Merger Agreement and the Merger.

48


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2023

7. Stockholders’ Equity and Dividends

PriorIn accordance with the terms of the Merger Agreement, at the Closing, each outstanding share of BCIC’s common stock was converted into the right to its discontinuance effective July 7, 2020,receive 0.3834 shares (the “Exchange Ratio”) of common stock, par value $0.001 per share of the Company had offered an “opt in” dividend reinvestment plan to common stockholders, pursuant to which the dividends payable to those(with BCIC shareholders who so elected would be reinvestedreceiving cash in lieu of fractional shares of the Company’s common stock.stock). As a result of the Merger, the Company issued 27,823,870 shares of its common stock on March 18, 2024 to former BCIC shareholders, after adjustment for BCIC shareholders receiving cash in lieu of fractional shares.

The Company’s dividends are recorded on the ex-dividend date. The following table summarizes the Company’s dividends declared and paid for the ninethree months ended September 30, 2023:March 31, 2024:

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

February 28, 2023

 

March 17, 2023

 

March 31, 2023

 

Regular

 

$

0.32

 

 

$

18,485,524

 

May 4, 2023

 

June 16, 2023

 

June 30, 2023

 

Regular

 

 

0.34

 

 

 

19,640,870

 

August 3, 2023

 

September 15, 2023

 

September 29, 2023

 

Regular

 

 

0.34

 

 

 

19,640,870

 

August 3, 2023

 

September 15, 2023

 

September 29, 2023

 

Special

 

 

0.10

 

 

 

5,776,726

 

 

 

 

 

 

 

 

$

1.10

 

 

$

63,543,990

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

February 29, 2024

 

March 14, 2024

 

March 29, 2024

 

Regular

 

$

0.34

 

 

$

19,640,870

 

 

 

 

 

 

 

 

$

0.34

 

 

$

19,640,870

 

 

In addition, the Company paid $7,257,191 of dividends payable assumed in the Merger that were declared on March 4, 2024 by the BCIC Board of Directors for the benefit of former BCIC shareholders of record as of March 15, 2024. Such amount was paid from BCIC cash and cash equivalents acquired by the Company in the Merger.

The following table summarizes the Company’s dividends declared and paid for the ninethree months ended September 30, 2022:March 31, 2023:

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

February 24, 2022

 

March 17, 2022

 

March 31, 2022

 

Regular

 

$

0.30

 

 

$

17,330,179

 

May 4, 2022

 

June 16, 2022

 

June 30, 2022

 

Regular

 

 

0.30

 

 

 

17,330,179

 

August 3, 2022

 

September 16, 2022

 

September 30, 2022

 

Regular

 

 

0.30

 

 

 

17,330,179

 

 

 

 

 

 

 

 

$

0.90

 

 

$

51,990,537

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

February 28, 2023

 

March 17, 2023

 

March 31, 2023

 

Regular

 

$

0.32

 

 

$

18,485,524

 

 

 

 

 

 

 

 

$

0.32

 

 

$

18,485,524

 

 

51


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

March 31, 2024

7. Stockholders’ Equity and Dividends — (continued)

Dividend Reinvestment Plan

On February 27, 2024, the Board of Directors approved a new dividend reinvestment plan (the “DRIP”) for the Company. The DRIP was effective as of, and will apply to the reinvestment of cash distributions with a record date after March 18, 2024. Under the DRIP, shareholders will automatically receive cash dividends and distributions unless they “opt in” to the DRIP and elect to have their dividends and distributions reinvested in additional shares of the Company’s common stock. Notwithstanding the foregoing, the former shareholders of BCIC that participated in the BCIC dividend reinvestment plan at the time of the Merger have been automatically enrolled in the Company’s DRIP and will have their shares reinvested in additional shares of the Company’s common stock on future distributions, unless they “opt out” of the DRIP.

To “opt in”, a shareholder shall notify Computershare Trust Company, N.A., the DRIP plan administrator (the “Plan Administrator”), in writing so that such notice is received by the Plan Administrator no later than the record date fixed by the Board of Directors for the distribution involved. The Plan Administrator will set up an account for shares acquired pursuant to the DRIP for each shareholder who has elected to participate in the DRIP (each a “Participant”). The amount of common stock to be issued to Participants pursuant to the DRIP will be calculated by reference to all shares of common stock owned by the Participant, whether held in its DRIP account or elsewhere. Common stock will be acquired by the Plan Administrator for the Participants’ accounts, through either (i) the receipt from the Company of additional unissued but authorized common stock (“newly issued common stock”) or (ii) the purchase of outstanding common stock in the open market (“open-market purchases”).

The Plan Administrator will acquire newly issued common stock on behalf of Participants if, on the distribution payment date, the closing market price per share of the Company’s common stock on the NASDAQ Global Select Market (or if no sale is reported for such day, the midpoint of the reported bid and asked prices) plus estimated per share fees (which include any applicable brokerage commissions the Plan Administrator is required to pay) (the “Market Price”) is greater than the most recently published net asset value per common stock (“NAV”) (such condition referred to as a “market premium”). The number of shares of newly issued common stock to be credited to a Participant’s account will be determined by dividing the dollar amount of the distribution otherwise payable to the Participant by the greater of (i) the NAV or (ii) 95% of the Market Price on the distribution payment date.

Unless otherwise instructed by the Company at the direction of its Board of Directors, the Plan Administrator will acquire common Stock on behalf of Participants through open-market purchases if, on the distribution payment date, the Market Price is less than the most recently published NAV (such condition referred to as a “market discount”). In the event of a market discount on the distribution payment date, the Plan Administrator will have until the last business day before the next date on which the common stock trades on an “ex-distribution” basis or 30 days after the distribution payment date, whichever is sooner (the “last purchase date”), to invest the distribution amount in common stock acquired in open-market purchases. If shares are purchased in the open market with respect to a distribution, the number of shares to be credited to a Participant’s account shall be determined by dividing the dollar amount of the cash distribution otherwise payable to the Participant by the weighted average Market Price per share for all common stock purchased by the Plan Administrator in the open market. If the Plan Administrator is unable to invest the full distribution amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making open-market purchases and may use any uninvested portion to acquire newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the distribution payment date. If the Company instructs the Plan Administrator to purchase new shares of common stock when there is a market discount, the shares of common stock will be acquired in accordance with the same terms as outlined above when there is a market premium.

There will be no fees with respect to shares of common stock issued directly by the Company. However, each Participant will pay the per share fees (which include any applicable brokerage commissions the Plan Administrator is required to pay) incurred in connection with open-market purchases. If a shareholder has shares held by a broker, such shareholder should contact his/her broker to participate in the DRIP.

52


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

March 31, 2024

7. Stockholders’ Equity and Dividends — (continued)

Share Repurchase Plan

On February 24, 2015, the Company’s Board of Directors approved a stock repurchase plan (the “Company Repurchase Plan”) to acquire up to $50.0 million in the aggregate of the Company’s common stock at prices at certain thresholds below the Company’s net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the 1934 Act. The Company Repurchase Plan is designed to allow the Company to repurchase its common stock at times when it otherwise might be prevented from doing so under insider trading laws. The Company Repurchase Plan requires an agent selected by the Company to repurchase shares of common stock on the Company’s behalf if and when the market price per share is at certain thresholds below the most recently reported net asset value per share. Under the plan, the agent will increase the volume of purchases made if the price of the Company’s common stock declines, subject to volume restrictions. The timing and amount of any stock repurchased depends on the terms and conditions of the Company Repurchase Plan, the market price of the common stock and trading volumes, and no assurance can be given that any particular amount of common stock will be repurchased. The Company Repurchase Plan was re-approved on JulyFebruary 27, 2023,2024, to be in effect through the earlier of two trading days after the Company’s thirdfirst quarter 20232024 earnings release unless further extended or terminated by the Company’s Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

No shares were repurchased by the Company under the Company Repurchase Plan for the ninethree months ended September 30, 2023March 31, 2024 and 2022.2023.

49


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 2023

8. Earnings Per Share

In accordance with ASC 260, Earnings per Share, basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, if any, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three and nine months ended September 30,March 31, 2024 and 2023:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

Three Months Ended March 31,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

Net increase (decrease) in net assets from operations

 

$

12,822,932

 

 

$

26,239,007

 

 

$

51,787,497

 

 

$

38,559,892

 

 

$

5,057,141

 

 

$

22,713,879

 

Weighted average shares outstanding

 

 

57,767,264

 

 

 

57,767,264

 

 

 

57,767,264

 

 

 

57,767,264

 

 

 

62,047,859

 

 

 

57,767,264

 

Earnings (loss) per share

 

$

0.22

 

 

$

0.45

 

 

$

0.90

 

 

$

0.67

 

 

$

0.08

 

 

$

0.39

 

 

9. Subsequent Events

On October 26, 2023,April 24, 2024, the Company’s Board of Directors re-approved the Company Repurchase Plan, to be in effect through the earlier of two trading days after the Company’s fourthsecond quarter 20232024 earnings release or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

On November 2, 2023,May 1, 2024, the Company’s Board of Directors declared a fourthsecond quarter regular dividend of $0.34 and a special dividend of $0.25 per share per share, both payable on December 29, 2023June 28, 2024 to stockholdersshareholders of record as of the close of business on December 15, 2023June 14, 2024.

5053


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023March 31, 2024

10. Financial Highlights

 

 

Nine Months Ended September 30,

 

 

Three Months Ended March 31,

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

Per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

Per share NAV at beginning of period

 

$

12.93

 

 

$

14.36

 

 

$

11.90

 

 

$

12.93

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.40

 

 

 

1.13

 

Net realized and unrealized gain (loss)

 

 

(0.51

)

 

 

(0.46

)

Net investment income (1)

 

 

0.45

 

 

 

0.44

 

Net realized and unrealized gain (loss) (1)

 

 

(0.59

)

 

 

(0.05

)

Total from investment operations

 

 

0.89

 

 

 

0.67

 

 

 

(0.14

)

 

 

0.39

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative effect adjustment for the adoption of ASU 2020-06 (5)

 

 

 

 

 

(0.01

)

Net decrease in net assets as a result of issuance of shares in connection with the Merger (2)

 

 

(0.28

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends to common shareholders

 

 

(1.10

)

 

 

(0.90

)

 

 

(0.34

)

 

 

(0.32

)

 

 

 

 

 

 

 

 

 

 

 

 

Per share NAV at end of period

 

$

12.72

 

 

$

14.12

 

 

$

11.14

 

 

$

13.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share market price at end of period

 

$

11.74

 

 

$

10.93

 

 

$

10.43

 

 

$

10.30

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return based on market value (1) (2)

 

 

(0.8

)%

 

 

(12.4

)%

Total return based on net asset value (1) (3)

 

 

6.9

%

 

 

4.6

%

Total return based on market value (3) (4)

 

 

(6.7

)%

 

 

(17.9

)%

Total return based on net asset value (3) (5)

 

 

(3.6

)%

 

 

3.0

%

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding at end of period

 

 

57,767,264

 

 

 

57,767,264

 

 

 

85,591,134

 

 

 

57,767,264

 

 

 

 

 

 

 

Ratios to average common equity: (4)

 

 

 

 

 

 

Ratios to average common equity: (6)

 

 

 

 

 

 

Net investment income

 

 

15.1

%

 

 

11.2

%

 

 

17.4

%

 

 

15.8

%

Expenses before incentive fee

 

 

10.6

%

 

 

8.9

%

 

 

11.5

%

 

 

10.5

%

Expenses and incentive fee

 

 

12.9

%

 

 

10.6

%

 

 

12.3

%

 

 

11.2

%

 

 

 

 

 

 

 

 

 

 

 

 

Ending common shareholder equity

 

$

734,997,297

 

 

$

815,912,902

 

 

$

953,482,427

 

 

$

750,982,145

 

Portfolio turnover rate

 

 

10.8

%

 

 

14.8

%

 

 

1.2

%

 

 

1.2

%

Weighted-average debt outstanding

 

$

1,009,620,469

 

 

$

1,042,843,864

 

 

$

1,048,352,926

 

 

$

1,004,741,584

 

Weighted-average interest rate on debt

 

 

4.4

%

 

 

3.3

%

 

 

4.7

%

 

 

4.3

%

Weighted-average number of common shares

 

 

57,767,264

 

 

 

57,767,264

 

 

 

62,047,859

 

 

 

57,767,264

 

Weighted-average debt per share

 

$

17.48

 

 

$

18.05

 

 

$

16.90

 

 

$

17.39

 

 

(1) Amounts shown reflect the impact of the purchase discount recorded in connection with the Merger and were computed based on the actual amounts earned or incurred by the Company divided by the actual shares outstanding in the respective accounting periods before and after the closing of the Merger on March 18, 2024.

(2) Calculated as the number of shares issued by the Company in connection with the Merger times the discount per share based on the closing price per share and the NAV per share at the time of the closing of the Merger.

(3) Not annualized.

(2)

(4) Total return based on market value equals the change in ending market value per share during share during the period plus declared dividends per share during the period, divided by the market value per share at the beginning of the period.

(3)

(5) Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share.

(4)

(6) Annualized, except for incentive compensation.
(5)
See Note 2 and 4 for further information related to the adoption of ASU 2020-06.

 

51

54


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023March 31, 2024

11. Senior Securities

Information about the Company's senior securities is shown in the following table as of the end of each of the last ten fiscal years and the period ended September 30, 2023.March 31, 2024.

 

 

Class and Year

 

Total Amount
Outstanding
(1)

 

 

Asset Coverage
Per Unit
(2)

 

 

Involuntary Liquidating
Preference Per Unit
(3)

 

 

Average Market
Value Per Unit
(4)

 

Total Amount
Outstanding
(1)

 

 

Asset Coverage
Per Unit
(2)

 

 

Involuntary Liquidating
Preference Per Unit
(3)

 

 

Average Market
Value Per Unit
(4)

Operating Facility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2023 (Unaudited)

 

$

148,827

 

 

$

6,245

 

 

 

 

 

N/A

As of March 31, 2024 (Unaudited)

 

$

167,985

 

 

$

4,277

 

 

 

 

 

 

Fiscal Year 2023

 

 

163,169

 

 

 

5,244

 

 

 

 

 

N/A

Fiscal Year 2022

 

 

123,890

 

 

 

6,906

 

 

 

 

 

N/A

 

 

123,890

 

 

 

6,906

 

 

 

 

 

N/A

Fiscal Year 2021

 

 

154,480

 

 

 

11,020

 

 

 

 

 

N/A

 

 

154,480

 

 

 

11,020

 

 

 

 

 

N/A

Fiscal Year 2020

 

 

120,454

 

 

 

9,508

 

 

 

 

 

N/A

 

 

120,454

 

 

 

9,508

 

 

 

 

 

N/A

Fiscal Year 2019

 

 

108,498

 

 

 

5,812

 

 

 

 

 

N/A

 

 

108,498

 

 

 

5,812

 

 

 

 

 

N/A

Fiscal Year 2018

 

 

82,000

 

 

 

5,221

 

 

 

 

 

N/A

 

 

82,000

 

 

 

5,221

 

 

 

 

 

N/A

Fiscal Year 2017

 

 

57,000

 

 

 

6,513

 

 

 

 

 

N/A

 

 

57,000

 

 

 

6,513

 

 

 

 

 

N/A

Fiscal Year 2016

 

 

100,500

 

 

 

4,056

 

 

 

 

 

N/A

 

 

100,500

 

 

 

4,056

 

 

 

 

 

N/A

Fiscal Year 2015

 

 

124,500

 

 

 

3,076

 

 

 

 

 

N/A

 

 

124,500

 

 

 

3,076

 

 

 

 

 

N/A

Fiscal Year 2014

 

 

70,000

 

 

 

5,356

 

 

 

 

 

N/A

Fiscal Year 2013

 

 

45,000

 

 

 

8,176

 

 

 

 

 

N/A

Preferred Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2023 (Unaudited)

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

As of March 31, 2024 (Unaudited)

 

N/A

 

 

N/A

 

 

 

 

 

 

Fiscal Year 2023

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

Fiscal Year 2022

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

Fiscal Year 2021

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

Fiscal Year 2020

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

Fiscal Year 2019

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

Fiscal Year 2018

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

Fiscal Year 2017

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

Fiscal Year 2016

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

Fiscal Year 2015

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

 

N/A

 

 

N/A

 

 

N/A

 

 

N/A

Fiscal Year 2014

 

$

134,000

 

 

$

51,592

 

 

$

20,074

 

 

N/A

Fiscal Year 2013

 

 

134,000

 

 

 

68,125

 

 

 

20,075

 

 

N/A

Funding Facility I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2023 (Unaudited)

 

N/A

 

 

N/A

 

 

 

 

 

N/A

As of March 31, 2024 (Unaudited)

 

N/A

 

 

N/A

 

 

 

 

 

 

Fiscal Year 2023

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2022

 

N/A

 

 

N/A

 

 

 

 

 

N/A

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2021

 

N/A

 

 

N/A

 

 

 

 

 

N/A

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2020

 

N/A

 

 

N/A

 

 

 

 

 

N/A

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2019

 

$

158,000

 

 

$

5,812

 

 

 

 

 

N/A

 

$

158,000

 

 

$

5,812

 

 

 

 

 

N/A

Fiscal Year 2018

 

 

212,000

 

 

 

5,221

 

 

 

 

 

N/A

 

 

212,000

 

 

 

5,221

 

 

 

 

 

N/A

Fiscal Year 2017

 

 

175,000

 

 

 

6,513

 

 

 

 

 

N/A

 

 

175,000

 

 

 

6,513

 

 

 

 

 

N/A

Fiscal Year 2016

 

 

175,000

 

 

 

4,056

 

 

 

 

 

N/A

 

 

175,000

 

 

 

4,056

 

 

 

 

 

N/A

Fiscal Year 2015

 

 

229,000

 

 

 

3,076

 

 

 

 

 

N/A

 

 

229,000

 

 

 

3,076

 

 

 

 

 

N/A

Fiscal Year 2014

 

 

125,000

 

 

 

5,356

 

 

 

 

 

N/A

Fiscal Year 2013

 

 

50,000

 

 

 

8,176

 

 

 

 

 

N/A

Funding Facility II

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2023 (Unaudited)

 

$

100,000

 

 

$

6,245

 

 

 

 

 

N/A

As of March 31, 2024 (Unaudited)

 

$

100,000

 

 

$

4,277

 

 

 

 

 

 

Fiscal Year 2023

 

 

100,000

 

 

 

5,244

 

 

 

 

 

N/A

Fiscal Year 2022

 

 

100,000

 

 

 

6,906

 

 

 

 

 

N/A

 

 

100,000

 

 

 

6,906

 

 

 

 

 

N/A

Fiscal Year 2021

 

 

-

 

 

N/A

 

 

 

 

 

N/A

 

 

-

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2020

 

 

36,000

 

 

 

9,508

 

 

 

 

 

N/A

 

 

36,000

 

 

 

9,508

 

 

 

 

 

N/A

Merger Sub Facility

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2024 (Unaudited)

 

$

92,000

 

 

$

4,277

 

 

 

 

 

 

SBA Debentures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2023 (Unaudited)

 

$

150,000

 

 

$

6,245

 

 

 

 

 

N/A

As of March 31, 2024 (Unaudited)

 

$

150,000

 

 

$

4,277

 

 

 

 

 

 

Fiscal Year 2023

 

 

150,000

 

 

 

5,244

 

 

 

 

 

N/A

Fiscal Year 2022

 

 

150,000

 

 

 

6,906

 

 

 

 

 

N/A

 

 

150,000

 

 

 

6,906

 

 

 

 

 

N/A

Fiscal Year 2021

 

 

150,000

 

 

 

11,020

 

 

 

 

 

N/A

 

 

150,000

 

 

 

11,020

 

 

 

 

 

N/A

Fiscal Year 2020

 

 

138,000

 

 

 

9,508

 

 

 

 

 

N/A

 

 

138,000

 

 

 

9,508

 

 

 

 

 

N/A

Fiscal Year 2019

 

 

138,000

 

 

 

5,812

 

 

 

 

 

N/A

 

 

138,000

 

 

 

5,812

 

 

 

 

 

N/A

Fiscal Year 2018

 

 

98,000

 

 

 

5,221

 

 

 

 

 

N/A

 

 

98,000

 

 

 

5,221

 

 

 

 

 

N/A

Fiscal Year 2017

 

 

83,000

 

 

 

6,513

 

 

 

 

 

N/A

 

 

83,000

 

 

 

6,513

 

 

 

 

 

N/A

Fiscal Year 2016

 

 

61,000

 

 

 

4,056

 

 

 

 

 

N/A

 

 

61,000

 

 

 

4,056

 

 

 

 

 

N/A

Fiscal Year 2015

 

 

42,800

 

 

 

3,076

 

 

 

 

 

N/A

 

 

42,800

 

 

 

3,076

 

 

 

 

 

N/A

Fiscal Year 2014

 

 

28,000

 

 

 

5,356

 

 

 

 

 

N/A

2019 Convertible Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2023 (Unaudited)

 

N/A

 

 

N/A

 

 

 

 

 

N/A

As of March 31, 2024 (Unaudited)

 

N/A

 

 

N/A

 

 

 

 

 

 

Fiscal Year 2023

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2022

 

N/A

 

 

N/A

 

 

 

 

 

N/A

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2021

 

N/A

 

 

N/A

 

 

 

 

 

N/A

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2020

 

N/A

 

 

N/A

 

 

 

 

 

N/A

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2019

 

N/A

 

 

N/A

 

 

 

 

 

N/A

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2018

 

$

108,000

 

 

$

2,157

 

 

 

 

 

N/A

 

$

108,000

 

 

$

2,157

 

 

 

 

 

N/A

Fiscal Year 2017

 

 

108,000

 

 

 

2,335

 

 

 

 

 

N/A

 

 

108,000

 

 

 

2,335

 

 

 

 

 

N/A

Fiscal Year 2016

 

 

108,000

 

 

 

2,352

 

 

 

 

 

N/A

 

 

108,000

 

 

 

2,352

 

 

 

 

 

N/A

Fiscal Year 2015

 

 

108,000

 

 

 

2,429

 

 

 

 

 

N/A

 

 

108,000

 

 

 

2,429

 

 

 

 

 

N/A

Fiscal Year 2014

 

 

108,000

 

 

 

3,617

 

 

 

 

 

N/A

2022 Convertible Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2023 (Unaudited)

 

N/A

 

 

N/A

 

 

 

 

 

N/A

As of March 31, 2024 (Unaudited)

 

N/A

 

 

N/A

 

 

 

 

 

 

Fiscal Year 2023

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2022

 

N/A

 

 

N/A

 

 

 

 

 

N/A

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2021

 

$

140,000

 

 

$

1,948

 

 

 

 

 

N/A

 

$

140,000

 

 

$

1,948

 

 

 

 

 

N/A

Fiscal Year 2020

 

 

140,000

 

 

 

2,058

 

 

 

 

 

N/A

 

 

140,000

 

 

 

2,058

 

 

 

 

 

N/A

Fiscal Year 2019

 

 

140,000

 

 

 

1,992

 

 

 

 

 

N/A

 

 

140,000

 

 

 

1,992

 

 

 

 

 

N/A

Fiscal Year 2018

 

 

140,000

 

 

 

2,157

 

 

 

 

 

N/A

 

 

140,000

 

 

 

2,157

 

 

 

 

 

N/A

Fiscal Year 2017

 

 

140,000

 

 

 

2,335

 

 

 

 

 

N/A

 

 

140,000

 

 

 

2,335

 

 

 

 

 

N/A

Fiscal Year 2016

 

 

140,000

 

 

 

2,352

 

 

 

 

 

N/A

 

 

140,000

 

 

 

2,352

 

 

 

 

 

N/A

 

55

52


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)(unaudited) (Continued)

September 30, 2023March 31, 2024

11. Senior Securities — (continued)

 

2022 Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2023 (Unaudited)

 

N/A

 

 

N/A

 

 

 

 

 

N/A

As of March 31, 2024 (Unaudited)

 

N/A

 

 

N/A

 

 

 

 

 

 

Fiscal Year 2023

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2022

 

N/A

 

 

N/A

 

 

 

 

 

N/A

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2021

 

N/A

 

 

N/A

 

 

 

 

 

N/A

 

N/A

 

 

N/A

 

 

 

 

 

N/A

Fiscal Year 2020

 

$

175,000

 

 

$

2,058

 

 

 

 

 

N/A

 

$

175,000

 

 

$

2,058

 

 

 

 

 

N/A

Fiscal Year 2019

 

 

175,000

 

 

 

1,992

 

 

 

 

 

N/A

 

 

175,000

 

 

 

1,992

 

 

 

 

 

N/A

Fiscal Year 2018

 

 

175,000

 

 

 

2,157

 

 

 

 

 

N/A

 

 

175,000

 

 

 

2,157

 

 

 

 

 

N/A

Fiscal Year 2017

 

 

175,000

 

 

 

2,335

 

 

 

 

 

N/A

 

 

175,000

 

 

 

2,335

 

 

 

 

 

N/A

2024 Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2023 (Unaudited)

 

$

250,000

 

 

$

1,890

 

 

 

 

 

N/A

As of March 31, 2024 (Unaudited)

 

$

250,000

 

 

$

1,822

 

 

 

 

 

 

Fiscal Year 2023

 

 

250,000

 

 

 

1,643

 

 

 

 

 

N/A

Fiscal Year 2022

 

 

250,000

 

 

 

1,929

 

 

 

 

 

N/A

 

 

250,000

 

 

 

1,929

 

 

 

 

 

N/A

Fiscal Year 2021

 

 

250,000

 

 

 

1,948

 

 

 

 

 

N/A

 

 

250,000

 

 

 

1,948

 

 

 

 

 

N/A

Fiscal Year 2020

 

 

250,000

 

 

 

2,058

 

 

 

 

 

N/A

 

 

250,000

 

 

 

2,058

 

 

 

 

 

N/A

Fiscal Year 2019

 

 

200,000

 

 

 

1,992

 

 

 

 

 

N/A

 

 

200,000

 

 

 

1,992

 

 

 

 

 

N/A

2025 Notes

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2024 (Unaudited)

 

$

92,000

 

 

$

1,822

 

 

 

 

 

 

2026 Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2023 (Unaudited)

 

$

325,000

 

 

$

1,890

 

 

 

 

 

N/A

As of March 31, 2024 (Unaudited)

 

$

325,000

 

 

$

1,822

 

 

 

 

 

 

Fiscal Year 2023

 

 

325,000

 

 

 

1,643

 

 

 

 

 

N/A

Fiscal Year 2022

 

 

325,000

 

 

 

1,929

 

 

 

 

 

N/A

 

 

325,000

 

 

 

1,929

 

 

 

 

 

N/A

Fiscal Year 2021

 

 

325,000

 

 

 

1,948

 

 

 

 

 

N/A

 

 

325,000

 

 

 

1,948

 

 

 

 

 

N/A

 

(1)
Total amount of each class of senior securities outstanding at the end of the period presented (in 1,000’s).
(2)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. For the Operating Facility, Funding Facility I, and Funding Facility II and Merger Sub Facility, the asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit.
(3)
The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.
(4)
The Company's senior securities are not registered for public trading.

53


 

56


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Continued)

March 31, 2024

12. Proposed Merger with BlackRock Capital Investment Corporation

On September 6, 2023,March 18, 2024, the Company entered intocompleted its previously announced acquisition of BCIC, pursuant to that certain Amended and Restated Agreement and Plan of Merger, dated as of January 10, 2024, by and among the Merger Agreement withCompany, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BCIA, and the Advisor. The Merger Agreement provides that, subjectPursuant tothe requisite approvals of the Company's stockholders and BCIC's stockholders being obtained, required regulatory approvals and the other conditions set forth in the Merger Agreement, at the effective time, BCIC will mergemerged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a directsubsidiary of SVCP and an indirect wholly-owned subsidiary of Special Value Continuation Partners LLC,the Company. As a Delaware limited liability companyresult of, and direct wholly-owned consolidated subsidiary of the Company (the “Merger”). The boards of directors of BCIC and the Company, in each case on the recommendation of a special committee comprised solely of all of the independent directors of BCIC or the Company, as applicable, have approved the Merger Agreement and the transactions contemplated thereby.

At the Effective Time, (as defined in the Merger Agreement), each share of common stock, par value $0.001 per share, of BCIC (“BCIC Common Stock”) issued and outstanding immediately prior to the Effective Time (other than shares (i) owned by the Company or any of its consolidated subsidiaries or (ii) held by BCIC as treasury stock (the “Cancelled Shares”) will be converted into the right to receive a number of shares of Company Common Stock equal to the Exchange Ratio (as defined below), plus any cash (without interest) in lieu of fractional shares.

Each of the Company and BCIC will deliver to the other a calculation of its net asset value as of a date no more than 48 hours prior to the closing of the Merger (the “Determination Date”) in each case, based on the same assumptions and methodologies, and applying the same categories of adjustments to net asset value historically used in preparing the calculation of the net asset value per share by the applicable party, except (i) that, in the case of BCIC, any quoted investments valued by reference to bid-ask prices will be valued at the mid-point of the bid-ask spread as reported by the pricing vendor or broker, such that the valuation treatment of such investments is consistent with the valuation policies of the Company, and (ii) as otherwise may be mutually agreed by the parties. We refer to such calculation with respect to BCIC as the “Closing BCIC Net Asset Value” and such calculation with respect to the Company as the “Closing Company Net Asset Value”. Based on such calculations, the parties will calculate the “BCIC Per Share NAV”, which will be equal to (i) the Closing BCIC Net Asset Value divided by (ii) the number of shares of BCIC Common Stock issued and outstanding as of the Determination Date (excluding any Cancelled Shares), and the “Company Per Share NAV”, which will be equal to (A) the Closing Company Net Asset Value divided by (B) the number of shares of Common Stock issued and outstanding as of the Determination Date. The “Exchange Ratio” will be equal to the quotient (rounded to four (4) decimal places) of (i) the BCIC Per Share NAV divided by (ii) the Company Per Share NAV, each calculated as of the Determination Date.

BCIC and the Company will update and redeliver the Closing BCIC Net Asset Value or the Closing Company Net Asset Value, respectively, in the event that the closing of the Merger is delayed or there is a more than de minimis change to such calculation between the Determination Date and the closing of the Merger and if needed to ensure that the calculation is determined within 48 hours (excluding Sundays and holidays) prior to the effective time of, the Merger.

The Merger, Agreement contains customary representations and warranties by each of the Company, the Advisor, BCIA and BCIC. The Merger Agreement also contains customary covenants, including, among others, covenants relating to the operation of each of the Company’s and BCIC’s businesses during the period prior to the closing of the Mergers. Consummation of the Merger, which is currently anticipated to occur during the first quarter of 2024, is subject to certain closing conditions, including requisite approvals of the Company’s stockholders and BCIC's stockholders and regulatory approvals.

The Merger Agreement also contains certain termination rights in favor of the Company and BCIC, including if the Merger is not completed on or before August 31, 2024 or if the requisite approvals of BCIC or Company stockholders are not obtained. The Merger Agreement provides that, upon the termination of the Merger Agreement under certain circumstances, a third party acquiring BCIC may be required to pay the Company a termination fee of approximately $9.4 million. The Merger Agreement provides that, upon the termination of the Merger Agreement under certain circumstances, a third party acquiring the Company may be required to pay BCIC a termination fee of approximately $22.4 million.separate corporate existence ceased.

In connection with the signing of the Merger, Agreement, the Company and the Advisor entered into an amendedthe Amended and restated investment advisory agreementRestated Investment Advisory Agreement that will becomebecame effective as of the Effective Time (the “Amended and Restated Investment Advisory Agreement”) that provides thatClosing, pursuant to which the Advisor will reducereduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company (forwith no change to the avoidancebasis of doubt, the calculation. Prior to the Closing, the Advisor's base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company would remainremains 1.00%) with no change to the basis of calculation.

In connection with the signing of the Merger Agreement, the. The Company also entered into a fee waiver agreement (the “Feethe Fee Waiver Agreement”)Agreement with the Advisor. The Fee Waiver Agreement provides that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $0.32 per share in any of the first four (4) fiscal quarters ending after the Effective TimeClosing (the first of which will be the quarter in which the Effective Time occurs unless it is the last day of the quarter)Closing occurred) to the extent there are sufficient advisory fees to cover such deficit. The waiver amount in a given quarter cannot exceed the total advisory fees for such quarter.

54


12. ProposedIn accordance with the terms of the Merger with BlackRock Capital Investment Corporation — (continued)Agreement, at the Closing, each outstanding share of BCIC’s common stock was converted into the right to receive 0.3834 shares of common stock, par value $0.001 per share of the Company (with BCIC’s shareholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Merger, the Company issued 27,823,870 shares of its common stock to former BCIC shareholders, after adjustment for BCIC’s shareholders receiving cash in lieu of fractional shares.

The Merger is expected to behas been accounted for as an asset acquisition of BCIC by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50 ("ASC 805"), Business Combinations-Related Issues. Under asset acquisition accounting, acquiring assets in groups not only requires ascertaining the cost of the asset (or net assets), but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. Per ASC 805-50-30-1, assets are recognized based on their cost to the acquiring entity, which generally includes transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the acquiring entity’s records. ASC 805-50-30-2 provides that asset acquisitions in which the consideration given is cash are measured by the amount of cash paid. However, if the consideration given is not in the form of cash (that is, in the form of noncash assets, liabilities incurred, or equity interests issued), measurement is based on the cost to the acquiring entity orIssues. The Company determined the fair value of the shares of the Company's common stock that were issued to former BCIC shareholders pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Merger under ASC 805. The consideration paid to BCIC shareholders was less than the aggregate fair values of the BCIC assets (or net assets) acquired whichever is more clearly evident and thus, more reliably measured.

As set forthliabilities assumed, which resulted in the Fee Waiver Agreement, the Advisor has agreed that, for purposes of calculating net investment income and certain incentive fee calculations under the Amended and Restated Investment Advisory Agreement, the Advisor will exclude any amortization or accretion of any purchase premium ora purchase discount (the “purchase discount”). The consideration paid was allocated to interest income or any gainsthe individual BCIC assets acquired and losses resulting solely from accounting adjustmentsliabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets and liabilities (for example, cash) and did not give rise to goodwill. As a result, the purchase discount was allocated to the cost basis of the BCIC assetsinvestments acquired by the Company on a pro-rata basis based on their relative fair values as of the effective time of the Merger. Immediately following the Merger, the investments were marked to their respective fair values in accordance with ASC 820 which resulted in immediate recognition of net unrealized appreciation in the MergerConsolidated Statement of Operations as required under ASC 805.a result of the Merger. The purchase discount allocated to the BCIC debt investments acquired will amortize over the remaining life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation or depreciation on such investment acquired through its ultimate disposition. The purchase discount allocated to BCIC equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company may recognize a realized gain or loss with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

All fees

57


BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Continued)

March 31, 2024

12. Merger with BlackRock Capital Investment Corporation — (continued)

The Merger was considered a tax-free reorganization and expenses incurred by any party or anythe Company has elected to carry forward the historical cost basis of its consolidated subsidiaries in connection withthe acquired BCIC investments for tax purposes.

Pursuant to the Merger Agreement, will be paid by the party incurring such fees or expenses, whether or not the Merger is consummated. All fees and expenses (whether or not incurred or owed by the Company or BCIC) related to (i) the drafting of the Merger Agreement and the other documents and agreements related thereto and the transactions contemplated thereby and the joint proxy statement/prospectus, (ii) filing and other fees paid to the SEC in connection with the transactions contemplated by the Merger Agreement, and (iii) filing and other fees incurred in connection with any filing under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended in connection with the transactions contemplated by the Merger Agreement will be borne by the Company and BCIC on a pro rata basis based upon the relative net assets of the Company and BCIC as of the date on which the Exchange Ratio is determined, subject to the sharing of a portion of these charges by the Advisor or BCIA as described below.

The Advisor, in the case of the Company, and BCIA, in the case of BCIC, willwould each bear 50% of the aggregate reasonable out-of-pocket costs and expenses incurred by the Company or BCIC, as applicable, up to a combined aggregate amount equal to $6$6.0 million except that if(the “Merger transaction costs”). Net of Merger transaction costs borne by the Closing does not occur because eitherAdvisor, the Company capitalized $2.4 million of Merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of BCIC.

The following table summarizes the allocation of the consideration paid to the assets acquired and liabilities assumed as a result of the Merger:

Common stock issued by the Company (1)

 

$

280,464,610

 

 

Transaction costs

 

 

2,366,408

 

 

   Total purchase price

 

$

282,831,018

 

 

Assets acquired:

 

 

 

 

Investments(2)

 

$

586,983,708

 

 

Cash and cash equivalents

 

 

11,670,610

 

 

Interest, dividends and fees receivable

 

 

10,373,421

 

 

Due from broker

 

 

2,048,141

 

 

Other assets

 

 

3,731,006

 

 

   Total assets acquired

 

 

614,806,886

 

 

Liabilities assumed:

 

 

 

 

Debt

 

 

315,296,749

 

 

Dividends payable (3)

 

 

7,257,191

 

 

Management fees payable

 

 

1,888,664

 

 

Interest rate swap at fair value

 

 

1,674,309

 

 

Incentive fees payable

 

 

1,363,625

 

 

Other liabilities

 

 

4,495,330

 

 

Total liabilities assumed

 

 

331,975,868

 

 

   Net assets acquired

 

$

282,831,018

 

 

(1)
Based on the Company's market price of $10.08 and 27,823,870 shares of common stock issued by the Company at closing.
(2)
Investments acquired were recorded at fair value at the date of the acquisition, which is also the Company's initial cost basis in the investments, and reflects the impact of a $21,886,848 purchase discount.
(3)
Declared on March 4, 2024 by the BCIC Stockholders fail to approve the BCIC Merger Proposal or the Company Stockholders fail to approve the Company Stock Issuance Proposal, then, such amount will be reduced to $3 million. The foregoing expense limits will be allocated between the Company and BCIC on a pro rata basis based upon the relative net assetsBoard of the Company and BCIC as of the date on which the Exchange Ratio is determined, subject to reallocation should one of the Company or BCIC incur expenses that are less than its proportional amount of the expense cap. In accordance with ASC 805, transaction expenses of the Company are capitalized and deferred, while transaction expenses of BCIC are expensed as incurred. As of September 30, 2023, the Company had capitalized approximately $1.2 million in transaction related expenses and such amount is included in prepaid expenses and other assets in the Consolidated Statement of Assets and Liabilities.

The foregoing description of the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement. The representations, warranties, covenants and agreements contained in the Merger Agreement were made only for purposes of the Merger Agreement and as of specific dates; were solelyDirectors for the benefit of the parties to the Merger Agreement (exceptformer BCIC shareholders of record as may be expressly set forth in the Merger Agreement); may be subject to limitations agreed uponof March 15, 2024 and paid on March 29, 2024 out of BCIC cash and cash equivalents acquired by the parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Merger Agreement instead of establishing these matters as facts; and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Stockholders and security holders should not rely on such representations, warranties, covenants or agreements, or any descriptions thereof, as characterizations of the actual state of facts or condition of any of the parties to the Merger Agreement or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations, warranties, covenants and agreements may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in public disclosures by the parties to the Merger Agreement.

Company.

55


 

58


BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in InvestmentsInvestments in Non-Controlled Affiliates(1) (Unaudited)

NineThree Months Ended September 30, 2023March 31, 2024

 

Security

 

Dividends or
Interest
 (2)

 

 

Fair Value at
December 31, 2022

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
September 30, 2023

 

 

Dividends or
Interest
 (2)

 

 

Fair Value at
December 31, 2023

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
March 31, 2024

 

Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/12/24

 

$

141,950

 

 

$

1,324,140

 

 

$

-

 

 

$

-

 

 

$

11

 

 

$

-

 

 

$

1,324,151

 

Hylan Intermediate Holdings II LLC, 2nd Lien Term Loan, SOFR + 10%, 1% SOFR Floor, due 3/11/2027

 

$

222,230

 

 

$

10,022,086

 

 

$

-

 

 

$

(16,989

)

 

$

110,114

 

 

$

(4,789,265

)

 

$

5,325,946

 

Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Term Loan, SOFR + 8%, 1% SOFR Floor, due 2/22/26

 

 

169,559

 

 

 

9,957,945

 

 

 

-

 

 

 

498

 

 

 

-

 

 

 

(4,978,225

)

 

 

4,980,218

 

Hylan Novellus LLC, Class A Units

 

 

-

 

 

 

2,827,373

 

 

 

-

 

 

 

(1,294,173

)

 

 

-

 

 

 

-

 

 

 

1,533,200

 

Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, SOFR + 9%, 1% SOFR Floor, due 4/12/26

 

 

48,521

 

 

 

1,324,151

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,324,151

 

Iracore Investments Holdings, Inc., Class A Common Stock

 

 

-

 

 

 

2,983,163

 

 

 

-

 

 

 

(959,188

)

 

 

-

 

 

 

-

 

 

 

2,023,975

 

 

 

-

 

 

 

1,799,178

 

 

 

-

 

 

 

327,196

 

 

 

-

 

 

 

-

 

 

 

2,126,374

 

TVG-Edmentum Holdings, LLC, Series A Preferred Units

 

 

45,650

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

TVG-Edmentum Holdings, LLC, Series B-1 Common Units

 

 

1,960,002

 

 

 

32,391,197

 

 

 

-

 

 

 

(3,170,270

)

 

 

1,959,992

 

 

 

-

 

 

 

31,180,919

 

 

 

713,703

 

 

 

24,629,566

 

 

 

-

 

 

 

(7,054,132

)

 

 

713,704

 

 

 

-

 

 

 

18,289,138

 

TVG-Edmentum Holdings, LLC, Series B-2 Common Units

 

 

-

 

 

 

32,391,197

 

 

 

-

 

 

 

(1,210,278

)

 

 

-

 

 

 

-

 

 

 

31,180,919

 

 

 

-

 

 

 

24,629,566

 

 

 

-

 

 

 

(6,340,428

)

 

 

-

 

 

 

-

 

 

 

18,289,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

2,147,602

 

 

$

69,089,697

 

 

$

 

 

$

(5,339,736

)

 

$

1,960,003

 

 

$

 

 

$

65,709,964

 

 

$

1,154,013

 

 

$

75,189,865

 

 

$

 

 

$

(14,378,028

)

 

$

823,818

 

 

$

(9,767,490

)

 

$

51,868,165

 

 

Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:

(1)
The issuers of the securities listed on this schedule are considered non-controlled affiliates under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers' voting securities.
(2)
Also includes fee income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.discounts and investments acquired in connection with the Merger.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.

5659


 

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Controlled Affiliates(1)(Unaudited)

NineThree Months Ended September 30, 2023March 31, 2024

 

Security

 

Dividends
or Interest
(2)

 

 

Fair Value at
December 31, 2022

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
September 30, 2023

 

 

Dividends
or Interest
(2)

 

 

Fair Value at
December 31, 2023

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
March 31, 2024

 

36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/25

 

$

1,375,762

 

 

 

52,318,937

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

52,318,937

 

36th Street Capital Partners Holdings, LLC, Membership Units

 

$

(49,161

)

 

$

56,272,000

 

 

$

-

 

 

$

(5,337,692

)

 

$

-

 

 

$

-

 

 

$

50,934,308

 

 

 

-

 

 

 

50,541,000

 

 

 

-

 

 

 

(3,083,663

)

 

 

-

 

 

 

-

 

 

 

47,457,337

 

36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/25

 

 

4,431,729

 

 

 

50,131,437

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

50,131,437

 

Anacomp, Inc., Class A Common Stock

 

 

-

 

 

 

552,432

 

 

 

-

 

 

 

62,776

 

 

 

-

 

 

 

-

 

 

 

615,208

 

 

 

-

 

 

 

843,074

 

 

 

-

 

 

 

32,066

 

 

 

-

 

 

 

-

 

 

 

875,140

 

AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/28

 

 

510,297

 

 

 

18,812,631

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

18,812,631

 

AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/29

 

 

357,556

 

 

 

9,256,229

 

 

 

-

 

 

 

-

 

 

 

349,968

 

 

 

-

 

 

 

9,606,197

 

AA Acquisition Aggregator, LLC, Ordinary Shares

 

 

-

 

 

 

9,985,207

 

 

 

-

 

 

 

297,388

 

 

 

-

 

 

 

-

 

 

 

10,282,595

 

Conventional Lending TCP Holdings, LLC, Membership Units

 

 

1,298,418

 

 

 

16,146,544

 

 

 

-

 

 

 

(20,000

)

 

 

250,000

 

 

 

-

 

 

 

16,376,544

 

 

 

306,573

 

 

 

16,376,544

 

 

 

-

 

 

 

(356,544

)

 

 

-

 

 

 

-

 

 

 

16,020,000

 

Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/22

 

 

-

 

 

 

101,315

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

101,315

 

Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/22

 

 

-

 

 

 

1,862,701

 

 

 

-

 

 

 

(482,697

)

 

 

-

 

 

 

-

 

 

 

1,380,004

 

Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, due 05/27/2027

 

 

932,778

 

 

 

12,089,579

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,089,579

 

Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/21

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conergy Asia Holdings Limited, Ordinary Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Conergy Asia Holdings Limited, Class B Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Fishbowl INC., Common Membership Units

 

 

-

 

 

 

577,277

 

 

 

-

 

 

 

145,680

 

 

 

-

 

 

 

-

 

 

 

722,957

 

 

 

-

 

 

 

135,403

 

 

 

-

 

 

 

(135,403

)

 

 

-

 

 

 

-

 

 

 

-

 

AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/28

 

 

1,004,037

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,533,793

 

 

 

16,278,838

 

 

 

18,812,631

 

AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/29

 

 

648,073

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

310,993

 

 

 

8,604,529

 

 

 

8,915,522

 

AutoAlert, LLC, Class A Common Interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

464,410

 

 

 

-

 

 

 

4,713,888

 

 

 

5,178,298

 

AutoAlert, LLC, Preferred Equity

 

 

-

 

 

 

-

 

 

 

-

 

 

 

329,763

 

 

 

-

 

 

 

4,302,264

 

 

 

4,632,027

 

Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, due 05/27/2027

 

 

658,861

 

 

 

12,089,579

 

 

 

-

 

 

 

302,239

 

 

 

-

 

 

 

-

 

 

 

12,391,818

 

Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/2021

 

 

-

 

 

 

-

 

 

 

-

 

 

 

566,352

 

 

 

13,114,254

 

 

 

-

 

 

 

13,680,606

 

Gordon Brothers Finance Company, Preferred Stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Gordon Brothers Finance Company, Common Stock

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/21

 

 

-

 

 

 

101,315

 

 

 

-

 

 

 

166

 

 

 

-

 

 

 

-

 

 

 

101,481

 

Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/21

 

 

-

 

 

 

1,367,273

 

 

 

-

 

 

 

(135,508

)

 

 

-

 

 

 

-

 

 

 

1,231,765

 

Kawa Solar Holdings Limited, Ordinary Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Kawa Solar Holdings Limited, Series B Preferred Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total

 

$

8,265,874

 

 

$

137,733,285

 

 

$

 

 

$

(4,837,760

)

 

$

3,094,786

 

 

$

33,899,519

 

 

$

169,889,830

 

 

$

3,209,049

 

 

$

171,827,192

 

 

$

 

 

$

(2,512,907

)

 

$

13,464,222

 

 

$

 

 

$

182,778,507

 

 

Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates:

(1)
The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers' voting securities.
(2)
Also includes fee income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.discounts and investments acquired in connection with the Merger.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.

5760


 

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates (1)

Year Ended December 31, 20222023

 

Security

 

Dividends or
Interest (2)

 

 

Fair Value at
December 31,
2021

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
December 31, 2022

 

 

Dividends or
Interest (2)

 

 

Fair Value at
December 31, 2022

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
December 31, 2023

 

Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/12/24

 

$

148,806

 

 

$

1,324,140

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

1,324,140

 

Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/12/24

 

$

191,149

 

 

$

1,324,140

 

 

$

-

 

 

$

-

 

 

$

11

 

 

$

-

 

 

$

1,324,151

 

Iracore Investments Holdings, Inc., Class A Common Stock

 

 

-

 

 

 

4,344,746

 

 

 

-

 

 

 

(1,361,583

)

 

 

-

 

 

 

-

 

 

 

2,983,163

 

 

 

-

 

 

 

2,983,163

 

 

 

-

 

 

 

(1,183,985

)

 

 

-

 

 

 

-

 

 

 

1,799,178

 

NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units

 

 

-

 

 

 

15,224,581

 

 

 

9,653,044

 

 

 

(12,451,775

)

 

 

-

 

 

 

(12,425,850

)

 

 

-

 

NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units

 

 

-

 

 

 

1,409,955

 

 

 

820,337

 

 

 

(1,213,868

)

 

 

-

 

 

 

(1,016,424

)

 

 

-

 

NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units

 

 

-

 

 

 

1,423,944

 

 

 

699,058

 

 

 

(1,225,912

)

 

 

-

 

 

 

(897,090

)

 

 

-

 

Hylan Intermediate Holdings II LLC, 2nd Lien Term Loan, SOFR + 10%, 1% SOFR Floor, due 3/11/2027

 

 

581,023

 

 

 

4,789,265

 

 

 

-

 

 

 

104,575

 

 

 

5,260,111

 

 

 

(131,865

)

 

 

10,022,086

 

Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Term Loan, SOFR + 8%, 1% SOFR Floor, due 2/22/26

 

 

683,947

 

 

 

4,978,225

 

 

 

-

 

 

 

1,495

 

 

 

4,978,225

 

 

 

-

 

 

 

9,957,945

 

Hylan Novellus LLC, Class A Units

 

 

 

 

 

12,230,088

 

 

 

-

 

 

 

(9,402,715

)

 

 

-

 

 

 

-

 

 

 

2,827,373

 

TVG-Edmentum Holdings, LLC, Series A Preferred Units

 

 

180,519

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

45,650

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

TVG-Edmentum Holdings, LLC, Series B-1 Common Units

 

 

2,357,065

 

 

 

36,740,019

 

 

 

-

 

 

 

(6,705,895

)

 

 

2,357,073

 

 

 

-

 

 

 

32,391,197

 

 

 

2,652,917

 

 

 

32,391,197

 

 

 

-

 

 

 

(10,414,537

)

 

 

2,652,906

 

 

 

-

 

 

 

24,629,566

 

TVG-Edmentum Holdings, LLC, Series B-2 Common Units

 

 

-

 

 

 

36,740,019

 

 

 

-

 

 

 

(4,348,822

)

 

 

-

 

 

 

-

 

 

 

32,391,197

 

 

 

-

 

 

 

32,391,197

 

 

 

-

 

 

 

(7,761,631

)

 

 

-

 

 

 

-

 

 

 

24,629,566

 

Total

 

$

2,686,390

 

 

$

97,207,404

 

 

$

11,172,439

 

 

$

(27,307,855

)

 

$

2,357,073

 

 

$

(14,339,364

)

 

$

69,089,697

 

 

$

4,154,686

 

 

$

91,087,275

 

 

$

 

 

$

(28,656,798

)

 

$

12,891,253

 

 

$

(131,865

)

 

$

75,189,865

 

 

 

Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:

(1)
The issuers of the securities listed on this schedule are considered non-controlled affiliates under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers' voting securities.
(2)
Also includes fee and lease income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.

5861


 

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Controlled Affiliates (1)

Year Ended December 31, 20222023

Security

 

Dividends
or Interest (2)

 

 

Fair Value at
December 31,
2021

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
December 31, 2022

 

 

Dividends
or Interest (2)

 

 

Fair Value at
December 31, 2022

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
December 31, 2023

 

36th Street Capital Partners Holdings, LLC, Membership Units

 

$

3,794,889

 

 

$

34,082,000

 

 

$

-

 

 

$

20,940,000

 

 

$

1,250,000

 

 

$

-

 

 

$

56,272,000

 

 

$

(680,883

)

 

$

56,272,000

 

 

$

-

 

 

$

(6,043,500

)

 

$

312,500

 

 

$

-

 

 

$

50,541,000

 

36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/25

 

 

4,977,439

 

 

 

41,381,437

 

 

 

-

 

 

 

-

 

 

 

8,750,000

 

 

 

-

 

 

 

50,131,437

 

36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/25

 

 

5,937,130

 

 

 

50,131,437

 

 

 

-

 

 

 

-

 

 

 

2,187,500

 

 

 

-

 

 

 

52,318,937

 

Anacomp, Inc., Class A Common Stock

 

 

-

 

 

 

326,437

 

 

 

-

 

 

 

225,995

 

 

 

-

 

 

 

-

 

 

 

552,432

 

 

 

-

 

 

 

552,432

 

 

 

-

 

 

 

290,642

 

 

 

-

 

 

 

-

 

 

 

843,074

 

Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/22

 

 

-

 

 

 

339,100

 

 

 

-

 

 

 

(339,100

)

 

 

-

 

 

 

-

 

 

 

-

 

Conventional Lending TCP Holdings, LLC, Membership Units

 

 

2,155,374

 

 

 

26,901,777

 

 

 

(124,801

)

 

 

(131,604

)

 

 

515,000

 

 

 

(11,013,828

)

 

 

16,146,544

 

 

 

1,674,050

 

 

 

16,146,544

 

 

 

-

 

 

 

(20,000

)

 

 

250,000

 

 

 

-

 

 

 

16,376,544

 

Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/22

 

 

-

 

 

 

101,315

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

101,315

 

Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/22

 

 

-

 

 

 

101,315

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

101,315

 

Kawa Solar Holdings Limited, Ordinary Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/22

 

 

-

 

 

 

1,955,145

 

 

 

-

 

 

 

(92,444

)

 

 

-

 

 

 

-

 

 

 

1,862,701

 

Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, due 05/27/2027

 

 

577,752

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,089,579

 

 

 

-

 

 

 

12,089,579

 

Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/22

 

 

-

 

 

 

1,862,701

 

 

 

-

 

 

 

(495,428

)

 

 

-

 

 

 

-

 

 

 

1,367,273

 

Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, due 05/27/2027

 

 

1,261,826

 

 

 

12,089,579

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,089,579

 

Fishbowl INC., Common Membership Units

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(209,754

)

 

 

787,031

 

 

 

-

 

 

 

577,277

 

 

 

-

 

 

 

577,277

 

 

 

-

 

 

 

(441,874

)

 

 

-

 

 

 

-

 

 

 

135,403

 

AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/28

 

 

1,522,939

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,533,793

 

 

 

16,278,838

 

 

 

18,812,631

 

AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/29

 

 

997,865

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

651,700

 

 

 

8,604,529

 

 

 

9,256,229

 

AutoAlert, LLC, Class A Common Interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,713,886

)

 

 

4,713,886

 

 

 

-

 

AutoAlert, LLC, Preferred Equity

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,302,264

)

 

 

4,302,264

 

 

 

-

 

AA Acquisition Aggregator, LLC, Ordinary Shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

969,054

 

 

 

9,016,153

 

 

 

-

 

 

 

9,985,207

 

Total

 

$

11,505,454

 

 

$

105,087,211

 

 

$

(124,801

)

 

$

20,393,093

 

 

$

23,391,610

 

 

$

(11,013,828

)

 

$

137,733,285

 

 

$

10,712,927

 

 

$

137,733,285

 

 

$

 

 

$

(5,741,106

)

 

$

5,935,496

 

 

$

33,899,517

 

 

$

171,827,192

 

 

 

Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates:

(1)
The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers' voting securities.
(2)
Also includes fee and lease income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.

5962


 

BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers (Unaudited)

September 30, 2023March 31, 2024

 

Investment

 

Acquisition Date

AGY Equity, LLC, Class A Preferred Units

 

9/3/20

AGY Equity, LLC, Class B Preferred Units

 

9/3/20

AGY Equity, LLC, Class C Common Units

 

9/3/20

Blackbird Purchaser, Inc. (OTC) Preferred Stock

 

12/14/21

Fidelis (SVC) LLC, Series C Preferred Units

 

12/31/19

Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock

 

5/4/17

GACP I, LP (Great American Capital), Membership Units

 

10/1/15

GACP II, LP (Great American Capital), Membership Units

 

1/12/18

GlassPoint, Inc., Warrants to Purchase Common Stock

 

2/7/17

Grey Orange International Inc., Warrants to Purchase Common Stock

 

5/5/22

Hylan NovellusInMobi, Inc., Warrants to Purchase Common Stock

8/22/17

InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)

9/18/15

InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)

10/1/18

Inotiv, Inc., Common Shares

3/30/22

Marsico Holdings, LLC Units

3/15/24

Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units

2/7/20

Plate Newco 1 Limited (Avanti), Common Stock

4/13/22

Quora, Inc., Warrants to Purchase Series D Preferred Stock

4/12/19

Razor Group GmbH, Warrants to Purchase Preferred Series A1 Shares

4/28/21

Razor Warrants to Purchase Series C Shares

12/23/22

ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock

11/7/19

Elevate Brands HoldCo Inc., Warrants to Purchase Elevate Common Shares in MXP

7/26/23

Elevate Brands HoldCo Inc., Warrants to Purchase Elevate Preferred New Super Senior Shares

7/26/23

SellerX Germany GMBH & Co. KG,, Warrants to Purchase SellerX Common Shares in MXP

11/23/21

SnapLogic, Inc., Warrants to Purchase Series Preferred Stock

3/20/18

SoundCloud, Ltd., Warrants to Purchase Preferred Stock

4/30/15

Stitch Holdings LP, LP Units

3/15/24

Suited Connector, LLC, (Suco Investors, LP) Warrants to Purchase Class A Units

 

03/30/3/6/23

Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock

3/9/17

Utilidata, Inc., Common Stock

7/6/20

Utilidata, Inc., Series A-1 Preferred Stock

7/6/20

Utilidata, Inc., Series A-2 Preferred Stock

7/6/20

WorldRemit Group Limited, Warrants to Purchase Series D Stock

2/11/21

WorldRemit Group Limited, Warrants to Purchase Series E Stock

3/15/24

63


BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers

December 31, 2023

Investment

Acquisition Date

AGY Equity, LLC, Class A Preferred Units

9/3/20

AGY Equity, LLC, Class B Preferred Units

9/3/20

AGY Equity, LLC, Class C Common Units

9/3/20

Blackbird Purchaser, Inc. (OTC) Preferred Stock

12/14/21

Fidelis (SVC) LLC, Series C Preferred Units

12/31/19

Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock

5/4/17

GACP I, LP (Great American Capital), Membership Units

10/1/15

GACP II, LP (Great American Capital), Membership Units

1/12/18

GlassPoint, Inc., Warrants to Purchase Common Stock

2/7/17

Grey Orange International Inc., Warrants to Purchase Common Stock

5/5/22

InMobi, Inc., Warrants to Purchase Common Stock

 

8/22/17

InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)

 

9/18/15

InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)

 

10/1/18

Inotiv, Inc., Common Shares

 

03/3/30/22

PerchHQ, Warrants for Common Units

 

09/9/30/22

Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units

2/7/20

Plate Newco 1 Limited (Avanti), Common Stock

 

04/4/13/22

Quora, Inc., Warrants to Purchase Series D Preferred Stock

 

4/12/19

Razor Group GmbH, Warrants to Purchase Preferred Series A1 Shares

 

4/28/21

Razor Warrants to Purchase Series C Shares

 

12/23/22

ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock

 

11/7/19

Elevate Brands HoldCo Inc., Warrants to Purchase Elevate Common Shares in MXP

 

7/26/23

Elevate Brands HoldCo Inc., Warrants to Purchase Elevate Preferred New Super Senior Shares

 

7/26/23

SellerX Germany GMBH & Co. KG,, Warrants to Purchase SellerX Common Shares in MXP

 

11/23/21

SnapLogic, Inc., Warrants to Purchase Series Preferred Stock

 

3/20/18

Soraa, Inc., Warrants to Purchase Preferred Stock

 

8/29/14

SoundCloud, Ltd., Warrants to Purchase Preferred Stock

 

4/30/15

Suited Connector, LLC, (Suco Investors, LP) Warrants to Purchase Class A Units

 

3/6/2023

Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock

 

3/9/17

Utilidata, Inc., Common Stock

 

7/6/20

Utilidata, Inc., Series A-1 Preferred Stock

 

7/6/20

Utilidata, Inc., Series A-2 Preferred Stock

 

7/6/20

WorldRemit Group Limited, Warrants to Purchase Series D Stock

 

2/11/21

60


BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers

December 31, 2022

Investment

 

Acquisition Date

AGY Equity, LLC, Class A Preferred Units

 

9/3/2020

AGY Equity, LLC, Class B Preferred Units

9/3/2020

AGY Equity, LLC, Class C Common Units

9/3/2020

Autoalert Acquisition Co, LLC, Warrants to Purchase LLC Interests

6/30/20

Blackbird Purchaser, Inc. (OTC) Preferred Stock

12/14/21

Elevate Brands OpCo LLC, Warrants for Common Stock

03/14/22

Elevate Brands OpCo LLC, Warrants for Preferred Shares

03/14/22

Fidelis (SVC) LLC, Series C Preferred Units

12/31/19

FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock

1/30/19

Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock

5/4/17

GACP I, LP (Great American Capital), Membership Units

10/1/15

GACP II, LP (Great American Capital), Membership Units

1/12/18

GlassPoint, Inc., Warrants to Purchase Common Stock

2/7/17

Hylan Datacom & Electrical, LLC, Class A Units

03/30/22

InMobi, Inc., Warrants to Purchase Common Stock

8/22/17

InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)

9/18/15

InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)

10/1/18

Inotiv, Inc., Common Shares

03/30/22

Nanosys, Inc., Warrants to Purchase Preferred Stock

3/29/16

PerchHQ, Warrants for Common Units

09/30/22

Plate Newco 1 Limited (Avanti), Common Stock

04/13/22

Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units

2/7/20

Quora, Inc., Warrants to Purchase Series D Preferred Stock

4/12/19

Razor Group GmbH, Warrants to Purchase Preferred Series A1 Shares

4/28/21

Razor Warrants to Purchase Series C Shares

12/23/22

ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock

11/7/19

SellerX Germany GMBH & Co. KG, Warrants to Purchase Preferred B Shares

11/23/21

SnapLogic, Inc., Warrants to Purchase Series Preferred Stock

3/20/18

Soraa, Inc., Warrants to Purchase Preferred Stock

8/29/14

SoundCloud, Ltd., Warrants to Purchase Preferred Stock

4/30/15

Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock

3/9/17

Utilidata, Inc., Common Stock

7/6/20

Utilidata, Inc., Series C Preferred Stock

7/6/20

Utilidata, Inc., Series CC Preferred Stock

7/6/20

WorldRemit Group Limited, Warrants to Purchase Series D Stock

2/11/21

 

6164


 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. Some of the statements in this report (including in the following discussion) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or the future performance or financial condition of BlackRock TCP Capital Corp. (the “Company,” “we,” “us” or “our”), formerly known as TCP Capital Corp. The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

our, or our portfolio companies’, future business, operations, operating results or prospects;
the return or impact of current and future investments;
the impact of a protracted decline in the liquidity of credit markets on our business;
the impact of fluctuations in interest rates on our business;
the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;
our contractual arrangements and relationships with third parties;
the general economy and its impact on the industries in which we invest;
the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;
our expected financings and investments;
the adequacy of our financing resources and working capital;
the ability of our investment advisor to locate suitable investments for us and to monitor and administer our investments;
the timing of cash flows, if any, from the operations of our portfolio companies;
the timing, form and amount of any dividend distributions;
the phase-out of LIBOR and the use of replacement rates for LIBOR;
The consequences of the conflict between Russia and Ukraine, including international sanctions, the potential impact on inflation and increased disruption to supply chains;
our ability to maintain our qualification as a regulated investment company and as a business development company; and
the Merger,ability to realize benefits anticipated by the likelihood Merger; and
the Merger is completed, the anticipated timing of its completion and the outcome and
impact of any litigation relating to the Merger. See “Note 12 – Proposed Merger with BlackRock Capital Investment
Corporation” for further
information regarding the Merger Agreementtechnology system failures, data security breaches, data privacy compliance, network disruptions, and the Merger.cybersecurity attacks.

We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words to identify forward-looking statements. The forward looking statements contained in this quarterly report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

6265


 

Overview

The Company is a Delaware corporation formed on April 2, 2012 and is an externally managed, closed-end, non-diversified management investment company. The Company was formed through the conversion of a pre-existing closed-end investment company. The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to seek to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We invest primarily in the debt of middle-market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. Such investments may include an equity component, and, to a lesser extent, we may make equity investments directly. Certain investment operations are conducted through the Company’s wholly-owned subsidiaries, Special Value Continuation Partners LLC, a Delaware limited liability company (“SVCP”), TCPC Funding I, LLC (“TCPC Funding”), TCPC Funding II, LLC ("TCPC Funding II") and TCPC SBIC, LP, a Delaware limited partnership (the “SBIC”) and BCIC Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of SVCP (“Merger Sub”). SVCP was organized as a limited partnership and had elected to be regulated as a BDC under the 1940 Act through July 31, 2018. On August 1, 2018, SVCP withdrew its election to be regulated as a BDC under the 1940 Act and withdrew the registration of its common limited partner interests under Section 12(g) of the 1934 Act and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. Series H of SVOF/MM, LLC (“SVOF/MM”) serves as the administrator (the “Administrator”) of the Company. The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II and the SBIC. On August 1, 2018, the Advisor merged with and into a wholly owned subsidiary of BlackRock Capital Investment Advisors, LLC, an indirect wholly owned subsidiary of BlackRock, Inc. with the Advisor as the surviving entity. The SBIC was organized as a Delaware limited partnership in June 2013. On April 22, 2014, the SBIC received a license from the United States Small Business Administration (the “SBA”) to operate as a small business investment company under the provisions of Section 301(c) of the Small Business Investment Act of 1958.

The Company has elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. TCPC Funding, TCPC Funding II and the SBIC have elected to be treated as partnerships for U.S. federal income tax purposes. SVCP was treated as a partnership for U.S. federal income tax purposes through August 1, 2018 and upon its conversion to a limited liability company on August 2, 2018, and thereafter is and will be treated as a disregarded entity.

Our leverage program is comprised of $300.0 million in available debt under a revolving, multi-currency credit facility issued by SVCP (the “Operating Facility”), $200.0 million in available debt under a senior secured revolving credit facility issued by TCPC Funding II (“Funding Facility II”), amounts outstanding under a senior secured revolving credit facility originally issued by BCIC and assumed by Merger Sub ("Merger Sub Facility"), $250.0 million in senior unsecured notes issued by the Company maturing in 2024 (the “2024 Notes”), unsecured notes due December 2025 originally issued by BCIC and assumed by Merger Sub (the "2025 Notes"), $325.0 million in senior unsecured notes issued by the Company maturing in 2026 (the “2026 Notes”) and $160.0 million in committed leverage from the SBA (the “SBA Program” and, together with the Operating Facility, Funding Facility II, Merger Sub Facility, the 2024 Notes, the 2025 Notes and the 2026 Notes, the “Leverage Program”). Prior to being repaid on March 1, 2022, debt included $140.0 million in Convertible unsecured notes due March 2022 issued by the Company (the "2022 Convertible Notes"). Prior to being repaid on September 17, 2021, debt included $175.0 million in unsecured notes due August 2022 issued by the Company (the "2022 Notes"). Prior to being replaced by Funding Facility II on August 4, 2020, leverage included $300.0 million in available debt under a senior secured revolving credit facility issued by TCPC Funding (“Funding Facility I”).

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholdersshareholders generally at least 90% of our investment company taxable income, as defined by the Internal Revenue Code of 1986, as amended, for each year. Pursuant to this election, we generally will not have to pay corporate level taxes on any income that we distribute to our stockholdersshareholders provided that we satisfy those requirements.

On September 6, 2023, the Company entered into the Merger Agreement with BCIC, Merger Sub, and, solely for the limited purposes set forth therein, BCIA and the Advisor. On March 18, 2024, the Company completed its previously announced Merger with BCIC. Pursuant to the Merger Agreement, BCIC was merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP. As a result of the Merger, BCIC’s separate existence ceased.

In accordance with the terms of the Merger Agreement, at the Closing, each outstanding share of BCIC’s common stock was converted into the right to receive 0.3834 shares (the “Exchange Ratio”) of common stock, par value $0.001 per share of the Company (with BCIC shareholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Merger, the Company issued 27,823,870 shares of its common stock to former BCIC shareholders, after adjustment for BCIC’s shareholders receiving cash in lieu of fractional shares.

See “Note 12 – Proposed Merger with BlackRock Capital Investment Corporation” for further information regarding the Merger Agreement and the Merger.

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Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies, public U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended, public domestic operating companies having a market capitalization of less than $250.0 million, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We are also permitted to make certain

63


follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of September 30, 2023, 81.8%March 31, 2024, 81.4% of our total assets were invested in qualifying assets.

Revenues

We generate revenues primarily in the form of interest on the debt we hold. We also generate revenue from dividends on our equity interests, capital gains on the disposition of investments, and certain lease, fee, and other income. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Interest on our debt investments is generally payable quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or PIK. Any outstanding principal amount of our debt investments and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of prepayment fees, commitment, origination, structuring or due diligence fees, end-of-term or exit fees, fees for providing significant managerial assistance, consulting fees and other investment related income.

Expenses

Our primary operating expenses include the payment of a base management fee and, depending on our operating results, incentive compensation, expenses reimbursable under the management agreement, administration fees and the allocable portion of overhead under the administration agreement. The base management fee and incentive compensation remunerates the Advisor for work in identifying, evaluating, negotiating, closing and monitoring our investments. Our administration agreement with the Administrator provides that the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to us under the administration agreement, as well as any costs and expenses incurred by the Administrator or its affiliates relating to any non-investment advisory, administrative or operating services provided by the Administrator or its affiliates to us. We also bear all other costs and expenses of our operations and transactions (and the Company’s common stockholdersshareholders indirectly bear all of the costs and expenses of the Company, SVCP, TCPC Funding II, the SBIC and the SBIC)Merger Sub), which may include those relating to:

our organization;
calculating our net asset value (including the cost and expenses of any independent valuation firms);
interest payable on debt, if any, incurred to finance our investments;
costs of future offerings of our common stock and other securities, if any;
the base management fee and any incentive compensation;
dividends and distributions on our preferred shares, if any, and common shares;
administration fees payable under the administration agreement;
fees payable to third parties relating to, or associated with, making investments;
transfer agent and custodial fees;
registration fees;
listing fees;
taxes;
director fees and expenses;

67


costs of preparing and filing reports or other documents with the SEC;
costs of any reports, proxy statements or other notices to our stockholders,shareholders, including printing costs;
our fidelity bond;
directors and officers/errors and omissions liability insurance, and any other insurance premiums;
indemnification payments;
direct costs and expenses of administration, including audit and legal costs; and
all other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the administration agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs.

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ThePrior to the Closing, the investment management agreement providesprovided that the base management fee be calculated at an annual rate of 1.5% of our total assets (excluding cash and cash equivalents) payable quarterly in arrears; provided, however, that, effective as of February 9, 2019, the base management fee iswas calculated at an annual rate of 1.0% of our total assets (excluding cash and cash equivalents) that exceed an amount equal to 200% of the net asset value of the Company. For purposes of calculating the base management fee, “total assets” is determined without deduction for any borrowings or other liabilities. The base management fee is calculated based on the value of our total assets and net asset value (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter.

In connection with the Merger, the Company and the Advisor entered into the Amended and Restated Investment Advisory Agreement, pursuant to which the Advisor reduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of calculation. Prior to the Closing, the Advisor’s base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The Company also entered into the Fee Waiver Agreement with the Advisor. The Fee Waiver Agreement provided that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit (the waiver amount in a given quarter cannot exceed the total advisory fees for such quarter).

Additionally, the previous investment management agreement providesdated February 9, 2019 and the Amended and Restated Investment Advisory Agreement each provide that the Advisor or its affiliates may be entitled to incentive compensation under certain circumstances. According to the terms of such agreement,agreements, no incentive compensation was incurred prior to January 1, 2013. Under the currentprevious investment management agreement, dated February 9, 2019, and as continued under the Amended and Restated Investment Advisory Agreement, the incentive compensation equals the sum of (1) 20% of all ordinary income since January 1, 2013 through February 8, 2019 and 17.5% thereafter and (2) 20% of all net realized capital gains (net of any net unrealized capital depreciation) since January 1, 2013 through February 8, 2019 and 17.5% thereafter, less ordinary income incentive compensation and capital gains incentive compensation previously paid. However, incentive compensation will only be paid to the extent the cumulative total return of the Company after incentive compensation and including such payment would equal or exceed a 7% annual return on daily weighted-average contributed common equity. The determination of incentive compensation is subject to limitations under the 1940 Act and the Investment Advisers Act of 1940.

Through December 31, 2017, the incentive compensation was an equity allocation to SVCP’s general partner under the LPA. Effective as of January 1, 2018, the LPA was amended to remove the incentive compensation distribution provisions therein, and the incentive compensation became payable as a fee to the Advisor pursuant to the then-existing investment management agreements. The amendment had no impact on the amount of the incentive compensation paid or services received by the Company.

Critical accounting policies and estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. Management considers the following critical accounting policies important to understanding the financial statements. In addition to the discussion below, our critical accounting policies are further described in the notes to our financial statements.

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Valuation of portfolio investments

Pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act, the Board of Directors designated the Advisor as the Company’s valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations and has approved policies and procedures adopted by the Advisor to seek to ensure compliance with the requirements of the Rules.

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee). Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (i) are independent of us, (ii) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (iii) are able to transact for the asset, and (iv) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

65


Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. We generally obtain market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker-dealers or market makers. However, short term debt investments with original maturities of generally three months or less are valued at amortized cost, which approximates fair value. Debt and equity securities for which market quotations are not readily available, which is the case for many of our investments, or for which market quotations are deemed not to represent fair value, are valued at fair value using a consistently applied valuation process in accordance with our documented valuation policies and procedures reviewed and approved by the Valuation Committee. The policies were adopted by the Valuation Designee and approved by the Board. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of our investments than on the fair values of our investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where we believe that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security cause current market quotations to not reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently causing a quoted purchase or sale price to become stale, where there is a “forced” sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid-ask spread.

The valuation process adopted by the Valuation Designee with respect to investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value is as follows:

The investment professionals of the Valuation Designee provide recent portfolio company financial statements and other reporting materials to independent valuation firms approved by the Valuation Committee.
Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented and discussed with senior management of the Valuation Designee.
The fair value of smaller investments comprising in the aggregate less than 5% of our total capitalization may be determined by the Valuation Designee in good faith in accordance with our valuation policy without the employment of an independent valuation firm.
The Valuation Designee determines the fair value of the remainder of investments in our portfolio in good faith based on the input of the Valuation Committee and the respective independent valuation firms.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing one or more methodologies, including the market approach, the income approach, or in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparable, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparable, our principal market (as the reporting entity) and enterprise values.

69


When valuing all of our investments, we strive to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

66


Our investments may be categorized based on the types of inputs used in their valuation. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Investments are classified by GAAP into the three broad levels as follows:

Level 1 — Investments valued using unadjusted quoted prices in active markets for identical assets.

Level 2 — Investments valued using other unadjusted observable market inputs, e.g. quoted prices in markets that are not active or quotes for comparable instruments.

Level 3 — Investments that are valued using quotes and other observable market data to the extent available, but which also take into consideration one or more unobservable inputs that are significant to the valuation taken as a whole.

As of September 30, 2023,March 31, 2024, 0.0% of our investments were categorized as Level 1, 4.3%1.4% were categorized as Level 2, 95.7%98.5% were categorized as Level 3 investments valued based on valuations by independent third-party sources, and 0.0%0.1% were categorized as Level 3 investments valued based on valuations by the Valuation Designee.

As of December 31, 2022, 0.1%2023, 0.0% of our investments were categorized as Level 1, 5.7%3.0% were categorized as Level 2, 94.0%96.9% were categorized as Level 3 investments valued based on valuations by independent third-party sources, and 0.2%0.1% were categorized as Level 3 investments valued based on valuations by the Valuation Designee.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the financial statements.

Revenue recognition

Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain of our debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.

Net realized gains or losses and net change in unrealized appreciation or depreciation

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Portfolio and investment activity

During the three months ended September 30, 2023,March 31, 2024, we invested approximately $92.4$607.0 million, of which $587.0 million of investments were acquired as a result of the Merger, which were comprised of new investments in 4 new and 4 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $91.5 million, or 99.0% of total acquisitions, were95.8% in senior secured loans.loans, 3.1% in unsecured or

70


subordinated debt securities and 1.1% in equity investments. The remaining $0.9$20.0 million (1.0% of total acquisitions) was comprised of equity investments. Additionally, we received approximately $125.6 million in proceeds from sales or repayments of investments made by the Company during the three months ended September 30, 2023.

During the three months ended September 30, 2022, we invested approximately $48.3 million, comprised ofMarch 31, 2024, included new investments in 144 new and 3 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $47.3$18.9 million, or 98.0%94.5% of total acquisitions, were in senior secured loans, theloans. The remaining $1.0$1.1 million or 2.0%(5.5% of total acquisitions,acquisitions) was comprised primarily of equity investments. Additionally, we received approximately $170.4$24.3 million in proceeds from sales or repayments of investments during the three months ended September 30, 2022.

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March 31, 2024.

During the ninethree months ended September 30,March 31, 2023, we invested approximately $185.5$76.0 million, comprised of new investments in 148 new and 82 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $182.5$75.1 million, or 98.4%98.8% of total acquisitions, were in senior secured loans. The remaining 3.0$0.9 million (1.6%(1.2% of total acquisitions) was comprised of equity investments. Additionally, we received approximately $176.5$19.3 million in proceeds from sales or repayments of investments during the ninethree months ended September 30, 2022.

During the nine months ended September 30, 2022, we invested approximately $263.4 million, comprised of new investments in 28 new and 9 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $259.1 million, or 98.4% of total acquisitions, were in senior secured loans and $0.7 million, or 0.3% of total acquisitions were in unsecured notes. The remaining $3.6 million (1.3% of total acquisitions) was comprised of equity investments. Additionally, we received approximately $406.0 million in proceeds from sales or repayments of investments during the nine months ended September 30, 2022.March 31, 2023.

At September 30, 2023,March 31, 2024, our consolidated investment portfolio of $1,593.3$2,116.4 million (at fair value) consisted of 143157 portfolio companies and was invested 88.7%92.3% in debt investments, primarily in senior secured debt. In aggregate, our investment portfolio was invested 85.5%89.0% in senior secured loans, 3.2%2.4% in senior secured notes, 0.9% in unsecured debt and 11.3%7.7% in equity investments. Our average portfolio company investment at fair value was approximately $11.1$13.5 million. Our largest portfolio company investment bybased on fair value was approximately 6.3%4.7% of our portfolio and our five largest portfolio company investments bybased on fair value comprised approximately 20.1%16.4% of our portfolio at September 30, 2023.March 31, 2024.

At December 31, 2022,2023, our investment portfolio of $1,609.6$1,554.9 million (at fair value) consisted of 136142 portfolio companies and was invested 88.2%89.3% in debt investments, primarily in senior secured debt. In aggregate, our investment portfolio was invested 83.9%86.0% in senior secured loans, 4.3%3.3% in senior secured notes and 11.8%10.7% in equity investments. Our average portfolio company investment at fair value was approximately $11.8$11.0 million. Our largest portfolio company investment bybased on fair value was approximately 6.6% of our portfolio and our five largest portfolio company investments bybased on fair value comprised approximately 20.1%19.8% of our portfolio at December 31, 2022.2023.

The industry composition of our portfolio at fair value at September 30, 2023March 31, 2024 was as follows:

 

Industry

 

Percent of
Total
Investments

 

Diversified Financial Services

13.3

%

Internet Software and Services

 

 

14.713.3

%

Diversified Financial ServicesSoftware

 

 

12.011.3

%

Diversified Consumer Services

 

 

12.0

%

Software

9.48.8

%

Professional Services

 

 

5.56.2

%

Health Care Technology

 

 

4.7

%

MediaHotels, Restaurants and Leisure

 

 

3.6

%

Capital Markets

3.03.2

%

IT Services

 

 

2.8

%

Automobiles

2.83.2

%

Healthcare Providers and Services

 

 

2.53.0

%

Road and Rail

 

 

2.6

%

Capital Markets

2.5

%

Media

2.4

%

Textiles, Apparel and Luxury Goods

 

 

2.42.3

%

Automobiles

2.2

%

Construction and Engineering

 

 

2.2

%

Paper and Forest Products

2.1

%

Technology Hardware, Storage &and Peripherals

 

 

2.0

%

Hotels, Restaurants and LeisureInsurance

 

 

1.9

%

Paper and Forest Products

1.91.7

%

Specialty Retail

 

 

1.5

%

Pharmaceuticals

1.4

%

Diversified Telecommunication Services

1.21.7

%

Consumer Finance

 

 

1.21.4

%

InsurancePharmaceuticals

 

 

1.2

%

Trading Companies & DistributorsContainers and Packaging

 

 

1.11.0

%

Real Estate Management and Development

1.0

%

Other

 

 

6.56.7

%

Total

 

 

100.0

%

68


 

The weighted average effective yield of our debt portfolio was 14.1% at September 30, 2023March 31, 2024 and 12.7%14.1% at December 31, 2022.2023. The weighted average effective yield of our total portfolio was 13.2%13.4% at September 30, 2023March 31, 2024 and 11.9%13.3% at December 31, 2022.2023. At September 30, 2023, 94.9%March 31, 2024, 97.1% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR,SOFR, EURIBOR, SOFR, the Federal Funds

71


Rate or the Prime Rate, and 5.1%2.9% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 94.8%92.1% at September 30, 2023.March 31, 2024. Debt investments in threefive portfolio companies were on non-accrual status as of September 30, 2023,March 31, 2024, representing 1.1%1.7% of the portfolio at fair value and 1.7%3.6% at cost. At December 31, 2022, 93.6%2023, 95.6% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR,SOFR, EURIBOR, SOFR, the Federal Funds Rate or the Prime Rate, and 6.4%4.4% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 94.9%94.0% at December 31, 2022.2023. Debt investments in threefour portfolio companies were on non-accrual status as of December 31, 2022,2023, representing 2.0% of the portfolio at fair value and 4.2%3.7% at cost.

Results of operations

Investment income

Investment income totaled $54.2$55.7 million and $48.2$50.3 million, respectively, for the three months ended September 30,March 31, 2024 and 2023, and 2022, of which $53.3$54.7 million and $46.1$49.0 million were attributable to interest and fees on our debt investments, $0.9$1.0 million and $1.7$0.9 million to dividend income and $0.0 million and $0.4 million to other income, respectively. Included in interest and fees on our debt investments were $0.7$0.4 million and $3.4$0.2 million of non-recurring income related to prepayments and $0.4$0.1 million and $0.4$0.1 million in amendment fees for the three months ended September 30,March 31, 2024 and 2023, and 2022, respectively. The increase in investment income for the three months ended September 30, 2023March 31, 2024 compared to the three and nine months ended September 30, 2022March 31, 2023 primarily reflects an increase in interest income due to the rise in LIBOR/higher SOFR rates during the three months ended March 31, 2024 and to additional investment income earned on investments acquired as a result of the Merger, partially offset by the lower dividendother income receivedearned during the three months ended September 30, 2023.

Investment income totaled $158.5 million and $134.3 million, respectively, for the nine months ended September 30, 2023 and 2022, of which $155.3 million and $127.6 million were attributable to interest and fees on our debt investments, $2.8 million and $5.9 million to dividend income and $0.4 million and $0.8 million to other income, respectively. Included in interest and fees on our debt investments were $1.0 million and $7.3 million of non-recurring income related to prepayments and $0.9 million and $0.4 million in amendment fees for the nine months ended September 30, 2023 and 2022, respectively. The increase in investment income in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 primarily reflects an increase in interest income due to the increase in LIBOR/SOFR rates, partially offset by the lower dividend income during the nine months ended September 30, 2023.March 31, 2024.

Expenses

Total operating expenses for the three months ended September 30,March 31, 2024 and 2023 and 2022 were $25.9$27.5 million and $23.8$24.9 million, respectively, comprised of $12.1$13.2 million and $10.2$11.5 million in interest expense and related fees, $6.1$5.9 million and $6.6$5.4 million in incentive fee expense, $5.8 million and $5.9 million in base management fees, $6.0$0.9 million and $5.2 million in incentive fee expense, $0.7 million and $0.4$0.5 million in professional fees, $0.4$0.6 million and $0.4 million in administrative expenses and $0.6$1.0 million and $1.0$1.2 million in other expenses, respectively. The increase in operating expenses for the three months ended September 30, 2023March 31, 2024 compared to the three months ended September 30, 2022March 31, 2023 reflects an increase in interest expense due to the rise in LIBOR/higher SOFR rates during the three months ended March 31, 2024 and as a result of the higher debt outstanding assumed as a result of the Merger, in addition to an increase in incentive fee expense partially offset by the lower management feesfrom higher pre-incentive net investment income earned during the three months ended September 30, 2023.

Total operating expenses for the nine months ended September 30, 2023 and 2022 were $77.1 million and $68.9 million, respectively, comprised of $36.0 million and $28.9 million in interest expense and related fees, $18.1 million and $19.9 million in base management fees, $17.3 million and $13.9 million in incentive fee expense, $1.5 million and $1.4 million in professional fees, $1.1 million and $1.3 million in administrative expenses and $3.1 million and $3.5 million in other expenses, respectively. The increase in operating expenses in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 primarily reflects an increase in interest expense due to the rise in LIBOR/SOFR rates and an increase in incentive fee expense, partially offset by the lower management fees during the nine months ended September 30, 2023.March 31, 2024.

Net investment income

Net investment income was $28.3 million and $24.4$25.4 million, respectively, for the three months ended September 30, 2023March 31, 2024 and 2022.2023. The increase in net investment income for the three months ended September 30, 2023March 31, 2024 compared to the three months ended September 30, 2022March 31, 2023 primarily reflects the increase in total investment income, partially offset by the increase in expenses during the three months ended September 30, 2023.

Net investment income was $81.3 million and $65.4 million, respectively, for the nine months ended September 30, 2023 and 2022. The increase in net investment income in the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022 primarily reflects the increase in total investment income, partially offset by the increase in expense during the nine months ended September 30, 2023.

69


March 31, 2024.

Net realized and unrealized gain or loss

Net realized gain (loss) for the three months ended September 30,March 31, 2024 and 2023 and 2022 was $(0.1)$(0.2) million and $0.3 million, respectively.

Net realized gain (loss) for the nine months ended September 30, 2023 and 2022 was $(31.2) million and $(18.2)$(30.6) million, respectively. Net realized losslosses for the ninethree months ended September 30,March 31, 2023 was comprised primarily of a $30.7 million loss from the reorganization of our investment in Autoalert. Net realized loss for the nine months ended September 30, 2022 was comprised primarily of a $13.8 million loss from reorganization of our investment in Fishbowl, a $13.3 million loss from the restructuring of our investment in Avanti, partially offset by a $11.2 million gain from the exit of our debt investment in CORE Entertainment.

For the three months ended September 30,March 31, 2024 and 2023, and 2022, the change in net unrealized appreciation (depreciation) was $(15.4)$(23.0) million and $1.6$28.0 million, respectively. The change in unrealized depreciation of $(23.0) million is net of $21.3 million in unrealized appreciation resulting from a reduction of the cost basis of investments acquired as a result of the Merger from allocation of the purchase discount paid by the Company. The change in net unrealized depreciation for the three months ended September 30, 2023March 31, 2024 primarily reflects a $4.5$13.4 million unrealized loss on our investment in Edmentum, a $4.0$13.2 million unrealized loss on our investment in Khoros,Razor, a $3.6$6.8 million unrealized loss on our investment in Magenta Buyer,Aventiv, a $2.5$6.4 million unrealized loss on our investment in Astra, a $3.3 million unrealized loss on our investment in Thras.io and a $3.1 million unrealized loss on our investment in 36th Street Capital, partially offset by a $2.4$6.3 million reversal of previous unrealized loss onupon the restructure of our investment in Hylan, a $2.2 million unrealized loss on our investment in CIBT, offset by a $3.2 million unrealized gain on our investment in Astra Acquisition.Perch. The change in net unrealized appreciation (depreciation) for the three months ended September 30, 2022 was primarily driven by a $18.8 million in unrealized gain on our investment in 36th Street Capital, and a $3.3 million in reversal of previous unrealized losses from the disposition of our investment in JUUL, partially offset by $5.9 million in unrealized losses from AutoAlert and $2.1 million in unrealized losses on Aventiv Technologies, as well as unrealized losses across the portfolio from widening market spreads.

For the nine months ended September 30, 2023 and 2022, the change in net unrealized appreciation (depreciation) was $1.6 million and $(8.7) million, respectively. The change in net unrealized appreciation for the nine months ended September 30,March 31, 2023 primarily reflects a $37.0$36.2 million reversal of previously recognized unrealized losses from the reorganization of our investment in Autoalert, partially offset by a $8.0 million unrealized loss in Hylan, a $6.8 million unrealized loss on our investment in Megenta Buyer, a $5.3 million unrealized loss on our investment in 36th Street, a $5.1 million unrealized loss on our investment in Khoros, a $4.4 million unrealized loss on our investment in Edmentum, a $3.9$3.2 million unrealized loss on our investment in Astra Acquisition and a $3.9$2.9 million unrealized loss on our investment in Perch. The change in net unrealized appreciation/depreciation for the nine months ended September 30, 2022 primarily reflects $14.9 million reversal of previously recognized unrealized gains from the disposition of our investment in CORE Entertainment, $12.9 million in unrealized losses from Autoalert, $3.3 million in unrealized losses from Thras.io, as well as unrealized losses across the portfolio from widening market spreads, offset by $23.1 million in unrealized gains on our investment in 36th Street Capital, $13.9 million reversal of previously recognized unrealized losses from the restructuring of our investment in Fishbowl, $12.3 million reversal of previously recognized unrealized losses from the restructuring of our investment in Avanti, and $7.6 million in unrealized gains on Edmentum.Aventiv.

72


Incentive compensation

Incentive fees, included in operating expenses for the three months ended September 30,March 31, 2024 and 2023 and 2022 were $6.0$5.9 million and $5.2$5.4 million, respectively, and were payable due to our performance exceeding the cumulative total return threshold.

Incentive fees The increase in incentive fee expense for the ninethree months ended September 30,March 31, 2024 compared to the three months ended March 31, 2023, was the result of higher pre-incentive fee net investment income earned during the three months ended March 31, 2024 which was driven by higher SOFR rates and 2022 were $17.3 million and $13.9 million, respectively, and were payable due to our performance exceedingadditional investment income earned on investments acquired as a result of the cumulative total return threshold.Merger.

Income tax expense, including excise tax

The Company has elected to be treated as a RIC under Subchapter M of the Internal Revenue Code (the "Code”) and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must, among other things, timely distribute to its stockholdersshareholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. The Company has made and intends to continue to make the requisite distributions to its stockholdersshareholders which will generally relieve the Company from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income. Any excise tax expense is recorded at year end as such amounts are known. For the nine month ended September 30, 2023, an excise tax expense of $0.1 million was recorded and paid, based on the amount of tax-basis ordinary income for the year ended December 31, 2022. No excise tax was incurred for the yearthree months ended DecemberMarch 31, 2022.2024.

On March 18, 2024, the Company completed its previously announced Merger with BCIC. Pursuant to the Merger Agreement, BCIC was merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP. The Merger was considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the acquired BCIC investments for tax purposes. As a result of the Merger, BCIC’s separate existence ceased.

Net increase (decrease) in net assets resulting from operations

The net increase (decrease) in net assets applicable to common shareholders resulting from operations was $12.8$5.1 million and $26.2$22.7 million for the three months ended September 30,March 31, 2024 and 2023, and 2022, respectively. The lower net increase in net assets resulting from

70


operations during the three months ended September 30, 2023March 31, 2024 was primarily due to thehigher net realized and unrealized losses, partially offset by higher net investment income compared to the three months ended September 30, 2022.March 31, 2023.

TheNet investment income, net realized and unrealized gain (loss) and net increase (decrease) in net assets applicable to common shareholders resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio.

Supplemental Non-GAAP information

On March 18, 2024, the Company completed its previously announced Merger with BCIC. The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50 ("ASC 805"), Business Combinations-Related Issues. The Company determined the fair value of the shares of the Company's common stock that were issued to former BCIC shareholders pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Merger under ASC 805. The consideration paid to BCIC shareholders was $51.8 millionless than the aggregate fair values of the BCIC assets acquired and $38.6 million forliabilities assumed, which resulted in a purchase discount (the “purchase discount”). The consideration paid was allocated to the nine months ended September 30, 2023individual BCIC assets acquired and 2022, respectively.liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets and liabilities (for example, cash) and did not give rise to goodwill. As a result, the purchase discount was allocated to the cost basis of the BCIC investments acquired by the Company on a pro-rata basis based on their relative fair values as of the effective time of the Merger. Immediately following the Merger, the investments were marked to their respective fair values in accordance with ASC 820 which resulted in immediate recognition of net unrealized appreciation in the Consolidated Statement of Operations as a result of the Merger. The higherpurchase discount allocated to the BCIC debt investments acquired will amortize over the remaining life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation or depreciation on such investment acquired through its ultimate disposition. The purchase discount allocated to BCIC equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company may recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

As a supplement to the Company’s reported GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful:

73


“Adjusted net investment income” – excludes the amortization of purchase accounting discount from net investment income calculated in accordance with GAAP;
“Adjusted net realized and unrealized gain (loss)” – excludes the unrealized appreciation resulting from the purchase discount and the corresponding reversal of the unrealized appreciation from the amortization of the purchase discount from the determination of net realized and unrealized gain (loss) determined in accordance with GAAP; and
“Adjusted net increase (decrease) in net assets resulting from operations” – calculates net increase (decrease) in net assets resulting from operations during the nine months ended September 30, 2023 was primarily due to the higherbased on Adjusted net investment income and theAdjusted net realized and unrealized gains comparedgain (loss).

 

For the Quarters Ended March 31,

 

 

2024

 

 

2023

 

 

Amount

 

 

Per Share

 

 

Amount

 

 

Per Share

 

Net investment income

$

28,261,273

 

 

 

0.46

 

 

$

25,373,127

 

 

 

0.44

 

   Less: Purchase accounting discount amortization

 

539,491

 

 

 

0.01

 

 

 

 

 

 

 

Adjusted net investment income

$

27,721,782

 

 

 

0.45

 

 

$

25,373,127

 

 

 

0.44

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gain (loss)

$

(23,204,132

)

 

 

(0.37

)

 

$

(2,659,248

)

 

 

(0.05

)

   Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount

 

21,347,357

 

 

 

0.34

 

 

 

 

 

 

 

Adjusted net realized and unrealized gain (loss)

$

(44,551,489

)

 

 

(0.71

)

 

$

(2,659,248

)

 

 

(0.05

)

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

$

5,057,141

 

 

 

0.08

 

 

$

22,713,879

 

 

 

0.39

 

   Less: Purchase accounting discount amortization

 

539,491

 

 

 

0.01

 

 

 

 

 

 

 

   Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount

 

21,347,357

 

 

 

0.34

 

 

 

 

 

 

 

Adjusted net increase (decrease) in assets resulting from operations

$

(16,829,707

)

 

 

(0.27

)

 

$

22,713,879

 

 

 

0.39

 

We believe that the adjustment to exclude the nine months ended September 30, 2022.full effect of purchase discount accounting under ASC 805 from these financial measures is meaningful because of the potential impact on the comparability of these financial measures that we and investors use to assess our financial condition and results of operations period over period. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

Liquidity and capital resources

Since our inception, our liquidity and capital resources have been generated primarily through the initial private placement of common shares of Special Value Continuation Fund, LLC (the predecessor entity) which were subsequently converted to common stock of the Company, the net proceeds from the initial and secondary public offerings of our common stock, amounts outstanding under our Leverage Program, and cash flows from operations, including investments sales and repayments and income earned from investments and cash equivalents. The primary uses of cash have been investments in portfolio companies, cash distributions to our equity holders, payments to service our Leverage Program and other general corporate purposes.

Prior to its discontinuance effective July 7, 2020, we had offered an “opt in”On February 27, 2024, the Board of Directors approved a new dividend reinvestment plan (the “DRIP”) for the Company. The DRIP was effective as of, and will apply to our common stockholders, pursuantthe reinvestment of cash distributions with a record date after March 18, 2024. Under the DRIP, shareholders will automatically receive cash dividends and distributions unless they “opt in” to which the DRIP and elect to have their dividends payable to those shareholders who so elected would beand distributions reinvested in additional shares of the Company’s common stock. Notwithstanding the foregoing, the former shareholders of BCIC that participated in the BCIC dividend reinvestment plan at the time of the Merger have been automatically enrolled in the Company’s DRIP and will have their shares reinvested in additional shares of the Company’s common stock on future distributions, unless they “opt out” of the DRIP.

On February 24, 2015, the Company’s boardBoard of directorsDirectors approved a stock repurchase plan (the “Company Repurchase Plan”) to acquire up to $50.0 million in the aggregate of the Company’s common stock at prices at certain thresholds below the Company’s net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the 1934 Act. The Company Repurchase Plan is designed to allow the Company to repurchase its common stock at times when it otherwise might be prevented from doing so under insider trading laws. The Company Repurchase Plan requires an agent selected by the Company to repurchase shares of common stock on the Company’s behalf if and when the market price per share is at certain thresholds below the most recently reported net asset value per share. Under the plan, the agent will increase the volume of purchases made if the price of the Company’s common stock declines, subject to volume restrictions. The timing and amount of any stock repurchased depends on the terms and conditions of

74


the Company Repurchase Plan, the market price of the common stock and trading volumes, and no assurance can be given that any particular amount of common stock will be repurchased. The Company Repurchase Plan was re-approved on JulyFebruary 27, 2023,2024, to be in effect through the earlier of two trading days after our thirdfirst quarter 20232024 earnings release, unless further extended or terminated by our boardBoard of directors,Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions. No shares were repurchased by the Company under the Company Repurchase plan for the ninethree months ended September 30, 2023March 31, 2024 and 2022.2023.

Total leverage outstanding and available under the combined Leverage Program at September 30, 2023March 31, 2024 were as follows:

 

 

Maturity

 

Rate

 

 

Carrying
Value
(1)

 

 

Available

 

 

Total
Capacity

 

 

 

Maturity

 

Rate

 

 

Carrying
Value
(1)

 

 

Available

 

 

Total
Capacity

 

 

Operating Facility

 

2026

 

SOFR+1.75%

(2)

 

$

148,826,611

 

 

$

151,173,389

 

 

$

300,000,000

 

(3)

 

2026

 

SOFR+2.00%

(2)

 

$

167,985,035

 

 

$

132,014,965

 

 

$

300,000,000

 

(3)

Funding Facility II

 

2027

 

SOFR+2.05%

(4)

 

 

100,000,000

 

 

 

100,000,000

 

 

 

200,000,000

 

(5)

 

2027

 

SOFR+2.05%

(4)

 

 

100,000,000

 

 

 

100,000,000

 

 

 

200,000,000

 

(5)

Merger Sub Facility(6)

 

2028

 

SOFR+2.00%

(7)

 

 

221,000,000

 

 

 

44,000,000

 

 

 

265,000,000

 

(8)

SBA Debentures

 

2024−2031

 

2.52%

(6)

 

 

150,000,000

 

 

 

10,000,000

 

 

 

160,000,000

 

 

 

2024−2031

 

2.52%

(9)

 

 

150,000,000

 

 

 

10,000,000

 

 

 

160,000,000

 

 

2024 Notes ($250 million par)

 

2024

 

3.900%

 

 

249,443,956

 

 

 

 

 

 

249,443,956

 

 

 

2024

 

3.90%

 

 

249,750,603

 

 

 

 

 

 

249,750,603

 

 

2025 Notes ($92 million par)(6)

 

2025

 

Fixed/Variable

(10)

 

 

92,000,000

 

 

 

 

 

 

92,000,000

 

 

2026 Notes ($325 million par)

 

2026

 

2.850%

 

 

325,887,724

 

 

 

 

 

 

325,887,724

 

 

 

2026

 

2.85%

 

 

325,693,658

 

 

 

 

 

 

325,693,658

 

 

Total leverage

 

 

 

 

 

 

974,158,291

 

 

$

261,173,389

 

 

$

1,235,331,680

 

 

 

 

 

 

 

 

1,306,429,296

 

 

$

286,014,965

 

 

$

1,592,444,261

 

 

Unamortized issuance costs

 

 

 

 

 

 

(3,784,018

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,616,588

)

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

$

970,374,273

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,302,812,708

 

 

 

 

 

 

 

 

 

(1)
Except for the 2024 Notes and the 2026 Notes, all carrying values are the same as the principal amounts outstanding.
(2)
As of September 30, 2023, $139.0March 31, 2024, $160.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.11%. $7.8$8.0 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $2.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%.
(3)
Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.
(4)
Subject to certain funding requirements and a SOFR credit adjustment of 0.15%.
(5)
Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.
(6)
Debt assumed by the Company as a result of the Merger with BCIC.
(7)
The applicable margin for SOFR-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness.
(8)
Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.
(9)
Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

71(10)


The 2025 Notes consist of two tranches: $35.0 million aggregate principal amount with a fixed interest rate of 6.85% and $57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14%.

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

Effective November 7, 2018, the Company’s boardBoard of directors,Directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of our boardBoard of directors,Directors, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA (the “Asset Coverage Ratio Election”), which would have resulted (had the Company not received earlier stockholdershareholder approval) in our asset coverage requirement applicable to senior securities being reduced from 200% to 150%, effective on November 7, 2019. On February 8, 2019, the stockholdersshareholders of the Company approved the Asset Coverage Ratio Election, and, as a result, effective on February 9, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of September 30, 2023,March 31, 2024, the Company’s asset coverage ratio was 189%182%.

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On July 13, 2015, we obtained exemptive relief from the SEC to permit us to exclude debt outstanding under the SBA Debentures from our asset coverage test under the 1940 Act. The exemptive relief provides us with increased flexibility under the 150% asset coverage test by permitting the SBIC to borrow up to $160.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.

Net cash provided by operating activities during the ninethree months ended September 30, 2023March 31, 2024 was $52.1$33.4 million, consisting primarily of $56.0$27.4 million in net investment income (net of non-cash income and expenses), offset by and the settlement of dispositions of investments (net of acquisitions) of $3.9$6.0 million.

Net cash used by financing activities was $42.9$25.1 million during the ninethree months ended September 30, 2023,March 31, 2024, consisting primarily of $66.4$26.9 million in dividends paid to common shareholders (including $7.3 million of dividends declared by BCIC prior to the Merger and $1.4 million in debt issuance cost,paid to former BCIC shareholders out of cash and cash equivalents acquired), offset by $24.9$1.8 million in credit facility draws (net of repayments).

At September 30, 2023,March 31, 2024, we had $91.7$120.6 million in cash and cash equivalents.

The Operating Facility, and Funding Facility II and Merger Sub Facility (in the aggregate) are secured by substantially all of the assets in our portfolio, including cash and cash equivalents, and are subject to compliance with customary affirmative and negative covenants, including the maintenance of a minimum shareholders’ equity, the maintenance of a ratio of not less than 150% of total assets (less total liabilities other than indebtedness) to total indebtedness, and restrictions on certain payments and issuance of debt. Unfavorable economic conditions may result in a decrease in the value of our investments, which would affect both the asset coverage ratios and the value of the collateral securing the Operating Facility, and Funding Facility II and Merger Sub Facility, and may therefore impact our ability to borrow under the Operating Facility, and Funding Facility II.II and Merger Sub Facility. In addition to regulatory restrictions that restrict our ability to raise capital, the Leverage Program contains various covenants which, if not complied with, could accelerate repayment of debt, thereby materially and adversely affecting our liquidity, financial condition and results of operations. At September 30, 2023,March 31, 2024, we were in compliance with all financial and operational covenants required by the Leverage Program.

Unfavorable economic conditions, such as those caused by COVID-19, while potentially creating attractive opportunities for us, may decrease liquidity and raise the cost of capital generally, which could limit our ability to renew, extend or replace the Leverage Program on terms as favorable as are currently included therein. If we are unable to renew, extend or replace the Leverage Program upon the various dates of maturity, we expect to have sufficient funds to repay the outstanding balances in full from our net investment income and sales of, and repayments of principal from, our portfolio company investments, as well as from anticipated debt and equity capital raises, among other sources. Unfavorable economic conditions may limit our ability to raise capital or the ability of the companies in which we invest to repay our loans or engage in a liquidity event, such as a sale, recapitalization or initial public offering. The Operating Facility, Funding Facility II, Merger Sub Facility, the 2024 Notes, the 2025 Notes and the 2026 Notes, mature in May 2026, August 2027, September 2028, August 2024, December 2025 and February 2026, respectively. Any inability to renew, extend or replace the Leverage Program could adversely impact our liquidity and ability to find new investments or maintain distributions to our stockholders.shareholders.

Challenges in the market are intensified for us by certain regulatory limitations under the Code and the 1940 Act. To maintain our qualification as a RIC, we must satisfy, among other requirements, an annual distribution requirement to pay out at least 90% of our ordinary income and short-term capital gains to our stockholders.shareholders. Because we are required to distribute our income in this manner, and because the illiquidity of many of our investments may make it difficult for us to finance new investments through the sale of current investments, our ability to make new investments is highly dependent upon external financing. While we anticipate being able to

72


continue to satisfy all covenants and repay the outstanding balances under the Leverage Program when due, there can be no assurance that we will be able to do so, which could lead to an event of default.

76


Contractual obligations

In addition to obligations under our Leverage Program, we have entered into several contracts under which we have future commitments. Pursuant to an investment management agreement, the Advisor manages our day-to-day operations and provides investment advisory services to us. Payments under the investment management agreement are equal to a percentage of the value of our total assets (excluding cash and cash equivalents) and an incentive compensation, plus reimbursement of certain expenses incurred by the Advisor. Under our administration agreement, the Administrator provides us with administrative services, facilities and personnel. Payments under the administration agreement are equal to an allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us and may include rent and our allocable portion of the cost of certain of our officers and their respective staffs. We are responsible for reimbursing the Advisor for due diligence and negotiation expenses, fees and expenses of custodians, administrators, transfer and distribution agents, counsel and directors, insurance, filings and registrations, proxy expenses, expenses of communications to investors, compliance expenses, interest, taxes, portfolio transaction expenses, costs of responding to regulatory inquiries and reporting to regulatory authorities, costs and expenses of preparing and maintaining our books and records, indemnification, litigation and other extraordinary expenses and such other expenses as are approved by the directors as being reasonably related to our organization, offering, capitalization, operation or administration and any portfolio investments, as applicable. The Advisor is not responsible for any of the foregoing expenses and such services are not investment advisory services under the 1940 Act. Either party may terminate each of the investment management agreement and administration agreement without penalty upon not less than 60 days’ written notice to the other.

Distributions

Our quarterly dividends and distributions to common stockholdersshareholders are recorded on the ex-dividend date. Distributions are declared considering our estimate of annual taxable income available for distribution to stockholdersshareholders and the amount of taxable income carried over from the prior year for distribution in the current year. We do not have a policy to pay distributions at a specific level and expect to continue to distribute substantially all of our taxable income. We cannot assure stockholdersshareholders that they will receive any distributions or distributions at a particular level.

The following tables summarize dividends declared for the ninethree months ended September 30, 2023March 31, 2024 and 2022:2023:

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

February 28, 2023

 

March 17, 2023

 

March 31, 2023

 

Regular

 

$

0.32

 

 

$

18,485,524

 

May 4, 2023

 

June 16, 2023

 

June 30, 2023

 

Regular

 

 

0.34

 

 

 

19,640,870

 

August 3, 2023

 

September 15, 2023

 

September 29, 2023

 

Regular

 

 

0.34

 

 

 

19,640,870

 

August 3, 2023

 

September 15, 2023

 

September 29, 2023

 

Special

 

 

0.10

 

 

 

5,776,726

 

 

 

 

 

 

 

 

$

1.10

 

 

$

63,543,990

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

February 29, 2024

 

March 14, 2024

 

March 29, 2024

 

Regular

 

$

0.34

 

 

$

19,640,870

 

 

 

 

 

 

 

 

$

0.34

 

 

$

19,640,870

 

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

February 24, 2022

 

March 17, 2022

 

March 31, 2022

 

Regular

 

$

0.30

 

 

$

17,330,179

 

May 4, 2022

 

June 16, 2022

 

June 30, 2022

 

Regular

 

 

0.30

 

 

 

17,330,179

 

August 3, 2022

 

September 16, 2022

 

September 30, 2022

 

Regular

 

 

0.30

 

 

 

17,330,179

 

 

 

 

 

 

 

 

$

0.90

 

 

$

51,990,537

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

February 28, 2023

 

March 17, 2023

 

March 31, 2023

 

Regular

 

$

0.32

 

 

$

18,485,524

 

 

 

 

 

 

 

 

$

0.32

 

 

$

18,485,524

 

In addition, the Company paid $7.3 million of dividends payable assumed in the Merger that were declared on March 4, 2024 by the BCIC Board of Directors for the benefit of former BCIC shareholders of record as of March 15, 2024. Such amount was paid from BCIC cash and cash equivalents acquired by the Company in the Merger.

 

We have elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain favorable RIC tax treatment, we must distribute annually to our stockholdersshareholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we must distribute during each calendar year an amount at least equal to the sum of:

98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;
98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and
certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

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We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If we choose to do so, all other things being equal, this would increase expenses and reduce the amounts available to be distributed to our stockholders.shareholders. We will accrue excise tax on estimated taxable income as required. In addition, although we currently

77


intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment.

We may not be able to achieve operating results that will allow us to make dividends and distributions at a specific level or to increase the amount of these dividends and distributions from time to time. Also, we may be limited in our ability to make dividends and distributions due to the asset coverage test applicable to us as a BDC under the 1940 Act and due to provisions in our existing and future credit facilities. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable RIC tax treatment. In addition, in accordance with U.S. generally accepted accounting principles and tax regulations, we include in income certain amounts that we have not yet received in cash, such as PIK interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC and may be subject to an excise tax.

In order to satisfy the annual distribution requirement applicable to RICs, we have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes.

Related Parties

We have entered into a number of business relationships with affiliated or related parties, including the following:

Each of the Company, TCPC Funding II, and the SBIC has entered into an investment management agreement with the Advisor.
The Administrator provides us with administrative services necessary to conduct our day-to-day operations. For providing these services, facilities and personnel, the Administrator may be reimbursed by us for expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our officers and the Administrator’s administrative staff and providing, at our request and on our behalf, significant managerial assistance to our portfolio companies to which we are required to provide such assistance. The Administrator is an affiliate of the Advisor and certain other series and classes of SVOF/MM, LLC serve as the general partner or managing member of certain other funds managed by the Advisor.
We have entered into a royalty-free license agreement with BlackRock and the Advisor, pursuant to which each of BlackRock and the Advisor has agreed to grant us a non-exclusive, royalty-free license to use the name "BlackRock" and "TCP."

The Advisor and its affiliates, employees and associates currently do and in the future may manage other funds and accounts. The Advisor and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds or accounts. Accordingly, conflicts may arise regarding the allocation of investments or opportunities among us and those accounts. In general, the Advisor will allocate investment opportunities pro rata among us and the other funds and accounts (assuming the investment satisfies the objectives of each) based on the amount of committed capital each then has available. The allocation of certain investment opportunities in private placements is subject to independent director approval pursuant to the terms of the co-investment exemptive order applicable to us. In certain cases, investment opportunities may be made other than on a pro rata basis. For example, we may desire to retain an asset at the same time that one or more other funds or accounts desire to sell it or we may not have additional capital to invest at a time the other funds or accounts do. If the Advisor is unable to manage our investments effectively, we may be unable to achieve our investment objective. In addition, the Advisor may face conflicts in allocating investment opportunities between us and certain other entities that could impact our investment returns. While our ability to enter into transactions with our affiliates is restricted under the 1940 Act, we have received an exemptive order from the SEC permitting certain affiliated investments subject to certain conditions. As a result, we may face conflict of interests and investments made pursuant to the exemptive order conditions which could in certain circumstances affect adversely the price paid or received by us or the availability or size of the position purchased or sold by us.

Recent Developments

On October 26, 2023,April 24, 2024, the Company’s boardBoard of directorsDirectors re-approved the Company Repurchase Plan, to be in effect through the earlier of two trading days after the Company’s fourthsecond quarter 20232024 earnings release or such time as the approved $50 million repurchase amount has been fully utilized, subject to certain conditions.

7478


 

On November 2, 2023,May 1, 2024, the Company’s boardBoard of directorsDirectors declared a fourthsecond quarter regular dividend of $0.34 per share and a special dividend of $0.25 per share, both payable on December 29, 2023June 28, 2024 to stockholdersshareholders of record as of the close of business on December 15, 2023.June 14, 2024.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. At September 30, 2023, 94.9%March 31, 2024, 97.1% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR,SOFR, EURIBOR, SOFR, the Federal Funds Rate or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. At December 31, 2022,2023, the percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 93.6%95.6%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. We assess our portfolio companies periodically to determine whether such companies will be able to continue making interest payments in the event that interest rates increase. There can be no assurances that the portfolio companies will be able to meet their contractual obligations at any or all levels of increases in interest rates.

Based on our September 30, 2023March 31, 2024 statement of assets and liabilities, the following table shows the annual impact on net investment income (excluding the related incentive compensation impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments and the fact that our assets and liabilities may not have the same base rate period as assumed in this table) assuming no changes in our investment and borrowing structure:structure. Projected amounts in the table do not include the impact of interest rate changes on the Company's Interest Rate Swap.

 

Basis Point Change

 

Net Investment
Income

 

 

Net Investment
Income Per Share

 

 

Net Investment
Income

 

 

Net Investment
Income Per Share

 

Up 300 basis points

 

$

36,862,357

 

 

$

0.64

 

 

$

42,135,914

 

 

$

0.61

 

Up 200 basis points

 

 

24,574,905

 

 

 

0.43

 

 

 

28,090,610

 

 

 

0.41

 

Up 100 basis points

 

 

12,287,452

 

 

 

0.21

 

 

 

14,045,305

 

 

 

0.20

 

Down 100 basis points

 

 

(12,287,452

)

 

 

(0.21

)

 

 

(14,045,305

)

 

 

(0.20

)

Down 200 basis points

 

 

(24,574,905

)

 

 

(0.43

)

 

 

(28,090,610

)

 

 

(0.41

)

Down 300 basis points

 

 

(36,862,357

)

 

 

(0.64

)

 

 

(42,125,732

)

 

 

(0.61

)

 

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Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of the period covered by this report, we, including our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the 1934Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Internal Control Over Financial Reporting

There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the 1934Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.


 

75

80


 

PART II - Other Information.

Item 1. Legal Proceedings

From time to time, the Company and the Advisor may be parties to certain legal proceedings incidental to the normal course of our business, including with respect to our investments in our portfolio companies. On September 13, 2023, the Company was named as a defendant, together with the Advisor and certain other funds managed by the Advisor, as well as certain other defendants, in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York. The suit relates to a third-party sponsored collateralized loan obligation in which the Company and certain other defendants invested. The suit alleges that the Company and the other defendants knew or should have known of certain fraudulent activities of the third-party manager relating to its management of the collateralized loan obligation that caused the plaintiffs to suffer investment losses. The suit seeks to recover from the Company approximately $15 million, plus interest, additional amounts from the other defendants, and attorneys’ fees and costs from all defendants. the Company, the affiliated funds and the Advisor intend to vigorously defend against these claims and will filefiled a motion to dismiss the lawsuit on or around November 6, 2023.2023 and was argued in court on March 6, 2024. At this time, however, the Company and the Advisor cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome, including any potential losses that could result.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factorfactors discussed below and the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Annual Report”),2023, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report and discussed below are not the only risks facing us. Please refer also to those risk factors relating to our proposed merger with BlackRock Capital Investment Corporation included under the caption “Risk Factors—Risks Relating to the Mergers” in our registration statement on Form N-14 (333-274897) filed with the SEC on October 6, 2023, which are incorporated herein by reference. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Our use of borrowed funds, including under the Leverage Program, to make investments exposes us to risks typically associated with leverage.

The U.S.Company borrows money, both directly and global capital marketsindirectly, through SVCP, TCPC Funding II, SBIC and Merger Sub. As a result:

our common stock is exposed to incremental risk of loss, and a decrease in the value of our investments would have a greater negative impact on the value of our common stock than if we did not use leverage;
adverse changes in interest rates, whether as a result of fluctuations in the reference rates for our floating rate debt, changes in margin, higher fixed rate debt or otherwise, could reduce or eliminate the incremental income we make with the proceeds of leverage;
we, and indirectly our common stockholders, bear the entire cost of issuing and paying interest or dividends on any borrowed funds issued by us or our subsidiaries; and
our ability to pay dividends on our common stock will be restricted if our asset coverage ratio is not at least 150% and any amounts used to service indebtedness would not be available for such dividends.

The use of leverage creates increased risk of loss and is considered a speculative investment technique. The use of leverage magnifies the potential gains and losses from an investment and increases the risk of loss of capital. To the extent that income derived by us from investments purchased with borrowed funds is greater than the cost of borrowing such funds, our net income will be greater than if leverage had not been used. Conversely, if the income from investments purchased from these sources is not sufficient to cover the cost of the leverage, our net investment income will be less than if leverage had not been used, and the amount available for ultimate distribution to the holders of common stock will be reduced. The extent of any gains and losses associated with our leverage generally will depend on the degree of leverage employed. We may, under some circumstances, be required to dispose of investments under unfavorable market conditions in order to maintain our leverage, thus causing us to recognize a loss that might not otherwise have occurred. In the event of a sale of investments upon default under our borrowing arrangements, secured creditors will be contractually entitled to direct such sales and may do so in their interest, rather than in the interests of the holders of common stock. Holders of common stock will incur losses if the proceeds from a sale in any of the foregoing circumstances are insufficient, after payment in full of amounts due and payable on leverage, including administrative and other fees and expenses, to repay the cost of such holders’ investment in our common stock. As a result, you could experience a total loss of your investment. Any decrease in our revenue would cause our net income to decline more than it would have had we not borrowed funds and could negatively affect our ability to make distributions on our common stock. The ability to service any debt that we have or may have outstanding depends largely on our financial performance and is subject to systemic riskprevailing economic conditions and competitive pressures. There is no limitation on the percentage of portfolio investments that can be pledged to secure borrowings. The amount of leverage that we employ at any particular time will depend on our Advisor’s and our board of director’s assessments of market and other factors at the time of any proposed borrowing.

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In addition to regulatory restrictions that restrict our ability to raise capital, the Leverage Program contains various covenants which, if not complied with, could accelerate repayment of our debt, which may materially and adversely affect our business,liquidity, financial condition and results of operations.

Under the Leverage Program, we must comply with certain financial and operational covenants. These covenants include:

restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets;
restrictions on our ability to make distributions and other restricted payments under certain circumstances;
restrictions on extraordinary events, such as mergers, consolidation and sales of assets;
restrictions on our ability to incur liens and incur indebtedness; and
maintenance of a minimum level of stockholders’ equity.

In addition, by limiting the circumstances in which borrowings may occur under the SVCP Facility, Funding Facility II and Merger Sub Facility, the credit agreements related to such facilities (the “Credit Agreements”) in effect provide for various asset coverage, credit quality and diversification limitations on our investments. Such limitations may cause us to be unable to make or retain certain potentially attractive investments or to be forced to sell investments at an inappropriate time and consequently impair our profitability or increase losses or result in adverse tax consequences.

Issuers, nationalAs of March 31, 2024, we were in compliance with applicable covenants under the Leverage Program. However our continued compliance with these covenants depends on many factors, some of which are beyond our control. Accordingly, there are no assurances that we will continue to comply with the covenants under the Leverage Program (including any covenants that may be included in future debt arrangements that become part of the Leverage Program). Failure to comply with these covenants would result in a default under our debt arrangements which, if we were unable to obtain a waiver from the applicable creditors, would enable the applicable creditors to accelerate outstanding balances under our debt and regional banks,terminate their commitments to lend to us. This would be expected to have a material adverse impact on our financial institutionscondition and results of operations and place limitations on our operational flexibility.

The Operating Facility also has certain “key man” provisions. For example, it is an event of default if the Advisor is controlled by any person or group other participantsthan (i) a wholly-owned subsidiary of BlackRock, Inc. or (ii) any two of a group of four listed individuals (or any replacement manager or individual reasonably acceptable to the administrative agent and approved by the required lenders), provided that if the Advisor is no longer under the control of at least two of such four individuals (or their previously approved replacements) through an event resulting in the U.S.death or disability of such individuals, the Advisor has 60 calendar days to replace such individuals with other managers or individuals reasonably acceptable to the administrative agent and global capital marketsapproved by the required lenders, provided further that a default (but not an event of default) shall be deemed to exist during such period.

The Operating Facility matures on May 6, 2026, subject to extension by the lenders at the request of SVCP, the Funding Facility II matures on August 4, 2027, subject to extension by the lender at the request of TCPC Funding II and the Merger Sub Facility matures on September 6, 2028. Any inability to renew, extend or replace the Operating Facility, Funding Facility II or Merger Sub Facility could adversely impact our liquidity and ability to find new investments or maintain distributions to our stockholders.

The Operating Facility matures on May 6, 2026, subject to extension by the lenders at the request of SVCP. Borrowings under the Operating Facility generally bear interest at a rate of SOFR plus a credit spread adjustment of 0.11%, plus a margin equal to either 1.75% or 2.00%, depending on a ratio of the borrowing base thereunder to the facility commitments, subject to certain limitations. Funding Facility II matures on August 4, 2027, subject to extension by the lender at the request of TCPC Funding II. Borrowings under the Funding Facility II generally bear interest at a rate of SOFR plus a credit spread adjustment of 0.15%, plus a margin of 2.05%, subject to certain funding requirements, plus an agency fee of 0.15% per annum. The Merger Sub Facility matures on September 6, 2028. Borrowings under the Merger Sub Facility generally bear interest at a rate of SOFR plus a credit spread adjustment of 0.10%, plus a margin equal to either 1.75% or 2.00%, depending on a ratio of the borrowing base to the facility commitments, subject to certain limitations.

We do not currently know whether we will renew, extend or replace the Operating Facility, Funding Facility II or Merger Sub Facility upon their maturities or whether we will be able to do so on terms that are closely interrelatedas favorable as the Operating Facility, Funding Facility II and Merger Sub Facility, as applicable.

Our ability to replace the Operating Facility, Funding Facility II and Merger Sub Facility may be constrained by then-current economic conditions affecting the credit markets. In the event that we are not able to replace the Operating Facility, Funding Facility II or Merger Sub Facility at the time of its respective maturity, this may require us to liquidate assets to repay amounts due under such

82


facility and could have a material adverse effect on our liquidity and ability to fund new investments, our ability to make distributions to our stockholders and our ability to qualify as a RIC.

Lenders under the Operating Facility may have a veto power over the Company’s investment policies.

If a default has occurred under the Operating Facility, the lenders under the Operating Facility may veto changes in investment policies. The Operating Facility and the Merger Sub Facility also have certain limitations on unusual types of investments such as commodities, real estate and speculative derivatives, which are not part of the Company’s investment strategy or policies in any event.

We may be unable to realize the benefits anticipated by the Merger, including estimated cost savings, or it may take longer than anticipated to achieve such benefits.

The realization of certain benefits anticipated as a result of credit, trading, clearing, technology and other relationships. A significant adverse development (such as a bank run, insolvency, bankruptcy or default) with one or more national or regional banks, financial institutions or other participantsthe Merger will depend in the financial or capital markets may spreadpart on our ability to others and lead to significant concentrated or market-wide problems (such as defaults, liquidity problems, impairment charges, additional bank runs and/or losses) for other participants in these markets. Future developments, including actions taken by the U.S. Department of Treasury, FDIC, Federal Reserve Board, and systemic risk in the U.S. and global banking sectors and broader economies in general, are difficult to assess and quantify, and the form and magnitude of such developments or other actionsrealize estimated cost savings. It is possible that our estimates of the U.S. Department of Treasury, FDIC and Federal Reserve Board may remain unknown for significant periods of time andpotential Merger-related cost savings ultimately could have an adverse effect onbe incorrect. If our estimates turn out to be incorrect, the Company.

For example, in response to the rapidly declining financial condition of regional banks Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”), the California Department of Financial Protection and Innovation (the “CDFPI”) and the New York State Department of Financial Services (the “NYSDFS”) closed SVB and Signature on March 10, 2023 and March 12, 2023, respectively, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver for SVB and Signature. Although the U.S. Department of the Treasury, the Federal Reserve and the FDIC have taken measures to stabilize the financial system, uncertainty and liquidity concerns in the broader financial services industry remain. Additionally, should there be additional systemic pressure on the financial system and capital markets, we cannot assure you of the response of any government or regulator, and any responseanticipated cost savings may not be as favorablefully realized or realized at all or may take longer to industry participants as the measures currently being pursued. In addition, highly publicized issues related to the U.S. and global capital markets in the past have led to significant and widespread investor concerns over the integrity of the capital markets. The current situation related to SVB and Signature could in the future lead to further rules and regulations for public companies, banks, financial institutions and other participants in the U.S. and global capital markets, and complying with the requirements of any such rules or regulations may be burdensome. Even if not adopted, evaluating and responding to any such proposed rules or regulations could results in increased costs and require significant attention from the Advisor.realize than expected.



 

76


 

Item 2: UnregisteredUnregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities.

NoneNo shares were repurchased by the Company under a repurchase plan for the three months ended March 31, 2024 and 2023.

Item 3: Default Upon Senior Securities.

Not Applicable

Item 4. Mine Safety Disclosures.

None

77


Item 5. Other Information.

During the three months ended September 30, 2023,March 31, 2024, no director or Section 16 officer of the Company adoptedor terminated a “Rule 10b5–1 trading arrangement” or “non-Rule 10b5–1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Price Range of Common Stock

Our common stock began trading on April 5, 2012 and is currently traded on The NASDAQ Global Select Market under the symbol “TCPC.” The following table lists the high and low closing sale price for our common stock, the closing sale price as a percentage of ending net asset value, or NAV, and quarterly distributions per share in each fiscal quarter for the first three quartersquarter of the year endsended

83


December 31, 2024 and for each fiscal quarter in the years ended December 31, 2023 the year endedand December 31, 2022 and the year ended December2022. On March 31, 2021. On September 30, 2023,2024, the reported closing price of our common stock was $11.74$10.43 per share.

 

 

 

 

 

 

Premium/
(Discount)

 

Premium/
(Discount)

 

 

 

 

 

 

 

 

 

Premium/
(Discount)

 

Premium/
(Discount)

 

 

 

 

 

Stock Price

 

 

of High Sales Price

 

of Low Sales Price

 

 

 

 

 

Stock Price

 

 

of High Sales Price

 

of Low Sales Price

 

 

 

NAV(1)

 

 

High(2)

 

 

Low(2)

 

 

to NAV (3)

 

to NAV (3)

 

Declared Distributions

 

NAV(1)

 

 

High(2)

 

 

Low(2)

 

 

to NAV (3)

 

to NAV (3)

 

Declared Distributions

 

Fiscal Year ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

First Quarter

$

11.14

 

 

$

11.99

 

 

$

9.90

 

 

7.6%

 

(11.1)%

 

$

0.34

 

Fiscal Year ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

$

13.00

 

 

$

13.37

 

 

$

9.73

 

 

2.8%

 

(25.2)%

 

$

0.32

 

$

13.00

 

 

$

13.37

 

 

$

9.73

 

 

2.8%

 

(25.2)%

 

$

0.32

 

Second Quarter

$

12.94

 

 

$

11.42

 

 

$

9.76

 

 

(11.7)%

 

(24.6)%

 

$

0.34

 

$

12.94

 

 

$

11.42

 

 

$

9.76

 

 

(11.7)%

 

(24.6)%

 

$

0.34

 

Third Quarter

$

12.72

 

 

$

12.89

 

 

$

11.00

 

 

1.3%

 

(13.5)%

 

$

0.44

 

$

12.72

 

 

$

12.89

 

 

$

11.00

 

 

1.3%

 

(13.5)%

 

$

0.44

 

Fourth Quarter

$

11.90

 

 

$

12.41

 

 

$

10.37

 

 

4.3%

 

(12.9)%

 

$

0.59

 

Fiscal Year ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

$

14.27

 

 

$

14.30

 

 

$

13.10

 

 

0.2%

 

(8.2)%

 

$

0.30

 

$

14.27

 

 

$

14.30

 

 

$

13.10

 

 

0.2%

 

(8.2)%

 

$

0.30

 

Second Quarter

$

13.97

 

 

$

14.36

 

 

$

11.87

 

 

2.8%

 

(15.0)%

 

$

0.30

 

$

13.97

 

 

$

14.36

 

 

$

11.87

 

 

2.8%

 

(15.0)%

 

$

0.30

 

Third Quarter

$

14.12

 

 

$

14.28

 

 

$

10.92

 

 

1.1%

 

(22.7)%

 

$

0.30

 

$

14.12

 

 

$

14.28

 

 

$

10.92

 

 

1.1%

 

(22.7)%

 

$

0.30

 

Fourth Quarter

$

12.93

 

 

$

13.54

 

 

$

10.84

 

 

4.7%

 

(16.2)%

 

$

0.37

 

$

12.93

 

 

$

13.54

 

 

$

10.84

 

 

4.7%

 

(16.2)%

 

$

0.37

 

Fiscal Year ended December 31, 2021

 

 

 

 

 

 

 

 

 

 

First Quarter

$

13.56

 

 

$

14.89

 

 

$

11.13

 

 

9.8%

 

(17.9)%

 

$

0.30

 

Second Quarter

$

14.21

 

 

$

14.97

 

 

$

13.74

 

 

5.3%

 

(3.3)%

 

$

0.30

 

Third Quarter

$

14.09

 

 

$

14.39

 

 

$

13.36

 

 

2.1%

 

(5.2)%

 

$

0.30

 

Fourth Quarter

$

14.36

 

 

$

14.36

 

 

$

13.18

 

 

0.0%

 

(8.2)%

 

$

0.30

 

(1)
NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.
(2)
The High/Low Stock Price is calculated as of the closing price on a given day in the applicable quarter.
(3)
Calculated as the respective High/Low Stock Price minus the quarter end NAV, divided by the quarter end NAV.

7884


 

Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

Number

Description

2.1

 

Amended and Restated Agreement and Plan of Merger among BlackRock Capital Investment Corporation, BlackRock TCP Capital Corp., BCIC

Merger Sub, LLC and, for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC and

Tennenbaum Capital Partners, LLC, dated as of September 6, 2023(1)January 10, 2024 (1) **

3.1

Certificate of Incorporation of the Registrant (2)

3.2

Certificate of Amendment to the Certificate of Incorporation of the Registrant (3)

3.3

Amended and Restated Bylaws of the Registrant (4)

10.2010.1

 

Amendment No. 6 to Amended and Restated CreditBorrower Assumption Agreement, dated as of June 7, 2023*March 18, 2024, by BCIC Merger Sub, LLC and Citibank, N.A., as administrative agent (5)

10.2110.2

 

Waiver and FifthEighth Amendment to Loanthe Second Amended and ServicingRestated Senior Secured Revolving Credit Agreement, dated as of August 4,September 6, 2023, by and among TCPC Funding II, LLC, as borrower, Special Value Continuation Partners LLC, as servicer, Morgan Stanley Asset Funding Inc.BlackRock Capital Investment Corporation, the subsidiary guarantors party thereto, the lenders party thereto and Citibank, N.A., as administrative agent, and Morgan Stanley Bank, N.A. and City National Bank, as lenders (5)Administrative Agent (6)

10.2210.3

 

Second Amended and Restated Investment ManagementAssumption Agreement, between BlackRock TCP Capital Corp. and

Tennenbaum Capital Partners, LLC, dated as of September 6, 2023(6)March 18, 2024, made by BCIC Merger Sub, LLC for the benefit of the holders of Notes issued under the Master Note Purchase Agreement (7) **

10.2310.4

 

Fee WaiverMaster Note Purchase Agreement, dated as of April 21, 2022, between BlackRock TCP Capital Corp.Investment Corporation and Tennenbaum Capital Partners, LLC,the purchasers party thereto (8)

10.5

First Amendment to Master Note Purchase Agreement, dated as of March 13, 2024, among BlackRock Capital Investment Corporation and the holders of the Notes party thereto (9)

10.6

September 6, 2023(7)Dividend Reinvestment Plan (10)

31.1

Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*

31.2

Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*

32.1

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S.C. 1350)*

101.INS

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

**Exhibits and schedules to Exhibits 2.1 and 10.3 have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request.

(1)
Incorporated by reference to Exhibit 2.1 filed withto the Registrant’s Current Report on Form 8-K, (File No. 814-00899) filed on
September 6, 2023
January 11, 2024
(2)
Incorporated by reference to Exhibit (a)(2) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011
(3)
Incorporated by reference to Exhibit 99.2 to the Registrant’s Form 8-K, filed on August 2, 2018
(4)
Incorporated by reference to Exhibit 99.3 to the Registrant’s Form 8-K, filed on August 2, 2018
(5)
Incorporated by reference to Exhibit 10.1 filed withto the Registrant’s Current Report on Form 8-K, (File No. 814-00899) filed on
August 8, 2023
March 18, 2024
(6)
Incorporated by reference to Exhibit 10.2 to the Registrant’s Form 8-K, filed on March 18, 2024

85


(7)
Incorporated by reference to Exhibit 10.3 to the Registrant’s Form 8-K, filed on March 18, 2024
(8)
Incorporated by reference to Exhibit 10.1 filed with the Registrant’sBlackRock Capital Investment Corporation’s Current Report on Form 8-K (File No. 814-00899) filed814-00712) on
September 6, 2023
April 22, 2022
(7)(9)
Incorporated by reference to Exhibit 10.210.1 filed with the Registrant’sBlackRock Capital Investment Corporation’s Current Report on Form 8-K (File No. 814-00899)814-00712) on March 14, 2024
(10)
Incorporated by reference to Exhibit 10.6 to the Registrant’s Form 8-K, filed on
September 6, 2023
March 18, 2024

 

79


 

86


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

 

BlackRock TCP Capital Corp.

Date: November 2, 2023

May 1, 2024

By:

/s/ Rajneesh Vig

Name:

Rajneesh Vig

Title:

Chief Executive Officer

Date: November 2, 2023

 Date: May 1, 2024

By:

/s/ Erik L. Cuellar

Name:

Erik L. Cuellar

Title:

Chief Financial Officer

80

87