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 Quarter Ended September 30, 20172019
  
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission File Number: 814-00899
______________________
 
BLACKROCK TCP CAPITAL CORP.
(Exact Name of Registrant as Specified in Charter)
______________________
 
Delaware56-2594706
(State or Other Jurisdiction of Incorporation)(IRS Employer Identification No.)
  
2951 28th Street, Suite 1000
 
Santa Monica, California90405
(Address of Principal Executive Offices)(Zip Code)

(310) 566-1000

(Registrant’s telephone number, including area code (310) 566-1000code)

Securities registered pursuant to Section 12(b) of the Act:
 
Common Stock, par value $0.001 per shareTCPCNASDAQ Global Select Market
(Title of each class)(Trading Symbol(s) )(Name of each exchange where registered)


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

  
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 and (2) has been subject to such filing requirements for the past 90 days: Yes x 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 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. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer x
Accelerated filer ¨
Non-accelerated filer ¨
Smaller Reporting 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 a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ¨ No x

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of November 6, 20175, 2019 was 58,792,364.58,766,215.



BLACKROCK TCP CAPITAL CORP.

FORM 10-Q

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 20172019

TABLE OF CONTENTS
Part I.Financial Information 
   
Item 1.
Financial Statements
 
 
Consolidated Statements of Assets and Liabilities as of September 30, 20172019 (unaudited) and December 31, 20162018
2
 
Consolidated Schedule of Investments as of September 30, 20172019 (unaudited) and December 31, 20162018
3
 
Consolidated Statements of Operations for the three and nine months ended September 30, 20172019 (unaudited) and September 30, 20162018 (unaudited)
1922
 
Consolidated Statements of Changes in Net Assets for the nine months ended September 30, 20172019 (unaudited) and year ended December 31, 2016September 30, 2018 (unaudited)
2023
 
Consolidated Statements of Cash Flows for the nine months ended September 30, 20172019 (unaudited) and September 30, 20162018 (unaudited)
2124
 
Notes to Consolidated Financial Statements (unaudited)
2225
 
Consolidated Schedule of Changes in Investments in Affiliates for the nine months ended September 30, 20172019 (unaudited) and year ended December 31, 20162018
4851
 
Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of September 30, 20172019 (unaudited) and December 31, 20162018
50
Consolidating Statements of Assets and Liabilities as of September 30, 2017 (unaudited) and December 31, 2016
52
Consolidating Statements of Operations for the nine months ended September 30, 2017 (unaudited) and September 30, 2016 (unaudited)
5455
   
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
5657
   
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
7374
   
Item 4.
Controls and Procedures
7475
   
Part II.Other Information 
   
Item 1.
Legal Proceedings
7576
   
Item 1A.
Risk Factors
7576
   
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
7576
   
Item 3.
Defaults upon Senior Securities
7576
   
Item 4.
Mine Safety Disclosures
7576
   
Item 5.
Other Information
7576
   
Item 6.
Exhibits
7576



1





BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities 
September 30, 2017 December 31, 2016September 30, 2019 December 31, 2018
(unaudited)  (unaudited)  
Assets      
Investments, at fair value:      
Companies less than 5% owned (cost of $1,378,833,997 and $1,174,421,611, respectively)$1,389,967,667
 $1,175,097,468
Companies 5% to 25% owned (cost of $86,080,592 and $75,508,585, respectively)74,735,725
 69,355,808
Companies more than 25% owned (cost of $95,435,060 and $96,135,623, respectively)64,047,095
 70,516,594
Total investments (cost of $1,560,349,649 and $1,346,065,819, respectively)1,528,750,487
 1,314,969,870
Companies less than 5% owned (cost of $1,557,184,865 and $1,460,936,257, respectively)$1,519,866,072
 $1,463,800,744
Companies 5% to 25% owned (cost of $88,523,218 and $78,353,253, respectively)71,180,241
 63,193,357
Companies more than 25% owned (cost of $128,059,216 and $110,258,458, respectively)90,228,801
 70,291,689
Total investments (cost of $1,773,767,299 and $1,649,547,968, respectively)1,681,275,114
 1,597,285,790
      
Cash and cash equivalents71,929,885
 53,579,868
80,069,184
 27,920,402
Accrued interest income:      
Companies less than 5% owned17,600,493
 12,713,025
19,004,733
 20,898,838
Companies 5% to 25% owned2,237,834
 953,561
652,121
 678,057
Companies more than 25% owned11,763
 25,608
260,540
 124,009
Receivable for investments sold13,414,257
 —
7,433,969
 —
Deferred debt issuance costs3,664,315
 3,828,784
6,070,455
 4,843,985
Prepaid expenses and other assets4,506,089
 1,527,745
5,952,549
 7,784,608
Total assets1,642,115,123
 1,387,598,461
1,800,718,665
 1,659,535,689
      
Liabilities      
Debt, net of unamortized issuance costs of $8,417,444 and $8,247,426, respectively665,378,107
 571,658,862
Debt, net of unamortized issuance costs of $7,566,146 and $6,805,196, respectively985,042,515
 805,202,192
Interest payable6,621,542
 8,747,872
Incentive compensation payable5,369,678
 5,840,346
Payable for investments purchased85,545,089
 12,348,925
1,859,746
 908,759
Incentive allocation payable5,513,546
 4,716,834
Interest payable4,526,655
 5,013,713
Payable to the Advisor1,094,249
 325,790
759,032
 1,226,372
Unrealized depreciation on swaps470,202
 —
Management and advisory fees payable—
 5,247,344
Accrued expenses and other liabilities2,190,308
 2,598,346
2,439,688
 1,888,077
Total liabilities764,718,156
 596,662,470
1,002,092,201
 829,060,962
      
Commitments and contingencies (Note 5)      
      
Net assets applicable to common shareholders$877,396,967
 $790,935,991
Net assets$798,626,464
 $830,474,727
      
Composition of net assets applicable to common shareholders   
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,792,364 and 53,041,900 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively$58,792
 $53,042
Composition of net assets   
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,766,215 and 58,774,607 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively$58,766
 $58,775
Paid-in capital in excess of par1,038,026,254
 944,426,650
999,956,007
 1,000,073,183
Accumulated net investment income17,896,625
 12,533,289
Accumulated net realized losses(146,500,724) (134,960,267)
Accumulated net unrealized depreciation(32,083,980) (31,116,723)
Net assets applicable to common shareholders$877,396,967
 $790,935,991
Distributable earnings (loss)(201,388,309) (169,657,231)
Net assets$798,626,464
 $830,474,727
      
Net assets per share$14.92
 $14.91
$13.59
 $14.13

See accompanying notes to the consolidated financial statements.

2




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 20172019

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments   (A)               
          
Advertising, Public Relations and Marketing

  
  
  
   
Foursquare Labs, Inc. First Lien Delayed Draw Term Loan (5.0% Exit Fee) LIBOR (M) —
 8.81% 10.19% 6/1/2020 $18,750,000
 $18,383,852
 $18,334,875
 1.15% L/N
InMobi, Inc. (Singapore) First Lien Delayed Draw Tranche 1 Term Loan (4.00% Exit Fee) LIBOR (M) 1.37% 8.13% 9.50% 12/31/2019 $24,897,542
 24,372,226
 24,353,215
 1.52% H/L/N
Videology Media Technologies, LLC First Lien UK Revolver (2.0% Exit Fee) LIBOR (M) 1.00% 10.00% 11.32% 1/10/2020 $8,170,996
 8,170,996
 8,170,996
 0.51% L/N
Videology Media Technologies, LLC First Lien US Revolver (2.0% Exit Fee) LIBOR (M) 1.00% 8.50% 9.82% 1/10/2020 $2,647,385
 2,647,385
 2,647,385
 0.17% L/N
                53,574,459
 53,506,471
 3.35%  
Air Transportation                     
  
  
   
Mesa Air Group, Inc. Acquisition Loan LIBOR (M) —
 7.25% 8.63% 7/15/2022 $12,478,783
 12,326,601
 12,728,359
 0.80% N
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan A LIBOR (M) —
 7.25% 8.50% 12/14/2021 $15,025,436
 14,800,541
 15,029,944
 0.94% N
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan B LIBOR (M) —
 7.25% 8.50% 2/28/2022 $8,723,671
 8,589,297
 8,680,488
 0.54% N
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan C LIBOR (M) —
 7.25% 8.50% 7/31/2022 $3,621,731
 3,566,306
 3,578,814
 0.22% N
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan C-1 LIBOR (M) —
 7.25% 8.50% 9/30/2022 $5,560,909
 5,463,631
 5,466,652
 0.34% N
                44,746,376
 45,484,257
 2.84%   
Amusement and Recreation                      
  
  
   
VSS-Southern Holdings, LLC First Lien Term Loan LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 9.83% 11/3/2020 $24,342,738
 23,968,373
 24,707,879
 1.54% N
VSS-Southern Holdings, LLC Sr Secured Revolver LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 N/A
 11/3/2020 $—
 (13,214) 12,842
 —
 K/N
                23,955,159
 24,720,721
 1.54%   
Apparel Manufacturing                    
  
  
   
Broder Bros., Co. First Lien Term Loan (First Out) LIBOR (Q) 1.25% 5.75% 7.05% 6/3/2021 $8,957,976
 8,836,152
 9,047,555
 0.57% N
Broder Bros., Co. First Lien Term Loan B (Last Out) LIBOR (Q) 1.25% 12.25% 13.55% 6/3/2021 $9,305,317
 9,190,600
 9,463,507
 0.59% N
                18,026,752
 18,511,062
 1.16%   
Building Equipment Contractors                    
  
  
   
Hylan Datacom & Electrical, LLC First Lien Term Loan LIBOR (Q) 1.00% 7.50% 8.74% 7/25/2021 $13,805,441
 13,635,230
 13,915,884
 0.87% N
                       
Business Support Services                      
  
  
   
Enerwise Global Technologies, Inc. Sr Secured Revolving Loan LIBOR (Q) 0.23% 8.52% N/A
 11/30/2018 $—
 (3,251) (18,600) —
 K/N
Enerwise Global Technologies, Inc. Sr Secured Term Loan (3.77% Exit Fee) LIBOR (Q) 0.23% 9.27% 10.57% 11/30/2019 $23,000,000
 22,776,712
 22,893,050
 1.43% L/N
STG-Fairway Acquisitions, Inc. (First Advantage) Second Lien Term Loan LIBOR (Q) 1.00% 9.25% 10.57% 6/30/2023 $31,000,000
 30,624,810
 29,267,100
 1.83% N
                53,398,271
 52,141,550
 3.26%   
Chemicals                   
  
  
  
   
Anuvia Plant Nutrients Holdings, LLC Sr Secured Term Loan (8.0% Exit Fee) LIBOR (M) —
 10.63% 12.00% 2/1/2018 $2,824,919
 2,829,948
 2,824,919
 0.18% L/N
Green Biologics, Inc. Convertible Note Fixed —
 10.00% PIK
 10.00% 6/30/2019 $7,500,000
 7,355,902
 5,853,750
 0.37% E/N
Green Biologics, Inc. Sr Secured Term Loan (12.4 % Exit Fee) Fixed —
 10.00% PIK
 10.00% 12/31/2020 $8,106,004
 7,940,893
 6,376,993
 0.40% L/N
iGM RFE1 B.V. (Netherlands) First Lien Delayed Draw Term Loan LIBOR (Q) —
 8.00% 9.33% 10/12/2021 $877,431
 872,110
 927,444
 0.06% H/N
iGM RFE1 B.V. (Netherlands) First Lien Term Loan LIBOR (Q) —
 8.00% 9.33% 10/12/2021 $3,792,122
 3,768,558
 4,008,273
 0.25% H/N
iGM RFE1 B.V. (Netherlands) First Lien Term Loan EURIBOR (Q) —
 8.00% 8.00% 10/12/2021 €6,418,239
 7,011,284
 8,014,710
 0.50% D/H/N
Nanosys, Inc. First Lien Delayed Draw Term Loan (3.5% Exit Fee) LIBOR (Q) —
 9.81% 11.19% 4/1/2019 $10,000,000
 9,604,298
 9,828,000
 0.61% L/N
                39,382,993
 37,834,089
 2.37%   
Communications Equipment Manufacturing                     
  
  
   
Globecomm Systems, Inc. First Lien Term Loan LIBOR (Q) 1.25% 7.63% 9.05% 12/11/2018 $14,442,682
 14,298,255
 13,409,308
 0.84% B/N
                       
                       
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (A)      
Aerospace and Defense      
Unanet, Inc. First Lien Delayed Draw Term Loan LIBOR(M) —
 6.25% 8.31% 5/31/2021 $—
 $(63,621) $(70,408) —
 K/N
Unanet, Inc. First Lien Term Loan LIBOR(M) —
 6.25% 8.31% 5/31/2024 $19,897,959
 19,706,916
 19,714,898
 1.12% N
Unanet, Inc. Sr Secured Revolver LIBOR(M) —
 6.25% 8.31% 5/31/2024 $—
 (22,852) (22,531) —
 K/N

             
 19,620,443
 19,621,959
 1.12%  
Airlines      
Mesa Air Group, Inc. Junior Loan Agreement (N902FJ) LIBOR(Q) —
 7.50% 9.75% 2/1/2022 $860,288
 855,052
 860,288
 0.05% N
Mesa Air Group, Inc. Junior Loan Agreement (N903FJ) LIBOR(Q) —
 7.50% 9.75% 2/1/2022 $1,017,247
 1,011,056
 1,017,247
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N904FJ) LIBOR(Q) —
 7.50% 9.75% 2/1/2022 $1,154,708
 1,147,680
 1,154,708
 0.07% N
Mesa Air Group, Inc. Junior Loan Agreement (N905FJ) LIBOR(Q) —
 7.50% 9.75% 2/1/2022 $822,930
 817,921
 822,930
 0.05% N
Mesa Air Group, Inc. Junior Loan Agreement (N906FJ) LIBOR(Q) —
 7.50% 9.75% 5/1/2022 $870,153
 864,490
 870,153
 0.05% N
Mesa Air Group, Inc. Junior Loan Agreement (N907FJ) LIBOR(Q) —
 7.50% 9.75% 5/1/2022 $910,080
 904,157
 910,080
 0.05% N
Mesa Air Group, Inc. Junior Loan Agreement (N908FJ) LIBOR(Q) —
 7.50% 9.75% 5/1/2022 $1,369,758
 1,360,844
 1,369,758
 0.08% N
Mesa Air Group, Inc. Junior Loan Agreement (N909FJ) LIBOR(Q) —
 7.50% 9.75% 8/1/2022 $608,282
 604,235
 608,282
 0.03% N
Mesa Air Group, Inc. Junior Loan Agreement (N910FJ) LIBOR(Q) —
 7.50% 9.75% 8/1/2022 $578,787
 574,936
 578,787
 0.03% N
Mesa Airlines, Inc. Aircraft Acquisition Incremental Loan LIBOR(M) —
 5.25% 7.31% 9/27/2023 $2,832,129
 2,796,842
 2,796,727
 0.16% N
Mesa Airlines, Inc. Aircraft Acquisition Loan LIBOR(M) —
 5.25% 7.31% 6/5/2023 $23,232,306
 22,958,409
 23,106,851
 1.31% N

             
 33,895,622
 34,095,811
 1.94%  
Automobiles 
 
 
Autoalert, LLC First Lien Incremental Term Loan LIBOR(Q) 0.25% 5.75% Cash+3.00% PIK
 11.13% 12/31/2020 $38,768,193
 38,626,986
 39,155,875
 2.22% N
Autoalert, LLC First Lien Term Loan LIBOR(Q) 0.25% 5.75% Cash+3.00% PIK
 11.13% 12/31/2020 $15,342,483
 15,213,583
 15,495,908
 0.88% N
DealerFX, Inc. First Lien Term Loan LIBOR(Q) —
 6.25% Cash +2.00% PIK
 10.38% 2/1/2023 $16,140,777
 15,911,307
 16,463,593
 0.93% N

             
 69,751,876
 71,115,376
 4.03%  
Building Products 
 
 
Dodge Data & Analytics, LLC First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 7.00% 9.13% 5/1/2020 $886,647
 885,875
 886,647
 0.05% N
Dodge Data & Analytics, LLC First Lien Term Loan LIBOR(Q) 1.00% 7.00% 9.13% 5/1/2020 $35,866,162
 35,833,369
 35,866,162
 2.04% N

             
 36,719,244
 36,752,809
 2.09%  
Capital Markets      
HighTower Holding, LLC Second Lien Term Loan LIBOR(M) 1.00% 8.25% 10.29% 1/31/2026 $15,080,645
 14,726,024
 15,008,258
 0.85% N
HighTower Holding, LLC Second Lien Delayed Draw Term Loan LIBOR(M) 1.00% 8.25% 10.29% 1/31/2026 $6,169,355
 6,057,341
 6,139,742
 0.35% N
                20,783,365
 21,148,000
 1.20%  
Chemicals      
AGY Holding Corp. Second Lien Notes Fixed —
 11.00% 11.00% 11/15/2020 $10,315,515
 8,778,822
 7,314,732
 0.42% B/C/E/N
AGY Holding Corp. Delayed Draw Term Loan Fixed —
 12.00% 12.00% 5/18/2020 $1,080,971
 1,080,971
 1,080,971
 0.06% B/N
AGY Holding Corp. Sr Secured Term Loan Fixed —
 12.00% 12.00% 5/18/2020 $5,017,287
 5,017,287
 5,017,287
 0.28% B/N
              

 14,877,080
 13,412,990
 0.76%  
Commercial Services and Supplies      
Team Software, Inc. First Lien Revolver LIBOR(Q) —
 5.50% 7.63% 9/17/2023 $1,053,363
 1,011,041
 1,015,091
 0.06% N
Team Software, Inc. First Lien Term Loan LIBOR(Q) —
 5.50% 7.63% 9/17/2023 $13,167,038
 13,003,864
 13,023,517
 0.74% N
                14,014,905
 14,038,608
 0.80%  
                       
                       
                       
                       

3




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 20172019



Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)          
Credit (Nondepository)        
Auto Trakk SPV, LLC First Lien Delayed Draw Term Loan LIBOR (M) 0.50% 9.50% 10.73% 12/21/2021 $32,392,942
 $31,954,106
 $32,602,257
 2.04% N
Caliber Home Loans, Inc. First Lien Delayed Draw Term Loan LIBOR (M) 1.00% 6.50% 7.74% 6/30/2020 $15,555,556
 15,399,451
 15,735,556
 0.98% N
Caribbean Financial Group (Cayman Islands) Sr Secured Notes Fixed —
 11.50% 11.50% 11/15/2019 $28,678,000
 28,593,384
 29,538,340
 1.85% E/G/H/N
                75,946,941
 77,876,153
 4.87%  
Credit Related Activities        
Pacific Union Financials, LLC First Lien Term Loan LIBOR (M) 1.00% 7.50% 8.74% 4/21/2022 $25,000,000
 24,765,887
 25,108,750
 1.57% N
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Term Loan LIBOR (Q) 1.00% 6.75% 8.09% 12/20/2021 $14,659,047
 14,532,703
 14,644,388
 0.91% N
Pegasus Business Intelligence, LP (Onyx Centersource) Revolver LIBOR (Q) 1.00% 6.75% 8.09% 12/20/2021 $89,514
 83,765
 88,843
 0.01% N
                39,382,355
 39,841,981
 2.49%  
Computer Systems Design and Related Services                     
  
  
   
Aptos Inc. (Canada) First Lien Incremental Term Loan LIBOR (Q) 1.00% 6.75% 8.08% 9/1/2022 $7,969,241
 7,849,702
 7,849,702
 0.49% H/N
Aptos Inc. (Canada) First Lien Term Loan LIBOR (Q) 1.00% 6.75% 8.08% 9/1/2022 $9,900,000
 9,731,240
 9,751,500
 0.61% H/N
Bracket Intermediate Holding Corp. Second Lien Term Loan LIBOR (Q) 1.00% 9.00% 10.32% 3/14/2024 $10,925,551
 10,612,225
 10,696,115
 0.67% N
Dealersocket, Inc. First Lien Term Loan LIBOR (M) 1.00% 10.00% 11.37% 2/10/2021 $15,750,000
 15,285,565
 15,750,000
 0.98% N
Fidelis Acquisitionco, LLC First Lien Bridge Term Loan LIBOR (M) 1.00% 6.00% Cash+2.00% PIK
 9.38% 10/13/2017 $3,182,143
 3,163,821
 3,182,143
 0.20% N
Fidelis Acquisitionco, LLC First Lien Term Loan LIBOR (Q) 1.00% 6.00% Cash+2.00% PIK
 9.32% 11/4/2019 $43,214,417
 42,779,942
 39,178,191
 2.45% N
Fidelis Acquisitionco, LLC Sr Secured Revolver LIBOR (Q) 1.00% 8.00% 9.32% 11/4/2019 $3,182,143
 3,182,143
 2,884,931
 0.18% N
Marketo, Inc. First Lien Term Loan LIBOR (Q) 1.00% 9.50% 10.83% 8/16/2021 $23,295,455
 22,722,018
 23,295,455
 1.46% N
Marketo, Inc. Senior Secured Revolver LIBOR (Q) 1.00% 9.50% N/A
 8/16/2021 $—
 (39,766) —
 —
 K/N
OnX Enterprise Solutions, Ltd. (Canada) First Lien Term Loan B LIBOR (Q) —
 8.00% 9.32% 9/3/2018 $2,296,200
 2,296,200
 2,296,200
 0.14% H/N
OnX Enterprise Solutions, Ltd. (Canada) First Lien Term Loan LIBOR (Q) —
 8.00% 9.32% 9/3/2018 $10,240,000
 10,210,950
 10,240,000
 0.64% H/N
OnX USA, LLC First Lien Term Loan B LIBOR (Q) —
 8.00% 9.32% 9/3/2018 $3,702,400
 3,702,400
 3,702,400
 0.23% N
OnX USA, LLC First Lien Term Loan LIBOR (Q) —
 8.00% 9.32% 9/3/2018 $3,120,000
 3,121,990
 3,120,000
 0.19% N
                134,618,430
 131,946,637
 8.24%   
Data Processing and Hosting Services                     
  
  
   
Applause App Quality, Inc. First Lien Term Loan LIBOR (M) 1.00% 6.50% 7.74% 9/20/2022 $22,647,306
 22,197,368
 22,194,361
 1.39% N
Applause App Quality, Inc. First Revolver LIBOR (M) 1.00% 6.50% N/A
 9/20/2022 $—
 (30,014) —
 —
 K/N
DigiCert Holdings, Inc. Second Lien Term Loan LIBOR (Q) 1.00% 8.00% 9.00% 9/20/2025 $10,578,112
 10,525,221
 10,694,947
 0.67%  
Internap Corporation First Lien Term Loan LIBOR (M) 1.00% 7.00% 8.24% 4/3/2022 $8,184,324
 8,069,799
 8,286,628
 0.52% J
IO Data Centers, USA, LLC First Lien Term Loan Fixed —
 9.00% 9.00% 1/15/2020 $15,000,000
 15,000,000
 15,000,000
 0.94% N
Pulse Secure, LLC First Lien Term Loan LIBOR (Q) 1.00% 7.00% 8.30% 5/1/2022 $12,022,227
 11,852,990
 11,895,993
 0.74% N
Pulse Secure, LLC Revolver LIBOR (Q) 1.00% 7.00% N/A
 5/1/2022 $—
 (18,491) (14,096) —
 K/N
TierPoint, LLC Second Lien Term Loan LIBOR (M) 1.00% 7.25% 8.49% 5/5/2025 $9,675,000
 9,608,020
 9,872,564
 0.62%  
                77,204,893
 77,930,397
 4.88%  
Educational Support Services                     
  
  
   
Edmentum, Inc. Jr Revolving Facility Fixed —
 5.00% 5.00% 6/9/2020 $—
 —
 —
 —
 B/N
Edmentum Ultimate Holdings, LLC Sr PIK Notes Fixed —
 8.50% 8.50% 6/9/2020 $3,033,675
 3,033,675
 3,033,675
 0.19% B/N
Edmentum Ultimate Holdings, LLC Jr PIK Notes Fixed —
 10.00% 10.00% 6/9/2020 $14,054,482
 13,646,311
 11,173,317
 0.70% B/N
                16,679,986
 14,206,992
 0.89%   
Electronic Component Manufacturing                      
  
  
   
Soraa, Inc. Tranche A Term Loan (3.0% Exit Fee) LIBOR (M) 0.44% 9.33% 10.71% 3/1/2018 $7,570,571
 7,488,052
 7,394,555
 0.46% L/N
Soraa, Inc. Tranche B Term Loan LIBOR (M) 0.44% 9.33% 10.71% 3/1/2018 $1,603,779
 1,579,327
 1,567,373
 0.10% N
                9,067,379
 8,961,928
 0.56%   
Equipment Leasing                      
  
  
   
36th Street Capital Partners Holdings, LLC Senior Note Fixed —
 12.00% 12.00% 11/1/2020 $21,696,871
 21,696,871
 21,696,871
 1.36% E/F/N
Essex Ocean, LLC (Solexel) Sr Secured Term Loan Fixed —
 8.00% 8.00% 8/15/2018 $1,696,898
 1,696,898
 —
 —
 C/N
                23,393,769
 21,696,871
 1.36%   
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)      
Communications Equipment      
Avanti Communications Jersey Limited 1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee) Fixed —
 12.50% 12.50% 5/24/2021 $1,181,177
 $1,181,177
 $1,181,177
 0.07% L/N
Avanti Communications Jersey Limited 1.5 Lien Term Loan (2.5% Exit Fee) Fixed —
 12.50% 12.50% 5/24/2021 $274,181
 229,584
 274,181
 0.02% L/N
Avanti Communications Group, PLC (United Kingdom) Sr New Money Initial Note Fixed —
 9.00% PIK
 9.00% 10/1/2022 $1,592,934
 1,591,586
 1,068,699
 0.06% C/E/G/H/N
Avanti Communications Group, PLC (United Kingdom) Sr Second-Priority PIK Toggle Note Fixed —
 9.00% PIK
 9.00% 10/1/2022 $4,064,721
 4,064,219
 2,727,021
 0.15% C/E/G/H/N
                7,066,566
 5,251,078
 0.30%  
Construction and Engineering      
Hylan Datacom & Electrical, LLC Bridge Term Loan LIBOR(M) —
 2.75% 4.80% 9/10/2019 $501,058
 500,557
 501,058
 0.03% N
Hylan Datacom & Electrical, LLC First Lien Incremental Term Loan LIBOR(Q) 1.00% 9.50% 11.62% 7/25/2021 $2,504,655
 2,465,527
 2,024,262
 0.11% N
Hylan Datacom & Electrical, LLC First Lien Term Loan LIBOR(Q) 1.00% 9.50% 11.62% 7/25/2021 $13,855,960
 13,773,520
 11,198,387
 0.64% N
                16,739,604
 13,723,707
 0.78%  
Construction Materials 

 

 
Brannan Sand and Gravel Company, LLC First Lien Term Loan LIBOR(Q) —
 5.25% 7.38% 7/3/2023 $7,053,114
 6,973,320
 7,019,259
 0.40% N
Construction Supply Acquisition, LLC First Lien Term Loan Prime —
 5.00% 10.00% 6/30/2023 $11,536,549
 11,481,423
 11,507,708
 0.65% N

             

 18,454,743
 18,526,967
 1.05%  
Consumer Finance 

 

 
Auto Trakk SPV, LLC First Lien Delayed Draw Term Loan LIBOR(M) 0.50% 6.50% 8.53% 12/21/2021 $23,971,792
 23,782,337
 23,732,740
 1.35% N

 
 
 

 

 

 
 

 

 

 

 
Diversified Consumer Services 

 

  
Edmentum, Inc. Jr Revolving Facility Fixed —
 5.00% 5.00% 6/9/2020 $4,445,004
 4,445,004
 4,445,009
 0.25% B/N
Edmentum, Inc. First Lien Term Loan B LIBOR(Q) —
 8.50% 10.76% 6/9/2021 $10,679,470
 9,362,455
 10,679,470
 0.61% B/N
Edmentum, Inc. Second Lien Term Loan Fixed —
 7.00% PIK
 7.00% 12/8/2021 $7,639,817
 7,639,817
 7,639,825
 0.43% B/N
Edmentum Ultimate Holdings, LLC Jr PIK Notes Fixed —
 10.00% PIK
 10.00% 6/9/2020 $17,170,475
 17,055,460
 17,170,475
 0.97% B/N
Edmentum Ultimate Holdings, LLC Sr PIK Notes Fixed —
 8.50% PIK
 8.50% 6/9/2020 $3,597,737
 3,597,737
 3,597,737
 0.20% B/N
Spark Networks, Inc. Sr Secured Revolver LIBOR(Q) 1.50% 8.00% 10.11% 7/1/2023 $—
 (33,042) (35,206) —
 K/N
Spark Networks, Inc. First Lien Term Loan LIBOR(Q) 1.50% 8.00% 10.11% 7/1/2023 $23,537,761
 22,750,362
 22,713,940
 1.29% N

 
 
 

 

 

 
 

 64,817,793
 66,211,250
 3.75% 
Diversified Financial Services 

 

 
36th Street Capital Partners Holdings, LLC Senior Note Fixed —
 12.00% 12.00% 11/1/2020 $39,418,169
 39,418,169
 39,418,169
 2.24% E/F/N
Aretec Group, Inc. (Cetera) Second Lien Term Loan LIBOR(M) —
 8.25% 10.29% 10/1/2026 $27,105,263
 26,844,698
 26,563,158
 1.51% G
Credit Suisse AG (Cayman Islands) Asset-Backed Credit Linked Notes LIBOR(Q) —
 9.50% 11.88% 4/12/2025 $38,000,000
 38,000,000
 37,506,000
 2.13% H/I/N
FreePoint Commodities, LLC Second Lien Term Loan LIBOR(M) 1.00% 8.25% 10.30% 6/13/2023 $15,000,000
 14,878,844
 14,898,000
 0.85% N
GC Agile Holdings Limited (Apex) (England) First Lien Delayed Term Loan B LIBOR(Q) 1.00% 7.00% 9.11% 6/15/2025 $19,027,218
 18,660,316
 18,737,716
 1.06% H/N
GC Agile Holdings Limited (Apex) (England) First Lien Term Loan A LIBOR(Q) 1.00% 7.00% 9.11% 6/15/2025 $827,052
 811,593
 812,413
 0.05% H/N
RSB-160, LLC (Lat20) First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 6.00% 8.15% 7/20/2022 $3,833,333
 3,774,401
 3,694,410
 0.21% N

 
 
 

 

 

 
 

 142,388,021
 141,629,866
 8.05% 
Diversified Telecommunication Services      
American Broadband Holding Company First Lien Term Loan LIBOR(M) 1.25% 7.25% 9.29% 10/25/2022 $15,570,413
 15,309,673
 15,870,921
 0.90% N
ECI Macola/Max Holding, LLC Second Lien Term Loan LIBOR(Q) 1.00% 8.00% 10.10% 9/19/2025 $24,840,563
 24,653,628
 24,064,296
 1.37% 
Securus Technologies, Inc. Second Lien Term Loan LIBOR(M) 1.00% 8.25% 10.29% 11/1/2025 $25,846,154
 25,649,466
 22,901,502
 1.30% 
TPC Intermediate Holdings, LLC First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 6.00% 8.10% 5/15/2023 $801,618
 789,062
 798,091
 0.05% N
TPC Intermediate Holdings, LLC First Lien Incremental Delayed Draw Term Loan LIBOR(Q) 1.00% 6.00% 8.10% 5/15/2020 $262,843
 253,078
 259,373
 0.01% N
Telarix, Inc. First Lien Term Loan LIBOR(M) 1.00% 6.00% 8.05% 11/19/2023 $7,462,500
 7,363,950
 7,395,338
 0.42% N
Telarix, Inc. Sr Secured Revolver LIBOR(M) 1.00% 6.00% 8.05% 11/19/2023 $89,286
 84,832
 86,071
 —
 N
              

 74,103,689
 71,375,592
 4.05%  

4




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 20172019



Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)                    
      
Facilities Support Services        
NANA Development Corp. First Lien Term Loan B LIBOR (Q) 1.25% 6.75% 8.08% 3/15/2018 $233,324
 $230,588
 $230,990
 0.01% N
                       
Grocery Stores      
  
  
    
  
  
  
   
Bashas, Inc. First Lien FILO Term Loan LIBOR (M) 1.50% 8.80% 10.30% 10/8/2019 $5,727,386
 5,705,475
 5,727,386
 0.36% N
         
Hospitals        
KPC Healthcare, Inc. First Lien Term Loan LIBOR (Q) 1.00% 9.00% 10.45% 2/6/2020 $14,792,003
 14,707,122
 14,939,923
 0.93% N
Pacific Coast Holdings Investment, LLC (KPC Healthcare) First Lien Term Loan LIBOR (M) 1.00% 7.50% 8.74% 2/14/2021 $29,288,064
 28,909,527
 29,280,742
 1.83% N
                43,616,649
 44,220,665
 2.76%  
Insurance                      
  
  
   
Alera Group Intermediate Holdings, Inc. First Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 5.50% 6.74% 12/30/2022 $124,583
 116,283
 126,249
 0.01% N
Alera Group Intermediate Holdings, Inc. First Lien Revolver LIBOR (Q) 1.00% 5.50% N/A
 12/30/2021 $—
 (7,558) —
 —
 K/N
Alera Group Intermediate Holdings, Inc. First Lien Term Loan LIBOR (Q) 1.00% 5.50% 6.74% 12/30/2022 $3,390,085
 3,360,563
 3,396,866
 0.21% N
Association Member Benefits Advisors, LLC Second Lien Term Loan LIBOR (M) 1.00% 8.75% 9.99% 6/8/2023 $8,277,983
 8,130,115
 8,257,288
 0.52% N
US Apple Holdco, LLC (Ventiv Technology) First Lien FILO Term Loan LIBOR (Q) 0.50% 13.62% 14.91% 8/29/2019 $20,060,606
 19,698,428
 20,060,606
 1.25% N
US Apple Holdco, LLC (Ventiv Technology) First Lien Incremental Tranche B FILO Term Loan LIBOR (Q) 0.50% 13.62% 14.97% 8/29/2019 $4,320,000
 4,245,257
 4,320,000
 0.27% N
                35,543,088
 36,161,009
 2.26%   
Lessors of Nonfinancial Licenses                      
  
  
   
ABG Intermediate Holdings 2, LLC Second Lien Term Loan LIBOR (M) 1.00% 7.75% 8.99% 9/29/2025 $15,000,000
 14,887,500
 15,150,000
 0.95%  
Kenneth Cole Productions, Inc. First Lien FILO Term Loan LIBOR (M) 1.00% 9.65% 10.90% 3/21/2022 $33,544,709
 33,232,910
 33,199,199
 2.07% N
                48,120,410
 48,349,199
 3.02%   
Management, Scientific, and Technical Consulting Services                     
  
  
   
Asentinel, LLC (Tangoe) First Lien Last Out Term Loan LIBOR (M) 1.00% 10.77%Cash +0.50%PIK
 12.60% 6/16/2022 $24,259,932
 23,339,619
 23,495,744
 1.47% N
Dodge Data & Analytics, LLC First Lien Term Loan LIBOR (Q) 1.00% 8.75% 10.06% 10/31/2019 $23,297,434
 23,037,915
 23,297,434
 1.45% N
                46,377,534
 46,793,178
 2.92%  
Motion Picture and Video Industries                       
  
  
   
NEG Holdings, LLC (CORE Entertainment) First Lien Term Loan LIBOR (Q) 1.00% 8.00% PIK
 9.33% 10/17/2022 $1,548,210
 1,548,210
 1,548,210
 0.10% N
                       
Other Information Services                      
  
  
   
Asset International, Inc. Delayed Draw Term Loan LIBOR (Q) 1.00% 8.50% 9.84% 7/31/2020 $1,251,626
 1,231,645
 1,246,933
 0.08% N
Asset International, Inc. Revolver Loan LIBOR (Q) 1.00% 8.50% 9.84% 7/31/2020 $491,303
 482,070
 489,092
 0.03% N
Asset International, Inc. First Lien Term Loan LIBOR (Q) 1.00% 8.50% 9.83% 7/31/2020 $15,213,518
 15,042,452
 15,179,287
 0.95% N
Discoverorg, LLC Second Lien Term Loan LIBOR (M) 1.00% 8.50% 9.74% 2/26/2024 $12,839,252
 12,712,038
 12,710,859
 0.79% N
                29,468,205
 29,626,171
 1.85%  
Other Manufacturing                      
  
  
   
AGY Holding Corp. Sr Secured Term Loan Fixed —
 12.00% 12.00% 9/15/2018 $4,869,577
 4,869,577
 4,869,577
 0.30% B/N
AGY Holding Corp. Second Lien Notes Fixed —
 11.00% 11.00% 11/15/2018 $9,268,000
 7,586,317
 9,268,000
 0.58% B/E/N
AGY Holding Corp. Delayed Draw Term Loan Fixed —
 12.00% 12.00% 9/15/2018 $1,049,146
 1,049,146
 1,049,146
 0.06% B/N
                13,505,040
 15,186,723
 0.94%   
Other Publishing                      
  
  
   
Bisnow, LLC First Lien Revolver LIBOR (Q) —
 9.00% N/A
 4/29/2021 $—
 (24,000) —
 —
 K/N
Bisnow, LLC First Lien Term Loan LIBOR (Q) —
 9.00% 10.31% 4/29/2021 $8,247,890
 8,121,791
 8,313,875
 0.52% N
Contextmedia Health, LLC First Lien Term Loan B LIBOR (M) 1.00% 6.50% 7.75% 12/23/2021 $13,125,000
 11,957,589
 13,075,781
 0.82%  
Patient Point Network Solutions, LLC First Lien Second Out Term Loan LIBOR (M) 1.00% 7.50% 8.74% 6/26/2022 $7,003,544
 6,916,582
 6,916,000
 0.43% N
Patient Point Network Solutions, LLC Revolver LIBOR (M) 1.00% 7.50% N/A
 6/26/2022 $—
 (5,366) (5,506) —
 K/N
                26,966,596
 28,300,150
 1.77%   
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)      
Electronic Equipment, Instruments and Components      
Soraa, Inc. Tranche A Term Loan (4.33% Exit Fee) LIBOR(Q) 0.44% 9.33% 11.65% 12/31/2019 $1,493,765
 $1,487,756
 $1,476,288
 0.08% L/N
       
Electric Utilities      
Conergy Asia & ME Pte. Ltd (Singapore) First Lien Term Loan Fixed —
 10.00% 10.00% 5/26/2020 $1,773,807
 1,773,807
 1,608,666
 0.09% F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Bank Guarantee Credit Facility Fixed —
 —
 —
 5/26/2020 $6,578,877
 6,578,877
 3,289,438
 0.19% C/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Revolving Credit Facility Fixed —
 —
 —
 5/26/2020 $8,668,850
 8,668,850
 2,515,700
 0.14% C/F/H/N
Utilidata, Inc. First Lien Delayed Draw Term Loan (4.0% Exit Fee) LIBOR(Q) —
 9.88% 12.06% 12/31/2019 $1,213,398
 1,206,939
 1,042,916
 0.06% L/N
                18,228,473
 8,456,720
 0.48%  
Electrical Equipment        
TCFI Amteck Holdings, LLC First Lien Delayed Draw Term Loan LIBOR(Q) —
 7.75% 9.88% 5/22/2023 $484,906
 477,510
 473,365
 0.03% N
TCFI Amteck Holdings, LLC First Lien Term Loan LIBOR(Q) —
 7.75% 9.88% 5/22/2023 $15,837,439
 15,592,966
 15,460,508
 0.88% N

 
 
 

 

 

 
 

 16,070,476
 15,933,873
 0.91% 
Energy Equipment and Services        
GlassPoint Solar, Inc. First Lien Term Loan (4.0% Exit Fee) LIBOR(Q) —
 8.50% 10.69% 12/31/2020 $4,167,831
 4,143,866
 3,967,358
 0.23% L/N
GlassPoint Solar, Inc. First Lien Term Loan (5.0% Exit Fee) LIBOR(Q) —
 11.44% 13.63% 12/31/2020 $2,276,123
 2,189,584
 2,216,034
 0.13% L/N
Sphera Solutions, Inc. (Diamondback) First Lien FILO Term Loan B LIBOR(Q) 1.00% 8.02% 10.14% 6/14/2021 $28,382,085
 27,885,947
 27,845,663
 1.58% N
                34,219,397
 34,029,055
 1.94%  
Health Care Technology 
 
 
 
CAREATC, Inc. First Lien Term Loan LIBOR(Q) —
 7.25% 9.37% 3/14/2024 $8,502,033
 8,343,690
 8,420,413
 0.48% N
CAREATC, Inc. Sr Secured Revolver LIBOR(Q) —
 7.25% 9.37% 3/14/2024 $—
 (10,828) (5,830) —
 K/N
Patient Point Network Solutions, LLC Sr Secured Revolver Prime 1.00% 6.50% 12.00% 6/26/2022 $—
 (3,157) (308) —
 K/N
Patient Point Network Solutions, LLC First Lien Incremental Term Loan LIBOR(Q) 1.00% 7.50% 9.60% 6/26/2022 $1,256,705
 1,245,148
 1,255,825
 0.07% N
Patient Point Network Solutions, LLC First Lien Term Loan LIBOR(Q) 1.00% 7.50% 9.60% 6/26/2022 $6,520,360
 6,471,930
 6,515,796
 0.37% N
Sandata Technologies, LLC First Lien Term Loan LIBOR(Q) —
 6.00% 8.13% 7/23/2024 $20,250,000
 19,952,308
 19,946,250
 1.13% N
Sandata Technologies, LLC Sr Secured Revolver LIBOR(Q) —
 6.00% 8.13% 7/23/2024 $—
 (32,484) (33,750) —
 K/N

 
 
 

 

 

 
 

 35,966,607
 36,098,396
 2.05% 
Healthcare Equipment and Supplies 
 
 
 
Pacific Coast Holdings Investment, LLC (KPC Healthcare) First Lien Term Loan LIBOR(M) 1.00% 7.50% 9.54% 2/14/2021 $29,288,064
 29,126,324
 29,727,385
 1.69% N
              

 

 

 

  
Hotels, Restaurants and Leisure        
Fishbowl, Inc. First Lien Term Loan LIBOR(Q) —
 2.80%Cash+10.45%PIK
 15.38% 1/26/2022 $24,017,652
 23,676,243
 22,108,249
 1.26% N
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Incremental Term Loan LIBOR(Q) 1.00% 6.25% 8.36% 12/20/2021 $5,692,985
 5,692,985
 5,765,856
 0.33% N
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Term Loan LIBOR(Q) 1.00% 6.25% 8.36% 12/20/2021 $13,620,220
 13,553,441
 13,794,559
 0.78% N
Pegasus Business Intelligence, LP (Onyx Centersource) Revolver LIBOR(Q) 1.00% 6.25% 8.36% 12/20/2021 $—
 (3,030) —
 —
 K/N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Term Loan LIBOR(Q) 1.00% 6.50% Cash +2.00% PIK
 10.60% 11/3/2020 $4,876,530
 4,848,784
 4,876,530
 0.28% N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Incremental Term Loan LIBOR(Q) 1.00% 6.50% Cash +2.00% PIK
 10.60% 11/2/2022 $290,821
 288,568
 290,821
 0.02% N
VSS-Southern Holdings, LLC (Southern Theatres) Sr Secured Revolver LIBOR(Q) 1.00% 6.50% Cash +2.00% PIK
 10.60% 11/3/2020 $856,164
 851,949
 856,165
 0.05% N
              

 48,908,940
 47,692,180
 2.72%  
                       
                       
                       

5




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 20172019



Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)      
Pharmaceuticals        
Nephron Pharmaceuticals Corporation First Lien FILO Term Loan LIBOR (M) 1.00% 8.75% 9.99% 8/7/2019 $44,047,447
 $42,913,836
 $43,122,451
 2.69% N
                       
Other Real Estate Activities             
Associations, Inc. First Lien FILO Term Loan LIBOR (Q) 1.00% 8.96% 10.29% 12/23/2019 $12,794,670
 12,703,330
 12,794,670
 0.80% N
Greystone Select Holdings, LLC First Lien Term Loan LIBOR (Q) 1.00% 8.00% 9.26% 4/17/2024 $25,202,549
 24,954,120
 25,782,207
 1.61% N
                37,657,450
 38,576,877
 2.41%  
Other Telecommunications                       
  
  
   
Securus Technologies, Inc. Second Lien Term Loan LIBOR (M) 1.25% 7.75% 9.00% 4/30/2021 $4,516,129
 4,470,968
 4,542,458
 0.28% N
Securus Technologies, Inc. Second Lien Term Loan LIBOR (Q) 1.00% 8.25% 9.25% 6/20/2025 $25,846,154
 25,620,000
 26,120,769
 1.63% N
                30,090,968
 30,663,227
 1.91%  
Plastics Manufacturing                         
  
  
   
Iracore International, Inc. First Lien Term Loan LIBOR (M) 1.00% 9.00% 10.25% 4/13/2021 $1,900,733
 1,900,733
 1,900,733
 0.12% B/N
                       
Radio and Television Broadcasting                     
  
  
   
NEP/NCP Holdco, Inc. Second Lien Term Loan LIBOR (M) 1.00% 7.00% 8.23% 1/23/2023 $11,536,391
 11,508,154
 11,644,545
 0.73% G
                        
Real Estate Leasing                         
Daymark Financial Acceptance, LLC First Lien Delayed Draw Term Loan LIBOR (Q) —
 9.50% 10.74% 1/12/2020 $14,000,000
 13,879,590
 13,748,000
 0.86% N
Home Partners of America, Inc. First Lien Term Loan LIBOR (M) 1.00% 7.00% 8.23% 10/13/2022 $5,000,000
 4,913,427
 5,100,000
 0.32% N
                18,793,017
 18,848,000
 1.18%  
Restaurants                      
  
  
  
RM OpCo, LLC (Real Mex) Convertible Second Lien Term Loan Tranche B-1 Fixed —
 8.50% 8.50% 3/30/2018 $2,072,771
 2,072,771
 1,705,683
 0.11% B/N
RM OpCo, LLC (Real Mex) First Lien Term Loan Tranche A Fixed —
 7.00% 7.00% 3/30/2018 $4,892,097
 4,608,710
 4,892,097
 0.30% B/N
RM OpCo, LLC (Real Mex) Second Lien Term Loan Tranche B Fixed —
 8.50% 8.50% 3/30/2018 $10,327,904
 10,327,904
 —
 —
 B/C/N
RM OpCo, LLC (Real Mex) Second Lien Term Loan Tranche B-1 Fixed —
 8.50% 8.50% 3/30/2018 $3,252,610
 3,237,187
 2,676,572
 0.17% B/N
RM OpCo, LLC (Real Mex) Sr Convertible Second Lien Term Loan B Fixed —
 8.50% 8.50% 3/30/2018 $6,490,093
 6,490,093
 6,490,103
 0.40% B/N
                26,736,665
 15,764,455
 0.98%   
Retail                    
  
  
  
   
Bon-Ton, Inc. First Lien Tranche A-1 Revolver LIBOR (Q) 1.00% 9.50% 10.81% 3/15/2021 $4,432,934
 4,361,693
 4,399,687
 0.27% N
USR Parent, Inc. (Staples) First Lien FILO Term Loan LIBOR (M) 1.00% 8.84% 10.07% 9/12/2022 $11,149,443
 10,871,171
 10,870,707
 0.68% N
                15,232,864
 15,270,394
 0.95%   
Satellite Telecommunications                        
  
  
   
Avanti Communications Group, PLC (United Kingdom) Sr New Money Initial Note Fixed —
 10.00% 10.00% 10/1/2021 $1,273,204
 1,240,014
 1,062,330
 0.07% E/G/H/N
Avanti Communications Group, PLC (United Kingdom) Sr Second-Priority PIK Toggle Note Fixed —
 10.00% 10.00% 10/1/2021 $3,248,857
 3,166,787
 2,710,765
 0.17% E/G/H/N
Avanti Communications Group, PLC (United Kingdom) Sr Secured Third-Priority Note Fixed —
 12.00% 12.00% 10/1/2023 $6,729,804
 3,428,151
 1,716,100
 0.11% E/G/H/N
                7,834,952
 5,489,195
 0.35%   
Scientific Research and Development Services        
Envigo Holdings, Inc. (BPA Laboratories, Inc.) First Lien Term Loan LIBOR (Q) —
 2.50% 3.81% 4/29/2020 $1,857,267
 1,671,540
 1,798,456
 0.11%  
Envigo Holdings, Inc. (BPA Laboratories, Inc.) Second Lien Term Loan LIBOR (Q) —
 2.50% 3.81% 4/29/2020 $4,189,589
 2,787,440
 4,084,849
 0.25%  
Envigo Holdings, Inc. (BPA Laboratories, Inc.) First Lien Term Loan LIBOR (Q) 1.00% 8.50% 9.80% 11/3/2021 $34,930,560
 34,339,828
 35,017,889
 2.19% G
                38,798,808
 40,901,194
 2.55%  
Textile Furnishings Mills                    
  
  
   
Lexmark Carpet Mills, Inc. First Lien Term Loan (1.5% Exit Fee) LIBOR (Q) 1.00% 10.00%Cash+1.00% PIK
 12.30% 12/19/2019 $21,061,727
 21,061,727
 20,988,011
 1.31% L/N
Lexmark Carpet Mills, Inc. First Lien Term Loan B (1.5% Exit Fee) LIBOR (Q) 1.00% 10.00%Cash+1.00% PIK
 12.30% 12/19/2019 $7,224,662
 7,124,139
 7,199,375
 0.45% L/N
                28,185,866
 28,187,386
 1.76%   
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)                      
Insurance        
2-10 Holdco, Inc. First Lien Term Loan LIBOR(M) —
 6.00% 8.04% 10/31/2024 $4,548,958
 $4,469,981
 $4,511,202
 0.26% N
2-10 Holdco, Inc. Sr Secured Revolver LIBOR(M) —
 6.00% 8.04% 10/31/2024 $—
 (7,069) (3,458) —
 K/N
Higginbotham Insurance Agency, Inc. Second Lien Term Loan LIBOR(M) 1.00% 7.50% 9.54% 12/19/2025 $28,000,000
 27,802,075
 27,860,000
 1.58% N
IAS Investco, Inc. First Lien Delayed Draw Term Loan A LIBOR(M) 1.00% 5.50% 7.54% 1/24/2021 $5,391,429
 5,365,242
 5,371,480
 0.30% N
IAS Investco, Inc. First Lien Delayed Draw Term Loan B LIBOR(M) 1.00% 5.50% 7.54% 1/24/2021 $1,714,286
 1,706,762
 1,707,943
 0.10% N
IAS Investco, Inc. First Lien Incremental Term Loan LIBOR(M) 1.00% 5.50% 7.54% 1/24/2021 $6,105,219
 6,083,209
 6,082,629
 0.35% N
IAS Investco, Inc. First Lien Term Loan LIBOR(M) 1.00% 5.50% 7.54% 1/24/2021 $3,989,884
 3,970,462
 3,975,121
 0.23% N
              

 49,390,662
 49,504,917
 2.82%  
Internet and Catalog Retail 

 

 

 
Live Auctioneers LLC First Lien Last Out B-2 Term Loan LIBOR(Q) —
 6.76% 8.86% 5/20/2025 $13,995,438
 13,724,497
 13,691,737
 0.78% N
                

 

 

  
Internet Software and Services        
Domo, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) LIBOR(M) —
 5.63% Cash+2.50% PIK
 10.19% 10/1/2022 $51,803,058
 51,462,147
 50,875,783
 2.89% L/N
FinancialForce.com, Inc. First Lien Delayed Draw Term Loan (3.0% Exit Fee) LIBOR(Q) —
 6.75% 8.94% 2/1/2024 $28,000,000
 27,503,795
 28,739,200
 1.63% L/N
InMobi, Inc. (Singapore) First Lien Term Loan LIBOR(Q) 1.37% 8.13% 10.38% 9/30/2021 $34,340,961
 34,111,434
 33,774,335
 1.92% H/N
Quartz Holding Company (Quick Base) Second Lien Term Loan LIBOR(M) —
 8.00% 10.07% 4/2/2027 $9,903,019
 9,708,020
 9,952,534
 0.57% N
              

 122,785,396
 123,341,852
 7.01%  
IT Services        
Apptio, Inc. First Lien Term Loan LIBOR(Q) 1.00% 7.25% 9.56% 1/10/2025 $11,812,993
 11,593,815
 11,606,265
 0.66% N
Apptio, Inc. Sr Secured Revolver LIBOR(Q) 1.00% 7.25% 9.56% 1/10/2025 $—
 (13,542) (13,462) —
 K/N
Donuts Inc. First Lien Revolver LIBOR(Q) 1.00% 6.25% 8.40% 9/17/2023 $373,849
 348,806
 364,125
 0.02% N
Donuts Inc. First Lien Term Loan LIBOR(Q) 1.00% 6.25% 8.35% 9/17/2023 $10,938,103
 10,665,804
 10,835,285
 0.62% N
Fidelis Acquisitionco, LLC First Lien Term Loan A LIBOR(Q) —
 4.00% PIK
 6.38% 12/31/2022 $2,930,939
 2,930,939
 2,930,939
 0.17% N
Fidelis Acquisitionco, LLC First Lien Term Loan B LIBOR(Q) —
 8.00% PIK
 —
 12/31/2022 $25,904,525
 25,904,525
 13,229,469
 0.75% C/N
Fidelis Acquisitionco, LLC First Lien Term Loan C LIBOR(Q) —
 10.00% PIK
 —
 12/31/2022 $27,804,525
 27,804,525
 —
 —
 C/N
Web.com Group Inc. Second Lien Term Loan LIBOR(M) —
 7.75% 9.78% 10/11/2026 $16,280,678
 16,166,395
 15,900,769
 0.90% G/J
Xactly Corporation First Lien Incremental Term Loan B LIBOR(M) 1.00% 7.25% 9.30% 7/31/2022 $4,996,644
 4,907,037
 4,958,169
 0.28% N
Xactly Corporation First Lien Incremental Term Loan LIBOR(M) 1.00% 7.25% 9.30% 7/31/2022 $2,726,918
 2,689,913
 2,705,921
 0.15% N
Xactly Corporation First Lien Term Loan LIBOR(M) 1.00% 7.25% 9.30% 7/31/2022 $16,397,517
 16,197,760
 16,271,256
 0.92% N
Xactly Corporation Sr Secured Revolver LIBOR(M) 1.00% 7.25% 9.30% 7/31/2022 $—
 (15,984) (10,822) —
 K/N
              

 119,179,993
 78,777,914
 4.47%  
Leisure Products        
Blue Star Sports Holdings, Inc. First Lien Revolver LIBOR(Q) 1.00% 5.75% 8.06% 6/15/2024 $111,111
 108,433
 106,228
 0.01% N
Blue Star Sports Holdings, Inc. First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 5.75% 8.06% 6/15/2024 $55,556
 54,653
 53,928
 —
 N
Blue Star Sports Holdings, Inc. First Lien Term Loan LIBOR(Q) 1.00% 5.75% 8.06% 6/15/2024 $1,504,611
 1,479,471
 1,460,526
 0.08% N
Machine Zone, Inc. First Lien Term Loan (10.0% Exit Fee) LIBOR(Q) —
 13.50% 15.61% 2/1/2021 $5,629,910
 5,589,253
 5,535,891
 0.31% L/N
              

 7,231,810
 7,156,573
 0.40%  
Media        
Bisnow, LLC First Lien Revolver LIBOR(Q) —
 7.50% 9.88% 9/21/2022 $—
 (11,216) —
 —
 K/N
Bisnow, LLC First Lien Term Loan LIBOR(Q) —
 7.50% 9.88% 9/21/2022 $10,665,389
 10,544,300
 10,743,246
 0.61% N
Khoros, LLC (Lithium) Sr Secured Revolver LIBOR(M) 1.00% 8.00% 10.04% 10/3/2022 $91,046
 83,331
 85,856
 —
 N
Khoros, LLC (Lithium) Sr Secured Revolver LIBOR(M) 1.00% 8.00% 10.04% 10/3/2022 $305,627
 284,845
 288,206
 0.02% N
Khoros, LLC (Lithium) First Lien Incremental Term Loan LIBOR(M) 1.00% 8.00% 10.04% 10/3/2022 $7,131,905
 7,006,802
 7,050,602
 0.40% N
Khoros, LLC (Lithium) First Lien Term Loan LIBOR(M) 1.00% 8.00% 10.04% 10/3/2022 $20,884,731
 20,592,603
 20,646,645
 1.17% N
NEP II, Inc. Second Lien Term Loan LIBOR(M) —
 7.00% 9.04% 10/19/2026 $23,565,964
 23,446,944
 23,134,000
 1.31% G
Quora, Inc. First Lien Term Loan (4.0% Exit Fee) Fixed —
 10.10% 10.10% 5/1/2022 $12,692,602
 12,518,700
 12,761,142
 0.72% L/N
              

 74,466,309
 74,709,697
 4.23%  

6




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 20172019



Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)                 
        
Traveler Arrangement        
CIBT Solutions, Inc. Second Lien Term Loan LIBOR (Q) 1.00% 7.75% 9.08% 6/1/2025 $7,611,914
 $7,536,412
 $7,726,092
 0.48% N
         
Software Publishing                     
  
  
   
Acronis International GmbH (Switzerland) First Lien Term Loan LIBOR (Q) 1.00% 13.00%Cash+2.00%PIK
 16.31% 7/16/2018 $17,446,997
 17,452,145
 17,446,997
 1.09% H/N
Actifio, Inc. First Lien Term Loan (2.0% Exit Fee) LIBOR (M) 1.00% 7.50% Cash+1.00% PIK
 9.88% 11/1/2020 $35,204,503
 34,711,491
 34,708,120
 2.17% L/N
ArcServe (USA), LLC Second Lien Term Loan LIBOR (Q) 0.50% 8.50% Cash+1.25% PIK
 11.00% 1/31/2020 $30,534,114
 30,242,898
 30,089,843
 1.88% N
Autoalert, LLC First Lien Term Loan LIBOR (Q) 0.25% 5.75% Cash+3.00% PIK
 10.06% 3/31/2019 $36,505,910
 36,256,859
 36,816,210
 2.30% N
Bond International Software, Inc. (United Kingdom) First Lien Term Loan LIBOR (M) 1.00% 10.00% 11.24% 11/4/2021 $26,358,696
 25,825,375
 25,939,592
 1.62% H/N
ECI Macola/Max Holding, LLC Second Lien Term Loan LIBOR (Q) 1.00% 8.00% 9.33% 9/19/2025 $24,325,623
 24,082,367
 24,386,437
 1.52% N
Fishbowl, Inc. First Lien Term Loan LIBOR (Q) —
 2.80% Cash+8.45% PIK
 12.63% 1/26/2022 $19,316,029
 18,756,824
 18,947,092
 1.18% N
Mapp Digital US, LLC First Lien Term Loan LIBOR (Q) —
 9.50% 10.80% 12/31/2017 $5,621,605
 5,607,200
 5,613,173
 0.35% N
Newscycle Solutions, Inc. Second Lien Term Loan LIBOR (Q) —
 13.00% 14.32% 9/10/2021 $11,513,362
 11,235,273
 11,789,683
 0.74% N
Newscycle Solutions AB (Sweden) Second Lien Term Loan B LIBOR (Q) —
 13.00% 14.32% 9/10/2021 $11,513,362
 11,235,273
 11,789,683
 0.74% H/N
Tradeshift Holdings, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) LIBOR (M) —
 8.88% 10.25% 9/1/2020 $14,529,322
 13,826,524
 13,876,940
 0.87% L/N
Utilidata, Inc. First Lien Delayed Draw Term Loan (1.0% Exit Fee) LIBOR (M) 0.62% 9.88% 11.25% 1/1/2019 $2,255,976
 2,210,023
 2,224,505
 0.14% L/N
Xactly Corporation First Lien Term Loan LIBOR (M) 1.00% 7.25% 8.49% 7/31/2022 $16,397,517
 16,077,665
 16,069,567
 1.00% N
Xactly Corporation Revolver LIBOR (M) 1.00% 7.25% N/A
 7/31/2022 $—
 (27,167) (28,110) —
 K/N
                247,492,750
 249,669,732
 15.6%  
Utility System Construction                      
  
  
   
GlassPoint Solar, Inc. First Lien Term Loan (5.0% Exit Fee) LIBOR (M) —
 11.44% 12.81% 8/1/2020 $3,912,604
 3,585,789
 3,804,828
 0.24% L/N
GlassPoint Solar, Inc. First Lien Delay Draw Term Loan A LIBOR (M) —
 11.44% N/A
 8/1/2020 $—
 —
 —
 —
 N
GlassPoint Solar, Inc. First Lien Delay Draw Term Loan B LIBOR (M) —
 11.44% N/A
 8/1/2020 $—
 —
 —
 —
 N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Bank Guarantee Credit Facility Fixed —
 8.00% PIK
 9.34% 7/2/2018 $17,471,897
 17,471,897
 16,700,513
 1.04% F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Revolving Credit Facility LIBOR (Q) —
 —
 —
 7/2/2018 $6,072,441
 6,072,441
 6,072,441
 0.38% C/F/H/N
                27,130,127
 26,577,782
 1.66%   
Wholesalers                       
  
  
   
NILCO, LLC First Lien Term Loan LIBOR (Q) 1.00% 9.50% 10.74% 9/1/2021 $20,224,763
 19,723,119
 20,629,259
 1.29% N
                       
Wired Telecommunications Carriers                      
  
  
   
Alpheus Communications, LLC First Lien Delayed Draw FILO Term Loan LIBOR (M) 1.00% 7.42% 8.73% 5/31/2018 $325,447
 322,212
 325,252
 0.02% N
Alpheus Communications, LLC First Lien Delayed Draw FILO Term Loan LIBOR (M) 1.00% 7.42% 8.51% 5/31/2018 $1,321,328
 1,315,866
 1,320,321
 0.08% N
Alpheus Communications, LLC First Lien FILO Term Loan LIBOR (M) 1.00% 7.42% 8.72% 5/31/2018 $7,110,607
 7,039,918
 7,106,340
 0.44% N
                8,677,996
 8,751,913
 0.54%   
Wireless Telecommunications Carriers                     
  
  
   
Gogo, LLC Sr Secured Notes Fixed —
 12.50% 12.50% 7/1/2022 $10,000,000
 10,000,000
 11,443,750
 0.71% E/G
                       
Total Debt Investments                     1,468,606,760
 1,463,294,967
 91.42%   
       
       
       
       
       
       
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)      
Metal and Mining        
Neenah Foundry Company First Lien Term Loan B LIBOR(Q) —
 6.50% 8.65% 12/13/2022 $5,012,643
 $4,975,115
 $4,912,390
 0.28%  
         
Oil, Gas and Consumable Fuels        
Iracore International, Inc. First Lien Term Loan LIBOR(Q) 1.00% 9.00% 11.13% 4/13/2021 $1,900,733
 1,900,733
 1,900,733
 0.11% B/N
                       
Pharmaceuticals        
P&L Development, LLC First Lien Term Loan LIBOR(M) 2.00% 7.50% 9.55% 6/30/2024 $10,000,000
 9,760,012
 9,850,000
 0.56% G/N
                       
Professional Services 

 

 

  
Bond International Software, Inc. (United Kingdom) First Lien Term Loan LIBOR(Q) 1.00% 10.00% 12.32% 11/4/2021 $26,358,696
 26,048,909
 27,149,457
 1.54% H/N
CIBT Solutions, Inc. Second Lien Term Loan LIBOR(Q) 1.00% 7.75% 9.85% 6/1/2025 $7,611,914
 7,549,787
 7,440,646
 0.42% G/N
Discoverorg, LLC Second Lien Term Loan LIBOR(Q) —
 8.50% 10.60% 2/1/2027 $15,000,000
 14,793,526
 14,950,050
 0.85% G
Dude Solutions Holdings, Inc. Sr Secured Revolver LIBOR(M) 1.00% 7.00% 9.04% 6/14/2025 $—
 (47,432) (54,535) —
 K/N
Dude Solutions Holdings, Inc. First Lien Term Loan LIBOR(M) 1.00% 7.00% 9.04% 6/14/2025 $16,927,201
 16,556,244
 16,509,100
 0.94% N
iCIMS, Inc. Sr Secured Revolver LIBOR(M) 1.00% 6.50% 8.56% 9/12/2024 $—
 (8,107) (9,471) —
 K/N
iCIMS, Inc. First Lien Term Loan LIBOR(M) 1.00% 6.50% 8.56% 9/12/2024 $9,482,016
 9,310,054
 9,299,014
 0.53% N
Institutional Shareholder Services, Inc. Second Lien Term Loan LIBOR(Q) —
 8.50% 10.60% 3/5/2026 $5,820,856
 5,654,263
 5,806,304
 0.33% N
STG-Fairway Acquisitions, Inc.(First Advantage) Second Lien Term Loan LIBOR(M) 1.00% 9.25% 11.29% 6/30/2023 $31,000,000
 30,700,098
 31,000,000
 1.75% N
              

 110,557,342
 112,090,565
 6.36%  
Real Estate Management and Development        
Daymark Financial Acceptance, LLC First Lien Delayed Draw Term Loan LIBOR(M) —
 9.50% 11.55% 1/12/2020 $5,750,000
 5,743,893
 5,750,000
 0.33% N
Florida East Coast Industries, LLC First Lien Term Loan B LIBOR(M) —
 6.50% 8.56% 12/13/2021 $2,559,542
 2,520,456
 2,533,946
 0.14% N
Space Midco, Inc. (Archibus) First Lien Term Loan LIBOR(M) —
 6.25% 8.31% 12/5/2023 $4,444,444
 4,367,582
 4,341,778
 0.25% N
Space Midco, Inc. (Archibus) Sr Secured Revolver LIBOR(M) —
 6.25% 8.31% 12/5/2023 $—
 (4,651) (6,417) —
 K/N
              

 12,627,280
 12,619,307
 0.72%  
Road and Rail        
GlobalTranz Enterprises LLC Second Lien Term Loan LIBOR(M) 1.00% 8.25% 10.31% 5/15/2027 $19,382,324
 19,001,176
 18,791,164
 1.07% N
                       
Software 

 

 

  
Applause App Quality, Inc. First Lien Term Loan LIBOR(Q) 1.00% 5.00% 7.26% 9/20/2022 $20,772,306
 20,500,936
 20,980,028
 1.18% N
Applause App Quality, Inc. Sr Secured Revolver LIBOR(Q) 1.00% 5.00% 7.26% 9/20/2022 $—
 (18,007) —
 —
 K/N
Certify, Inc. First Lien Delayed Draw Term Loan LIBOR(M) 1.00% 5.75% 7.79% 2/28/2024 $1,062,877
 1,015,585
 1,018,236
 0.06% N
Certify, Inc. First Lien Term Loan LIBOR(M) 1.00% 5.75% 7.79% 2/28/2024 $23,383,293
 23,287,798
 23,055,926
 1.31% N
Certify, Inc. Sr Secured Revolver LIBOR(M) 1.00% 5.75% 7.79% 2/28/2024 $—
 (15,943) (14,880) —
 K/N
Foursquare Labs, Inc. First Lien Delayed Draw Term Loan (5.0% Exit Fee) LIBOR(Q) —
 8.81% 11.00% 6/1/2020 $22,500,000
 22,399,712
 22,477,500
 1.28% L/N
JAMF Holdings, Inc. First Lien Incremental Term Loan LIBOR(Q) 1.00% 7.00% 9.18% 11/13/2022 $3,606,829
 3,560,654
 3,606,829
 0.20% N
JAMF Holdings, Inc. First Lien Term Loan LIBOR(Q) 1.00% 7.00% 9.18% 11/13/2022 $14,160,797
 13,964,665
 14,160,797
 0.79% N
JAMF Holdings, Inc. Sr Secured Revolver LIBOR(M) 1.00% 7.00% 9.05% 11/13/2022 $424,918
 409,405
 424,918
 0.02% N
Rhode Holdings, Inc. (Kaseya) First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 6.50% 8.69% 5/3/2025 $224,009
 191,819
 185,410
 0.01% N
Rhode Holdings, Inc. (Kaseya) First Lien Term Loan LIBOR(Q) 1.00% 5.50% Cash+1.00% PIK
 8.72% 5/3/2025 $14,326,337
 14,054,832
 14,005,426
 0.79% N
Rhode Holdings, Inc. (Kaseya) Sr Secured Revolver LIBOR(Q) 1.00% 6.50% 8.60% 5/3/2025 $344,629
 322,141
 317,610
 0.02% N
Snow Software AB First Lien Term Loan LIBOR(Q) 2.00% 6.00% 8.13% 4/17/2024 $13,081,645
 12,837,189
 13,178,449
 0.75% N
Snow Software AB Sr Secured Revolver LIBOR(Q) 2.00% 6.00% 8.13% 4/17/2024 $—
 (79,338) —
 —
 K/N
Tradeshift Holdings, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) LIBOR(Q) —
 8.88% 11.06% 9/1/2020 $19,117,528
 18,879,506
 18,865,483
 1.07
 L/N
Winshuttle, LLC First Lien FILO Term Loan LIBOR(M) 1.00% 8.42% 10.47% 8/9/2024 $14,043,060
 13,671,352
 13,786,072
 0.78% N
                144,982,306
 146,047,804
 8.26%  

7




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 20172019



Issuer Instrument Ref Floor Spread Total Coupon Maturity Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities       
Advertising, Public Relations and Marketing                            
Foursquare Labs, Inc. Warrants to Purchase Series E Preferred Stock           1,125,000
 $185,450
 $177,750
 0.01% C/E/N
InMobi, Inc. (Singapore) Warrants to Purchase Common Stock           995,902
 159,270
 159,245
 0.01% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock           1,049,996
 276,492
 486,148
 0.03% C/E/H/N
                621,212
 823,143
 0.05%  
Air Transportation                            
  
  
Aircraft Leased to United Airlines, Inc.            
  
  
  
  
United N659UA-767, LLC (N659UA) Trust Beneficial Interests           683
 2,979,575
 2,983,358
 0.19% E/F/N
United N661UA-767, LLC (N661UA) Trust Beneficial Interests           688
 3,088,529
 3,057,259
 0.19% E/F/N
Epic Aero, Inc. (One Sky) Warrants to Purchase Common Stock           1,843
 855,313
 3,451,916
 0.22% C/E/N
                6,923,417
 9,492,533
 0.60%   
Business Support Services                           
  
   
Findly Talent, LLC Membership Units           708,229
 230,938
 143,133
 0.01% C/E/N
STG-Fairway Holdings, LLC (First Advantage) Class A Units           803,961
 325,432
 604,016
 0.04% C/E/N
                556,370
 747,149
 0.05%   
Chemicals                           
  
   
Green Biologics, Inc. Warrants to Purchase Stock           909,300
 272,807
 1,546
 —
 C/E/N
Nanosys, Inc. Warrants to Purchase Preferred Stock           800,000
 605,266
 806,400
 0.05% C/E/N
                878,073
 807,946
 0.05%   
Communications Equipment Manufacturing                              
   
Wasserstein Cosmos Co-Invest, L.P. (Globecomm) Limited Partnership Units           5,000,000
 5,000,000
 500
 —
 B/C/E/N
                       
Data Processing and Hosting Services  
  
   
Anacomp, Inc. Class A Common Stock           1,255,527
 26,711,049
 1,255,527
 0.08% C/E/F/N
                       
Educational Support Services  
  
   
Edmentum Ultimate Holdings, LLC Class A Common Units           159,515
 680,226
 1,595
 —
 B/C/E/N
                       
Electrical Equipment Manufacturing  
  
   
NEXTracker, Inc. Series B Preferred Stock           558,884
 —
 480,640
 0.03% E/N
NEXTracker, Inc. Series C Preferred Stock           17,640
 —
 15,170
 —
 E/N
                —
 495,810
 0.03%   
Electronic Component Manufacturing                       
  
   
Soraa, Inc. Warrants to Purchase Common Stock           3,071,860
 478,899
 1,843
 —
 C/E/N
                       
Equipment Leasing                   
  
   
36th Street Capital Partners Holdings, LLC Membership Units           7,082,618
 7,082,618
 9,445,380
 0.59% C/E/F/N
Essex Ocean II, LLC Membership Units           199,430
 103,398
 —
 —
 C/E/F/N
                7,186,016
 9,445,380
 0.59%   
Financial Investment Activities                          
GACP I, LP Membership Units           16,607,783
 16,697,588
 17,159,258
 1.07% E/I/N
                       
Metal and Mineral Mining                                
EPMC HoldCo, LLC Membership Units           1,312,720
 —
 210,035
 0.01% B/E/N
                       
Other Information Services      
SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock           946,498
 79,082
 45,621
 —
 C/E/H/N
                       
                       
Issuer Instrument Ref Floor Spread Total Coupon Maturity/Expiration Principal/Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)                 
        
Specialty Retail        
USR Parent, Inc. (Staples) First Lien FILO Term Loan LIBOR(Q) 1.00% 8.84% 10.98% 9/12/2022 $6,689,666
 $6,581,965
 $6,685,651
 0.38% N
                       
Technology Hardware, Storage and Peripherals        
Pulse Secure, LLC Sr Secured Revolver LIBOR(Q) 1.00% 7.00% 9.26% 5/1/2022 $—
 (10,454) (1,611) —
 K/N
Pulse Secure, LLC First Lien Term Loan LIBOR(Q) 1.00% 7.00% 9.26% 5/1/2022 $11,203,292
 11,113,088
 11,189,848
 0.64% N
TierPoint, LLC Second Lien Term Loan LIBOR(M) 1.00% 7.25% 9.29% 5/5/2025 $2,880,000
 2,854,404
 2,673,605
 0.15%  
              

 13,957,038
 13,861,842
 0.79%  
Textiles, Apparel and Luxury Goods        
ABG Intermediate Holdings 2, LLC (Authentic Brands) Second Lien Term Loan LIBOR(M) 1.00% 7.75% 9.79% 9/29/2025 $14,711,567
 14,615,236
 14,737,312
 0.84%  
Kenneth Cole Productions, Inc. First Lien FILO Term Loan LIBOR(Q) 1.00% 7.75% 9.88% 12/28/2023 $23,834,399
 23,680,780
 23,815,331
 1.35% N
PSEB, LLC (Eddie Bauer) First Lien FILO II Term Loan Prime —
 7.25% 12.25% 10/12/2023 $10,793,402
 10,539,951
 10,505,218
 0.60% N
PSEB, LLC (Eddie Bauer) First Lien Term Loan LIBOR(Q) 1.50% 8.00% 10.26% 10/12/2023 $40,340,339
 39,403,840
 39,614,213
 2.25% N
WH Buyer, LLC (Anne Klein) First Lien Term Loan LIBOR(Q) 1.50% 6.75% 9.07% 7/16/2025 $27,664,640
 27,391,092
 27,387,993
 1.55% N
              

 115,630,899
 116,060,067
 6.59%  
Thrifts and Mortgage Finance        
Greystone Select Holdings, LLC First Lien Term Loan LIBOR(Q) 1.00% 8.00% 10.15% 4/17/2024 $24,889,088
 24,727,354
 25,635,760
 1.45% N
Home Partners of America, Inc. First Lien Delayed Draw Term Loan LIBOR(M) 1.00% 6.25% 8.29% 10/12/2023 $—
 —
 —
 —
 N
Home Partners of America, Inc. First Lien Term Loan LIBOR(M) 1.00% 6.25% 8.29% 10/12/2023 $2,857,143
 2,824,903
 2,857,143
 0.16% N
              

 27,552,257
 28,492,903
 1.61%  
Tobacco Related        
Juul Labs, Inc. Frist Lien Term Loan LIBOR(Q) 1.50%
 7.00%
 9.27% 8/2/2023 $35,000,000
 34,657,736
 34,156,499
 1.93% N
                       
Total Debt Investments 1,629,985,787
 1,576,702,265
 89.51%
  
                       
Equity Securities           
        
Airlines    
Epic Aero, Inc (One Sky) Common Stock           1,842
 855,313
 6,157,746
 0.35% C/N
United N659UA-767, LLC (N659UA) Trust Beneficial Interests           683
 2,255,893
 2,408,569
 0.14% E/F/N
United N661UA-767, LLC (N661UA) Trust Beneficial Interests           688
 2,321,268
 2,455,611
 0.14% E/F/N
              

 5,432,474
 11,021,926
 0.63%  
Chemicals    
AGY Holding Corp. Common Stock           1,333,527
 —
 —
 —
 B/C/E/N
Green Biologics, Inc. (United Kingdom) Common Stock           34,761,145
 20,528,870
 —
 —
 B/C/E/H/N
KAGY Holding Company, Inc. Series A Preferred Stock           9,778
 1,091,200
 —
 —
 B/C/E/N
                21,620,070
 —
 —
  
Communications Equipment    
Avanti Communications Group, PLC (United Kingdom) Common Stock           26,576,710
 4,902,674
 3,266
 —
 C/D/H
                       
Diversified Consumer Services    
Edmentum Ultimate Holdings, LLC Class A Common Units           159,515
 680,226
 294,816
 0.02% B/C/E/N
Edmentum Ultimate Holdings, LLC Warrants to Purchase Class A Units         2/23/2028 788,112
 1
 1,456,595
 0.08% B/C/E/N
                680,227
 1,751,411
 0.10%  
                       
                       
                       

8




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 20172019



Issuer Instrument Ref Floor Spread Total Coupon Maturity Shares Cost Fair
Value		 % of Total
Cash and
Investments		 Notes
Equity Securities (continued)                 
        
Motion Picture and Video Industries      
NEG Parent, LLC (Core Entertainment, Inc.) Class A Units           2,720,392
 $2,772,807
 $3,319,966
 0.21% C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class A Warrants to Purchase Class A Units           343,387
 196,086
 51,714
 —
 C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class B Warrants to Purchase Class A Units           346,794
 198,032
 52,227
 —
 C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Litigation Trust Units           407
 —
 1,201,138
 0.08% C/N
                3,166,925
 4,625,045
 0.29%  
       
Other Manufacturing                           
  
   
AGY Holding Corp. Common Stock           1,333,527
 —
 —
 —
 B/C/E/N
KAGY Holding Company, Inc. Series A Preferred Stock           9,778
 1,091,200
 11,021,542
 0.69% B/C/E/N
                1,091,200
 11,021,542
 0.69%   
Plastics Manufacturing                      
Iracore Investments Holdings, Inc. Class A Common Stock           16,207
 4,177,710
 3,033,842
 0.19% B/C/E/N
                       
Radio and Television Broadcasting                          
  
   
Fuse Media, LLC Warrants to Purchase Common Stock           233,470
 300,322
 —
 —
 C/E/N
                       
Restaurants                            
  
   
RM Holdco, LLC (Real Mex) Equity Participation           24
 —
 —
 —
 B/C/E/N
RM Holdco, LLC (Real Mex) Membership Units           13,161,000
 2,010,777
 —
 —
 B/C/E/N
                2,010,777
 —
 —
   
Retail                               
Shop Holding, LLC (Connexity) Class A Units           507,167
 480,048
 —
 —
 C/E/N
                       
Satellite Telecommunications      
Avanti Communications Group, PLC (United Kingdom) Common Stock           245,368
 3,086
 26,300
 —
 C/D/H
                       
Scientific Research and Development Services      
Lions Holdings, Inc. (BPA) Series A Warrants to Purchase Common Stock           10,287
 —
 —
 —
 C/E/N
Lions Holdings, Inc. (BPA) Series B Warrants to Purchase Common Stock           16,494
 —
 —
 —
 C/E/N
                —
 —
 —
  
Software Publishing  
  
  
Actifio, Inc. Warrants to Purchase Series F Preferred Stock           1,052,651
 188,770
 196,319
 0.01% C/E/N
Blackline, Inc. Common Stock           1,797
 4,449
 61,313
 —
 C/J
Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock           1,712,930
 577,842
 528,097
 0.03% C/E/N
Utilidata, Inc. Warrants to Purchase Preferred Stock           719,998
 216,335
 373,319
 0.02% C/E/N
                987,396
 1,159,048
 0.06%   
Utility System Construction        
Conergy Asia Holdings Limited (United Kingdom) Class B Shares           1,000,000
 1,000,000
 1,007,900
 0.06% C/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom) Ordinary Shares           3,333
 7,833,333
 1,827,603
 0.12% C/E/F/H/N
GlassPoint Solar, Inc. Warrants to Purchase Series C-1 Preferred Stock           1,100,000
 248,555
 290,730
 0.02% C/E/N
Kawa Solar Holdings Limited (Cayman Islands) Ordinary Shares           2,332,594
 —
 —
 —
 C/E/F/H/N
Kawa Solar Holdings Limited (Cayman Islands) Series B Preferred Shares           93,023
 1,395,349
 243
 —
 C/E/F/H/N
                10,477,237
 3,126,476
 0.20%  
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           17,965,666
 $17,965,666
 $24,901,609
 1.41% E/F/N
Conventional Lending TCP Holdings, LLC Membership Units           12,136,956
 12,136,956
 12,501,065
 0.70% E/F/I/N
GACP I, LP (Great American Capital) Membership Units           1,772,812
 1,772,812
 2,386,020
 0.14% E/I/N
GACP II, LP (Great American Capital) Membership Units           24,956,659
 24,956,659
 26,087,967
 1.47% E/I/N
              

 56,832,093
 65,876,661
 3.72%  
Diversified Telecommunication Services    
Foursquare Labs, Inc. Warrants to Purchase Series E Preferred Stock         5/4/2027 1,125,000
 185,450
 228,150
 0.01% C/E/N
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) Common Shares           1,393
 3,236,256
 92,612
 0.01% C/D/E/H/N
              

 3,421,706
 320,762
 0.02%  
Electric Utilities    
Conergy Asia Holdings Limited (United Kingdom) Class B Shares           1,000,000
 1,000,000
 —
 —
 C/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom) Ordinary Shares           3,333
 7,833,333
 —
 —
 C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Ordinary Shares           2,332,594
 —
 —
 —
 C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Series B Preferred Shares           93,023
 1,395,349
 —
 —
 C/E/F/H/N
Utilidata, Inc. Warrants to Purchase Preferred Stock         12/22/2022 719,998
 216,336
 48,960
 —
 C/E/N
              

 10,445,018
 48,960
 —
  
Electronic Equipment, Instruments and Components 

  
Soraa, Inc. Warrants to Purchase Preferred Stock         8/29/2024 3,071,860
 478,899
 299,172
 0.02% C/E/N
                

 

 

  
Energy Equipment and Services    
GlassPoint Solar, Inc. Warrants to Purchase Series C-1 Preferred Stock         2/7/2027 400,000
 248,555
 107,124
 0.01% C/E/N
GlassPoint Solar, Inc. Warrants to Purchase Series D Preferred Stock         2/7/2027 2,048,000
 505,450
 548,476
 0.03% C/E/N
                754,005
 655,600
 0.04%  
Internet Software and Services      
Domo, Inc. Warrants to Purchase Class B Common Stock         6/28/2021 62,247
 511,349
 289,618
 0.02% C/E/N
FinancialForce.com, Inc. Warrants to Purchase Series C Preferred Stock         1/30/2029 840,000
 287,985
 267,884
 0.02% C/E/N
InMobi, Inc. (Singapore) Warrants to Purchase Common Stock         8/15/2027 1,327,869
 212,360
 178,709
 0.01% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)         9/18/2025 1,049,996
 276,492
 379,445
 0.02% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)         10/3/2028 1,511,002
 93,407
 341,603
 0.02% C/E/H/N
Snaplogic, Inc. Warrants to Purchase Series Preferred Stock         3/19/2028 1,860,000
 377,722
 4,450,000
 0.25% C/E/N
                1,759,315
 5,907,259
 0.34%  
IT Services      
Fidelis Topco LP Warrants to Purchase Series A Preferred Units         7/20/2028 21,888,917
 —
 —
 —
 C/E/N
Fidelis Topco LP Warrants to Purchase Series B Preferred Units         7/20/2028 24,972,917
 —
 —
 —
 C/E/N
                —
 —
 —
  
Life Sciences Tools and Services      
Envigo RMS Holdings Corp. Common Stock           36,413
 —
 508,690
 0.03
 C/E/N
                       

9




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 20172019



Issuer Instrument Ref Floor Spread Total Coupon Maturity Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes Instrument 
 
 
 
 Expiration Shares Cost Fair
Value		 % of Total
Cash and
Investments		 Notes
Equity Securities (continued)
Equity Securities (continued)
         
Equity Securities (continued)
       
Wired Telecommunications Carriers       
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) Common Shares           1,393
 $3,236,256
 $1,976,927
 0.12% C/D/E/H/N
MediaMedia     
NEG Parent, LLC (Core Entertainment, Inc.) Class A Units 2,720,392
 $2,772,807
 $6,868,298
 0.40% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Litigation Trust Units 407
 —
 717,494
 0.04% B/C/N
NEG Parent, LLC (Core Entertainment, Inc.) Class A Warrants to Purchase Class A Units 10/17/2026 343,387
 196,086
 382,169
 0.02% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class B Warrants to Purchase Class A Units 10/17/2026 346,794
 198,032
 385,961
 0.02% B/C/E/N
Quora, Inc. Warrants to Purchase Series D Preferred Stock 4/11/2029 507,704
 65,245
 64,377
 —
 C/E/N
Shop Holding, LLC (Connexity) Class A Units 507,167
 480,049
 —
 —
 C/E/N
SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock 4/29/2025 946,498
 79,082
 45,143
 —
 C/E/H/N
 

 3,791,301
 8,463,442
 0.48% 
Oil, Gas and Consumable FuelsOil, Gas and Consumable Fuels     
Iracore Investments Holdings, Inc. Class A Common Stock 16,207
 4,177,710
 2,228,669
 0.13% B/C/E/N
   

 

 

 
Professional ServicesProfessional Services     
Anacomp, Inc. Class A Common Stock 1,255,527
 26,711,048
 1,129,974
 0.07% C/E/F/N
Findly Talent, LLC Membership Units 708,229
 230,938
 50,992
 —
 C/E/N
STG-Fairway Holdings, LLC (First Advantage) Class A Units 803,961
 325,432
 3,885,190
 0.22% C/E/N
 

 27,267,418
 5,066,156
 0.29% 
Semiconductors and Semiconductor EquipmentSemiconductors and Semiconductor Equipment     
Adesto Technologies Corporation Warrants to Purchase Common Stock 5/8/2024 436,320
 846,724
 575,942
 0.03% C/E/N
Nanosys, Inc. Warrants to Purchase Preferred Stock 3/29/2023 800,000
 605,266
 837,180
 0.05% C/E/N
   1,451,990
 1,413,122
 0.08% 
SoftwareSoftware     
Actifio, Inc. Warrants to Purchase Series G Preferred Stock 5/5/2027 1,052,651
 188,770
 486,774
 0.03% C/E/N
Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock 3/26/2027 1,712,930
 577,842
 520,979
 0.03% C/E/N
 

 766,612
 1,007,753
 0.06% 
                  
Total Equity SecuritiesTotal Equity Securities  
 91,742,889
 65,455,520
 4.08%   Total Equity Securities  
 143,781,512
 104,572,849
 5.94%   
               
Total InvestmentsTotal Investments $1,560,349,649
 $1,528,750,487
  
   Total Investments $1,773,767,299
 $1,681,275,114
  
   
                  
Cash and Cash EquivalentsCash and Cash Equivalents  
  
  
   Cash and Cash Equivalents  
  
  
   
Cash Held on Account at Various InstitutionsCash Held on Account at Various Institutions                
  
 64,929,885
 4.06%   Cash Held on Account at Various Institutions                
  
 80,069,184
 4.55%   
Wells Fargo Government Money Market Fund     4,000,000
 0.25% 
Wells Fargo Treasury Plus Government Money Market Fund     3,000,000
 0.19% 
Cash and Cash EquivalentsCash and Cash Equivalents 71,929,885
 4.50%   Cash and Cash Equivalents 80,069,184
 4.55%   
           
Total Cash and Investments Total Cash and Investments  $1,600,680,372
 100.00% MTotal Cash and Investments  $1,761,344,298
 100.00% M
         
         
         
         
         
         
         
         
         
         
         
         
         


10




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2019



Notes to Consolidated Schedule of Investments:

(A)InvestmentsDebt 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. 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 (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-income producing security.producing.
(D)Investment denominated in foreign currency.  Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure.
(E)Restricted security. (See Note 2)
(F)Controlled issuer – as defined under the Investment Company Act of 1940 (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 Investment Company Act. Under the Investment Company 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 an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act.  Under the Investment Company 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 Investment Company Act. Under the Investment Company 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 Notes 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.

LIBOR or EURIBOR resets monthly (M), quarterly (Q), semiannually (S), or annually (A).
 
As of September 30, 2019, we transitioned our industry classification system for financial reporting purposes to more closely align with the system generally used by the Advisor for portfolio management purposes. As part of this transition, we are generally classifying the industries of our portfolio companies based on the primary end market served rather than the product or service directed to those end markets.

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $652,394,259$558,390,201 and $434,061,754,$444,068,802, respectively, for the nine months ended September 30, 2017.2019. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of September 30, 20172019 was $1,527,461,735$1,636,890,608 or 95.4%92.9% of total cash and investments of the Company. As of September 30, 2017,2019, approximately 12.6%10.6% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.
Options and Swaps at September 30, 2017 were as follows:          
               
 Receive Pay Counter Party Maturity  Notional Amount  Fair Value Upfront payments/receipts Unrealized appreciation/depreciation
Interest at LIBOR plus 8.68% on USD 7,270,250 Interest at 8.00% on EUR 6,500,000 Wells Fargo Bank, N.A. 5/31/2019 USD 7,270,250/ EUR 6,500,000 $(470,202) $—
 $(470,202)


See accompanying notes to the consolidated financial statements.

11




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments

December 31, 20162018

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments   (A)
      
Activities Related to Credit Intermediation      
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Term Loan LIBOR (Q) 1.00% 6.75% 7.75% 12/20/2021 $14,769,821
 $14,623,499
 $14,622,123
 1.07 % M
Pegasus Business Intelligence, LP (Onyx Centersource) Revolver LIBOR (Q) 1.00% 6.75% N/A
 12/20/2021 $—
 (6,669) (6,713) —
 J/M
iPayment, Inc. First Lien Term Loan B2 LIBOR (Q) 1.50% 5.25% 6.75% 5/8/2017 $11,289,051
 11,134,310
 10,893,934
 0.80 % M
                25,751,140
 25,509,344
 1.87 %  
Activities Related to Real Estate                            
Associations, Inc. First Lien FILO Term Loan LIBOR (Q) 1.00% 8.96% 9.96% 12/23/2019 $12,891,845
 12,773,127
 12,898,291
 0.94 % M
Advertising and Public Relations Services                            
InMobi, Inc. (Singapore) First Lien Delayed Draw Tranche 1 Term Loan (1.25% Exit Fee) LIBOR (M) 0.33% 10.17% 10.98% 9/1/2018 $15,000,000
 14,772,946
 14,704,508
 1.07 % H/K/M
InMobi, Inc. (Singapore) First Lien Delayed Draw Tranche 2 Term Loan LIBOR (M) 0.33% 10.17% N/A
 9/1/2018 $—
 —
 —
 —
 H/M
InMobi, Inc. (Singapore) First Lien Delayed Draw Tranche 3 Term Loan LIBOR (M) 0.33% 10.17% N/A
 9/1/2018 $—
 —
 —
 —
 H/M
                14,772,946
 14,704,508
 1.07 %   
Air Transportation                              
Mesa Air Group, Inc. Acquisition Loan LIBOR (M) —
 7.25% 8.00% 7/15/2022 $14,042,971
 13,839,296
 14,323,830
 1.05 % M
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan A LIBOR (M) —
 7.25% 8.00% 12/14/2021 $16,546,652
 16,259,013
 16,257,105
 1.19 % M
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan B LIBOR (M) —
 7.25% N/A
 2/28/2022 $—
 —
 —
 —
 M
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan C LIBOR (M) —
 7.25% N/A
 12/31/2022 $—
 —
 —
 —
 M
                30,098,309
 30,580,935
 2.24 %   
Amusement and Recreation                            
AP Gaming I, LLC First Lien Revolver LIBOR (M) —
 8.25% N/A
 12/20/2018 $—
 (1,655,756) (937,500) (0.07)% J/M
VSS-Southern Holdings, LLC First Lien Term Loan LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 9.50% 11/3/2020 $24,220,291
 23,755,180
 23,735,885
 1.73 % M
VSS-Southern Holdings, LLC Sr Secured Revolver LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 N/A
 11/3/2020 $—
 (16,444) (17,123) —
 J/M
                22,082,980
 22,781,262
 1.66 %   
Apparel Manufacturing                       
  
   
Broder Bros., Co. First Lien Term Loan (First Out) LIBOR (Q) 1.25% 5.75% 7.00% 6/3/2021 $9,700,000
 9,541,402
 9,700,000
 0.71 % M
Broder Bros., Co. First Lien Term Loan B (Last Out) LIBOR (Q) 1.25% 12.25% 13.50% 6/3/2021 $9,800,000
 9,646,339
 9,800,000
 0.72 % M
JH Apparel Holdings, LLC First Lien FILO Term Loan LIBOR (M) 1.00% 9.60% 10.60% 4/8/2019 $2,714,632
 2,705,143
 2,741,779
 0.20 % M
                21,892,884
 22,241,779
 1.63 %   
Building Equipment Contractors                             
Hylan Datacom & Electrical, LLC First Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 7.50% 8.50% 7/25/2021 $—
 —
 —
 —
 M
Hylan Datacom & Electrical, LLC First Lien Term Loan LIBOR (Q) 1.00% 7.50% 8.50% 7/25/2021 $14,295,589
 14,092,734
 14,188,374
 1.04 % M
                14,092,734
 14,188,374
 1.04 %  
Business Support Services                           
Enerwise Global Technologies, Inc. Sr Secured Revolving Loan LIBOR (Q) 0.23% 8.52% N/A
 11/30/2018 $—
 (17,798) 70,000
 0.01 % J/M
Enerwise Global Technologies, Inc. Sr Secured Term Loan (1.0% Exit Fee) LIBOR (Q) 0.23% 9.27% 10.12% 11/30/2019 $23,937,500
 23,867,666
 24,356,406
 1.78 % K/M
STG-Fairway Acquisitions, Inc. (First Advantage) Second Lien Term Loan LIBOR (Q) 1.00% 9.25% 10.25% 6/30/2023 $31,000,000
 30,588,757
 30,336,600
 2.22 % M
                54,438,625
 54,763,006
 4.01 %   
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (A)      
Advertising, Public Relations and Marketing      
Foursquare Labs, Inc. First Lien Delayed Draw Term Loan (5.0% Exit Fee) LIBOR (Q) —
 8.81% 11.56% 6/1/2020 $22,500,000
 $22,288,567
 $22,343,623
 1.37% L/N
InMobi, Inc. (Singapore) First Lien Term Loan LIBOR (Q) 1.37% 8.13% 10.88% 9/30/2021 $37,775,057
 37,432,000
 37,727,838
 2.32% H/N
                59,720,567
 60,071,461
 3.69%  
Air Transportation      
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan A LIBOR (Q) —
 7.25% 9.81% 12/14/2021 $12,945,769
 12,802,291
 13,130,247
 0.81% N
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan B LIBOR (Q) —
 7.25% 9.81% 2/28/2022 $7,683,837
 7,594,071
 7,793,332
 0.48% N
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan C LIBOR (Q) —
 7.25% 9.81% 7/31/2022 $3,205,798
 3,166,674
 3,296,682
 0.20% N
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan C-1 LIBOR (Q) —
 7.25% 9.81% 9/30/2022 $4,912,965
 4,845,174
 5,051,510
 0.31% N
Mesa Airlines, Inc. Engine Acquisition Term loan C-3 LIBOR (Q) —
 7.25% 9.81% 2/28/2023 $1,353,738
 1,332,947
 1,391,236
 0.08% N
Mesa Air Group, Inc. Junior Loan Agreement (N902FJ) LIBOR (Q) —
 7.50% 10.04% 2/1/2022 $1,027,521
 1,018,433
 1,014,163
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N903FJ) LIBOR (Q) —
 7.50% 10.04% 2/1/2022 $1,229,633
 1,218,758
 1,213,648
 0.07% N
Mesa Air Group, Inc. Junior Loan Agreement (N904FJ) LIBOR (Q) —
 7.50% 10.04% 2/1/2022 $1,406,638
 1,394,198
 1,388,352
 0.09% N
Mesa Air Group, Inc. Junior Loan Agreement (N905FJ) LIBOR (Q) —
 7.50% 10.04% 2/1/2022 $979,415
 970,753
 966,683
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N906FJ) LIBOR (Q) —
 7.50% 10.04% 5/1/2022 $1,021,301
 1,012,097
 1,008,024
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N907FJ) LIBOR (Q) —
 7.50% 10.04% 5/1/2022 $1,071,436
 1,061,780
 1,057,507
 0.07% N
Mesa Air Group, Inc. Junior Loan Agreement (N908FJ) LIBOR (Q) —
 7.50% 10.04% 5/1/2022 $1,648,638
 1,633,781
 1,627,206
 0.10% N
Mesa Air Group, Inc. Junior Loan Agreement (N909FJ) LIBOR (Q) —
 7.50% 10.04% 8/1/2022 $683,862
 677,658
 674,972
 0.04% N
Mesa Air Group, Inc. Junior Loan Agreement (N910FJ) LIBOR (Q) —
 7.50% 10.04% 8/1/2022 $647,598
 641,723
 639,179
 0.04% N
                39,370,338
 40,252,741
 2.47%  
Amusement and Recreation      
Blue Star Sports Holdings, Inc. First Lien Delayed Draw Term Loan LIBOR (M) 1.00% 5.75% 8.22% 6/15/2024 $—
 (15,165) —
 —
 K/N
Blue Star Sports Holdings, Inc. First Lien Revolver LIBOR (M) 1.00% 5.75% 8.22% 6/15/2024 $122,222
 119,176
 119,139
 0.01% N
Blue Star Sports Holdings, Inc. First Lien Term Loan LIBOR (M) 1.00% 5.75% 8.22% 6/15/2024 $1,500,000
 1,472,068
 1,472,250
 0.09% N
Machine Zone, Inc. First Lien Term Loan (10.0% Exit Fee) LIBOR (M) —
 13.50% 15.85% 2/1/2021 $5,502,976
 5,439,653
 5,414,929
 0.33% L/N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Term Loan LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 11.30% 11/3/2020 $23,739,142
 23,504,334
 24,037,068
 1.48% N
VSS-Southern Holdings, LLC (Southern Theatres) Sr Secured Revolver LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 11.30% 11/3/2020 $856,164
 848,517
 856,165
 0.05% N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Incremental Term Loan LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 11.30% 11/2/2022 $1,415,726
 1,402,020
 1,433,494
 0.09% N
                32,770,603
 33,333,045
 2.05%  
Building Equipment Contractors      
Hylan Datacom & Electrical, LLC First Lien Incremental Term Loan LIBOR (M) 1.00% 7.50% 10.02% 7/25/2021 $2,496,448
 2,442,261
 2,490,207
 0.15% N
Hylan Datacom & Electrical, LLC First Lien Term Loan LIBOR (M) 1.00% 7.50% 10.02% 7/25/2021 $13,807,225
 13,691,491
 13,772,707
 0.85% N
TCFI Amteck Holdings, LLC First Lien Delayed Draw Term Loan LIBOR (Q) —
 6.25% 9.06% 5/22/2023 $481,249
 472,488
 487,746
 0.03% N
TCFI Amteck Holdings, LLC First Lien Term Loan LIBOR (Q) —
 6.25% 9.06% 5/22/2023 $16,046,661
 15,753,256
 16,263,291
 1.00% N
                32,359,496
 33,013,951
 2.03%  
                       
                       
                       

                      

12




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20162018


Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)               
        
Chemicals                             
Anuvia Plant Nutrients Holdings, LLC Sr Secured Term Loan (8.0% Exit Fee) LIBOR (Q) —
 10.63% 11.63% 2/1/2018 $7,563,676
 $7,995,360
 $8,250,457
 0.60 % K/M
Green Biologics, Inc. Sr Secured Delayed Draw Term Loan (12.4% Exit Fee) Prime Rate —
 7.75% 11.50% 6/30/2019 $15,000,000
 15,468,439
 14,905,500
 1.09 % K/M
iGM RFE1 B.V. (Netherlands) First Lien Delayed Draw Term Loan LIBOR (Q) —
 8.00% 9.00% 10/12/2021 $253,581
 245,565
 251,684
 0.02 % H/M
iGM RFE1 B.V. (Netherlands) First Lien Term Loan LIBOR (Q) —
 8.00% 9.00% 10/12/2021 $3,864,583
 3,836,083
 3,835,599
 0.28 % H/M
Nanosys, Inc. First Lien Delayed Draw Term Loan (3.5% Exit Fees) LIBOR (Q) —
 9.81% 10.75% 4/1/2019 $10,000,000
 9,526,456
 9,712,000
 0.71 % K/M
                37,071,903
 36,955,240
 2.70 %   
Communications Equipment Manufacturing                           
Globecomm Systems, Inc. First Lien Term Loan LIBOR (Q) 1.25% 7.63% 8.88% 12/11/2018 $14,480,001
 14,335,200
 14,480,002
 1.06 % B/M
Triangle Acquisition Co. (Polycom) First Lien Term Loan LIBOR (Q) 1.00% 6.50% 7.50% 9/27/2023 $4,835,417
 4,646,389
 4,877,727
 0.36 % M
                18,981,589
 19,357,729
 1.42 %   
Computer Systems Design and Related Services                         
Aptos Inc. (Canada) First Lien Term Loan LIBOR (Q) 1.00% 6.75% 7.75% 9/1/2022 $9,975,000
 9,784,353
 9,875,250
 0.72 % HM
Dealersocket, Inc. Senior Secured 1st Lien Term Loan LIBOR (M) 1.00% 10.00% 11.00% 2/10/2021 $17,500,000
 16,884,459
 17,291,750
 1.26 % M
MSC Software Corporation Second Lien Term Loan LIBOR (M) 1.00% 7.50% 8.50% 5/29/2021 $6,993,035
 6,953,617
 7,001,777
 0.51 % M
Marketo, Inc. First Lien Term Loan LIBOR (Q) 1.00% 9.50% 10.50% 8/16/2021 $23,295,455
 22,630,922
 22,887,784
 1.67 % M
Marketo, Inc. Senior Secured Revolver LIBOR (Q) 1.00% 9.50% 10.50% 8/16/2021 $—
 (47,341) 21,307
 —
 J/M
OnX Enterprise Solutions, Ltd. (Canada) First Lien Term Loan B LIBOR (Q) —
 8.00% 8.90% 9/3/2018 $2,314,000
 2,314,000
 2,314,000
 0.17 % H/M
OnX Enterprise Solutions, Ltd. (Canada) First Lien Term Loan LIBOR (Q) —
 8.00% 8.90% 9/3/2018 $10,320,000
 10,268,787
 10,320,000
 0.75 % H/M
OnX USA, LLC First Lien Term Loan B LIBOR (Q) —
 8.00% 8.90% 9/3/2018 $3,738,000
 3,738,000
 3,738,000
 0.27 % M
OnX USA, LLC First Lien Term Loan LIBOR (Q) —
 8.00% 8.90% 9/3/2018 $3,160,000
 3,151,013
 3,160,000
 0.23 % M
Waterfall International, Inc. First Lien Delayed Draw Term Loan (3.0% Exit Fee) LIBOR (Q) —
 11.67% 12.48% 9/1/2018 $4,800,000
 4,827,231
 4,970,640
 0.36 % K/M
                80,505,041
 81,580,508
 5.94 %   
Data Processing and Hosting Services                          
IO Data Centers, USA, LLC First Lien Term Loan Fixed —
 9.00% 9.00% 1/15/2020 $6,876,756
 6,876,756
 6,876,756
 0.50 % M
                       
Electric Power Generation, Transmission and Distribution                      
  
  
Holocene Renewable Energy Fund 3, LLC (Conergy) First Lien Term Loan Fixed —
 9.00% Cash+1.00% PIK
 10.00% 9/10/2017 $7,518,173
 7,491,471
 7,442,991
 0.54 % M
                       
Electronic Component Manufacturing                        
  
   
Soraa, Inc. Tranche A Term Loan (3.0% Exit Fee) LIBOR (Q) 0.44% 9.33% 10.15% 3/1/2018 $15,666,296
 15,483,478
 15,471,251
 1.13 % K/M
Soraa, Inc. Tranche B Term Loan LIBOR (Q) 0.44% 9.33% 10.15% 9/1/2017 $1,603,779
 1,556,152
 1,563,204
 0.11 % M
                17,039,630
 17,034,455
 1.24 %  
Equipment Leasing               
36th Street Capital Partners Holdings, LLC Senior Note Fixed —
 12.00% 12.00% 11/1/2020 $29,203,304
 29,203,304
 29,203,304
 2.13 % E/F/M
Essex Ocean, LLC (Solexel) Sr Secured Term Loan Fixed —
 8.00% 8.00% 8/15/2018 $1,685,289
 1,685,289
 1,718,994
 0.13 % M
                30,888,593
 30,922,298
 2.26 %   
Facilities Support Services                              
  
  
  
NANA Development Corp. First Lien Term Loan B LIBOR (M) 1.25% 6.75% 8.00% 3/15/2018 $879,513
 834,963
 853,128
 0.06 % M
                       
Financial Investment Activities                                  
  
  
  
Magnolia Finance V plc (Cayman Islands) Asset-Backed Credit Linked Notes Fixed —
 13.13% 13.13% 8/2/2021 $15,000,000
 15,000,000
 14,994,000
 1.10 % E/H/M
                       
Grocery Stores                                  
  
  
   
Bashas, Inc. First Lien FILO Term Loan LIBOR (M) 1.50% 8.80% 10.30% 10/8/2019 $9,333,235
 9,297,529
 9,426,567
 0.69 % M
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)               
        
Business Support Services      
STG-Fairway Acquisitions, Inc.(First Advantage) Second Lien Term Loan LIBOR (Q) 1.00% 9.25% 11.96% 6/30/2023 $31,000,000
 $30,671,781
 $31,000,000
 1.91% N
       
Chemicals      
Nanosys, Inc. First Lien Delayed Draw Term Loan (3.5% Exit Fee) LIBOR (Q) —
 9.81% 12.56% 4/1/2019 $5,773,290
 5,728,080
 5,799,558
 0.36% L/N
                
 
 
  
Computer Systems Design and Related Services      
Fidelis Acquisitionco, LLC First Lien Term Loan B LIBOR (M) —
 8.00% PIK
 10.44% 12/31/2022 $25,904,525
 25,904,525
 22,562,841
 1.39% N
Fidelis Acquisitionco, LLC First Lien Term Loan C LIBOR (M) —
 10.00% PIK
 12.44% 12/31/2022 $25,240,108
 25,240,108
 21,663,585
 1.33% N
                51,144,633
 44,226,426
 2.72%  
Construction      
Brannan Sand Gravel Company, LLC First Lien Term Loan LIBOR (Q) —
 5.25% 8.06% 7/3/2023 $9,403,553
 9,272,489
 9,417,659
 0.58% N
                       
Credit (Nondepository)      
Auto Trakk SPV, LLC First Lien Delayed Draw Term Loan LIBOR (M) 0.50% 6.50% 8.96% 12/21/2021 $22,432,442
 22,185,057
 22,498,697
 1.38% N
CFG Investments Limited (Caribbean Financial Group) (Cayman Islands) Subordinated Class B Notes Fixed —
 9.42% 9.42% 11/15/2026 $28,314,000
 27,452,195
 28,998,633
 1.78% E/G/H
RSB-160, LLC (Lat20) First Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 6.00% 8.80% 7/20/2022 $3,833,333
 3,762,444
 3,765,867
 0.23% N
RSB-160, LLC (Lat20) First Lien Incremental Delayed Draw Term Loan LIBOR (Q) 1.00% 6.00% 8.80% 7/20/2022 $—
 —
 10,646
 —
 N
                53,399,696
 55,273,843
 3.39%  
Credit Related Activities      
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Incremental Term Loan LIBOR (Q) 1.00% 6.25% 9.06% 12/20/2021 $5,737,148
 5,737,148
 5,823,206
 0.36% N
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Term Loan LIBOR (Q) 1.00% 6.25% 9.06% 12/20/2021 $14,278,605
 14,188,274
 14,492,784
 0.89% N
Pegasus Business Intelligence, LP (Onyx Centersource) Revolver LIBOR (Q) 1.00% 6.25% 9.06% 12/20/2021 $—
 (4,047) —
 —
 K/N
Pacific Union Financial, LLC First Lien Term Loan LIBOR (M) 1.00% 7.50% 9.85% 4/21/2022 $24,583,333
 24,410,715
 24,891,854
 1.53% N
                44,332,090
 45,207,844
 2.78%  
Data Processing and Hosting Services      
Applause App Quality, Inc. First Lien Term Loan LIBOR (M) 1.00% 5.00% 7.48% 9/20/2022 $20,772,306
 20,444,242
 20,634,170
 1.27% N
Applause App Quality, Inc. Sr Secured Revolver LIBOR (M) 1.00% 5.00% 7.48% 9/20/2022 $—
 (22,511) (10,040) —
 K/N
Datto, Inc. First Lien Term Loan LIBOR (M) 1.00% 8.00% 10.46% 12/7/2022 $27,792,848
 27,330,546
 27,695,573
 1.70% N
Datto, Inc. Sr Secured Revolver LIBOR (M) 1.00% 8.00% 10.46% 12/7/2022 $—
 (29,490) (6,547) —
 K/N
DigiCert Holdings, Inc. Second Lien Term Loan LIBOR (M) 1.00% 8.00% 10.52% 10/31/2025 $9,590,821
 9,562,544
 9,339,062
 0.57% G
Domo, Inc. First Lien Delayed Draw Term Loan (4.5% Exit Fee) LIBOR (Q) —
 5.50% Cash+2.50% PIK
 10.50% 6/1/2021 $50,827,704
 50,270,460
 50,601,521
 3.11% L/N
Donuts Inc. First Lien Revolver LIBOR (Q) 1.00% 6.25% 9.05% 9/17/2023 $373,849
 344,520
 363,194
 0.02% N
Donuts Inc. First Lien Term Loan LIBOR (Q) 1.00% 6.25% 9.05% 9/17/2023 $10,965,517
 10,652,302
 10,653,000
 0.66% N
Pulse Secure, LLC First Lien Term Loan LIBOR (M) 1.00% 7.00% 9.39% 5/1/2022 $11,384,532
 11,264,016
 11,430,070
 0.70% N
Pulse Secure, LLC Sr Secured Revolver LIBOR (M) 1.00% 7.00% 9.39% 5/1/2022 $—
 (13,473) —
 —
 K/N
SnapLogic, Inc. First Lien Term Loan LIBOR (Q) —
 7.81% Cash+2.00% PIK
 12.56% 3/1/2022 $31,313,470
 30,684,121
 31,313,470
 1.93% N
TierPoint, LLC Second Lien Term Loan LIBOR (M) 1.00% 7.25% 9.77% 5/5/2025 $4,275,000
 4,234,570
 4,058,578
 0.25%  
Web.com Group Inc. Second Lien Term Loan LIBOR (Q) —
 7.75% 10.17% 10/11/2026 $23,493,200
 23,320,082
 23,317,001
 1.43% J/N
                188,041,929
 189,389,052
 11.64%  
                       
                       
                       
                       
                       

13




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20162018


Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)               
        
Hospitals                     
  
  
   
KPC Healthcare, Inc. First Lien Term Loan LIBOR (Q) 1.00% 9.25% 10.51% 8/28/2020 $12,071,083
 $11,857,665
 $12,375,878
 0.90% M
Pacific Coast Holdings Investment, LLC Senior Secured 1st Lien Delayed Draw Term Loan LIBOR (M) 2.00% 9.70% 11.70% 10/23/2019 $10,828,233
 10,806,929
 10,828,233
 0.79% M
                22,664,594
 23,204,111
 1.69%   
Insurance               
Alera Group Intermediate Holdings, Inc. First Lien Delayed Draw Term Loan Prime —
 4.50% 8.25% 12/30/2022 $—
 (8,333) —
 —
 J/M
Alera Group Intermediate Holdings, Inc. First Lien Revolver Prime —
 4.50% 8.25% 12/30/2021 $—
 (7,595) —
 —
 J/M
Alera Group Intermediate Holdings, Inc. First Lien Term Loan Prime —
 4.50% 8.25% 12/30/2022 $3,407,121
 3,373,050
 3,373,050
 0.25% M
Association Member Benefits Advisors, LLC Second Lien Term Loan LIBOR (M) 1.00% 8.75% 9.75% 6/8/2023 $8,277,983
 8,112,882
 8,112,423
 0.59% M
JSS Holdings, Inc. First Lien Term Loan LIBOR (Q) 1.00% 6.50% 7.50% 8/31/2021 $3,750,000
 3,689,740
 3,731,250
 0.27% M
US Apple Holdco, LLC (Ventiv Technology) First Lien Term Loan LIBOR (Q) 0.50% 13.62% 14.49% 8/29/2019 $20,015,152
 19,533,393
 20,015,152
 1.46% M
                34,693,137
 35,231,875
 2.57%  
Lessors of Nonfinancial Licenses                        
ABG Intermediate Holdings 2, LLC Second Lien Term Loan LIBOR (Q) 1.00% 8.50% 9.50% 5/27/2022 $16,573,588
 16,434,441
 16,739,324
 1.22% M
ABG Intermediate Holdings 2, LLC Second Lien Incremental Term Loan LIBOR (Q) 1.00% 8.50% 9.50% 5/27/2022 $3,426,412
 3,396,918
 3,460,676
 0.25% M
                19,831,359
 20,200,000
 1.47%   
Management, Scientific, and Technical Consulting Services                      
Dodge Data & Analytics, LLC First Lien Term Loan LIBOR (Q) 1.00% 8.75% 9.75% 10/31/2019 $23,995,511
 23,613,049
 23,699,166
 1.73% M
                       
Motion Picture and Video Industries                   
  
  
   
NEG Holdings, LLC (CORE Entertainment) First Lien Term Loan LIBOR (Q) 1.00% 8.00% PIK
 9.00% 10/17/2022 $1,445,592
 1,445,592
 1,387,712
 0.10% M
                       
Nondepository Credit Intermediation                    
  
  
   
Auto Trakk SPV, LLC First Lien Delayed Draw Term Loan LIBOR (M) 0.50% 9.50% 10.24% 12/21/2021 $32,392,942
 31,888,166
 31,939,467
 2.33% M
Caliber Home Loans, Inc. First Lien Delayed Draw Term Loan LIBOR (M) 1.00% 6.50% 7.50% 6/30/2020 $13,333,333
 13,136,017
 13,133,333
 0.96% M
Caribbean Financial Group (Cayman Islands) Sr Secured Notes Fixed —
 11.50% 11.50% 11/15/2019 $28,678,000
 28,568,148
 29,108,170
 2.13% E/G/H/M
Daymark Financial Acceptance, LLC First Lien Delayed Draw Term Loan LIBOR (M) —
 9.50% 10.27% 1/12/2020 $17,500,000
 17,300,337
 16,992,500
 1.24% M
Greystone Select Holdings, LLC First Lien Term Loan LIBOR (Q) 1.00% 8.00% 9.00% 3/26/2021 $16,062,731
 15,912,928
 16,207,296
 1.18% M
Trade Finance Funding I, Ltd. (Cayman Islands) Secured Class B Notes Fixed —
 10.75% 10.75% 11/13/2018 $15,084,000
 15,084,000
 14,857,740
 1.09% E/H/M
                121,889,596
 122,238,506
 8.93%   
Other Information Services                           
Asset International, Inc. Delayed Draw Term Loan LIBOR (M) 1.00% 8.50% 9.50% 7/31/2020 $1,251,626
 1,227,886
 1,231,183
 0.09% M
Asset International, Inc. Revolver Loan LIBOR (M) 1.00% 8.50% 9.50% 7/31/2020 $491,303
 480,225
 481,674
 0.04% M
Asset International, Inc. First Lien Term Loan LIBOR (M) 1.00% 8.50% 9.50% 7/31/2020 $15,408,563
 15,204,465
 15,257,559
 1.11% M
Simmons Research, LLC First Lien Term Loan LIBOR (Q) 0.50% 10.50% 11.38% 12/11/2020 $4,936,601
 4,853,985
 4,973,625
 0.36% M
SoundCloud Ltd. (United Kingdom) Sr Secured Term Loan (2.0% Exit Fee) LIBOR (M) 0.28% 10.72% 11.60% 10/1/2018 $31,550,000
 31,632,236
 32,510,698
 2.38% H/K/M
TCH-2 Holdings, LLC (TravelClick) Second Lien Term Loan LIBOR (M) 1.00% 7.75% 8.75% 11/6/2021 $19,988,392
 19,769,829
 19,663,581
 1.44% G/M
                73,168,626
 74,118,320
 5.42%   
Other Manufacturing                          
AGY Holding Corp. Sr Secured Term Loan Fixed —
 12.00% 12.00% 9/15/2018 $4,869,577
 4,869,577
 4,869,710
 0.36% B/M
AGY Holding Corp. Second Lien Notes Fixed —
 11.00% 11.00% 11/15/2018 $9,268,000
 7,586,317
 9,268,000
 0.68% B/E/M
AGY Holding Corp. Delayed Draw Term Loan Fixed —
 12.00% 12.00% 9/15/2018 $1,049,146
 1,049,146
 1,049,147
 0.08% B/M
Bioventus, LLC Second Lien Term Loan LIBOR (M) 1.00% 6.25% 7.25% 11/15/2021 $5,000,000
 4,900,613
 5,000,000
 0.37% M
Boomerang Tube, LLC Subordinated Notes LIBOR (M) —
 17.50% N/A
 2/1/2021 $1,030,741
 1,030,740
 107,200
 0.01% C/M
                19,436,393
 20,294,057
 1.50%   
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)               
        
Diversified Software      
Acronis International GmbH (Switzerland) First Lien Term Loan LIBOR (Q) 1.00% 11.50%Cash+2.00% PIK
 16.31% 7/16/2020 $15,196,285
 $15,200,725
 $15,196,285
 0.94 % H/N
ArcServe (USA), LLC Second Lien Term Loan LIBOR (Q) 0.50% 8.50% Cash+1.25% PIK
 12.55% 1/31/2020 $31,075,558
 30,932,264
 30,997,869
 1.91 % N
Autoalert, LLC First Lien Incremental Term Loan LIBOR (Q) 0.25% 5.75% Cash+3.00% PIK
 11.19% 12/31/2020 $37,886,155
 37,654,959
 38,113,472
 2.35 % N
Autoalert, LLC First Lien Term Loan LIBOR (Q) 0.25% 5.75% Cash+3.00% PIK
 11.19% 12/31/2020 $14,993,418
 14,790,062
 15,083,378
 0.93 % N
Bond International Software, Inc. (United Kingdom) First Lien Term Loan LIBOR (M) 1.00% 10.00% 12.40% 11/4/2021 $26,358,696
 25,955,777
 25,122,473
 1.55 % H/N
Certify, Inc. First Lien FILO Term Loan LIBOR (M) 1.00% 6.25% 8.77% 1/30/2022 $15,863,835
 15,632,297
 15,625,877
 0.96 % N
DealerFX, Inc. First Lien Term Loan LIBOR (Q) —
 6.25% Cash+2.00% PIK
 11.06% 2/1/2023 $16,016,055
 15,742,618
 16,118,558
 0.99 % N
ECI Macola/Max Holding, LLC Second Lien Term Loan LIBOR (Q) 1.00% 8.00% 10.80% 9/19/2025 $24,840,563
 24,634,138
 24,343,752
 1.50 % N
Fishbowl, Inc. First Lien Term Loan LIBOR (Q) —
 4.80% Cash+8.45% PIK
 16.06% 1/26/2022 $21,976,505
 21,542,497
 20,751,314
 1.28 % N
iCIMS, Inc. First Lien Term Loan LIBOR (Q) 1.00% 6.50% 9.02% 9/12/2024 $7,851,765
 7,699,495
 7,698,655
 0.47 % N
iCIMS, Inc. Sr Secured Revolver LIBOR (Q) 1.00% 6.50% 9.02% 9/12/2024 $—
 (9,323) (9,569) —
 K/N
JAMF Holdings, Inc. First Lien Term Loan LIBOR (Q) 1.00% 8.00% 10.61% 11/13/2022 $14,160,797
 13,927,609
 13,990,868
 0.86 % N
JAMF Holdings, Inc. Sr Secured Revolver LIBOR (Q) 1.00% 8.00% 10.61% 11/13/2022 $—
 (18,815) (14,569) —
 K/N
Lithium Technologies, LLC First Lien Term Loan LIBOR (M) 1.00% 8.00% 10.39% 10/3/2022 $20,884,731
 20,520,511
 20,529,691
 1.26 % N
Lithium Technologies, LLC Sr Secured Revolver LIBOR (M) 1.00% 8.00% 10.39% 10/3/2022 $—
 (25,897) (25,978) —
 K/N
Lithium Technologies, LLC First Lien Incremental Term Loan LIBOR (M) 1.00% 8.00% 10.39% 10/3/2022 $7,131,905
 6,977,108
 7,010,663
 0.43 % N
Lithium Technologies, LLC Sr Secured Revolver LIBOR (M) 1.00% 8.00% 10.39% 10/3/2022 $—
 (9,610) (7,739) —
 K/N
Space Midco, Inc. (Archibus) First Lien Term Loan LIBOR (M) —
 6.25% 8.69% 12/5/2023 $4,444,444
 4,356,066
 4,355,556
 0.27 % N
Space Midco, Inc. (Archibus) Sr Secured Revolver LIBOR (M) —
 6.25% 8.69% 12/5/2023 $—
 (5,473) (5,556) —
 K/N
Team Software, Inc. First Lien Revolver LIBOR (Q) —
 5.50% 8.31% 9/17/2023 $—
 (49,632) (49,508) —
 K/N
Team Software, Inc. First Lien Term Loan LIBOR (Q) —
 5.50% 8.31% 9/17/2023 $13,167,038
 12,979,534
 12,981,383
 0.80 % N
Telarix, Inc. First Lien Term Loan LIBOR (M) 1.00% 6.00% 8.47% 11/19/2023 $7,500,000
 7,388,692
 7,387,500
 0.45 % N
Telarix, Inc. Sr Secured Revolver LIBOR (M) 1.00% 6.00% 8.47% 11/19/2023 $—
 (5,231) (5,357) —
 K/N
Tradeshift Holdings, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) LIBOR (Q) —
 8.88% 11.63% 9/1/2020 $19,117,528
 18,692,528
 19,569,008
 1.20 % L/N
Utilidata, Inc. First Lien Delayed Draw Term Loan (4.0% Exit Fee) LIBOR (Q) —
 9.88% 12.63% 6/1/2019 $1,973,398
 1,955,853
 1,888,937
 0.12 % L/N
Xactly Corporation First Lien Incremental Term Loan LIBOR (Q) 1.00% 7.25% 9.78% 7/31/2022 $2,726,918
 2,680,492
 2,726,918
 0.17 % N
Xactly Corporation First Lien Term Loan LIBOR (Q) 1.00% 7.25% 9.78% 7/31/2022 $16,397,517
 16,146,078
 16,397,517
 1.01 % N
Xactly Corporation Sr Secured Revolver LIBOR (Q) 1.00% 7.25% 9.78% 7/31/2022 $—
 (20,188) —
 —
 K/N
                315,265,134
 315,771,398
 19.45 %  
Educational Support Services      
Edmentum, Inc. First Lien Term Loan B LIBOR (Q) —
 8.50% 11.03% 6/9/2021 $6,187,476
 5,276,592
 6,187,478
 0.38 % B/N
Edmentum, Inc. Junior Revolving Facility Fixed —
 5.00% 5.00% 6/9/2020 $1,153,071
 1,153,071
 1,153,076
 0.07 % B/N
Edmentum, Inc. Second Lien Term Loan Fixed —
 7.00% PIK
 7.00% 12/8/2021 $7,719,061
 7,719,061
 7,719,069
 0.47 % B/N
Edmentum Ultimate Holdings, LLC Sr PIK Notes Fixed —
 8.50% 8.50% 6/9/2020 $3,375,453
 3,375,453
 3,375,453
 0.21 % B/N
Edmentum Ultimate Holdings, LLC Jr PIK Notes Fixed —
 10.00% 10.00% 6/9/2020 $15,931,540
 15,700,810
 11,152,078
 0.69 % B/N
                33,224,987
 29,587,154
 1.82 %  
Electronic Component Manufacturing      
Adesto Technologies Corporation First Lien Term Loan LIBOR (Q) 1.00% 8.75% 11.56% 5/8/2022 $17,816,424
 16,762,198
 16,979,052
 1.04 % N
Soraa, Inc. Tranche A Term Loan (4.33% Exit Fee) LIBOR (Q) 0.44% 9.33% 12.15% 12/31/2019 $5,425,530
 5,345,178
 5,042,759
 0.31 % L/N
                22,107,376
 22,021,811
 1.35 %  
                       
                       

14




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20162018


Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)                    
      
Other Publishing                            
Bisnow, LLC First Lien Revolver LIBOR (Q) —
 9.00% N/A
 4/29/2021 $—
 $(24,000) $15,000
 —
 J/M
Bisnow, LLC First Lien Term Loan LIBOR (Q) —
 9.00% 9.88% 4/29/2021 $8,614,356
 8,459,058
 8,549,749
 0.62% M
Contextmedia Health, LLC First Lien Term Loan B LIBOR (M) 1.00% 6.50% 7.50% 12/23/2021 $13,636,364
 12,272,727
 12,477,273
 0.91%  
                20,707,785
 21,042,022
 1.53%   
Other Telecommunications                          
Securus Technologies, Inc. Second Lien Term Loan LIBOR (Q) 1.25% 7.75% 9.00% 4/30/2021 $4,516,129
 4,470,968
 4,407,177
 0.32%   
                       
Pharmaceuticals                     
  
  
   
Lantheus Medical Imaging, Inc. First Lien Term Loan LIBOR (M) 1.00% 6.00% 7.00% 6/30/2022 $8,642,604
 8,199,514
 8,664,210
 0.63%   
                       
Plastics Manufacturing               
Iracore International, Inc. Sr Secured Notes Fixed —
 9.50% 9.50% 6/1/2018 $13,600,000
 14,246,000
 4,503,640
 0.33% C/E/G/M
                       
Radio and Television Broadcasting         
  
  
  
Fuse, LLC Sr Secured Notes Fixed —
 10.38% 10.38% 7/1/2019 $7,312,000
 7,312,000
 4,435,972
 0.32% E/G
NEP/NCP Holdco, Inc. Second Lien Term Loan LIBOR (M) 1.25% 8.75% 10.00% 7/22/2020 $15,981,496
 15,727,220
 16,141,311
 1.18%  
                23,039,220
 20,577,283
 1.50%   
Real Estate Leasing         
  
  
   
Home Partners of America, Inc. First Lien Term Loan LIBOR (Q) 1.00% 7.00% 8.00% 10/13/2022 $5,000,000
 4,902,332
 5,000,000
 0.37% M
                       
Restaurants  
  
  
   
RM OpCo, LLC (Real Mex) Convertible Second Lien Term Loan Tranche B-1 Fixed —
 8.50% 8.50% 3/30/2018 $1,943,371
 1,943,371
 1,943,371
 0.14% B/M
RM OpCo, LLC (Real Mex) First Lien Term Loan Tranche A Fixed —
 7.00% 7.00% 3/30/2018 $4,871,284
 4,587,898
 4,871,284
 0.36% B/M
RM OpCo, LLC (Real Mex) Second Lien Term Loan Tranche B Fixed —
 8.50% 8.50% 3/30/2018 $9,683,150
 9,683,150
 3,154,770
 0.23% B/M
RM OpCo, LLC (Real Mex) Second Lien Term Loan Tranche B-1 Fixed —
 8.50% 8.50% 3/30/2018 $3,049,554
 3,034,132
 3,049,555
 0.22% B/M
RM OpCo, LLC (Real Mex) Sr Convertible Second Lien Term Loan B Fixed —
 8.50% 8.50% 3/30/2018 $4,251,368
 4,251,368
 4,251,368
 0.31% B/M
                23,499,919
 17,270,348
 1.26%   
Retail                         
Bon-Ton, Inc. First Lien Tranche A-1 Revolver LIBOR (Q) 1.00% 9.50% 10.50% 3/15/2021 $4,432,934
 4,348,162
 4,388,605
 0.32% M
Gander Mountain Company Second Lien Term Loan LIBOR (M) —
 9.50% 10.44% 6/15/2018 $14,740,910
 14,618,096
 14,749,754
 1.08% M
The Gymboree Corporation First Lien Term Loan LIBOR (Q) —
 10.25% 11.18% 9/24/2020 $12,857,349
 12,618,039
 13,050,209
 0.95% M
Kenneth Cole Productions, Inc. First Lien FILO Term Loan LIBOR (M) 1.00% 8.50% 9.50% 9/25/2020 $20,672,789
 20,491,699
 20,879,517
 1.53% M
                52,075,996
 53,068,085
 3.88%   
Satellite Telecommunications                       
Avanti Communications Group, PLC (United Kingdom) Sr Secured Notes Fixed —
 10.00% 10.00% 10/1/2019 $9,393,000
 9,393,000
 5,665,153
 0.41% E/G/H
                       
Scientific Research and Development Services               
  
  
   
Envigo Holdings, Inc. First Lien Term Loan LIBOR (Q) 1.00% 8.50% 9.50% 11/3/2021 $35,192,124
 34,499,517
 34,796,212
 2.54%   
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)               
 

 

 

  
Equipment Leasing      
36th Street Capital Partners Holdings, LLC Senior Note Fixed —
 12.00% 12.00% 11/1/2020 $27,839,419
 $27,839,419
 $27,839,419
 1.71 % E/F/N
                       
Financial Investment Activities      
Aretec Group, Inc. (Cetera) Second Lien Term Loan LIBOR (M) —
 8.25% 10.77% 10/1/2026 $27,105,263
 26,835,011
 26,969,737
 1.66 % N
Credit Suisse AG (Cayman Islands) Asset-Backed Credit Linked Notes LIBOR (M) —
 9.50% 11.80% 4/12/2025 $38,000,000
 38,000,000
 36,540,800
 2.25 % H/I/N
HighTower Holding, LLC Second Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 8.25% 10.77% 1/31/2026 $—
 (123,019) (135,726) (0.01)% K/N
HighTower Holding, LLC Second Lien Term Loan LIBOR (M) 1.00% 8.25% 10.64% 1/31/2026 $15,080,645
 14,696,998
 14,748,871
 0.91 % N
Institutional Shareholder Services, Inc. Second Lien Term Loan LIBOR (Q) 1.00% 7.75% 10.55% 10/16/2025 $4,333,333
 4,314,098
 4,268,333
 0.26 % N
                83,723,088
 82,392,015
 5.07 %  
Health Care      
Pacific Coast Holdings Investment, LLC (KPC Healthcare) First Lien Term Loan LIBOR (M) 1.00% 7.50% 10.02% 2/14/2021 $29,288,064
 29,037,391
 29,727,385
 1.83 % N
                       
Insurance      
2-10 Holdco, Inc. First Lien Term Loan LIBOR (M) —
 6.25% 8.77% 10/31/2024 $4,583,333
 4,493,433
 4,491,667
 0.28 % N
2-10 Holdco, Inc. Sr Secured Revolver LIBOR (M) —
 6.25% 8.77% 10/31/2024 $—
 (8,102) (8,333) —
 K/N
Higginbotham Insurance Agency, Inc. Second Lien Term Loan LIBOR (M) 1.00% 7.25% 9.76% 12/19/2025 $16,417,578
 16,312,313
 16,253,402
 1.00 % N
IAS Investco, Inc. First Lien Delayed Draw Term Loan A LIBOR (M) 1.00% 5.50% 8.02% 1/24/2021 $5,610,000
 5,569,506
 5,565,120
 0.34 % N
IAS Investco, Inc. First Lien Delayed Draw Term Loan B LIBOR (M) 1.00% 5.50% 8.02% 1/24/2021 $600,000
 588,544
 586,286
 0.04 % N
IAS Investco, Inc. First Lien Term Loan LIBOR (M) 1.00% 5.50% 8.02% 1/24/2021 $4,178,571
 4,148,342
 4,145,143
 0.26 % N
US Apple Holdco, LLC (Ventiv Technology) First Lien FILO Term Loan LIBOR (Q) 1.00% 7.96% 10.57% 8/15/2020 $20,151,515
 20,017,875
 20,092,068
 1.24 % N
US Apple Holdco, LLC (Ventiv Technology) First Lien Incremental Tranche B FILO Term Loan LIBOR (Q) 1.00% 7.96% 10.57% 8/15/2020 $4,371,000
 4,329,254
 4,358,106
 0.27 % N
US Apple Holdco, LLC (Ventiv Technology) First Lien Incremental Tranche B FILO Term Loan LIBOR (Q) 1.00% 7.00% 9.81% 8/15/2020 $12,000,000
 11,941,059
 11,964,600
 0.74 % N
                67,392,224
 67,448,059
 4.17 %  
Lessors of Nonfinancial Licenses      
ABG Intermediate Holdings 2, LLC (Authentic Brands) Second Lien Term Loan LIBOR (M) 1.00% 7.75% 10.27% 9/29/2025 $15,000,000
 14,897,544
 14,775,000
 0.91 % N
Kenneth Cole Productions, Inc. First Lien FILO Term Loan LIBOR (Q) 1.00% 7.75% 10.31% 12/28/2023 $24,445,537
 24,261,768
 24,449,204
 1.50 % N
PSEB, LLC (Eddie Bauer) First Lien FILO II Term Loan Prime —
 7.25% 12.75% 10/12/2023 $10,793,402
 10,503,078
 10,496,583
 0.65 % N
PSEB, LLC (Eddie Bauer) First Lien Term Loan Prime —
 7.00% 12.25% 10/12/2023 $41,374,706
 40,270,155
 40,236,902
 2.48 % N
                89,932,545
 89,957,689
 5.54 %  
Management, Scientific, and Technical Consulting Services      
Dodge Data & Analytics, LLC First Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 7.00% 9.81% 5/1/2020 $939,723
 937,704
 938,078
 0.06 % N
Dodge Data & Analytics, LLC First Lien Term Loan LIBOR (Q) 1.00% 7.00% 9.81% 5/1/2020 $38,013,149
 37,925,182
 37,946,626
 2.33 % N
                38,862,886
 38,884,704
 2.39 %  
Metal Manufacturing      
Neenah Foundry Company First Lien Term Loan B LIBOR (Q) —
 6.50% 9.12% 12/13/2022 $5,218,642
 5,173,487
 5,166,455
 0.32 % N
                       
Motion Picture and Video Industries      
NEG Holdings, LLC (CORE Entertainment, Inc.) First Lien Term Loan LIBOR (Q) 1.00% 8.00% PIK
 10.80% 10/17/2022 $1,574,099
 1,574,099
 1,574,099
 0.10 % B/N
                       
                       
                       
                       

15




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20162018


Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)       
        
Software Publishing                 
  
  
   
Acronis International GmbH (Switzerland) First Lien Term Loan LIBOR (Q) 1.00% 11.50% 12.50% 6/9/2017 $28,336,513
 $28,329,478
 $28,165,077
 2.06% H/M
ArcServe (USA), LLC Second Lien Term Loan LIBOR (Q) 0.50% 8.50% Cash+1.25% PIK
 10.75% 1/31/2020 $30,222,833
 29,851,330
 28,893,029
 2.11% M
Autoalert, LLC First Lien Term Loan LIBOR (Q) 0.25% 5.75% Cash+3.00% PIK
 9.63% 3/31/2019 $35,627,947
 35,263,561
 35,538,877
 2.60% M
Mapp Digital US, LLC First Lien Term Loan LIBOR (Q) —
 9.50% 10.35% 12/31/2017 $5,837,798
 5,754,455
 5,823,203
 0.43% M
Edmentum, Inc. Jr Revolving Facility Fixed —
 5.00% 5.00% 6/9/2020 $—
 —
 —
 —
 B/M
Edmentum Ultimate Holdings, LLC Sr PIK Notes Fixed —
 8.50% 8.50% 6/9/2020 $2,846,243
 2,846,243
 2,846,246
 0.21% B/M
Edmentum Ultimate Holdings, LLC Jr PIK Notes Fixed —
 10.00% 10.00% 6/9/2020 $13,040,391
 12,539,980
 12,101,483
 0.88% B/M
Fidelis Acquisitionco, LLC First Lien Term Loan LIBOR (Q) 1.00% 6.00% Cash+2.00% PIK
 9.00% 11/4/2019 $42,565,572
 41,986,034
 42,991,228
 3.14% M
Fidelis Acquisitionco, LLC Sr Secured Revolver LIBOR (Q) 1.00% 8.00% 9.00% 11/4/2019 $3,182,143
 3,182,143
 3,213,964
 0.24% M
Newscycle Solutions, Inc. Second Lien Term Loan LIBOR (Q) —
 13.00% 13.95% 9/10/2021 $11,513,361
 11,196,782
 11,334,905
 0.83% M
Newscycle Solutions AB (Sweden) Second Lien Term Loan B LIBOR (Q) —
 13.00% 13.95% 9/10/2021 $11,513,362
 11,196,782
 11,334,905
 0.83% H/M
Soasta, Inc. Senior Secured 1st Lien Term Loan (4.0% Exit Fee) LIBOR (M) —
 9.56% 10.50% 4/1/2019 $17,880,435
 17,783,558
 19,037,299
 1.39% K/M
Soasta, Inc. Convertible Promissory Note Fixed —
 10.00% 10.00% 12/16/2017 $2,282,609
 2,282,609
 5,504,054
 0.40% M
Utilidata, Inc. First Lien Delayed Draw Term Loan (1.0% Exit Fee) LIBOR (M) 0.62% 9.88% 10.69% 1/1/2019 $3,200,000
 3,135,670
 3,080,000
 0.23% K/M
                205,348,625
 209,864,270
 15.35%   
Textile Furnishings Mills                           
Lexmark Carpet Mills, Inc. First Lien Term Loan LIBOR (Q) 1.00% 10.00% 11.00% 12/19/2019 $22,804,525
 22,804,525
 22,827,329
 1.67% M
Lexmark Carpet Mills, Inc. First Lien Term Loan B LIBOR (Q) 1.00% 10.00% 11.00% 12/19/2019 $7,822,482
 7,681,925
 7,830,304
 0.57% M
                30,486,450
 30,657,633
 2.24%   
Utility System Construction                            
Kawa Solar Holdings Limited (Cayman Islands) Bank Guarantee Credit Facility Fixed —
 8.20% Cash+3.50% PIK
 11.70% 7/2/2017 $21,276,420
 21,276,420
 21,276,653
 1.56% F/H/M
Kawa Solar Holdings Limited (Cayman Islands) Revolving Credit Facility Fixed —
 8.20% 8.20% 7/2/2017 $4,000,000
 4,000,000
 4,000,000
 0.29% F/H/M
                25,276,420
 25,276,653
 1.85%   
Wholesalers                          
NILCO, LLC First Lien Term Loan LIBOR (Q) 1.00% 9.50% 10.50% 9/1/2021 $21,023,109
 20,424,799
 21,601,245
 1.58% M
                       
Wired Telecommunications Carriers                   
  
  
   
Alpheus Communications, LLC First Lien Delayed Draw FILO Term Loan LIBOR (M) 1.00% 7.42% 8.53% 5/31/2018 $332,044
 328,743
 326,682
 0.02% M
Alpheus Communications, LLC First Lien Delayed Draw FILO Term Loan LIBOR (M) 1.00% 7.42% 8.66% 5/31/2018 $1,355,968
 1,346,859
 1,328,296
 0.10% M
Alpheus Communications, LLC First Lien FILO Term Loan LIBOR (M) 1.00% 7.42% 8.42% 5/31/2018 $7,255,721
 7,183,589
 7,139,992
 0.52% M
Integra Telecom Holdings, Inc. Second Lien Term Loan LIBOR (Q) 1.25% 8.50% 9.75% 2/22/2020 $13,231,193
 13,084,285
 13,313,989
 0.97% G
U.S. TelePacific Corp. First Lien Notes LIBOR (Q) 1.00% 8.50% 9.50% 2/24/2021 $10,000,000
 9,715,362
 10,000,000
 0.73% M
                31,658,838
 32,108,959
 2.34%   
Wireless Telecommunications Carriers                         
Gogo, LLC Sr Secured Notes Fixed —
 12.50% 12.50% 7/1/2022 $10,000,000
 10,000,000
 10,900,000
 0.80% E/G
                       
Total Debt Investments 1,254,861,949
 1,248,887,808
 91.25%  
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)        
Other Information Services      
Discoverorg, LLC Second Lien Incremental Term Loan LIBOR (Q) 1.00% 8.50% 11.03% 2/26/2024 $3,419,277
 $3,404,541
 $3,435,005
 0.21 % N
Discoverorg, LLC Second Lien Term Loan LIBOR (Q) 1.00% 8.50% 11.03% 2/26/2024 $12,839,252
 12,738,498
 12,898,312
 0.79 % N
                16,143,039
 16,333,317
 1.00 %  
Other Manufacturing      
AGY Holding Corp. Sr Secured Term Loan Fixed —
 12.00% 12.00% 5/18/2020 $4,869,577
 4,869,577
 4,869,577
 0.30 % B/N
AGY Holding Corp. Second Lien Notes Fixed —
 11.00% 11.00% 11/15/2020 $9,777,740
 8,096,057
 9,777,740
 0.60 % B/E/N
AGY Holding Corp. Delayed Draw Term Loan Fixed —
 12.00% 12.00% 5/18/2020 $1,049,146
 1,049,146
 1,049,147
 0.06 % B/N
                14,014,780
 15,696,464
 0.96 %  
Other Real Estate Activities      
Greystone Select Holdings, LLC First Lien Term Loan LIBOR (M) 1.00% 8.00% 10.51% 4/17/2024 $25,076,693
 24,873,125
 25,828,994
 1.59 % N
                

 

 

  
Other Telecommunications      
Securus Technologies, Inc. Second Lien Term Loan LIBOR (M) 1.00% 8.25% 10.77% 11/1/2025 $25,846,154
 25,636,438
 25,006,154
 1.54 %  
                       
Pharmaceuticals      
P&L Development, LLC First Lien Term Loan LIBOR (Q) 1.00% 8.00% 10.40% 5/18/2022 $489,643
 489,643
 460,460
 0.03 % N
                       
Plastics Manufacturing      
Iracore International, Inc. First Lien Term Loan LIBOR (Q) 1.00% 9.00% 11.63% 4/13/2021 $1,900,733
 1,900,733
 1,900,733
 0.12 % B/N
                       
Publishing      
Bisnow, LLC First Lien Revolver LIBOR (Q) —
 7.50% 9.94% 9/21/2022 $—
 (14,023) (1,800) —
 K/N
Bisnow, LLC First Lien Term Loan LIBOR (Q) —
 7.50% 9.94% 9/21/2022 $11,412,284
 11,255,232
 11,395,166
 0.70 % N
Patient Point Network Solutions, LLC First Lien Term Loan LIBOR (Q) 1.00% 7.50% 10.30% 6/26/2022 $6,783,498
 6,717,412
 6,825,895
 0.42 % N
Patient Point Network Solutions, LLC Sr Secured Revolver LIBOR (Q) 1.00% 7.50% 10.30% 6/26/2022 $—
 (3,994) —
 —
 K/N
Patient Point Network Solutions, LLC First Lien Incremental Term Loan LIBOR (Q) 1.00% 7.50% 10.30% 6/26/2022 $1,307,421
 1,291,842
 1,315,592
 0.08 % N
                19,246,469
 19,534,853
 1.20 %  
Radio and Television Broadcasting      
NEP II, Inc. Second Lien Term Loan LIBOR (M) —
 7.00% 9.52% 10/19/2026 $18,769,990
 18,676,292
 17,737,641
 1.09 % G/N
                       
Real Estate Leasing      
Daymark Financial Acceptance, LLC First Lien Delayed Draw Term Loan LIBOR (M) —
 9.50% 11.85% 1/12/2020 $14,000,000
 13,945,511
 13,878,900
 0.85 % N
Home Partners of America, Inc. First Lien Delayed Draw Term Loan LIBOR (M) 1.00% 6.25% 8.77% 10/13/2022 $—
 —
 19,286
 —
 N
Home Partners of America, Inc. First Lien Term Loan LIBOR (M) 1.00% 6.25% 8.77% 10/13/2022 $2,857,143
 2,817,711
 2,840,000
 0.17 % N
                16,763,222
 16,738,186
 1.02 %  
Retail      
USR Parent, Inc. (Staples) First Lien FILO Term Loan LIBOR (M) 1.00% 8.84% 11.18% 9/12/2022 $7,525,874
 7,376,741
 7,531,142
 0.46 % N
                       
Satellite Telecommunications      
Avanti Communications Group, PLC (United Kingdom) Sr New Money Initial Note Fixed —
 9.00% PIK
 9.00% 10/1/2022 $1,524,339
 1,491,697
 1,152,172
 0.07 % E/G/H/N
Avanti Communications Group, PLC (United Kingdom) Sr Second-Priority PIK Toggle Note Fixed —
 9.00% 9.00% 10/1/2022 $3,889,686
 3,808,971
 2,940,019
 0.18 % E/G/H/N
                5,300,668
 4,092,191
 0.25 %  
                       
                       
                       
                       
                       
                       

16




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20162018


Issuer Instrument Ref Floor Spread Total Coupon Maturity Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities    
                      
Advertising and Public Relations Services                    
InMobi, Inc. (Singapore) Warrants to Purchase Stock           562,496
 $230,569
 $87,356
 0.01% C/E/H/M
                       
Air Transportation                       
Aircraft Leased to United Airlines, Inc.            
  
  
  
  
United N659UA-767, LLC (N659UA) Trust Beneficial Interests           683
 3,250,956
 3,191,938
 0.23% E/F/M
United N661UA-767, LLC (N661UA) Trust Beneficial Interests           688
 3,376,251
 3,266,101
 0.24% E/F/M
Epic Aero, Inc. (One Sky) Warrants to Purchase Common Stock           1,843
 855,313
 1,909,600
 0.14% C/E/M
                7,482,520
 8,367,639
 0.61%   
Business Support Services                       
Findly Talent, LLC Membership Units           708,229
 230,938
 143,133
 0.01% C/E/M
STG-Fairway Holdings, LLC (First Advantage) Class A Units           841,479
 325,432
 1,112,351
 0.08% C/E/M
                556,370
 1,255,484
 0.09%   
Chemicals                       
Green Biologics, Inc. Warrants to Purchase Stock           909,300
 274,213
 875
 —
 C/E/M
Nanosys, Inc. Warrants to Purchase Common Stock           800,000
 605,266
 611,920
 0.05% C/E/M
                879,479
 612,795
 0.05%   
Communications Equipment Manufacturing                       
Wasserstein Cosmos Co-Invest, L.P. (Globecomm) Limited Partnership Units           5,000,000
 5,000,000
 1,530,000
 0.11% B/C/E/M
                       
Computer Systems Design and Related Services                     
Waterfall International, Inc. Series B Preferred Stock           1,428,571
 1,000,000
 1,145,286
 0.08% C/E/M
Waterfall International, Inc. Warrants to Purchase Stock           920,000
 89,847
 175,168
 0.01% C/E/M
                1,089,847
 1,320,454
 0.09%   
Data Processing and Hosting Services                      
Anacomp, Inc. Class A Common Stock           1,255,527
 26,711,048
 1,205,306
 0.09% C/E/F/M
Rightside Group, Ltd. Warrants           498,855
 2,778,622
 366,489
 0.03% C/E/M
                29,489,670
 1,571,795
 0.12%   
Electrical Equipment Manufacturing                    
NEXTracker, Inc. Series B Preferred Stock           558,884
 —
 1,727,622
 0.13% E/M
NEXTracker, Inc. Series C Preferred Stock           17,640
 —
 54,525
 —
 E/M
                —
 1,782,147
 0.13%   
Electronic Component Manufacturing                     
Soraa, Inc. Warrants to Purchase Common Stock           3,071,860
 478,899
 5,222
 —
 C/E/M
                       
Equipment Leasing                      
36th Street Capital Partners Holdings, LLC Membership Units           6,818,897
 6,818,897
 6,818,897
 0.50% C/E/F/M
Essex Ocean II, LLC Membership Units           199,430
 103,398
 159,045
 0.01% C/E/F/M
                 6,922,295
 6,977,942
 0.51%   
Financial Investment Activities                       
GACP I, LP Membership Units           16,615,951
 16,735,088
 16,866,903
 1.23% C/E/I/M
Marsico Holdings, LLC Common Interest Units           168,698
 172,694
 1,687
 —
 C/E/I/M
                16,907,782
 16,868,590
 1.23%   
Metal and Mineral Mining
EPMC HoldCo, LLC Membership Units           1,312,720
 —
 210,035
 0.02% B/E/M
                       
                       
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)        
Scientific Research and Development Services      
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) First Lien Term Loan LIBOR (Q) —
 5.75% 8.55% 4/29/2020 $1,857,267
 $1,747,856
 $1,792,262
 0.11 % H/N
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) Second Lien Term Loan LIBOR (Q) —
 7.75% 10.55% 4/29/2020 $4,189,589
 2,787,441
 3,906,792
 0.24 % H/N
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) First Lien Term Loan LIBOR (M) 1.00% 8.50% 10.93% 11/3/2021 $34,494,622
 34,071,469
 32,769,891
 2.02 % G/H/N
                38,606,766
 38,468,945
 2.37 %  
Support Activities for Rail Transportation      
Florida East Coast Industries, LLC First Lien Term Loan B LIBOR (M) —
 6.50% 8.93% 12/13/2021 $3,214,286
 3,150,403
 3,182,143
 0.20 % N
                       
Traveler Arrangement      
CIBT Solutions, Inc. Second Lien Term Loan LIBOR (Q) 1.00% 7.75% 10.55% 6/1/2025 $7,611,914
 7,544,882
 7,516,765
 0.46 % G/N
                       
Utility System Construction      
Conergy Asia & ME Pte. Ltd (Singapore) First Lien Term Loan Fixed —
 10.00% 10.00% 5/26/2020 $1,773,807
 1,773,807
 1,773,807
 0.11 % F/H/N
GlassPoint Solar, Inc. First Lien Term Loan (4.0% Exit Fee) LIBOR (Q) —
 8.50% 11.25% 8/1/2020 $5,434,622
 5,387,085
 5,355,005
 0.33 % L/N
GlassPoint Solar, Inc. First Lien Term Loan (5.0% Exit Fee) LIBOR (Q) —
 11.44% 14.19% 8/1/2020 $2,951,368
 2,798,858
 2,958,156
 0.18 % L/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Bank Guarantee Credit Facility Fixed —
 0.00% 0.00% 5/26/2020 $14,155,971
 14,155,971
 11,682,923
 0.72 % C/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Revolving Credit Facility Fixed —
 0.00% 0.00% 5/26/2020 $8,668,850
 8,668,850
 2,922,269
 0.18 % C/F/H/N
                32,784,571
 24,692,160
 1.52 %  
Wholesalers      
FreePoint Commodities, LLC Second Lien Term Loan LIBOR (M) 1.00% 8.25% 10.71% 6/13/2023 $15,000,000
 14,855,083
 14,875,500
 0.92 % N
                       
Wired Telecommunications Carriers      
American Broadband Holding Company First Lien Term Loan LIBOR (Q) 1.25% 7.75% 10.55% 10/25/2022 $17,500,308
 17,152,164
 17,363,805
 1.07 % N
TPC Intermediate Holdings, LLC First Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 6.00% 8.80% 5/15/2023 $807,706
 789,592
 794,042
 0.05 % N
                17,941,756
 18,157,847
 1.12 %  
                       
Total Debt Investments 1,526,248,949
 1,515,109,263
 93.22 %  

17




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20162018


Issuer Instrument Ref Floor Spread Total Coupon Maturity Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities (continued)                      
Motion Picture and Video Industries
NEG Parent, LLC Class A Units           1,182,779
 $1,235,194
 $1,292,023
 0.09% C/E/M
NEG Parent, LLC Class P Units           1,537,613
 1,537,613
 1,551,056
 0.11% C/E/M
NEG Parent, LLC Class A Warrants to Purchase Class A Units           343,387
 196,086
 196,086
 0.01% C/E/M
NEG Parent, LLC Class B Warrants to Purchase Class A Units           346,794
 198,032
 198,032
 0.02% C/E/M
                3,166,925
 3,237,197
 0.23%   
Other Information Services   
SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock           946,498
 79,082
 95,502
 0.01% C/E/H/M
                       
Other Manufacturing 
AGY Holding Corp. Common Stock           1,333,527
 —
 —
 —
 B/C/E/M
Boomerang Tube Holdings, Inc. Common Stock           24,288
 243
 —
 —
 C/E/M
KAGY Holding Company, Inc. Series A Preferred Stock           9,778
 1,091,200
 4,607,246
 0.34% B/C/E/M
                  1,091,443
 4,607,246
 0.34%   
Radio and Television Broadcasting                     
Fuse Media, LLC Warrants to Purchase Common Stock           233,470
 300,322
 —
 —
 C/E/M
Restaurants               
RM Holdco, LLC (Real Mex) Equity Participation           24
 —
 —
 —
 B/C/E/M
RM Holdco, LLC (Real Mex) Membership Units           13,161,000
 2,010,777
 —
 —
 B/C/E/M
                  2,010,777
 —
 —
   
Retail
Shop Holding, LLC (Connexity) Class A Units           507,167
 480,049
 —
 —
 C/E/M
                       
Software Publishing                  
Blackline Intermediate, Inc. Warrants to Purchase Common Stock           246,546
 522,678
 5,300,373
 0.39% C/E/M
Edmentum Ultimate Holdings, LLC Class A Common Units           159,515
 680,226
 1,123,591
 0.08% B/C/E/M
Soasta, Inc. Warrants to Purchase Series F Preferred Stock           1,251,630
 533,192
 794,535
 0.06% C/E/M
Utilidata, Inc. Warrants to Purchase Stock           719,998
 216,336
 204,983
 0.01% C/E/M
                1,952,432
 7,423,482
 0.54%   
Utility System Construction                         
Kawa Solar Holdings Limited (Cayman Islands) Ordinary Shares           2,332,594
 —
 —
 —
 C/E/F/H/M
Kawa Solar Holdings Limited (Cayman Islands) Series B Preferred Shares           93,023
 1,395,349
 1,395,350
 0.10% C/E/F/H/M
                1,395,349
 1,395,350
 0.10%   
Issuer Instrument         Expiration Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities                      
Advertising, Public Relations and Marketing
Foursquare Labs, Inc. Warrants to Purchase Series E Preferred Stock         5/4/2027 1,125,000
 $185,450
 $130,725
 0.01% C/E/N
InMobi, Inc. (Singapore) Warrants to Purchase Common Stock         8/15/2027 1,327,869
 212,360
 340,200
 0.02% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)         9/18/2025 1,049,996
 276,492
 558,388
 0.03% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)         10/3/2028 1,511,002
 93,407
 164,095
 0.01% C/E/H/N
                767,709
 1,193,408
 0.07%  
Air Transportation
Aircraft Leased to United Airlines, Inc.                    
United N659UA-767, LLC (N659UA) Trust Beneficial Interests           683
 2,527,274
 2,826,708
 0.17% E/F/N
United N661UA-767, LLC (N661UA) Trust Beneficial Interests           688
 2,608,991
 2,896,083
 0.18% E/F/N
Epic Aero, Inc (One Sky) Common Stock         
 1,842
 855,313
 5,030,670
 0.31% C/N
                5,991,578
 10,753,461
 0.66%  
Business Support Services
Findly Talent, LLC Membership Units           708,229
 230,938
 33,995
 —
 C/E/N
STG-Fairway Holdings, LLC (First Advantage) Class A Units           803,961
 325,432
 2,708,384
 0.17% C/E/N
                556,370
 2,742,379
 0.17%  
Chemicals
Green Biologics, Inc. Common Stock           34,761,145
 18,522,593
 3,670,777
 0.23
 B/C/E/H/N
Nanosys, Inc. Warrants to Purchase Preferred Stock         3/29/2023 800,000
 605,266
 814,640
 0.05
 C/E/N
                19,127,859
 4,485,417
 0.28%  
Computer Systems Design and Related Services
Fidelis Topco LP Warrants to Purchase Series A Preferred Units         7/20/2028 21,888,917
 —
 663,234
 0.04
 C/E/N
Fidelis Topco LP Warrants to Purchase Series B Preferred Units         7/20/2028 24,972,917
 —
 756,679
 0.05
 C/E/N
                —
 1,419,913
 0.09%  
Data Processing and Hosting Services
Anacomp, Inc. Class A Common Stock           1,255,527
 26,711,048
 1,418,746
 0.09
 C/E/F/N
Domo, Inc. Warrants to Purchase Common Stock         12/30/2027 33,993
 264,624
 296,840
 0.02
 C/E/N
Snaplogic, Inc. Warrants to Purchase Series Preferred Stock         3/19/2028 1,860,000
 377,722
 2,510,070
 0.15
 C/E/N
                27,353,394
 4,225,656
 0.26%  
Diversified Software
Actifio, Inc. Warrants to Purchase Series G Preferred Stock         5/5/2027 1,052,651
 188,770
 456,745
 0.03
 C/E/N
Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock         3/26/2027 1,712,930
 577,843
 647,316
 0.04
 C/E/N
Utilidata, Inc. Warrants to Purchase Preferred Stock         12/22/2022 719,998
 216,336
 9,936
 —
 C/E/N
                982,949
 1,113,997
 0.07%  
Educational Support Services
Edmentum Ultimate Holdings, LLC Class A Common Units           159,515
 680,226
 —
 —
 B/C/E/N
Edmentum Ultimate Holdings, LLC Warrants to Purchase Class A Units         2/23/2028 788,112
 —
 —
 —
 B/C/E/N
                680,226
 —
 —
  
                       
                       
                       
                       

18




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20162018


Issuer Instrument Ref Floor Spread Total Coupon Maturity Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities (continued)                      
Wired Telecommunications Carriers                           
Integra Telecom, Inc. Common Stock           1,274,522
 $8,433,884
 $6,533,964
 0.48% C/E/M
Integra Telecom, Inc. Warrants           346,939
 19,920
 —
 —
 C/E/M
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) Common Shares           1,393
 3,236,256
 2,199,862
 0.16% C/D/E/H/M
                11,690,060
 8,733,826
 0.64%   
                       
Total Equity Securities               91,203,870
 66,082,062
 4.83%   
         
Total Investments                $1,346,065,819
 $1,314,969,870
  
   
         
Cash and Cash Equivalents  
  
  
   
Cash Held on Account at Various Institutions                   53,579,868
 3.92%   
Cash and Cash Equivalents                53,579,868
 3.92%   
       
Total Cash and Investments                  $1,368,549,738
 100.00% L
Issuer Instrument         Expiration Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities (continued)                      
Electronic Component Manufacturing
Adesto Technologies Corporation Warrants to Purchase Common Stock         5/8/2024 436,320
 $846,724
 $76,356
 —
 C/E/N
Soraa, Inc. Warrants to Purchase Common Stock         8/29/2024 3,071,860
 478,899
 207,658
 0.01% C/E/N
                1,325,623
 284,014
 0.01%  
Equipment Leasing
36th Street Capital Partners Holdings, LLC Membership Units           15,744,416
 15,744,416
 18,931,734
 1.16% E/F/N
                       
Financial Investment Activities
GACP I, LP (Great American Capital) Membership Units           5,919,194
 5,919,194
 6,590,430
 0.41% E/I/N
GACP II, LP (Great American Capital) Membership Units           16,861,296
 16,861,296
 17,308,120
 1.06% E/I/N
                22,780,490
 23,898,550
 1.47%  
Metal and Mineral Mining
EPMC HoldCo, LLC Membership Units           1,312,720
 —
 26,254
 —
 B/C/E/N
                       
Motion Picture and Video Industries
NEG Parent, LLC (Core Entertainment, Inc.) Class A Units           2,720,392
 2,772,807
 6,543,086
 0.40% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class A Warrants to Purchase Class A Units         10/17/2026 343,387
 196,086
 364,299
 0.02% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class B Warrants to Purchase Class A Units         10/17/2026 346,794
 198,032
 367,914
 0.02% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Litigation Trust Units           407
 —
 1,118,110
 0.07% B/C/N
                3,166,925
 8,393,409
 0.51%  
Other Information Services
SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock         4/29/2025 946,498
 79,082
 45,148
 —
 C/E/H/N
                       
Other Manufacturing
AGY Holding Corp. Common Stock           1,333,527
 —
 —
 —
 B/C/E/N
KAGY Holding Company, Inc. Series A Preferred Stock           9,778
 1,091,200
 969,224
 0.06% B/C/E/N
                1,091,200
 969,224
 0.06%  
Plastics Manufacturing
Iracore Investments Holdings, Inc. Class A Common Stock           16,207
 4,177,710
 1,375,243
 0.08% B/C/E/N
                       
Radio and Television Broadcasting
Fuse Media, LLC Warrants to Purchase Common Stock         8/3/2022 233,470
 300,322
 —
 —
 C/E/N
                       
Retail
Shop Holding, LLC (Connexity) Class A Units           507,167
 480,049
 —
 —
 C/E/N
                       
Satellite Telecommunications
Avanti Communications Group, PLC (United Kingdom) Common Stock           26,576,710
 4,902,674
 847,398
 0.05% C/D/H
                       

19




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2018


Issuer Instrument         Expiration Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities (continued)                      
Scientific Research and Development Services
Lions Holdings, Inc. (Envigo) (United Kingdom) Series A Warrants to Purchase Common Stock         4/29/2020 10,287
 $—
 $—
 —
 C/E/H/N
Lions Holdings, Inc. (Envigo) (United Kingdom) Series B Warrants to Purchase Common Stock         4/29/2020 16,494
 —
 —
 —
 C/E/H/N
                —
 —
 —
  
Utility System Construction      
Conergy Asia Holdings Limited (United Kingdom) Class B Shares           1,000,000
 1,000,000
 —
 —
 C/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom) Ordinary Shares           3,333
 7,833,333
 —
 —
 C/E/F/H/N
GlassPoint Solar, Inc. Warrants to Purchase Series D Preferred Stock         2/7/2027 448,000
 76,950
 50,714
 —
 C/E/N
GlassPoint Solar, Inc. Warrants to Purchase Series C-1 Preferred Stock         2/7/2027 400,000
 248,555
 221,320
 0.01% C/E/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Ordinary Shares           2,332,594
 —
 —
 —
 C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Series B Preferred Shares           93,023
 1,395,349
 —
 —
 C/E/F/H/N
                10,554,187
 272,034
 0.01%  
                       
Wired Telecommunications Carriers      
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) Common Shares           1,393
 3,236,256
 1,199,288
 0.07% C/D/E/H/N
                       
                       
Total Equity Securities 123,299,019
 82,176,527
 5.06%  
         
Total Investments $1,649,547,968
 $1,597,285,790
    
                       
Cash and Cash Equivalents        
Cash Held on Account at Various Institutions               27,920,402
 1.72%  
Cash and Cash Equivalents   27,920,402
 1.72%  
                       
Total Cash and Investments $1,625,206,192
 100.00% M


Notes to Consolidated Schedule of Investments:

(A)InvestmentsDebt 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. 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 (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-income producing security.producing.
(D)Investment denominated in foreign currency.  Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure.
(E)Restricted security. (See Note 2)
(F)Controlled issuer – as defined under the Investment Company Act of 1940 (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 Investment Company Act. Under the Investment Company 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 an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act.  Under the Investment Company 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 Investment Company Act. Under the Investment Company 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.

20




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2018


(K)(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.
(L)(M)All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.
(M)(N)Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

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 $587,219,129$634,002,472 and $473,457,512,$512,795,715, respectively, for the yeartwelve months ended December 31, 2016.2018. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of December 31, 20162018 was $1,311,625,473$1,553,748,812 or 96.1%95.6% of total cash and investments of the Company. As of December 31, 2016,2018, approximately 16.4%15.6% 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.

21





BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)
 Three Months Ended September 30, Nine Months Ended September 30,
 2019 2018 2019 2018
Investment income       
Interest income (excluding PIK):       
Companies less than 5% owned$44,778,592
 $44,534,087
 $128,578,869
 $127,316,161
Companies 5% to 25% owned495,480
 604,116
 2,208,502
 1,737,510
Companies more than 25% owned1,024,457
 918,146
 2,822,733
 2,747,763
PIK interest income:       
Companies less than 5% owned2,525,116
 1,968,566
 8,363,204
 5,462,468
Companies 5% to 25% owned1,030,375
 1,151,270
 2,488,171
 3,576,948
Companies more than 25% owned—
 170,938
 —
 649,680
Dividend income:       
Companies more than 25% owned914,330
 59,006
 1,786,932
 105,287
Lease income:       
Companies more than 25% owned74,457
 74,457
 223,370
 223,370
Other income:       
Companies less than 5% owned797,542
 —
 883,721
 —
Companies 5% to 25% owned—
 —
 —
 297,356
Total investment income51,640,349
 49,480,586
 147,355,502
 142,116,543
        
Operating expenses       
Interest and other debt expenses12,419,312
 10,071,574
 34,251,576
 29,817,623
Management and advisory fees6,356,723
 6,265,432
 18,510,954
 18,149,243
Incentive fee5,369,678
 6,127,983
 15,554,088
 17,505,818
Administrative expenses599,559
 599,559
 1,798,677
 1,794,023
Legal fees, professional fees and due diligence expenses492,847
 625,181
 1,360,860
 1,639,293
Director fees194,396
 212,135
 585,522
 545,718
Insurance expense160,578
 123,109
 416,647
 338,027
Custody fees104,841
 95,692
 302,054
 278,795
Other operating expenses628,220
 847,988
 2,127,194
 2,024,732
Total operating expenses26,326,154
 24,968,653
 74,907,572
 72,093,272
        
Net investment income25,314,195
 24,511,933
 72,447,930
 70,023,271
        
Realized and unrealized gain (loss) on investments and foreign currency      
Net realized gain (loss):       
Investments in companies less than 5% owned(224,682) 1,106,469
 (525,041) 1,181,233
Investments in companies 5% to 25% owned—
 —
 43,320
 —
Net realized gain (loss)(224,682) 1,106,469
 (481,721) 1,181,233
        
Change in net unrealized appreciation/depreciation(6,651,462) (10,427,026) (40,230,222) (24,706,701)
Net realized and unrealized loss(6,876,144) (9,320,557) (40,711,943) (23,525,468)
        
Net increase in net assets resulting from operations$18,438,051
 $15,191,376
 $31,735,987
 $46,497,803
        
Basic and diluted earnings per common share$0.31
 $0.26
 $0.54
 $0.79
        
Basic and diluted weighted average common shares outstanding58,766,002
 58,806,049
 58,766,410
 58,824,514
 Three Months Ended September 30, Nine Months Ended September 30,
 2017 2016 2017 2016
Investment income       
Interest income:       
Companies less than 5% owned$39,120,645
 $35,115,862
 $117,016,921
 $99,016,633
Companies 5% to 25% owned1,856,712
 1,848,171
 5,365,553
 4,982,075
Companies more than 25% owned1,363,740
 1,313,034
 4,720,816
 1,915,981
Dividend income:       
Companies less than 5% owned—
 —
 16,627
 —
Lease income:       
Companies more than 25% owned74,457
 71,013
 223,370
 1,496,869
Other income:       
Companies less than 5% owned841,895
 120,910
 1,424,831
 1,241,885
Companies 5% to 25% owned31,486
 —
 94,458
 —
Total investment income43,288,935
 38,468,990
 128,862,576
 108,653,443
Operating expenses       
Interest and other debt expenses8,213,045
 6,198,850
 23,863,700
 17,577,859
Management and advisory fees5,611,249
 4,816,043
 15,624,277
 13,976,545
Administrative expenses597,232
 429,867
 1,730,638
 1,267,815
Legal fees, professional fees and due diligence expenses288,180
 550,563
 1,127,387
 1,784,174
Director fees114,098
 97,877
 422,108
 295,486
Insurance expense111,585
 78,794
 327,725
 280,575
Custody fees85,035
 75,995
 244,427
 231,846
Other operating expenses700,780
 555,944
 2,036,376
 1,569,986
Total operating expenses15,721,204
 12,803,933
 45,376,638
 36,984,286
        
Net investment income27,567,731
 25,665,057
 83,485,938
 71,669,157
        
Net realized and unrealized gain (loss) on investments and foreign currency    
Net realized gain (loss):       
Investments in companies less than 5% owned(4,663,896) (763,617) (11,540,457) (4,490,140)
Investments in companies 5% to 25% owned—
 102,392
 —
 417,446
Investments in companies more than 25% owned—
 —
 —
 79,742
Net realized loss(4,663,896) (661,225) (11,540,457) (3,992,952)
        
Change in net unrealized appreciation/depreciation(2,772,338) 869,981
 (967,257) 53,816
Net realized and unrealized gain (loss)(7,436,234) 208,756
 (12,507,714) (3,939,136)
        
Net increase in net assets from operations20,131,497
 25,873,813
 70,978,224
 67,730,021
        
Distributions of incentive allocation to the General Partner from:       
Net investment income(5,513,546) (5,133,010) (16,697,188) (14,333,831)
        
Net increase in net assets applicable to common shareholders resulting from operations$14,617,951
 $20,740,803
 $54,281,036
 $53,396,190
        
Basic and diluted earnings per common share$0.25
 $0.39
 $0.96
 $1.06
        
Basic and diluted weighted average common shares outstanding58,792,204
 52,736,835
 56,390,954
 50,245,035
        

See accompanying notes to the consolidated financial statements.

22





BlackRock TCP Capital Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)
  
  Common Stock 
Paid in Capital
in Excess of Par
 
 Accumulated
 Net Investment
Income
 
 Accumulated
 Net Realized
Losses
 
 Accumulated
 Net Unrealized
Depreciation
 
Total Net
Assets
  Shares Par Amount 
Balance at December 31, 2015 48,834,734
 $48,834
 $878,383,356
 $22,261,793
 $(132,483,593) $(46,233,373) $721,977,017
               
Issuance of common stock in public offering, net 2,336,552
 2,337
 34,956,233
 —
 —
 —
 34,958,570
Issuance of common stock from conversion of convertible debt 2,011,900
 2,012
 30,216,726
 —
 —
 —
 30,218,738
Issuance of common stock from dividend reinvestment plan 610
 —
 9,657
 —
 —
 —
 9,657
Equity component of issuance of convertible debt —
 —
 3,309,596
 —
 —
 —
 3,309,596
Repurchase of common stock (141,896) (141) (1,879,407) —
 —
 —
 (1,879,548)
Net investment income —
 —
 —
 95,253,322
 —
 —
 95,253,322
Net realized and unrealized gain (loss) —
 —
 —
 —
 (15,002,148) 15,116,650
 114,502
General Partner incentive allocation —
 —
 —
 (19,050,665) —
 —
 (19,050,665)
Regular dividends paid to common shareholders —
 —
 —
 (73,975,198) —
 —
 (73,975,198)
Tax reclassification of stockholders' equity in accordance with generally accepted accounting principles —
 —
 (569,511) (11,955,963) 12,525,474
 —
 —
Balance at December 31, 2016 53,041,900
 $53,042
 $944,426,650
 $12,533,289
 $(134,960,267) $(31,116,723) $790,935,991
               
Issuance of common stock in public offering, net 5,750,000
 5,750
 93,591,750
 —
 —
 —
 93,597,500
Issuance of common stock from dividend reinvestment plan 464
 —
 7,854
 —
 —
 —
 7,854
Net investment income —
 —
 —
 83,485,938
 —
 —
 83,485,938
Net realized and unrealized gain (loss) —
 —
 —
 —
 (11,540,457) (967,257) (12,507,714)
General Partner incentive allocation —
 —
 —
 (16,697,188) —
 —
 (16,697,188)
Regular dividends paid to common shareholders —
 —
 —
 (61,425,414) —
 —
 (61,425,414)
Balance at September 30, 2017 58,792,364
 $58,792
 $1,038,026,254
 $17,896,625
 $(146,500,724) $(32,083,980) $877,396,967
  Common Stock 
Paid in Capital
in Excess of Par
   
Total Net
Assets
  Shares Par Amount Distributable Earnings (Loss)
Balance at December 31, 2017 58,847,256
 $58,847
 $1,038,855,948
 $(168,186,669) $870,728,126
Issuance of common stock from dividend reinvestment plan 192
 —
 2,723
 —
 2,723
Repurchase of common stock (11,300) (11) (160,604) —
 (160,615)
Net investment income —
 —
 —
 21,565,113
 21,565,113
Net realized and unrealized gain —
 —
 —
 5,623,672
 5,623,672
Regular dividends paid to common shareholders —
 —
 —
 (21,184,004) (21,184,004)
Balance at March 31, 2018 58,836,148
 $58,836
 $1,038,698,067
 $(162,181,888) $876,575,015
Issuance of common stock from dividend reinvestment plan 182
 —
 2,620
 —
 2,620
Repurchase of common stock (23,316) (23) (338,035) —
 (338,058)
Net investment income —
 —
 —
 23,946,228
 23,946,228
Net realized and unrealized loss —
 —
 —
 (19,828,583) (19,828,583)
Regular dividends paid to common shareholders —
 —
 —
 (21,174,966) (21,174,966)
Balance at June 30, 2018 58,813,014
 $58,813
 $1,038,362,652
 $(179,239,209) $859,182,256
Issuance of common stock from dividend reinvestment plan 189
 —
 2,686
 —
 2,686
Repurchase of common stock (13,202) (13) (192,495) —
 (192,508)
Net investment income —
 —
 —
 24,511,930
 24,511,930
Net realized and unrealized loss —
 —
 —
 (9,320,557) (9,320,557)
Regular dividends paid to common shareholders —
 —
 —
 (21,170,272) (21,170,272)
Balance at September 30, 2018 58,800,001
 $58,800
 $1,038,172,843
 $(185,218,108) $853,013,535
           
  Common Stock 
Paid in Capital
in Excess of Par
   
Total Net
Assets
  Shares Par Amount Distributable Earnings (Loss)
Balance at December 31, 2018 58,774,607
 $58,775
 $1,000,073,183
 $(169,657,231) $830,474,727
Issuance of common stock from dividend reinvestment plan 193
 —
 2,738
 —
 2,738
Repurchase of common stock (9,000) (9) (125,670) —
 (125,679)
Net investment income —
 —
 —
 23,320,098
 23,320,098
Net realized and unrealized gain —
 —
 —
 801,722
 801,722
Regular dividends paid to common shareholders —
 —
 —
 (21,155,619) (21,155,619)
Balance at March 31, 2019 58,765,800
 $58,766
 $999,950,251
 $(166,691,030) $833,317,987
Issuance of common stock from dividend reinvestment plan 200
 —
 2,843
 —
 2,843
Net investment income —
 —
 —
 23,813,638
 23,813,638
Net realized and unrealized loss —
 —
 —
 (34,637,520) (34,637,520)
Regular dividends paid to common shareholders —
 —
 —
 (21,155,688) (21,155,688)
Balance at June 30, 2019 58,766,000
 $58,766
 $999,953,094
 $(198,670,600) $801,341,260
Issuance of common stock from dividend reinvestment plan 215
 —
 2,913
 —
 2,913
Net investment income —
 —
 —
 25,314,195
 25,314,195
Net realized and unrealized loss —
 —
 —
 (6,876,144) (6,876,144)
Regular dividends paid to common shareholders —
 —
 —
 (21,155,760) (21,155,760)
Balance at September 30, 2019 58,766,215
 $58,766
 $999,956,007
 $(201,388,309) $798,626,464

See accompanying notes to the consolidated financial statements.

23





BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)
 Nine Months Ended September 30,
 2019 2018
Operating activities   
Net increase in net assets applicable to common shareholders resulting from operations$31,735,987
 $46,497,803
Adjustments to reconcile net increase in net assets applicable to common shareholders resulting from operations to net cash provided by (used in) operating activities:   
Net realized loss (gain)481,721
 (1,181,233)
Change in net unrealized appreciation/depreciation of investments40,230,013
 24,685,820
Net amortization of investment discounts and premiums(10,379,654) (7,782,322)
Amortization of original issue discount on convertible debt965,771
 881,772
Interest and dividend income paid in kind(10,851,375) (9,689,096)
Amortization of deferred debt issuance costs2,718,735
 2,956,637
Changes in assets and liabilities:   
Purchases of investment securities(547,538,826) (447,934,418)
Proceeds from sales, maturities and pay downs of investments444,068,802
 395,717,322
Decrease (increase) in accrued interest income - companies less than 5% owned1,894,105
 (2,776,174)
Decrease (increase) in accrued interest income - companies 5% to 25% owned25,936
 (308,976)
Increase in accrued interest income - companies more than 25% owned(136,531) (64,173)
Decrease (increase) in receivable for investments sold(7,433,969) 372,477
Decrease (increase) in prepaid expenses and other assets1,832,059
 (2,268,006)
Increase in payable for investments purchased950,987
 36,565,907
Increase (decrease) in incentive compensation payable(470,668) 144,848
Decrease in interest payable(2,126,330) (2,326,231)
Increase (decrease) in payable to the Advisor(467,340) 511,782
Decrease in management and advisory fees payable(5,247,344) —
Increase in accrued expenses and other liabilities551,611
 59,923
Net cash provided by (used in) operating activities(59,196,310) 34,063,662
    
Financing activities   
Borrowings519,000,000
 330,953,697
Repayments of debt(487,500,000) (293,953,697)
Payments of debt issuance costs(4,706,156) (3,193,847)
Dividends paid to common shareholders(63,467,067) (63,529,242)
Repurchase of common shares(125,679) (691,181)
Proceeds from issuance of debt148,135,500
 —
Proceeds from shares issued in connection with dividend reinvestment plan8,494
 8,029
Net cash provided by (used in) financing activities111,345,092
 (30,406,241)
    
Net increase in cash and cash equivalents (including restricted cash)52,148,782
 3,657,421
Cash and cash equivalents (including restricted cash) at beginning of period27,920,402
 86,625,237
Cash and cash equivalents (including restricted cash) at end of period$80,069,184
 $90,282,658
    
Supplemental cash flow information   
Interest payments$32,007,334
 $27,442,833
Excise tax payments$—
 $86,106
 Nine Months Ended September 30,
 2017 2016
Operating activities   
Net increase in net assets applicable to common shareholders resulting from operations$54,281,036
 $53,396,190
Adjustments to reconcile net increase in net assets applicable to common shareholders resulting from operations to net cash used in operating activities:   
Net realized loss11,540,457
 3,992,952
Change in net unrealized appreciation/depreciation of investments973,415
 121,178
Net amortization of investment discounts and premiums(10,569,705) (9,263,325)
Amortization of original issue discount on convertible debt763,012
 361,750
Interest and dividend income paid in kind(10,130,140) (5,209,391)
Amortization of deferred debt issuance costs2,646,451
 1,947,472
Accrued interest on convertible debt at conversion—
 218,738
Changes in assets and liabilities:   
Purchases of investment securities(642,264,119) (374,607,255)
Proceeds from sales, maturities and pay downs of investments434,061,754
 294,224,143
Increase in accrued interest income - companies less than 5% owned(1,809,544) (2,224,606)
Increase in accrued interest income - companies 5% to 25% owned(1,284,273) (295,458)
Decrease in accrued interest income - companies more than 25% owned13,845
 13,311
Increase in receivable for investments sold(13,414,257) (6,306,581)
Decrease (increase) in prepaid expenses and other assets(2,978,344) 909,421
Increase in payable for investments purchased73,196,164
 2,725,929
Increase (decrease) in incentive allocation payable796,712
 (74,596)
Increase (decrease) in interest payable(487,058) 1,608,964
Increase in payable to the Advisor768,459
 369,532
Decrease in accrued expenses and other liabilities(408,038) (540,927)
Net cash used in operating activities(104,304,173) (38,632,559)
    
Financing activities   
Borrowings321,000,000
 503,700,000
Repayments of debt(352,500,000) (503,500,000)
Payments of debt issuance costs(2,652,000) (4,529,350)
Regular dividends paid to common shareholders(61,425,414) (54,880,168)
Repurchase of common shares—
 (1,879,548)
Proceeds from issuances of convertible debt—
 170,000,000
Proceeds from issuance of debt124,626,250
 —
Proceeds from shares issued in connection with dividend reinvestment plan7,854
 7,147
Proceeds from common shares sold, net of underwriting and offering costs93,597,500
 34,958,570
Net cash provided by financing activities122,654,190
 143,876,651
    
Net increase in cash and cash equivalents18,350,017
 105,244,092
Cash and cash equivalents at beginning of period53,579,868
 35,629,435
Cash and cash equivalents at end of period$71,929,885
 $140,873,527
    
Supplemental cash flow information   
Interest payments$19,746,066
 $12,768,481
Excise tax payments$528,603
 $877,879
    
Non-cash transactions   
Conversion of convertible debt$—
 $30,218,738







See accompanying notes to the consolidated financial statements.

24





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited)
 
September 30, 20172019



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 treatedregulated 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 inthrough the Company's wholly-owned subsidiaries, Special Value Continuation Partners LP,LLC, a Delaware limited partnership (the “Operating Company”liability company ("SVCP"), of which the Company owns 100% of the common limited partner interests, or in one of the Operating Company’s wholly owned subsidiaries, TCPC Funding I, LLC, a Delaware limited liability company (“TCPC Funding”), and TCPC SBIC, LP, a Delaware limited partnership (the “SBIC”). The Operating Company has alsoSVCP was organized as a limited partnership and had elected to be treatedregulated as a BDC under the 1940 Act.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 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, the Operating Company,SVCP, TCPC Funding 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. The Operating Company, TCPC Funding 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.

The general partner of the Operating Company is Series H of SVOF/MM, LLC which also serves as the administrator of both the Company and the Operating Company (the “Administrator” or the “General Partner”). The managing member of the General PartnerSVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Company, the Operating Company, TCPC Funding, and the SBIC. Most of the equity interests in the General Partner are owned directly or indirectly byOn August 1, 2018, the Advisor merged with and its employees.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 board of directors. Operating Company management consists of the General Partner and the Operating Company’s board of directors. The Advisor directs and the General Partner direct and executeexecutes the day-to-day operations of the Company, and the Operating Company, respectively, subject to oversight from the respective board of directors, which sets the broad policies of the respective entity and performs certain functions required by the 1940 Act in the case of the Operating Company. The board of directors of the Operating Company has delegated investment management of the Operating Company’sSVCP’s assets to the Advisor. EachThe board of directors consists of seveneight persons, fivesix of whom are independent.

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

25





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

2. Summary of Significant Accounting Policies — (continued)

Companies. The Company has consolidated the results of its wholly owned subsidiaries in its consolidated financial

TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

2. Summary of Significant Accounting Policies — (continued)

statements in accordance with ASC Topic 946. The following is a summary of the significant accounting policies of the Company and the Operating 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

The Company’s investments are generally held by the Operating Company, either directly or through eitherSVCP, TCPC Funding or the SBIC. Management values investments at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in policies adopted 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 Advisor which in the aggregate comprise less than 5% of the capitalization of the Operating 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 board of directors or, for investments aggregating less than 5% of the total capitalization of the Operating Company, using valuations determined directly by the Advisor. Such valuations are determined under a documented valuation policy that has been reviewed and approved by the board of directors.

Pursuant to this policy, the Advisor provides recent portfolio company financial statements and other reporting materials to independent valuation firms as applicable, which firms evaluate such materials 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 Advisor. The audit committee of the board of directors discusses the valuations, and the board of directors approves the fair value of the investments in good faith based on the input of the Advisor, the respective independent valuation firms as applicable, and the audit committee of the board of directors.

Generally, to increase objectivity in valuing the investments, the Advisor will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Advisor’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. 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.


TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

2. Summary of Significant Accounting Policies — (continued)

Fair valuations of investments in each asset class are determined using one or more methodologies including 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.


26





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

2. Summary of Significant Accounting Policies — (continued)

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, 2017,2019, the Company’s investments were categorized as follows:
Level Basis for Determining Fair Value Bank Debt 
Other
Corporate Debt
 
Equity
Securities
 Basis for Determining Fair Value Bank Debt 
Other
Corporate Debt
 
Equity
Securities
1 Quoted prices in active markets for identical assets $—
 $—
 $87,613
 Quoted prices in active markets for identical assets $—
 $—
 $—
2 Other direct and indirect observable market inputs * 140,288,886
 11,443,750
 —
 Other direct and indirect observable market inputs * 149,837,080
 —
 —
3 Independent third-party valuation sources that employ significant unobservable inputs 1,239,716,175
 71,846,156
 63,217,780
 Independent third-party valuation sources that employ significant unobservable inputs 1,338,830,564
 88,034,621
 102,509,559
3 Advisor valuations with significant unobservable inputs —
 —
 2,150,127
 Advisor valuations with significant unobservable inputs —
 —
 2,063,290
 $1,380,005,061
 $83,289,906
 $65,455,520
Total $1,488,667,644
 $88,034,621
 $104,572,849
______________
*For example, quoted prices in inactive markets or quotes for comparable investments


27





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 30, 20172019

2. Summary of Significant Accounting Policies — (continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of September 30, 20172019 included the following:
Asset Type Fair Value Valuation Technique Unobservable Input Range (Weighted Avg.) Fair Value Valuation Technique Unobservable Input 
Range (Weighted Avg.) †
Bank Debt $1,116,767,255
 Income approach Discount rate  5.8% - 27.5% (11.9%) $1,173,594,644
 Income approach Discount rate 6.2% - 30.8% (10.0%)
 66,626,635
 Market quotations Indicative bid/ask quotes  1 (1) 82,364,942
 Market quotations Indicative bid/ask quotes 1 (1)
 22,867,951
 Market comparable companies Revenue multiples  0.4x - 2.9x (1.1x) 39,382,023
 Market comparable companies Revenue multiples 1.3x - 4.3x (2.6x)
 33,454,334
 Market comparable companies EBITDA multiples  3.4x - 9.5x (6.9x) 43,488,955
 Market comparable companies EBITDA multiples 6.5x - 14.4x (11.0x)
Other Corporate Debt 56,724,406
 Market quotations Indicative bid/ask quotes  1 - 11 (7) 37,506,000
 Income approach Discount rate 12.3% (12.3%)
 5,853,750
 Market comparable companies Revenue multiples  2.0x (2.0x) 39,418,168
 Market comparable companies Book value multiples
 1.3x (1.3x)
 9,268,000
 Market comparable companies EBITDA multiples  8.0x (8.0x) 3,795,721
 Market comparable companies Revenue multiples 4.3x (4.3x)
 7,314,732
 Market comparable companies EBITDA multiples 9.5x (9.5x)
Equity 7,557,538
 Income approach Discount rate  4.0% - 19.5% (7.1%) 4,864,180
 Income approach Discount rate 3.7% (3.7%)
 30,631,924
 Market quotations Indicative bid/ask quotes  1 (1) 13,311,170
 Market quotations Indicative bid/ask quotes 1 (1)
 3,516,942
 Market comparable companies Revenue multiples  0.3x - 4.4x (2.1x) 11,894,261
 Option Pricing Model EBITDA/Revenue multiples 1.2x - 29.9x (5.2x)
 23,661,503
 Market comparable companies EBITDA multiples  3.4x - 18.0x (9.0x)   Implied volatility 30.0% - 200.0% (39.5%)
 $1,376,930,238
    Yield 0.0% (0.0%)
   Term 0.3 years - 3.5 years (2.2 years)
 1,331,642
 Market comparable companies Revenue multiples 0.4x - 4.3x (1.3x)
 19,796,000
 Market comparable companies EBITDA multiples 3.0x - 14.4x (8.4x)
 24,901,609
 Market comparable companies Book value multiples
 1.3x (1.3x)
 28,473,987
 Other *  N/A N/A
 $1,531,438,034
 
______________
*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.
†Weighted by fair value

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 multiplesIncreaseDecrease
Implied volatilityIncreaseDecrease
TermIncreaseDecrease
YieldIncreaseDecrease
 



28





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 30, 20172019

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended September 30, 20172019 were as follows:

Independent Third-Party ValuationIndependent Third-Party Valuation
Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$1,131,662,534
 $95,645,627
 $65,359,889
$1,331,057,822
 $108,311,844
 $77,432,228
Net realized and unrealized gains (losses)(1,698,366) (2,413,331) (539,557)(4,701,308) (3,879,678) 9,451,849
Acquisitions *
219,258,618
 10,349,086
 11,837,810
146,841,282
 11,884,200
 18,811,209
Dispositions(109,506,611) (31,735,226) (13,440,362)(129,200,777) (28,281,745) (362,348)
Transfers into Level 3 †
—
 —
 847,398
Transfers out of Level 3 ‡
(5,166,455) —
 —
Reclassifications within Level 3 §
—
 —
 (3,670,777)
Ending balance$1,239,716,175
 $71,846,156
 $63,217,780
$1,338,830,564
 $88,034,621
 $102,509,559
          
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)$(1,940,418) $(2,413,332) $(2,625,120)$(4,392,445) $(2,333,240) $9,451,849
______________
*Includes payments received in kind and accretion of original issue and market discounts

†
Comprised of one investment that was transferred from Level 1 due to reduced trading volumes

‡    Comprised of one investment that was transferred to Level 2 due to increased observable market activity

§    Comprised of one investment that was reclassified to Advisor Valuation

Advisor ValuationAdvisor Valuation
Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Bank Debt Other
Corporate Debt		 Equity
Securities
Beginning balance$—
 $—
 $2,221,444
$—
 $—
 $2,081,964
Net realized and unrealized gains (losses)—
 —
 (69,630)—
 —
 (5,692,253)
Acquisitions—
 —
 2,006,277
Dispositions—
 —
 (1,687)—
 —
 (3,475)
Reclassifications within Level 3 *—
 —
 3,670,777
Ending balance$—
 $—
 $2,150,127
$—
 $—
 $2,063,290
          
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)$—
 $—
 $(69,630)$—
 $—
 $(5,692,253)
______________
*
Comprised of one investment that was reclassified from Independent Third-Party Valuation

There were no transfers between Level 1 and 2 during the three months ended September 30, 2017.

29





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 30, 20172019

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the nine months ended September 30, 20172019 were as follows:

Independent Third-Party ValuationIndependent Third-Party Valuation
Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$1,036,044,457
 $101,934,853
 $64,521,901
$1,369,456,684
 $78,250,150
 $79,804,988
Net realized and unrealized gains (losses)(17,582,409) (3,758,757) 34,522
(35,827,959) (4,378,619) 7,562,601
Acquisitions *
559,544,251
 25,582,996
 28,384,223
497,502,041
 13,446,202
 26,293,132
Dispositions(307,732,609) (51,912,936) (27,845,217)(379,990,616) (28,281,745) (7,513,143)
Transfers out of Level 3 †
(30,557,515) —
 —
Reclassifications within Level 3 ‡
—
 —
 (1,877,649)
Transfers into Level 3 †
—
 28,998,633
 847,398
Transfer out of Level 3 ‡
(112,309,586) —
 —
Reclassifications within Level 3 §
—
 —
 (4,485,417)
Ending balance$1,239,716,175
 $71,846,156
 $63,217,780
$1,338,830,564
 $88,034,621
 $102,509,559
          
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)$(9,121,109) $(3,393,578) $819,830
$(33,675,947) $(2,832,181) $7,562,601
______________
*
Includes payments received in kind and accretion of original issue and market discounts

†
Comprised of one investment that was transferred from Level 2 and one investment that was transferred from Level 1 due to reduced trading volumes

‡    Comprised of seven investments that were transferred to Level 2 due to increased observable market activity

§    Comprised of two investments that were reclassified to Advisor Valuation

 Advisor Valuation
 Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$—
 $—
 $1,524,143
Net realized and unrealized gains (losses)—
 —
 (5,905,775)
Acquisitions—
 —
 2,006,277
Dispositions—
 —
 (46,772)
Reclassifications within Level 3 *
—
 —
 4,485,417
Ending balance$—
 $—
 $2,063,290
      
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)$—
 $—
 $(5,922,817)
*
Comprised of two investments that were reclassified from Independent Third-Party Valuation

30





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

2. Summary of Significant Accounting Policies — (continued)

At December 31, 2018, the Company’s investments were categorized as follows:
Level Basis for Determining Fair Value Bank Debt 
Other
Corporate Debt
 
Equity
Securities
1 Quoted prices in active markets for identical assets $—
 $—
 $847,398
2 Other direct and indirect observable market inputs * 38,403,794
 28,998,633
 —
3 Independent third-party valuation sources that employ significant unobservable inputs 1,369,456,684
 78,250,150
 79,804,988
3 Advisor valuations with significant unobservable inputs —
 —
 1,524,143
Total   $1,407,860,478
 $107,248,783
 $82,176,529
______________
*For example, quoted prices in inactive markets or quotes for comparable investments

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2018 included the following:
Asset Type Fair Value Valuation Technique Unobservable Input 
Range (Weighted Avg.) †
Bank Debt 1,134,622,267
 Income approach Discount rate 7.5% - 42.2% (12.3%)
  193,682,097
 Market quotations Indicative bid/ask quotes 1 - 2 (1)
  14,793,577
 Market comparable companies Revenue multiples 2.9x (2.9x)
  26,358,743
 Market comparable companies EBITDA multiples 0.8x - 11.0x (8.7x)
Other Corporate Debt 40,632,991
 Income approach Discount rate 14.6% - 17.8% (14.9%)
  27,839,419
 Market comparable companies Book value multiples
 1.2x (1.2x)
  9,777,740
 Market comparable companies EBITDA multiples 10.0x (10.0x)
Equity 6,410,413
 Income approach Discount rate 4.7% - 13.0% (5.6%)
  2,343,653
 Market quotations Indicative bid/ask quotes 1 (1)
  8,682,278
 Option Pricing Model EBITDA/Revenue multiples 2.0x - 11.0x (5.5x)
      Implied volatility 30.0% - 200.0% (44.7%)
      Yield 0.0% (0.0%)
      Term 0.4 years - 3.5 years (1.8 years)
  5,123,517
 Market comparable companies Revenue multiples 0.4x - 2.9x (2.0x)
  15,938,987
 Market comparable companies EBITDA multiples 0.8x - 11.0x (8.5x)
  18,931,733
 Market comparable companies Book value multiples
 1.2x (1.2x)
  23,898,550
 Other *  N/A N/A
  $1,529,035,965
      
______________
*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.
†Weighted by fair value



31





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended September 30, 2018 were as follows:

 Independent Third-Party Valuation
 Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$1,313,883,048
 $114,727,490
 $77,048,806
Net realized and unrealized gains (losses)(12,399,759) (2,632,446) 5,218,251
Acquisitions *144,664,104
 (4,115,432) 3,704,001
Dispositions(197,230,787) 2,656,356
 (5,707,590)
Transfers out of Level 3 †
13,797,332
 —
 —
Ending balance$1,262,713,938
 $110,635,968
 $80,263,468
      
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)$(10,826,186) $(2,632,447) $4,967,192
______________
*Includes payments received in kind and accretion of original issue and market discounts

†Comprised of two investments that were transferred to Level 2 due to increased observable market activity

‡Comprised of three investments that were reclassified to Advisor Valuation

Advisor ValuationAdvisor Valuation
Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$107,199
 $—
 $1,560,161
$—
 $—
 $1,731,295
Net realized and unrealized gains (losses)65,797
 —
 (1,285,996)—
 —
 29,796
Acquisitions *
(20,962) —
 —
Dispositions(152,034) —
 (1,687)
Reclassifications within Level 3 †
—
 —
 1,877,649
Ending balance$—
 $—
 $2,150,127
$—
 $—
 $1,761,091
     
 
 
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)$—
 $—
 $(1,285,996)$—
 $—
 $29,796








32





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the nine months ended September 30, 2018 were as follows:

 Independent Third-Party Valuation
 Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$1,239,746,177
 $78,011,815
 $66,977,237
Net realized and unrealized gains (losses)(21,042,870) (2,746,039) 4,317,752
Acquisitions *372,824,279
 37,741,071
 21,100,155
Dispositions(346,675,061) (2,370,879) (12,131,676)
Transfers into Level 3 †
54,723,486
 —
 —
Transfers out of Level 3 ‡
(36,862,073) —
 —
Ending balance$1,262,713,938
 $110,635,968
 $80,263,468
      
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)$(18,173,326) $(4,841,557) $4,156,499
______________
*Includes payments received in kind and accretion of original issue and market discounts

†Comprised of threefive investments that were reclassifiedtransferred from Independent Third-Party ValuationLevel 2 due to reduced trading volumes

There were no transfers between Level 1 and 2 during the nine months ended September 30, 2017.

TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

2. Summary of Significant Accounting Policies — (continued)

 At December 31, 2016, the Company’s investments were categorized as follows:
Level Basis for Determining Fair Value Bank Debt 
Other
Corporate Debt
 
Equity
Securities
1 Quoted prices in active markets for identical assets $—
 $—
 $—
2 Other direct and indirect observable market inputs * 89,800,173
 21,001,126
 —
3 Independent third-party valuation sources that employ significant unobservable inputs 1,036,044,457
 101,934,853
 64,521,901
3 Advisor valuations with significant unobservable inputs 107,199
 —
 1,560,161
Total   $1,125,951,829
 $122,935,979
 $66,082,062
______________
*For example, quoted prices in inactive markets or quotes for comparable investments

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2016 included the following:

Asset Type Fair Value Valuation Technique Unobservable Input Range (Weighted Avg.)
Bank Debt $847,311,244
 Income approach Discount rate 6.9% – 19.4% (12.1%)
  136,116,277
 Market quotations Indicative bid/ask quotes 1 – 2 (1)
  24,851,412
 Market comparable companies Revenue multiples 0.4x – 2.6x (1.0x)
  27,872,723
 Market comparable companies EBITDA multiples 7.3x – 11.0x (8.4x)
Other Corporate Debt 88,163,213
 Market quotations Indicative bid/ask quotes 1(1)
  13,771,640
 Market comparable companies EBITDA multiples 7.6x – 7.8x (7.7x)
Equity 6,617,084
 Income approach Discount rate 7.3% – 26.2% (7.7%)
  41,442,919
 Market quotations Indicative bid/ask quotes 1(1)
  1,767,102
 Market comparable companies Revenue multiples 0.3x – 2.6x (1.6x)
  16,254,957
 Market comparable companies EBITDA multiples 5.0x – 11.0x (7.7x)
  $1,204,168,571
      

TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended September 30, 2016 were as follows:
 Independent Third-Party Valuation
 Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$986,374,365
 $108,247,783
 $53,064,896
Net realized and unrealized gains (losses)185,985
 1,148,520
 (1,782,745)
Acquisitions *
143,164,985
 7,310,415
 5,540,103
Dispositions(102,376,236) —
 (3,007,459)
Transfers out of Level 3 †—
 (46,265,760) —
Transfers into Level 3 ‡6,502,839
 —
 —
Reclassifications within Level 3 §—
 —
 (320,682)
Ending balance$1,033,851,938
 $70,440,958
 $53,494,113
      
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)$2,587,265
 $1,148,520
 $(1,782,745)
______________
*Includes payments received in kind and accretion of original issue and market discounts
†‡Comprised of twofour investments that were transferred to Level 2 due to increased observable market activity
‡Comprised of one investment that transferred from Level 2 due to reduced trading volumes
§Comprised of one investment that reclassified to Advisor Valuation

 Advisor Valuation
 Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$146,365
 $—
 $1,855,336
Net realized and unrealized gains (losses)3,093
 —
 (319,764)
Dispositions—
 —
 (102,763)
Reclassifications within Level 3 *
—
 —
 320,682
Ending balance$149,458
 $—
 $1,753,491
      
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)$3,093
 $—
 $(420,896)
______________
*Comprised of one investment that reclassified from Independent Third-Party Valuation
There were no transfers between Level 1 and 2 during the three months ended September 30, 2016.


TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the nine months ended September 30, 2016 were as follows:
 Independent Third-Party Valuation
 Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$907,967,337
 $89,314,530
 $49,956,123
Net realized and unrealized gains (losses)4,677,005
 (1,665,010) (5,662,544)
Acquisitions *
324,878,794
 23,280,718
 19,764,729
Dispositions(249,281,514) —
 (10,238,452)
Transfers out of Level 3 †(5,492,400) (46,265,760) —
Transfers into Level 3 ‡51,102,716
 5,776,480
 —
Reclassifications within Level 3 §—
 —
 (325,743)
Ending balance$1,033,851,938
 $70,440,958
 $53,494,113
      
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)$7,944,054
 $(1,665,010) $(5,637,217)
______________
*Includes payments received in kind and accretion of original issue and market discounts
†Comprised of three investments that transferred to Level 2 due to increased observable market activity
‡Comprised of six investments that transferred from Level 2 due to reduced trading volumes
§Comprised of two investments that reclassified to Advisor Valuation

Advisor ValuationAdvisor Valuation
Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$1,124,504
 $—
 $2,428,217
$116,662
 $—
 $1,730,941
Net realized and unrealized gains (losses)(923,349) —
 (582,896)(623) —
 30,150
Acquisitions *
1,050,297
 —
 243
623
 —
 —
Dispositions(1,101,994) —
 (417,816)(116,662) —
 —
Reclassifications within Level 3 †—
 —
 325,743
Ending balance$149,458
 $—
 $1,753,491
$—
 $—
 $1,761,091
          
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)$(881,282) $—
 $(999,280)$—
 $—
 $30,150
______________
*Includes payments received in kind and accretion of original issue and market discounts
†Comprised of two investments that reclassified from Independent Third-Party Valuation

There were no transfers between Level 1 and 2 during the nine months ended September 30, 2016.
33





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 30, 20172019

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 brokerage firms and the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally three months or less. Cash equivalents are carried at amortized cost which approximates fair value. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. There was no restricted cash at September 30, 2019 or December 31, 2018.

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 Investments

The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency denominated investments comprised approximately 0.7%0.0% and 0.2%0.1% of total investments at September 30, 20172019 and December 31, 2016,2018, respectively. Such positions were converted at the respective closing foreign exchange rates in effect at September 30, 20172019 and December 31, 20162018 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.

Derivatives

In order to mitigate certain currency exchange and interest rate risks, the Operating 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

34





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

2. Summary of Significant Accounting Policies — (continued)

terms of their contracts and from unanticipated movements in interest rates and the value of foreign currencies

TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

2. Summary of Significant Accounting Policies — (continued)

relative to the U.S. dollar. Certain derivatives may also require the Company to pledge assets as collateral to secure its obligations. The Company was required under the terms of its swap agreement to pledge assets as collateral to secure its obligation. As of September 30, 2017, $0.8 million of cash was held as collateral and was included in cash and cash equivalents in the Consolidated Statements of Assets and Liabilities.

During the nine months ended September 30, 2017,2019, the Company entereddid not enter into any derivative transactions nor hold any derivative positions.

During the nine months ended September 30, 2018, the Company exited a cross currency basis swap with a notional amount of $7.2 million. The cross currency basis swap is reported in the Consolidated Statements of Assets and Liabilities as unrealized depreciation on swaps.  Gains and losses from derivatives during the nine months ended September 30, 20172018 were included in net realized and unrealized loss on investments in the Consolidated Statements of Operations as follows:

Instrument 
Realized
Gains
(Losses)
 
Unrealized
Gains
(Losses)
 
Realized
Gains
(Losses)
 
Unrealized
Gains
(Losses)
Cross currency basis swap $—
 $(470,202) $(726,950) $603,745

During the nine months ended September 30, 2016, the Company entered into a GBP put option with a notional amount of £2.7 million.  During the nine months ended September 30, 2016, the Company's interest rate cap with a notional amount of $25.0 million expired and the Company exited a cross currency swap with a notional amount of $16.4 million. Gains and losses from derivatives during the nine months ended September 30, 2016 were included in net realized and unrealized loss on investments in the Consolidated Statements of Operations as follows:

Instrument 
Realized
Gains
(Losses)
 
Unrealized
Gains
(Losses)
Put option $—
 $460,972
Cross currency basis swap 2,746,072
 (3,229,442)
Interest rate cap (51,750) 51,750
Valuations of derivatives are determined using observable market inputs other than quoted prices in active markets for identical assets and, accordingly, are classified as Level 2 in the GAAP valuation hierarchy.

Deferred Debt Issuance Costs

Costs of approximately $1.1 million and $1.2 million wereCertain costs incurred during 2017 in connection with extending the TCPC Funding Facilityissuance and/or extension of debt of the Company and placing the Company's 2022 Notes, respectively (see Note 4). Costs of approximately $4.1 millionits subsidiaries were incurred in September 2016 in connection with placing the Company’s 2022 Convertible Notes (see Note 4). Costs of approximately $0.4 million and $1.2 million were incurred during 2017 and 2016, respectively, in connection with placing the SBA Debentures (see Note 4). These costs were deferredcapitalized 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.


TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

2. Summary of Significant Accounting Policies — (continued)

Revenue Recognition

Interest and dividend income, including income paid in kind, is recorded on an accrual basis. 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.

Income Taxes

The Company intends to comply with the applicable provisionsrequirements of the Internal Revenue Code of 1986, as amended, pertainingapplicable to regulated investment companies, and to make distributionsdistribute substantially all of its taxable income sufficient to relieve it from substantially allits shareholders. Therefore, no U.S. federal income taxes. Accordingly, notax provision for income taxes is required in the consolidated financial statements.required. The income or loss of the Operating Company,SVCP, TCPC Funding and the SBIC is reported in the respective members' or partners’ income tax returns. 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. returns, as applicable.

The tax returns of the Company, the Operating Company,SVCP, TCPC Funding and the SBIC remain open for examination by tax authorities

35





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

2. Summary of Significant Accounting Policies — (continued)

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, 2019, 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.

CostThe 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, 2018, the Company had non-expiring capital loss carryforwards in the amount of $127,718,766 available to offset future realized capital gains.

As of September 30, 2019, gross unrealized appreciation and depreciation of the Company’sfor investments (including derivatives)and derivatives based on cost for U.S. federal income tax purposes at September 30, 2017 and December 31, 2016 were as follows:

September 30, 2019
Tax basis of investments$1,773,767,299
September 30, 2017 December 31, 2016 
Unrealized appreciation$41,846,827
 $33,945,996
$43,030,789
Unrealized depreciation(73,916,191) (65,041,945)(135,522,974)
Net unrealized depreciation$(32,069,364) $(31,095,949)$(92,492,185)
   
Cost$1,560,349,649
 $1,346,065,819

Recent Accounting Pronouncements

During the first quarter of 2016, the Company adopted Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) 2015-02, Amendments to the Consolidation Analysis. In particular, the new pronouncement changed the manner in which a reporting entity evaluates whether 1) an entity is a variable interest entity (“VIE”), 2) fees paid to decision makers or service providers are variable interests in a VIE, and 3) variable interests in a VIE held by related parties require the reporting entity to consolidate the VIE. The pronouncement also introduced a separate consolidation analysis specific to limited partnerships and similar entities. ASU 2015-02 also eliminated the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar

TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

2. Summary of Significant Accounting Policies — (continued)

entities. The adoption of this pronouncement did not have a material impact on the Company’s consolidated financial statements.

The Company also adopted ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs as well as ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015. Together, these ASUs required, in most cases, that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Debt issuance costs incurred in connection with line-of-credit arrangements, however, may continue to be presented as an asset in the balance sheet. As of September 30, 2017 and December 31, 2016, $8.4 million and $8.2 million in debt issuance costs, respectively, were included in debt in the Consolidated Statements of Assets and Liabilities.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. Under this new pronouncement, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 applies to all entities and, for public entities, is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. Early application is permitted, but no earlier than annual periods beginning after December 15, 2016 and interim periods within that reporting period. The Company does not expect adoption of this pronouncement to have a material impact on its consolidated financial statements.

On January 5, 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. The more significant changes to the current GAAP model resulting from ASU 2016-01 include 1) elimination of the requirement to disclose the method(s) and significant assumptions used to estimate the fair value of financial instruments measured at amortized cost, 2) requiring public entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes and 3) requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. ASU 2016-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted. The Company does not expect adoption of this pronouncement to have a material impact on its consolidated financial statements.

On March 30, 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain callable debt securities purchased at a premium, shortening the period to the earliest call date. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. The Company does not expect the adoption of this pronouncement did not have a material impact on the Company’s consolidated financial statements.
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement. The updated guidance modifies the disclosure requirements on fair value measurements by (1) removing certain disclosure requirements including policies related to valuation processes and the timing of transfers between levels of the fair value hierarchy, (2) amending disclosure requirements related to measurement uncertainty from the use of significant unobservable inputs, and (3) adding certain new disclosure requirements including changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods therein, with early adoption permitted. The Company adopted this pronouncement in the fourth quarter of 2018. The adoption of this pronouncement did not have a material impact on the Company’s consolidated financial statements.

In October 2016,On August 17, 2018, the U.S. Securities and Exchange Commission adopted new rulesissued a final rule under SEC Release No. 33-10532, Disclosure Update and amended existing rules (together, the “Final Rules”) intended to modernize the reporting andSimplification, that reduces or eliminates certain disclosure of information by registered investment companies and business development companies. In part, the Final Rules amendrequirements under Regulation S-X, and require standardized, enhanced disclosure about derivativesexpands others. Expanded disclosures include new requirements to disclose for interim periods (1) changes in investment companystockholder’s equity and (2) the amount of dividend per share for each class of shares. The Company adopted the final rule as of December 31, 2018. The adoption of this rule did not have a material impact on the Company’s consolidated financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X was August 1, 2017, and the Company has implemented the applicable requirements into this report, namely the standardized reporting of derivatives in the consolidated schedule of investments, disclosure of investments that had valuations which included certain unobservable inputs that were significant to the valuation as a whole and disclosure of realized gains/(losses) on controlled affiliated investments.statements.


36





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 30, 20172019

3. Management Fees, Incentive Compensation and Other Expenses


TheOn February 8, 2019, the stockholders 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 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% to 1.0%, (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 management fee is calculated at an annual rate of 1.5% ofon 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% thereafter. The management fee is calculated on a consolidated basis as of the beginning of each quarter and is payable to the Advisor quarterly in arrears.

Incentive compensation is only paidincurred to the extent the Company’s cumulative total performance of the Companyreturn (after incentive compensation) exceeds a cumulative 8%7% annual return since January 1, 2013 (the “Total Return Hurdle”). Beginning January 1, 2013, therate on daily weighted-average contributed common equity. Subject to that limitation, incentive compensation equals 20% of net investmentis calculated on ordinary income (reduced by preferred dividends)(before incentive compensation) and 20% of net realized gains (reduced by(net of any net unrealized losses), subject todepreciation) at rates of 17.5% on income since the Total Return Hurdle. The incentivefee reduction on February 8, 2019 and 20% previously. Incentive compensation is payable quarterly in arrears as an allocation and distribution to the General Partner and is calculatedcomputed as the difference between cumulative incentive compensation earned and incentive compensation paid, subject to the total return hurdle, on a cumulative basis since January 1, 2013, and cumulative incentive compensation paid since January 1, 2013. is payable quarterly in arrears.

A reserve for incentive compensation is accrued based on the amount of any additional incentive compensation that would have been distributablepayable to the General PartnerAdvisor assuming a hypothetical liquidation of the Company at net asset value on the balance sheet date. The General Partner’s equity interest in the Operating Company is comprised entirely of such reserve amount, if any. As of September 30, 20172019 and December 31, 2016,2018, no such reserve was accrued.

Through December 31, 2017, the incentive compensation was an equity allocation to SVCP’s general partner under its limited partnership agreement (the “LPA”). On January 29, 2018, SVCP amended and restated its limited partnership agreement, effective as of January 1, 2018, to convert the existing incentive compensation structure from a profit allocation and distribution to SVCP’s general partner to a fee payable 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.

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.


4. Leverage

Leverage is comprised of convertible senior unsecured notes due December 2019 issued by the Company (the “2019 Convertible Notes”), convertible senior unsecured notes due March 2022 issued by the Company (the “2022 Convertible Notes”), unsecured notes due August 2022 issued by the Company (the “2022 Notes”), amounts outstanding under a term loanunsecured notes due August 2024 issued by the Operating Company (the “Term Loan”“2024 Notes”) prior to its full repayment on August 9, 2017,, amounts outstanding under a senior secured revolving, multi-currency credit facility issued by the Operating CompanySVCP (the “SVCP Revolver” and, together with the Term Loan prior to its full repayment on August 9, 2017, the “SVCP Facility”), amounts outstanding under a senior secured revolving credit facility issued by TCPC Funding (the “TCPC Funding Facility”), and debentures guaranteed by the SBA (the “SBA Debentures”), and, prior. Prior to being replaced by the repurchase and retirement of remaining interestsSVCP Facility on September 3, 2015, amounts outstandingFebruary 26, 2018, leverage included $116.0 million in available debt under a preferred equitysenior secured revolving credit facility issued by the Operating CompanySVCP (the “Preferred Interests”). From April 18, 2016 through its conversion to common equity on June 7, 2016, leverage also included a privately placed convertible senior unsecured note due April 2021 issued by the Company (the “CNO Note”“SVCP 2018 Facility”).

Total leverage outstanding and available at September 30, 2017 was as follows:
37




 Maturity Rate 
Carrying Value*
 Available 
Total
Capacity
SVCP Revolver2018 
L+2.50%†
 $30,000,000
 $86,000,000
 $116,000,000
2019 Convertible Notes ($108 million par)2019 5.25% 106,893,357
 —
 106,893,357
2022 Convertible Notes ($140 million par)2022 4.625% 137,266,488
 —
 137,266,488
2022 Notes ($125 million par)2022 4.125% 124,635,706
 —
 124,635,706
TCPC Funding Facility2021 
L+2.50%‡
 200,000,000
 150,000,000
 350,000,000
SBA Debentures 2024−2027 
2.57%§
 75,000,000
 75,000,000
 150,000,000
Total leverage    673,795,551
 $311,000,000
 $984,795,551
Unamortized issuance costs    (8,417,444)    
Debt, net of unamortized issuance costs    $665,378,107
    
______________

BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 30, 20172019

4. Leverage — (continued)


Total leverage outstanding and available at September 30, 2019 was as follows:
 Maturity Rate Carrying Value* Available Total
Capacity		 
SVCP Facility2023 L+2.00% $108,000,000
 $162,000,000
 $270,000,000
 
TCPC Funding Facility2023 L+2.00%
† 
177,500,000
 172,500,000
 350,000,000
 
SBA Debentures 2024−2029 2.63%
‡ 
138,000,000
 12,000,000
 150,000,000
 
2019 Convertible Notes ($108 million par)2019 5.25% 107,889,074
 —
 107,889,074
 
2022 Convertible Notes ($140 million par)2022 4.625% 138,430,085
 —
 138,430,085
 
2022 Notes ($175 million par)2022 4.125% 174,618,208
 —
 174,618,208
 
2024 Notes ($150 million par)2024 3.900% 148,171,294
 —
 148,171,294
 
Total leverage    992,608,661
 $346,500,000
 $1,339,108,661
 
Unamortized issuance costs    (7,566,146)     
Debt, net of unamortized issuance costs    $985,042,515
     
______________
*
Except for the convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding.
†Subject to certain funding requirements
‡Weighted-average interest rate, excluding fees of 0.36% or 0.35%
Total leverage outstanding and available at December 31, 2018 was as follows: 
 Maturity Rate Carrying Value* Available 
Total
Capacity
SVCP Facility2022 L+2.25%
† 
$82,000,000
 $88,000,000
 $170,000,000
TCPC Funding Facility2022 L+2.00%
‡ 
212,000,000
 88,000,000
 300,000,000
SBA Debentures 2024−2028 2.77%
§ 
98,000,000
 52,000,000
 150,000,000
2019 Convertible Notes ($108 million par)2019 5.25% 107,501,207
 —
 107,501,207
2022 Convertible Notes ($140 million par)2022 4.625% 137,980,185
 —
 137,980,185
2022 Notes ($175 million par)2022 4.125% 174,525,996
 —
 174,525,996
Total leverage    812,007,388
 $228,000,000
 $1,040,007,388
Unamortized issuance costs    (6,805,196)    
Debt, net of unamortized issuance costs    $805,202,192
    
______________
*Except for the convertible notes and 2022 Notes, all carrying values are the same as the principal amounts outstanding.

†Based on either LIBOR orAs of December 31, 2018, $3.0 million of the lender’s costoutstanding amount were short-term borrowings bearing interest at a rate of funds, subject to certain limitationsPrime plus 2.25%.

‡Or L+2.25% subjectSubject to certain funding requirements

§Weighted-average interest rate, excluding fees of 0.36%

Total leverage outstanding and available at December 31, 2016 was as follows:
 Maturity Rate 
Carrying Value*
 Available 
Total
Capacity
SVCP Facility         
SVCP Revolver2018 
L+2.50%†
 $—
 $116,000,000
 $116,000,000
Term Loan2018 
L+2.50%†
 100,500,000
 —
 100,500,000
2019 Convertible Notes ($108 million par)2019 5.25% 106,547,929
 —
 106,547,929
2022 Convertible Notes ($140 million par)2022 4.625% 136,858,359
 —
 136,858,359
TCPC Funding Facility2020 
L+2.50%‡
 175,000,000
 175,000,000
 350,000,000
SBA Debentures 2024−2026 
2.58%§
 61,000,000
 89,000,000
 150,000,000
Total leverage    579,906,288
 $380,000,000
 $959,906,288
Unamortized issuance costs    (8,247,426)    
Debt, net of unamortized issuance costs    $571,658,862
    
______________
*Except for the convertible notes, all carrying values are the same as the principal amounts outstanding.

†Based on either LIBOR or the lender’s cost of funds, subject to certain limitations

‡Or L+2.25% subject to certain funding requirements

§Weighted-average interest rate, excluding fees of 0.36%0.35%

The combined weighted-average interest rates on total leverage outstanding at September 30, 20172019 and December 31, 20162018 were 4.12%4.10% and 3.95%4.34%, respectively.

Total expenses related to debt include:

38




 Nine Months Ended September 30,
 2017 2016
Interest expense$20,022,020
 $14,739,195
Amortization of deferred debt issuance costs2,646,451
 1,947,472
Commitment fees1,195,229
 891,192
Total$23,863,700
 $17,577,859

BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 30, 20172019

4. Leverage — (continued)


Total expenses related to debt included the following: 
 Nine Months Ended September 30, 
 2019 2018 
Interest expense$30,846,775
 $25,998,374
 
Amortization of deferred debt issuance costs2,718,735
 2,956,637
*
Commitment fees686,066
 862,612
 
Total$34,251,576
 $29,817,623
 
______________
*Includes approximately $0.3 million of amortized debt costs related to the early termination of the SVCP 2018 Facility.
Outstanding leverage is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of September 30, 2017,2019, the estimated fair values of the SVCP Revolver,Facility, the TCPC Funding Facility and the SBA Debentures approximated their carrying values, and the 2019 Convertible Notes, the 2022 Convertible Notes, the 2022 Notes and the 2024 Notes had estimated fair values of $107.9 million, $143.8 million, $175.8 million and $148.5 million, respectively. As of December 31, 2018, the estimated fair values of the SVCP 2018 Facility, the TCPC Funding Facility and the SBA Debentures approximated their carrying values, and the 2019 Convertible Notes, the 2022 Convertible Notes and the 2022 Notes had estimated fair values of $113.6$108.6 million, $145.6$137.5 million and $124.5$169.5 million, respectively. The estimated fair values of the SVCP Revolver,Facility, the SVCP 2018 Facility, the TCPC Funding Facility 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 values of the convertible notes, 2022 Notes and 20222024 Notes were determined using market quotations. At September 30, 2017, theThe estimated fair values of the SVCP Facility, the SVCP 2018 Facility, the TCPC Funding Facility, the convertible notes, the 2022 Notes, the 2024 Notes and the SBA Debentures as prepared for disclosure purposes were deemed to be Level 3 in the GAAP valuation hierarchy.

Convertible Unsecured Notes

On June 11, 2014, the Company issued $108.0 million of convertible senior unsecured notes that mature on December 15, 2019, unless previously converted or repurchased in accordance with their terms. The 2019 Convertible Notes are general unsecured obligations of the Company, and rank structurally junior to the SVCP Facility, TCPC Funding Facility and the TCPC Funding Facility.SBA Debentures. The Company does not have the right to redeem the 2019 Convertible Notes prior to maturity. The 2019 Convertible Notes bear interest at an annual rate of 5.25%, payable semi-annually. In certain circumstances, the 2019 Convertible Notes will be convertible 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 50.9100 shares of common stock per one thousand dollar principal amount, which is equivalent to an initial conversion price of approximately $19.64 per share of common stock, subject to customary anti-dilutional adjustments. The initial conversion price was approximately 12.5% above the $17.46 per share closing price of the Company’s common stock on June 11, 2014. At September 30, 2017,2019, the principal amount of the 2019 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 have been added to the calculation of diluted earnings per common share and weighted average common shares outstanding.

Prior to the close of business on the business day immediately preceding June 15, 2019, holders maywere permitted to convert their 2019 Convertible Notes only under certain circumstances set forth in the indenture governing the terms of the 2019 Convertible Notes. On or after June 15, 2019 until the close of business on the scheduled trading day immediately preceding December 15, 2019, holders may convert their 2019 Convertible Notes at any time. Upon conversion, the Company will 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.

39





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

4. Leverage — (continued)


On August 30, 2016, the Company issued $140.0 million of convertible senior unsecured notes that mature on March 1, 2022, unless previously converted or repurchased in accordance with their terms. The 2022 Convertible Notes are general unsecured obligations of the Company, and rank structurally junior to the SVCP RevolverFacility and the TCPC Funding Facility. The Company does not have the right to redeem the 2022 Convertible Notes prior to maturity. The 2022 Convertible Notes bear interest at an annual rate of 4.625%, payable semi-annually. In certain circumstances, the 2022 Convertible Notes will be convertible 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. At September 30, 2017,2019, 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 have been added to the calculation of diluted earnings per common share and weighted average common shares outstanding.


TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

4. Leverage — (continued)

Prior to the close of business on the business day immediately preceding September 1, 2021, holders may 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 convert their 2022 Convertible Notes at any time. Upon conversion, the Company will 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.

The 2019 Convertible Notes and 2022 Convertible Notes are accounted for in accordance with ASC Topic 470-20 – Debt with Conversion and Other Options. Upon conversion of any of the 2019 Convertible Notes or the 2022 Convertible Notes, the Company intends to pay the outstanding principal amount in cash and, to the extent that the conversion value exceeds the principal amount, has 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. The Company has determined that the embedded conversion options in the 2019 Convertible Notes and 2022 Convertible Notes are 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 2019 Convertible Notes were approximately 97.7% and 2.3%, respectively. 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.

The original issue discounts equal to the equity components of the 2019 Convertible Notes and 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 2019 Convertible Notes and the 2022 Convertible Notes were $2.5 million and $3.3 million, respectively. As of September 30, 20172019 and December 31, 2016,2018, the components of the carrying valuevalues of the 2019 Convertible Notes and 2022 Convertible Notes were as follows:

September 30, 2017 December 31, 2016September 30, 2019 December 31, 2018
2019 Convertible
Notes
 
2022 Convertible
Notes
 
2019 Convertible
Notes
 
2022 Convertible
Notes
2019 Convertible
Notes		 2022 Convertible
Notes		 2019 Convertible
Notes		 2022 Convertible
Notes
Principal amount of debt$108,000,000
 $140,000,000
 $108,000,000
 $140,000,000
$108,000,000
 $140,000,000
 $108,000,000
 $140,000,000
Original issue discount, net of accretion(1,106,643) (2,733,512) (1,452,071) (3,141,641)(110,926) (1,569,915) (498,793) (2,019,815)
Carrying value of debt$106,893,357
 $137,266,488
 $106,547,929
 $136,858,359
$107,889,074
 $138,430,085
 $107,501,207
 $137,980,185


40





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

4. Leverage — (continued)


For the nine months ended September 30, 20172019 and 2016,2018, the components of interest expense for the convertible notes were as follows:

Nine Months Ended September 30,Nine Months Ended September 30,
2017 20162019 2018
2019
Convertible
Notes
 
2022
Convertible
Notes
 
2019
Convertible
Notes
 
2022
Convertible
Notes
2019
Convertible
Notes
 
2022
Convertible
Notes
 
2019
Convertible
Notes
 
2022
Convertible
Notes
Stated interest expense$4,252,500
 $4,874,236
 $4,252,500
 $431,667
$4,252,500
 $4,856,250
 $4,252,500
 $4,856,250
Amortization of original issue discount345,427
 408,129
 326,391
 $35,359
387,867
 449,900
 365,575
 427,700
Total interest expense$4,597,927
 $5,282,365
 $4,578,891
 $467,026
$4,640,367
 $5,306,150
 $4,618,075
 $5,283,950
 
The estimated effective interest rate of the debt component of the 2019 Convertible Notes, equal to the stated interest of 5.25% plus the accretion of the original issue discount, was approximately 5.75% for the nine months ended

TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

4. Leverage — (continued)

September 30, 20172019 and September 30, 2016.2018. 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 nine months ended September 30, 20172019 and September 30, 2016.2018.

Unsecured Notes

On August 4, 2017, the Company issued $125.0 million of unsecured notes that mature on August 11, 2022. On November 3, 2017, the Company issued an additional $50.0 million of the 2022 (the "2022 Notes").Notes. The 2022 Notes bear interest at an annual rate of 4.125%, payable semi-annually, and all principal is due upon maturity. The 2022 Notes are general unsecured obligations of the Company and rank structurally junior to the SVCP RevolverFacility, TCPC Funding Facility and the TCPC Funding Facility.SBA Debentures. The 2022 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 2022 Notes, and any accrued and unpaid interest. The 2022 Notes were issued at a discount to the principal amount.

On August 23, 2019, the Company issued $150.0 million of unsecured notes that mature on August 23, 2024. 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 SVCP Facility, TCPC Funding Facility and the SBA Debentures. 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.

As of September 30, 2017,2019 and December 31, 2018, the components of the carrying value of the 2022 Notes and 2024 Notes were as follows:
September 30, 2019 December 31, 2018
September 30, 2017
2022 Notes 2024 Notes 2022 Notes 2024 Notes
Principal amount of debt$125,000,000
$175,000,000
 $150,000,000
 $175,000,000
 N/A
Original issue discount, net of accretion(364,294)(381,792) (1,828,706) (474,004) N/A
Carrying value of debt$124,635,706
$174,618,208
 $148,171,294
 $174,525,996
 N/A

41





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

4. Leverage — (continued)


For the nine months ended September 30, 2017,2019 and 2018, the components of interest expense for the 2022 Notes and 2024 Notes were as follows:
Nine Months Ended September 30,
Nine Months Ended September 30,2019 2018
20172022 Notes 2024 Notes 2022 Notes 2024 Notes
Stated interest expense$716,146
$5,414,063
 $617,500
 $5,414,063
 N/A
Amortization of original issue discount9,456
92,211
 35,794
 88,497
 N/A
Total interest expense$725,602
$5,506,274
 $653,294
 $5,502,560
 N/A

SVCP Facility

The SVCP Facility consists of a senior secured revolving, multi-currency credit facility which provides for amounts to be drawn up to $116.0$220.0 million, subject to certain collateral and other restrictions (the "SVCP Revolver")restrictions. The facility was amended on May 6, 2019 and prior to its full repaymentsubsequently on August 9, 2017, a $100.56, 2019 to (1) increase its capacity to $270.0 million, senior secured term loan.(2) reduce the interest rate by 0.25% to LIBOR plus 2.00%, and (3) extend the maturity date from February 28, 2022 to May 6, 2023, subject to extension by the lenders at the request of SVCP. The SVCP Revolver matures on July 31, 2018.facility contains an accordion feature pursuant to which the credit line may increase up to an aggregate of $300.0 million, subject to consent from the applicable lenders and other customary conditions. Most of the cash and investments held directly by the Operating Company,SVCP, as well as the net assets of TCPC Funding and the SBIC, are included in the collateral for the facility.

Borrowings under the SVCP Facility generally bear interest at a rate of LIBOR plus 2.00%. In addition to amounts due on outstanding debt, the SVCP Facility accrues commitment fees of 0.50% per annum on the unused portion of the facility, or 2.25% per annum on the unused portion that is greater than 60% of the total facility. The SVCP Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should SVCP fail to satisfy certain financial or other covenants. As of September 30, 2019, SVCP was in full compliance with such covenants.

SVCP 2018 Facility

Prior to being replaced by the SVCP Facility on February 26, 2018, the SVCP 2018 Facility consisted of a senior secured revolving credit facility which provided for amounts to be drawn up to $116.0 million, subject to certain collateral and other restrictions. The SVCP 2018 Facility was originally set to mature on July 31, 2018. Advances under the SVCP Revolver bear2018 Facility bore interest at an annual rate of 2.50% plus either LIBOR or the lender’s cost of funds (subject to a cap of LIBOR plus 20 basis points). In addition to amounts due on outstanding debt, the SVCP Revolver accrues2018 Facility accrued commitment fees of 0.20% per annum on the unused portion of the facility, or 0.25% per annum when less than $46.4 million in borrowings arewere outstanding. The SVCP Revolver may be terminated, and any outstanding amounts thereunder may become due and payable, should the Operating Company fail to satisfy certain financial or other covenants. As of September 30, 2017, the Operating Company was in full compliance with such covenants.


TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

4. Leverage — (continued)

SBA Debentures

As of September 30, 2017,2019, the SBIC is able to issue up to $150.0 million in SBA Debentures, subject to funded regulatory capital and other customary regulatory requirements. As of September 30, 2017, the Operating Company2019, SVCP had committed $75.0 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 LIBOR 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.


42





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

4. Leverage — (continued)


SBA Debentures outstanding as of September 30, 20172019 were as follows:

Issuance Date Maturity 
Debenture
Amount
 
Fixed
Interest Rate
 
SBA
Annual Charge
 Maturity Debenture
Amount		 Fixed
Interest Rate		 SBA
Annual Charge
September 24, 2014 September 1, 2024 $18,500,000
 3.02% 0.36% September 1, 2024 $18,500,000
 3.02% 0.36%
March 25, 2015 March 1, 2025 9,500,000
 2.52% 0.36% March 1, 2025 9,500,000
 2.52% 0.36%
September 23, 2015 September 1, 2025 10,800,000
 2.83% 0.36% September 1, 2025 10,800,000
 2.83% 0.36%
March 23, 2016 March 1, 2026 4,000,000
 2.51% 0.36% March 1, 2026 4,000,000
 2.51% 0.36%
September 21, 2016 September 1, 2026 18,200,000
 2.05% 0.36% September 1, 2026 18,200,000
 2.05% 0.36%
September 20, 2017 September 1, 2027 14,000,000
 2.52% 0.36% September 1, 2027 14,000,000
 2.52% 0.36%
October 20, 2017 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%
 $75,000,000
 2.57%*  $138,000,000
 2.63%* 
_____________
*Weighted-average interest rate

SBA Debentures outstanding as of December 31, 20162018 were as follows:

Issuance Date Maturity 
Debenture
Amount
 
Fixed
Interest Rate
 
SBA
Annual Charge
 Maturity Debenture
Amount		 Fixed
Interest Rate		 SBA
Annual Charge
September 24, 2014 September 1, 2024 $18,500,000
 3.02% 0.36% September 1, 2024 $18,500,000
 3.02% 0.36%
March 25, 2015 March 1, 2025 9,500,000
 2.52% 0.36% March 1, 2025 9,500,000
 2.52% 0.36%
September 23, 2015 September 1, 2025 10,800,000
 2.83% 0.36% September 1, 2025 10,800,000
 2.83% 0.36%
March 23, 2016 March 1, 2026 4,000,000
 2.51% 0.36% March 1, 2026 4,000,000
 2.51% 0.36%
September 21, 2016 September 1, 2026 18,200,000
 2.05% 0.36% September 1, 2026 18,200,000
 2.05% 0.36%
September 20, 2017 September 1, 2027 14,000,000
 2.52% 0.36%
October 20, 2017 March 1, 2028 8,000,000
 3.19% 0.35%
September 19, 2018 September 1, 2028 15,000,000
 3.55% 0.35%
 $61,000,000
 2.58%*  $98,000,000
 2.77%* 
___________________________
*Weighted-average interest rate

TCPC Funding Facility

The TCPC Funding Facility is a senior secured revolving credit facility which provides for amounts to be drawn up to $350.0 million, subject to certain collateral and other restrictions. TheOn May 7, 2019, the facility matures on April 26, 2021, subjectwas amended to extensionexpand the total capacity by $50.0 million to $350.0 million. On June 3, 2019, the lender atfacility was amended to extend the request of TCPC Funding.maturity date to May 31, 2023. The facility contains an 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. The cash and investments of TCPC Funding are included in the collateral for the facility.


TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

4. Leverage — (continued)

Borrowings under the TCPC Funding Facility bear interest at a rate of LIBOR plus either 2.25%2.00% or 2.50%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 accrues commitment fees of 0.50%0.25% per annum on the unused portion of the facility, or 0.75%0.50% per annum when the unused portion is greater than 33% of the total facility, plus an administrative fee of 0.25%

43





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

4. Leverage — (continued)


per annum. The facility may be terminated, and any outstanding amounts thereunder may become due and payable, should TCPC Funding fail to satisfy certain financial or other covenants. As of September 30, 2017,2019, TCPC Funding was in full compliance with such covenants.
 
5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk

The Operating Company,SVCP, TCPC Funding 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.

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, the Operating Company,SVCP, TCPC Funding 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.

44





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 30, 20172019

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, 20172019 and December 31, 20162018 as follows:
    Unfunded Balances
Issuer Maturity September 30, 2019 December 31, 2018
2-10 Holdco, Inc. 10/31/2024 $416,667
 $416,667
Applause App Quality, Inc. 9/20/2022 1,509,820
 1,509,820
Apptio, Inc. 1/10/2025 769,231
 N/A
Auto Trakk SPV, LLC 12/21/2021 3,193,208
 4,732,558
Bisnow, LLC 4/29/2021 1,200,000
 1,200,000
Blue Star Sports Holdings, Inc. 6/15/2024 55,556
 877,777
CAREATC, Inc. 3/14/2024 607,288
 N/A
Certify, Inc. 2/28/2024 3,188,631
 N/A
Datto, Inc. 12/7/2022 N/A
 1,870,622
Donuts Inc. 9/17/2023 660,634
 660,634
Dude Solutions Holdings, Inc. 6/14/2025 2,207,896
 N/A
Edmentum, Inc. 6/9/2020 N/A
 4,103,102
HighTower Holding, LLC 1/31/2026 N/A
 6,169,355
Home Partners of America, Inc. 10/13/2022 2,142,857
 2,142,857
IAS Investco, Inc. 1/24/2021 N/A
 1,114,286
iCIMS, Inc. 9/12/2024 490,735
 490,735
JAMF Holdings, Inc. 11/13/2022 789,134
 1,214,052
Khoros LLC (Lithium) 10/3/2022 1,586,691
 1,983,364
Patient Point Network Solutions, LLC 6/26/2022 440,474
 440,475
Pegasus Business Intelligence, LP (Onyx Centersource) 12/20/2021 671,356
 671,356
Pulse Secure, LLC 5/1/2022 1,342,516
 1,342,516
Rhode Holdings, Inc. (Kaseya) 5/3/2025 2,360,707
 N/A
RSB-160, LLC (Lat20), LLC 7/20/2022 N/A
 4,435,914
Sandata Technologies, LLC 7/23/2024 2,250,000
 N/A
Snow Software AB 4/17/2024 4,360,548
 N/A
Space Midco, Inc. (Archibus) 12/5/2023 277,778
 277,778
Spark Networks, Inc. 7/1/2023 1,005,887
 N/A
Team Software, Inc. 9/17/2023 2,457,847
 3,511,210
Telarix, Inc. 11/19/2023 267,857
 357,143
TPC Intermediate Holdings, LLC 5/15/2020 525,686
 188,235
Tradeshift Holdings, Inc. 9/1/2020 5,352,908
 5,352,908
Unanet, Inc. 5/31/2024 10,102,040
 N/A
VSS-Southern Holdings, LLC 11/3/2020 171,233
 N/A
Xactly Corporation 7/31/2022 1,405,501
 1,405,501
Total Unfunded Balances   $51,810,686
 $46,468,865


    Unfunded Balances
Issuer Maturity September 30, 2017 December 31, 2016
Alera Group Intermediate Holdings, Inc. 12/30/2021 $708,333
 $833,333
Alera Group Intermediate Holdings, Inc. 12/30/2022 759,546
 759,547
Alpheus Communications, LLC 5/31/2018 357,419
 357,419
AP Gaming I, LLC 12/20/2018 N/A
 12,500,000
Applause App Quality, Inc. 9/20/2022 1,509,820
 N/A
Asset International, Inc. 7/1/2021 1,325,721
 1,325,721
Auto Trakk SPV, LLC 12/21/2021 3,827,058
 3,827,058
Bisnow, LLC 4/29/2021 1,200,000
 1,200,000
Caliber Home Loans, Inc. 6/30/2020 4,444,444
 6,666,667
Edmentum, Inc. 6/9/2020 3,368,586
 3,368,586
Enerwise Global Technologies, Inc. 11/30/2017 4,000,000
 4,000,000
Foursquare Labs, Inc. 6/1/2020 3,750,000
 N/A
GlassPoint Solar, Inc. 8/1/2020 16,000,000
 N/A
Hylan Datacom & Electrical, LLC 7/25/2016 N/A
 1,247,989
iGM RFE1 B.V. 10/12/2021 N/A
 855,935
InMobi, Inc. 12/31/2019 8,299,181
 7,500,000
Marketo, Inc. 8/16/2021 1,704,545
 1,704,545
Mesa Airlines, Inc. 2/28/2022 N/A
 9,268,182
Mesa Airlines, Inc. 12/31/2022 N/A
 9,731,591
Patient Point Network Solutions, LLC 6/26/2022 440,474
 N/A
Pegasus Business Intelligence, LP (Onyx Centersource) 12/20/2021 581,841
 671,356
Pulse Secure, LLC 5/1/2022 1,342,516
 N/A
RM OpCo, LLC (Real Mex) 3/30/2018 188,903
 N/A
Tradeshift Holdings, Inc. 9/1/2020 9,941,115
 N/A
VSS-Southern Holdings, LLC 11/3/2020 856,164
 856,164
Videology Tech Technologies, LLC 1/10/2020 9,202,379
 N/A
Xactly Corporation 7/31/2022 1,405,501
 N/A
Total Unfunded Balances   $75,213,546
 $66,674,093
45





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 30, 20172019




6. Related Party Transactions

The Company, the Operating Company,SVCP, TCPC Funding, the SBIC, the Advisor the General Partner and their members and affiliates may be considered related parties. From time to time, the Operating CompanySVCP advances payments to third parties on behalf of the Company which are reimbursable through deductions from distributions to the Company. At September 30, 20172019 and December 31, 2016,2018, no such amounts were outstanding. From time to time, the Advisor advances payments to third parties on behalf of the Company and the Operating CompanySVCP and receives reimbursement from the Company and the Operating Company. At September 30, 20172019 and December 31, 2016,2018, amounts reimbursable to the Advisor totaled $1.1$0.8 million and $0.3$1.2 million, respectively, as reflected in the Consolidated Statements of Assets and Liabilities.

Pursuant to an administration agreementsagreement between the Administrator and each of the Company and the Operating Company (the “Administration Agreements”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 or the Operating 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 or the Operating Company. For the nine months ended September 30, 20172019 and 2016,2018, expenses allocated pursuant to the Administration AgreementsAgreement totaled $1.7$1.8 million and $1.3$1.8 million respectively.

7. Stockholders’ Equity and Dividends

The following table summarizes the total shares issued and proceeds received in public offerings of the Company’s common stock net of underwriting discounts and offering costs as well as shares issued in connection with the Company’s dividend reinvestment plan for the nine months ended September 30, 2017:2019 and 2018:

 Shares Issued Price Per Share Net Proceeds
Shares issued from dividend reinvestment plan464
 $16.93
*$7,854
April 25, 2017 public offering5,750,000
 16.84
 93,597,500
______________
*Weighted-average price per share

The following table summarizes the total shares issued and proceeds received in public offerings of the Company’s common stock net of underwriting discounts and offering costs as well as shares issued in connection with the Company’s dividend reinvestment plan for the year ended December 31, 2016:

 Shares Issued Price Per Share Net Proceeds
Shares issued from dividend reinvestment plan610 $15.83
*$9,657
Shares issued from conversion of convertible debt †
2,011,900 15.02
 —
July 13, 2016 registered direct public offering2,336,552 15.09
 34,958,570
______________
*Weighted-average price per share
†Shares issued in connection with the full conversion of the CNO Note


TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017

7. Stockholders’ Equity and Dividends — (continued)
 2019 2018
Shares Issued608
 563
Average Price Per Share$13.97
 $14.26
Proceeds$8,494
 $8,029

The Company’s dividends are recorded on the ex-dividend date. The following table summarizes the Company’s dividends declared and paid for the nine months ended September 30, 2017:2019:
Date Declared Record Date Payment Date Type Amount Per Share Total Amount
February 22, 2017 March 17, 2017 March 31, 2017 Regular $0.36
 $19,095,084
May 9, 2017 June 16, 2017 June 30, 2017 Regular 0.36
 21,165,137
August 3, 2017 September 15, 2017 September 29, 2017 Regular 0.36
 21,165,193
        $1.08
 $61,425,414
Date Declared Record Date Payment Date Type Amount Per Share Total Amount
February 28, 2019 March 15, 2019 March 29, 2019 Regular $0.36
 $21,155,619
May 8, 2019 June 14, 2019 June 28, 2019 Regular 0.36
 21,155,688
August 8, 2019 September 16, 2019 September 30, 2019 Regular 0.36
 21,155,760
        $1.08
 $63,467,067

The following table summarizes the Company’s dividends declared and paid for the nine months ended September 30, 2016:2018:
Date Declared Record Date Payment Date Type Amount Per Share Total Amount
February 24, 2016 March 17, 2016 March 31, 2016 Regular $0.36
 $17,530,963
May 10, 2016 June 16, 2016 June 30, 2016 Regular 0.36
 18,254,229
August 9, 2016 September 16, 2016 September 30, 2016 Regular 0.36
 19,094,976
        $1.08
 $54,880,168
Date Declared Record Date Payment Date Type Amount Per Share Total Amount
February 27, 2018 March 16, 2018 March 30, 2018 Regular $0.36
 $21,184,004
May 9, 2018 June 15, 2018 June 29, 2018 Regular 0.36
 21,174,966
August 8, 2018 September 14, 2018 September 28, 2018 Regular 0.36
 21,170,272
        $1.08
 $63,529,242


46





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019

7. Stockholders’ Equity and Dividends — (continued)

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 Securities Exchange Act of 1934. 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 November 2, 2017,August 6, 2019, to be in effect through the earlier of two trading days after the Company’s fourththird quarter 20172019 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.

There were no share repurchasesThe following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the nine months ended September 30, 2017.2019:
 Shares Repurchased Price Per Share Total Cost
Company Repurchase Plan9,000 $13.96
* $125,679
______________
*Weighted-average price per share

The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the yearnine months ended December 31, 2016:

September 30, 2018:
 Shares Repurchased Price Per Share Total Cost
Company Repurchase Plan141,896 $13.25
* $1,879,548
 Shares Repurchased Price Per Share Total Cost
Company Repurchase Plan47,818 $14.45
* $691,181
______________
*Weighted-average price per share

TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2017


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, 20172019 and 2016:2018: 
Three Months Ended September 30, Nine Months Ended September 30,Nine Months Ended September 30,
2017 2016 2017 20162019 2018
Net increase in net assets applicable to common shareholders resulting from operations$14,617,951
 $20,740,803
 $54,281,036
 $53,396,190
$31,735,987
 $46,497,803
Weighted average shares outstanding58,792,204
 52,736,835
 56,390,954
 50,245,035
58,766,410
 58,824,514
Earnings per share$0.25
 $0.39
 $0.96
 $1.06
$0.54
 $0.79


47





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2019




9. Subsequent Events

On November 2, 2017,October 31, 2019, 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 fourth quarter 20172019 earnings release or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

On November 3, 2017,4, 2019, the Company issued $50 in aggregate principal amount of 4.125% notes due 2022 for proceeds of approximately $49.1reduced the credit facility capacity on the TCPC Funding facility by $50.0 million net of underwriter discounts and approximately $0.3 million of expenses related to the offering.  The notes are a further issuance to the 2022 Notes that the Company issued on August 11, 2017, and are treated as a single series with the existing 2022 Notes under the indenture.$300.0 million.

On November 7, 2017,6, 2019, the Company’s board of directors declared a fourth quarter regular dividend of $0.36 per share payable on December 29, 201731, 2019 to stockholders of record as of the close of business on December 15, 2017.17, 2019.



48





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 30, 2017

2019




10. Financial Highlights

Nine Months Ended September 30,Nine Months Ended September 30,
2017 20162019 2018
Per Common Share      
Per share NAV at beginning of period$14.91
 $14.78
$14.13
 $14.80
      
Investment operations:      
Net investment income1.48
 1.43
1.23
 1.20
Net realized and unrealized losses(0.22) (0.08)
Incentive allocation reserve and distributions(0.30) (0.29)
Net realized and unrealized gain(0.69) (0.41)
Total from investment operations0.96
 1.06
0.54
 0.79
      
Issuance of common stock0.13
 0.02
Issuance of convertible debt—
 0.06
Distributions to common shareholders from:   
Net investment income(1.08) (1.08)
Repurchase of common stock—
 —
Distributions to common shareholders(1.08) (1.08)
Per share NAV at end of period$14.92
 $14.84
$13.59
 $14.51
      
Per share market price at end of period$16.49
 $16.38
$13.56
 $14.23
      
Total return based on market value (1), (2)
4.0% 25.3%12.3% 0.2%
Total return based on net asset value (1), (3)
7.3% 7.7%3.8% 5.3%
      
Shares outstanding at end of period58,792,364
 53,041,751
58,766,215
 58,800,001

49





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)

September 30, 20172019

10. Financial Highlights — (continued)

Nine Months Ended September 30,Nine Months Ended September 30,
2017 20162019 2018
Ratios to average common equity: (4)
      
Net investment income (5)
11.1% 10.2%12.4% 11.4%
Expenses7.1% 6.6%
Expenses and incentive allocation (6)
9.1% 8.5%
Expenses excluding incentive compensation9.6% 8.4%
Expenses including incentive compensation11.5% 10.4%
      
Ending common shareholder equity$877,396,967
 $787,107,542
$798,626,464
 $853,013,535
Portfolio turnover rate31.1% 23.8%26.8% 25.1%
Weighted-average leverage outstanding$599,740,024
 $528,593,078
$881,959,850
 $751,842,574
Weighted-average interest rate on leverage4.5% 3.7%4.7% 4.6%
Weighted-average number of common shares56,390,954
 50,245,035
58,766,410
 58,824,514
Average leverage per share$10.64
 $10.52
$15.01
 $12.78
______________
(1)
(1)    Not annualized.

(2)Total return based on market value equals the change in ending market value per 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)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 at the beginning of the period.

(4)    Annualized, except for incentive compensation.
(4)Annualized, except for incentive allocation.

(5)Net of incentive allocation.

(6)Includes incentive allocation payable to the General Partner and all Company expenses.



50





BlackRock TCP Capital Corp.

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

Nine Months Ended September 30, 20172019

Security 
Dividends or Interest (2)
 
Fair Value at
December 31, 2016
 Net realized gain or loss Net increase or decrease in unrealized appreciation or depreciation 
Acquisitions (3)
 
Dispositions (4)
 
Fair Value at
September 30, 2017
36th Street Capital Partners Holdings, LLC, Membership Units $—
 $6,818,897
 $—
 $2,362,761
 $1,876,574
 $(1,612,852) $9,445,380
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 2,814,491
 29,203,304
 —
 —
 10,323,288
 (17,829,721) 21,696,871
AGY Holding Corp., Common Stock —
 —
 —
 —
 —
 —
 —
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/16 764,610
 9,268,000
 —
 —
 —
 —
 9,268,000
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/18 95,472
 1,049,147
 —
 (1) —
 —
 1,049,146
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/16 443,133
 4,869,710
 —
 (133) —
 —
 4,869,577
Anacomp, Inc., Class A Common Stock —
 1,205,306
 —
 50,221
 —
 —
 1,255,527
Conergy Asia Holdings Limited, Class B Shares 0
 0
 —
 7,900
 1,000,000
   1,007,900
Conergy Asia Holdings Limited, Ordinary Shares 0
 0
 —
 —
 7,833,333
 (6,005,729) 1,827,604
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 1,123,796
 12,101,483
 —
 (2,034,497) 1,106,331
 —
 11,173,317
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 190,177
 2,846,246
 —
 —
 187,429
 —
 3,033,675
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 78,261
 —
 —
 —
 3,368,589
 (3,368,589) —
Edmentum Ultimate Holdings, LLC, Class A Common Units —
 1,123,591
 —
 (1,121,996) —
 —
 1,595
EPMC HoldCo, LLC, Membership Units —
 210,035
 —
 —
 —
 —
 210,035
Essex Ocean II, LLC, Membership Units —
 159,045
 —
 (159,045) —
 —
 —
Globecomm Systems Inc., Senior Secured 1st Lien Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/18 973,215
 14,480,002
 —
 (1,033,747) 373
 (37,320) 13,409,308
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 91,711
 —
 —
 —
 1,900,733
 —
 1,900,733
Iracore Investments Holdings, Inc., Class A Common Stock —
 —
 —
 (1,143,868) 4,177,710
 —
 3,033,842
KAGY Holding Company, Inc., Series A Preferred Stock —
 4,607,246
 —
 6,414,295
 

 —
 11,021,541
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 8.2% Cash + 3.5% PIK, due 7/2/17 1,614,803
 21,276,653
 —
 (771,618) 267,919
 (4,072,441) 16,700,513
Kawa Solar Holdings Limited, Revolving Credit Facility, 8.2%, due 7/2/17 291,522
 4,000,000
 —
 —
 2,072,441
 —
 6,072,441
Kawa Solar Holdings Limited, Ordinary Shares —
 —
 —
 —
 —
 —
 —
Kawa Solar Holdings Limited, Series B Preferred Shares —
 1,395,350
 —
 (1,395,340) 233
 —
 243
RM Holdco, LLC, Equity Participation —
 —
 —
 —
 —
 —
 —
RM Holdco, LLC, Membership Units 94,458
 —
 —
 —
 —
 —
 —
RM OpCo, LLC, Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/21/16 259,194
 4,871,284
 —
 —
 20,813
 —
 4,892,097
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18 644,597
 3,154,770
 —
 (3,799,525) 644,755
 —
 —
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 203,774
 3,049,555
 —
 (576,038) 203,055
 —
 2,676,572
RM OpCo, LLC, Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 129,857
 1,943,371
 —
 (367,088) 129,400
 —
 1,705,683
RM OpCo, LLC, Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18 367,755
 4,251,368
 —
 —
 2,238,735
 —
 6,490,103
United N659UA-767, LLC (N659UA) 119,856
 3,191,938
 —
 62,801
 

 (271,381) 2,983,358
United N661UA-767, LLC (N661UA) 103,515
 3,266,101
 —
 78,880
 

 (287,722) 3,057,259
Wasserstein Cosmos Co-Invest, L.P., Limited Partnership Units —
 1,530,000
 —
 (1,529,500) —
 —
 500
Security Dividends or Interest (2) Fair Value at
December 31, 2018		 Net realized gain or loss Net increase or decrease in unrealized appreciation or depreciation Acquisitions (3) Dispositions (4) Fair Value at
September 30, 2019
AGY Holding Corp., Common Stock $—
 $—
 $—
 $—
 $—
 $—
 $—
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 545,334
 9,777,740
 —
 (3,145,773) 682,765
 —
 7,314,732
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 5/18/20 95,483
 1,049,147
 —
 —
 31,824
 —
 1,080,971
AGY Holding Corp., Senior Secured Term Loan, 12%, due 5/18/20 443,181
 4,869,577
 —
 —
 147,710
 —
 5,017,287
Edmentum Ultimate Holdings, LLC, Class A Common Units��—
 —
 —
 294,816
 —
 —
 294,816
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 1,375,987
 11,152,078
 —
 4,663,747
 1,354,650
 —
 17,170,475
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 225,538
 3,375,453
 —
 —
 222,284
 —
 3,597,737
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units —
 —
 —
 1,456,595
 —
 —
 1,456,595
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 170,776
 1,153,076
 —
 —
 4,245,004
 (953,071) 4,445,009
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 883,828
 6,187,478
 —
 406,128
 4,085,864
 —
 10,679,470
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 418,710
 7,719,069
 —
 —
 417,046
 (496,290) 7,639,825
Edmentum, Inc., Senior Unsecured Promissory Note, 10%, due 9/30/19 194,184
 —
 —
 —
 3,644,068
 (3,644,068) —
Educationcity Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 9/30/19 77,674
 —
 —
 —
 1,457,627
 (1,457,627) —
EPMC HoldCo, LLC, Membership Units —
 26,254
 43,320
 (26,254) —
 (43,320) —
Green Biologics, Inc., Common Stock —
 3,670,777
 —
 (5,677,054) 2,006,277
 —
 —
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 164,928
 1,900,733
 —
 —
 —
 —
 1,900,733
Iracore Investments Holdings, Inc., Class A Common Stock —
 1,375,243
 —
 853,426
 —
 —
 2,228,669
KAGY Holding Company, Inc., Series A Preferred Stock —
 969,224
 —
 (969,224) —
 —
 —
NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22 101,050
 1,574,099
 —
 —
 84,863
 (1,658,962) —
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units —
 6,543,086
 —
 325,212
 —
 —
 6,868,298
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units —
 364,299
 —
 17,870
 —
 —
 382,169
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units —
 367,914
 —
 18,047
 —
 —
 385,961
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units —
 1,118,110
 —
 (400,616) —
 —
 717,494
Total $4,696,673
 $63,193,357
 $43,320
 $(2,183,080) $18,379,982
 $(8,253,338) $71,180,241
______________
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 Investment Company Act of 1940 due to the ownership by the Company of 5% or moreto 25% of the issuers' voting securities.
(2)Also includes fee and lease income as applicableapplicable.
(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, paydowns, mortgage amortizations and aircraft depreciation.












51






BlackRock TCP Capital Corp.

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

YearNine Months Ended December 31, 2016September 30, 2019

Security 
Dividends or Interest(2)
 
Fair Value at
December 31,
2015
 Net realized gain or loss Net increase or decrease in unrealized appreciation or depreciation 
Acquisitions(3)
 
Dispositions(4)
 
Fair Value at
December 31,
2016
36th Street Capital Partners Holdings, LLC, Membership Units $—
 $225,000
 $—
 $—
 $6,593,897
 $—
 $6,818,897
36th Street Capital Partners Holdings, LLC, Subordinated Promissory Note, 12%, due 11/1/20 1,921,851
 900,000
 —
 —
 28,303,304
 —
 29,203,304
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/16 1,019,480
 9,268,000
 —
 —
 —
 —
 9,268,000
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/18 20,074
 —
 —
 —
 1,049,147
 —
 1,049,147
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/16 594,088
 4,869,577
 —
 —
 133
 —
 4,869,710
Anacomp, Inc., Class A Common Stock —
 1,581,964
 —
 (376,658) —
 —
 1,205,306
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 1,381,227
 11,343,490
 —
 (605,002) 1,362,995
 —
 12,101,483
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 236,640
 2,612,408
 —
 —
 233,838
 —
 2,846,246
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 51,210
 —
 —
 —
 2,762,241
 (2,762,241) —
Edmentum Ultimate Holdings, LLC, Class A Common Units —
 680,218
 —
 —
 443,373
 —
 1,123,591
EPMC HoldCo, LLC, Membership Units —
 682,614
 417,445
 (472,579) 0
 (417,445) 210,035
Essex Ocean II, LLC, Membership Units —
 200,686
 —
 54,390
 0
 (96,031) 159,045
Globecomm Systems Inc., Senior Secured 1st Lien Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/18 1,316,646
 14,256,233
 —
 371,555
 1,493
 (149,279) 14,480,002
KAGY Holding Company, Inc., Series A Preferred Stock —
 6,118,515
 —
 (1,511,269) 0
 —
 4,607,246
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 8.2% Cash + 3.5% PIK, due 7/2/17 2,475,897
 25,000,000
 —
 —
 (3,723,347) —
 21,276,653
Kawa Solar Holdings Limited, Revolving Credit Facility, 8.2%, due 7/2/17 93,425
 —
 —
 —
 4,000,000
 —
 4,000,000
Kawa Solar Holdings Limited, Ordinary Shares —
 —
 —
 —
 —
 —
 —
Kawa Solar Holdings Limited, Series B Preferred Shares —
 —
 —
 —
 1,395,350
 —
 1,395,350
N659UA Aircraft Secured Mortgage, 12%, due 2/28/16 4,554
 318,980
 —
 (5,665) —
 (313,315) —
N661UA Aircraft Secured Mortgage, 12%, due 5/4/16 11,822
 570,303
 —
 (12,619) —
 (557,684) —
N913DL Aircraft Secured Mortgage, 8%, due 3/15/17 2,322
 115,617
 —
 (1,421) —
 (114,196) —
N918DL Aircraft Secured Mortgage, 8%, due 8/15/18 5,109
 237,494
 —
 (4,275) —
 (233,219) —
N954DL Aircraft Secured Mortgage, 8%, due 3/20/19 7,829
 342,734
 —
 (6,180) —
 (336,554) —
N955DL Aircraft Secured Mortgage, 8%, due 6/20/19 8,463
 369,162
 —
 (6,930) —
 (362,232) —
N956DL Aircraft Secured Mortgage, 8%, due 5/20/19 8,365
 365,197
 —
 (6,817) —
 (358,380) —
N957DL Aircraft Secured Mortgage, 8%, due 6/20/19 8,537
 372,392
 —
 (6,991) —
 (365,401) —
N959DL Aircraft Secured Mortgage, 8%, due 7/20/19 8,708
 379,522
 —
 (7,161) —
 (372,361) —
N960DL Aircraft Secured Mortgage, 8%, due 10/20/19 9,289
 403,869
 —
 (7,700) —
 (396,169) —
N961DL Aircraft Secured Mortgage, 8%, due 8/20/19 9,028
 393,115
 —
 (7,448) —
 (385,667) —
N976DL Aircraft Secured Mortgage, 8%, due 2/15/18 4,636
 218,321
 —
 (3,635) —
 (214,686) —
N913DL Equipment Trust Beneficial Interests 491,371
 107,501
 211,982
 (23,336) —
 (296,147) —
N918DL Equipment Trust Beneficial Interests 8,483
 127,662
 89,515
 (41,618) —
 (175,559) —
N954DL Equipment Trust Beneficial Interests 8,743
 77,850
 (17,833) 17,495
 —
 (77,512) —
N955DL Equipment Trust Beneficial Interests 8,278
 108,100
 (40,649) (16,055) —
 (51,396) —
N956DL Equipment Trust Beneficial Interests 8,362
 104,478
 (36,257) (12,484) —
 (55,737) —
N957DL Equipment Trust Beneficial Interests 8,249
 105,329
 (43,849) (12,913) —
 (48,567) —
N959DL Equipment Trust Beneficial Interests 8,139
 106,203
 (51,380) (13,363) —
 (41,460) —
N960DL Equipment Trust Beneficial Interests 7,785
 105,937
 (76,964) (11,434) —
 (17,539) —
N961DL Equipment Trust Beneficial Interests 7,976
 101,487
 (65,354) (7,469) —
 (28,664) —
N976DL Equipment Trust Beneficial Interests 8,635
 100,793
 110,531
 (12,825) —
 (198,499) —
RM Holdco, LLC, Equity Participation —
 —
 —
 —
 —
 —
 —
RM Holdco, LLC, Membership Units 251,887
 —
 —
 —
 —
 —
 —
RM OpCo, LLC, Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/21/16 328,902
 3,719,155
 —
 281,896
 870,233
 —
 4,871,284
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18 804,739
 4,490,993
 —
 (2,135,114) 798,891
 —
 3,154,770
RM OpCo, LLC, Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 253,440
 2,797,956
 —
 —
 251,599
 —
 3,049,555
RM OpCo, LLC, Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 165,193
 1,783,036
 —
 (3,685) 164,020
 —
 1,943,371
RM OpCo, LLC, Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18 248,959
 2,188,233
 —
 —
 2,063,135
 —
 4,251,368
United N659UA-767, LLC (N659UA) 456,168
 3,368,599
 —
 (284,572) —
 107,911
 3,191,938
United N661UA-767, LLC (N661UA) 549,091
 3,294,024
 —
 (341,679) —
 313,756
 3,266,101
Wasserstein Cosmos Co-Invest, L.P., Limited Partnership Units —
 4,198,500
 —
 (2,668,500) —
 —
 1,530,000
Security Dividends or Interest (2) Fair Value at
December 31, 2018		 Net realized gain or loss Net increase or decrease in unrealized appreciation or depreciation Acquisitions (3) Dispositions (4) Fair Value at
September 30, 2019
36th Street Capital Partners Holdings, LLC, Membership Units $1,786,932
 $18,931,733
 $—
 $3,749,274
 $2,220,602
 $—
 $24,901,609
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 2,690,062
 27,839,419
 —
 —
 11,578,750
 —
 39,418,169
Anacomp, Inc., Class A Common Stock —
 1,418,746
 —
 (288,772) —
 —
 1,129,974
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 132,671
 1,773,807
 —
 (165,141) —
 —
 1,608,666
Conergy Asia Holdings Limited, Class B Shares —
 —
 —
 —
 —
 —
 —
Conergy Asia Holdings Limited, Ordinary Shares —
 —
 —
 —
 —
 —
 —
Conventional Lending TCP Holdings, LLC, Membership Units   —
 —
 364,109
 12,136,956
 —
 12,501,065
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 5/26/20 —
 11,682,923
 —
 (816,391) —
 (7,577,094) 3,289,438
Kawa Solar Holdings Limited, Ordinary Shares —
 —
 —
 (578,646) —
 578,646
 —
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 —
 2,922,269
 —
 172,077
 —
 (578,646) 2,515,700
Kawa Solar Holdings Limited, Series B Preferred Shares —
 —
 —
 —
 —
 —
 —
United N659UA-767, LLC (Aircraft Trust Holding Company) 119,856
 2,826,708
 —
 (146,757) —
 (271,382) 2,408,569
United N661UA-767, LLC (Aircraft Trust Holding Company) 103,514
 2,896,083
 —
 (152,750) —
 (287,722) 2,455,611
Total $4,833,035
 $70,291,688
 $—
 $2,137,003
 $25,936,308
 $(8,136,198) $90,228,801
______________
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 Investment Company Act of 1940 due to the ownership by the Company of 5% or more than 25% of the issuers’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, paydowns, mortgage amortizations and aircraft depreciation.


52





BlackRock TCP Capital Corp.
Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates(1)

Year Ended December 31, 2018
Security Dividends or Interest (2) Fair Value at
December 31, 2017		 Net realized gain or loss Net increase or decrease in unrealized appreciation or depreciation Acquisitions (3) Dispositions (4) Fair Value at
December 31, 2018
AGY Holding Corp., Common Stock $—
 $—
 $—
 $—
 $—
 $—
 $—
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 1,054,681
 9,268,000
 —
 —
 509,740
 —
 9,777,740
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 5/18/20 127,646
 1,049,147
 —
 —
 —
 —
 1,049,147
AGY Holding Corp., Senior Secured Term Loan, 12%, due 5/18/20 592,465
 4,869,577
 —
 —
 —
 —
 4,869,577
Edmentum Ultimate Holdings, LLC, Class A Common Units —
 —
 —
 —
 —
 —
 —
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 1,686,990
 10,377,830
 —
 (886,600) 1,660,848
 —
 11,152,078
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 279,918
 3,099,573
 —
 —
 275,880
 —
 3,375,453
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units —
 —
 —
 —
 —
 —
 —
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 129,029
 2,189,584
 —
 2
 3,740,309
 (4,776,819) 1,153,076
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 332,418
 —
 —
 910,888
 5,293,696
 (17,106) 6,187,478
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 722,259
 —
 —
 8
 7,719,061
 —
 7,719,069
EPMC HoldCo, LLC, Membership Units —
 210,035
 196,908
 (183,781) —
 (196,908) 26,254
Globecomm Systems, Inc., Senior Secured 1st Lien Incremental Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/21 14,923
 175,824
 3,917
 (4,221) 14,155
 (189,675) —
Globecomm Systems, Inc., Senior Secured 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21 547,010
 7,200,000
 —
 —
 420,234
 (7,620,234) —
Globecomm Systems, Inc., Senior Secured 2nd Tranche Term Loan, LIBOR + 8%, 1.25% LIBOR Floor, due 12/11/21 244,408
 2,400,000
 —
 —
 187,800
 (2,587,800) —
Globecomm Systems, Inc., Senior Secured 3rd Tranche Term Loan, 12.5% PIK, due 12/11/21 158,129
 1,248,000
 (1,117,442) —
 122,538
 (253,096) —
Globecomm Systems, Inc., Senior Secured 4th Tranche Term Loan, 12.5% PIK, due 12/11/21 205,845
 2,256,000
 (2,477,512) —
 221,512
 —
 —
Globecomm Systems, Inc., Senior Secured Incremental 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21 9,757
 —
 —
 —
 244,778
 (244,778) —
Green Biologics, Inc., Common Stock —
 —
 —
 (14,851,816) 18,522,593
 —
 3,670,777
HCT Acquisition, LLC (Globecomm), Membership Units —
 531,575
 (531,575) —
 —
 —
 —
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 213,331
 1,900,733
 —
 —
 —
 —
 1,900,733
Iracore Investments Holdings, Inc., Class A Common Stock —
 3,458,749
 —
 (2,083,506) —
 —
 1,375,243
KAGY Holding Company, Inc., Series A Preferred Stock —
 11,034,519
 —
 (10,065,295) —
 —
 969,224
NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22 118,111
 1,584,734
 —
 —
 118,889
 (129,524) 1,574,099
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units —
 4,345,010
 —
 2,198,076
 —
 —
 6,543,086
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units —
 111,875
 —
 252,424
 —
 —
 364,299
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units —
 112,985
 —
 254,929
 —
 —
 367,914
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units —
 1,201,138
 —
 (83,028) —
 —
 1,118,110
RM Holdco, LLC (Real Mex), Equity Participation —
 —
 —
 —
 —
 —
 —
RM Holdco, LLC (Real Mex), Membership Units 31,486
 —
 (2,010,777) 2,010,777
 —
 —
 —
RM OpCo, LLC (Real Mex), Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 77,143
 862,509
 (2,210,269) 1,255,117
 92,643
 —
 —
RM OpCo, LLC (Real Mex), Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18 264,147
 7,250,973
 (7,568,193) —
 317,220
 —
 —
RM OpCo, LLC (Real Mex), Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/30/18 297,194
 4,899,257
 (150,583) (283,386) 297,423
 (4,762,711) —
RM OpCo, LLC (Real Mex), Senior Secured 1st Out Term Loan Tranche A, 7%, due 3/30/18 101,757
 —
 7,551
 (38,950) 1,461,263
 (1,429,864) —
RM OpCo, LLC (Real Mex), Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18 —
 —
 (10,398,622) 10,398,622
 —
 —
 —
RM OpCo, LLC (Real Mex), Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 121,054
 1,353,457
 (3,452,951) 1,954,117
 145,377
 —
 —
RM OpCo, LLC (Real Mex), Senior Secured Super Priority Debtor-in-Possession Term Loan, 8.5%, due 12/15/18 18,337
 —
 5,251
 —
 715,249
 (720,500) —
Total $7,348,038
 $82,991,084
 $(29,704,297) $(9,245,623) $42,081,208
 $(22,929,015) $63,193,357
______________
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 Investment Company Act of 1940 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, paydowns, mortgage amortizations and aircraft depreciation.

53






BlackRock TCP Capital Corp.
Consolidated Schedule of Changes in Investments in Controlled Affiliates(1)

Year Ended December 31, 2018
Security Dividends or Interest (2) Fair Value at
December 31, 2017		 Net realized gain or loss Net increase or decrease in unrealized appreciation or depreciation Acquisitions (3) Dispositions (4) Fair Value at
December 31, 2018
36th Street Capital Partners Holdings, LLC, Membership Units $750,715
 $12,576,276
 $—
 $(443,614) $7,049,072
 $(250,000) $18,931,734
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 3,537,166
 30,827,391
 —
 —
 1,155,002
 (4,142,974) 27,839,419
Anacomp, Inc., Class A Common Stock —
 1,418,746
 —
 —
 —
 —
 1,418,746
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 112,355
 666,667
 —
 —
 1,107,140
 —
 1,773,807
Conergy Asia Holdings Limited, Class B Shares —
 1,027,700
 —
 (1,027,700) —
 —
 —
Conergy Asia Holdings Limited, Ordinary Shares —
 193,847
 —
 (193,847) —
 —
 —
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0% PIK, due 5/26/20 645,470
 16,233,431
 —
 (2,473,048) (290,793) (1,786,667) 11,682,923
Kawa Solar Holdings Limited, Ordinary Shares —
 —
 —
 —
 —
 —
 —
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 —
 7,048,850
 —
 (5,746,581) 1,620,000
 —
 2,922,269
Kawa Solar Holdings Limited, Series B Preferred Shares —
 —
 —
 —
 —
 —
 —
United N659UA-767, LLC (Aircraft Trust Holding Company) 159,808
 3,161,798
 —
 26,751
 —
 (361,841) 2,826,708
United N661UA-767, LLC (Aircraft Trust Holding Company) 138,019
 3,228,449
 —
 51,265
 —
 (383,631) 2,896,083
Total $5,343,533
 $76,383,155
 $—
 $(9,806,774) $10,640,421
 $(6,925,113) $70,291,689
______________
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 Investment Company Act of 1940 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, paydowns, mortgage amortizations and aircraft depreciation.

54





BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers (Unaudited)

September 30, 20172019

Investment Acquisition Date
Actifio, Inc., Warrants to Purchase Series FG Preferred Stock 5/5/17
Adesto Technologies Corporation, Warrants to Purchase Common Stock5/8/18
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 10%,9% PIK, due 10/1/2122 1/26/17
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 10%9%, due 10/1/2122 1/26/17
Avanti Communications Group, PLC (144A), Senior Secured Third-Priority Note, 12%, due 10/1/231/26/17
Caribbean Financial Group, Senior Secured Notes, 11.5%, due 11/15/1910/19/12
Epic Aero,Domo, Inc. (One Sky), Warrants to Purchase Common Stock 12/4/135/17
Envigo RMS Holding Corp., Common Stock6/3/19
Fidelis Topco LP, Warrants to Purchase Series A Preferred Units7/20/18
Fidelis Topco LP, Warrants to Purchase Series B Preferred Units7/20/18
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock1/30/19
Findly Talent, LLC, Class A Membership Units 1/1/14
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock 5/4/17
Fuse Media, LLC, Warrants to Purchase Common Stock8/3/12
GACP I, LP (Great American Capital), Membership Units 10/1/15
GACP II, LP (Great American Capital), Membership Units1/12/18
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock 2/7/17
Gogo Intermediate Holdings, LLC, Senior Secured Notes, 12.5%, due 7/1/226/9/16
Green Biologics, Inc., Convertible Note, 10% PIK, due 6/30/197/12/17
Green Biologics,GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock 12/22/143/16/18
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
Lions Holdings,InMobi, Inc., (BPA), Series A Warrants to Purchase CommonSeries E Preferred Stock (Strike Price $28.58) 7/14/17
Lions Holdings, Inc., (BPA), Series B Warrants to Purchase Common Stock7/14/1710/1/18
Nanosys, Inc., Warrants to Purchase CommonPreferred Stock 3/29/16
NEG Parent, LLC (CORE Entertainment,Quora, Inc.), Class A Units10/17/16
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units10/17/16
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units10/17/16
NEXTracker, Inc., Series BD Preferred Stock 4/12/17/14
NEXTracker, Inc., Series C Preferred Stock6/12/1519
Shop Holding, LLC (Connexity), Class A Units 6/2/11
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock3/20/18
Soraa, Inc., Warrants to Purchase Common Stock 8/29/14
SoundCloud, Ltd., Warrants to Purchase Preferred Stock 4/30/15
STG-Fairway Holdings, LLC (First Advantage), Class A Units 12/30/10
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock 3/9/17
Utilidata, Inc., Warrants to Purchase Preferred Stock 12/22/15
V Telecom Investment S.C.A. (Vivacom), Common Shares 11/9/12

55





BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers

December 31, 20162018
Investment Acquisition Date
Actifio, Inc., Warrants to Purchase Series G Preferred Stock5/5/17
Adesto Technologies Corporation, Warrants to Purchase Common Stock5/8/18
Avanti Communications Group, PLC (144A), Senior Secured Notes, 10%New Money Initial Note, 9%, due 10/1/1922 9/1/26/1317
BlackLine Intermediate,Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/221/26/17
CFG Investments Limited (Caribbean Financial Group), Subordinated Class B Notes, 9.42%, due 11/15/2611/7/17
Domo, Inc., Warrants to Purchase Common Stock 9/25/1312/5/17
Boomerang Tube Holdings, Inc., Common Stock2/2/16
Caribbean Financial Group, Senior Secured Notes, 11.5%, due 11/15/1910/19/12
Epic Aero, Inc. (One Sky),Fidelis Topco LP, Warrants to Purchase Common StockSeries A Preferred Units 12/4/137/20/18
Fidelis Topco LP, Warrants to Purchase Series B Preferred Units7/20/18
Findly Talent, LLC, Class A Membership Units 1/1/14
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock5/4/17
Fuse Media, LLC, Warrants to Purchase Common Stock 8/3/12
Fuse, LLC, Senior Secured Notes, 10.375%, due 7/1/196/18/14
GACP I, LP (Great American Capital), Membership Units 10/1/15
Gogo Intermediate Holdings, LLC, Senior Secured Notes, 12.5%GACP II, LP (Great American Capital), due 7/1/22Membership Units 6/9/161/12/18
Green Biologics,GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock 12/22/142/7/17
InMobi,GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock 9/18/153/16/18
Integra Telecom, Inc., Common Stock11/19/09
Integra Telecom, Inc., Warrants11/19/09
Iracore International, Inc., Senior Secured Notes, 9.5%, due 6/1/185/8/13
Magnolia Finance V plc, Asset-Backed Credit Linked Notes, 13.125%, due 8/2/218/1/13
Marsico Holdings, LLC, Common Interest Units9/10/12
Nanosys,InMobi, Inc., Warrants to Purchase Common Stock 3/29/168/22/17
NEG Parent, LLC, Class A UnitsInMobi, 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) 10/17/161/18
NEG Parent, LLC, ClassLions Holdings, Inc., (BPA), Series A Warrants to Purchase Class A UnitsCommon Stock 10/17/167/14/17
NEG Parent, LLC, ClassLions Holdings, Inc., (BPA), Series B Warrants to Purchase Class A UnitsCommon Stock 10/17/167/14/17
NEG Parent, LLC, Class P Units10/17/16
NEXTracker,Nanosys, Inc., Series BWarrants to Purchase Preferred Stock 12/17/14
NEXTracker, Inc., Series C Preferred Stock6/12/15
Rightside Group, Ltd., Warrants8/6/143/29/16
Shop Holding, LLC (Connexity), Class A Units 6/2/11
Soasta,SnapLogic, Inc., Warrants to Purchase Series F Preferred Stock 3/4/1620/18
Soraa, Inc., Warrants to Purchase Common Stock 8/29/14
SoundCloud, Ltd., Warrants to Purchase Preferred Stock 4/30/15
STG-Fairway Holdings, LLC (First Advantage), Class A Units 12/30/10
Trade Finance Funding I, Ltd.Tradeshift, Inc., Secured Class B Notes, 10.75%, due 11/13/18Warrants to Purchase Series D Preferred Stock 11/13/133/9/17
Utilidata, Inc., Warrants to Purchase Preferred Stock 12/22/15
V Telecom Investment S.C.A. (Vivacom), Common Shares 11/9/12
Waterfall International, Inc., Series B Preferred Stock9/16/15
Waterfall International, Inc., Warrants to Purchase Stock9/16/15

TCP Capital Corp.

Consolidating Statement of Assets and Liabilities (Unaudited)
56

September 30, 2017
 
TCP
Capital Corp.
Standalone
 
Special Value
Continuation
Partners, LP
Consolidated
 Eliminations 
TCP
Capital Corp.
Consolidated
Assets       
Investments, at fair value:       
Companies less than 5% owned$—
 $1,389,967,667
 $—
 $1,389,967,667
Companies 5% to 25% owned—
 74,735,725
 —
 74,735,725
Companies more than 25% owned—
 64,047,095
 —
 64,047,095
Investment in subsidiary1,243,969,860
 —
 (1,243,969,860) —
Total investments1,243,969,860
 1,528,750,487
 (1,243,969,860) 1,528,750,487
        
Cash and cash equivalents—
 71,929,885
 —
 71,929,885
Accrued interest income—
 19,850,090
 —
 19,850,090
Receivable for investments sold—
 13,414,257
 —
 13,414,257
Deferred debt issuance costs—
 3,664,315
 —
 3,664,315
Prepaid expenses and other assets512,789
 3,993,300
 —
 4,506,089
Total assets1,244,482,649
 1,641,602,334
 (1,243,969,860) 1,642,115,123
        
Liabilities       
Debt, net of unamortized issuance costs363,128,121
 302,249,986
 —
 665,378,107
Payable for investment securities purchased—
 85,545,089
 —
 85,545,089
Incentive allocation payable—
 5,513,546
 —
 5,513,546
Interest payable2,921,146
 1,605,509
 —
 4,526,655
Payable to the Advisor424,942
 669,307
 —
 1,094,249
Unrealized depreciation on swaps—
 470,202
 —
 470,202
Accrued expenses and other liabilities611,473
 1,578,835
 —
 2,190,308
Total liabilities367,085,682
 397,632,474
 —
 764,718,156
        
Net assets$877,396,967
 $1,243,969,860
 $(1,243,969,860) $877,396,967
        
Composition of net assets       
Common stock$58,792
 $—
 $—
 $58,792
Additional paid-in capital1,038,026,254
 1,273,621,817
 (1,273,621,817) 1,038,026,254
Accumulated deficit(160,688,079) (29,651,957) 29,651,957
 (160,688,079)
Net assets$877,396,967
 $1,243,969,860
 $(1,243,969,860) $877,396,967


TCP Capital Corp.

Consolidating Statement of Assets and Liabilities

December 31, 2016
 
TCP
Capital Corp.
Standalone
 
Special Value
Continuation
Partners, LP
Consolidated
 Eliminations 
TCP
Capital Corp.
Consolidated
Assets       
Investments, at fair value:       
Companies less than 5% owned$—
 $1,175,097,468
 $—
 $1,175,097,468
Companies 5% to 25% owned—
 69,355,808
 —
 69,355,808
Companies more than 25% owned—
 70,516,594
 —
 70,516,594
Investment in subsidiary1,031,709,637
 —
 (1,031,709,637) —
Total investments1,031,709,637
 1,314,969,870
 (1,031,709,637) 1,314,969,870
        
Cash and cash equivalents—
 53,579,868
 —
 53,579,868
Accrued interest income—
 13,692,194
 —
 13,692,194
Deferred debt issuance costs—
 3,828,784
 —
 3,828,784
Prepaid expenses and other assets371,466
 1,156,279
 —
 1,527,745
Total assets1,032,081,103
 1,387,226,995
 (1,031,709,637) 1,387,598,461
        
Liabilities       
Debt, net of unamortized issuance costs237,871,436
 333,787,426
 —
 571,658,862
Payable for investment securities purchased—
 12,348,925
 —
 12,348,925
Interest payable2,298,333
 2,715,380
 —
 5,013,713
Incentive allocation payable—
 4,716,834
 —
 4,716,834
Payable to the Advisor—
 325,790
 —
 325,790
Accrued expenses and other liabilities975,343
 1,623,003
 —
 2,598,346
Total liabilities241,145,112
 355,517,358
 —
 596,662,470
        
Net assets$790,935,991
 $1,031,709,637
 $(1,031,709,637) $790,935,991
        
Composition of net assets       
Common stock$53,042
 $—
 $—
 $53,042
Additional paid-in capital944,426,650
 1,180,024,317
 (1,180,024,317) 944,426,650
Accumulated deficit(153,543,701) (148,314,680) 148,314,680
 (153,543,701)
Net assets$790,935,991
 $1,031,709,637
 $(1,031,709,637) $790,935,991


TCP Capital Corp.

Consolidating Statement of Operations (Unaudited)

Nine Months Ended September 30, 2017
 
TCP
Capital Corp.
Standalone
 
Special Value
Continuation
Partners, LP
Consolidated
 Eliminations 
TCP
Capital Corp.
Consolidated
Investment income       
Interest income:       
Companies less than 5% owned$—
 $117,016,921
 $—
 $117,016,921
Companies 5% to 25% owned—
 5,365,553
 —
 5,365,553
Companies more than 25% owned—
 4,720,816
 —
 4,720,816
Dividend income:       
Companies less than 5% owned—
 16,627
 —
 16,627
Lease income:       
Companies more than 25% owned—
 223,370
 —
 223,370
Other income:       
Companies less than 5% owned—
 1,424,831
 —
 1,424,831
Companies 5% to 25% owned—
 94,458
 —
 94,458
Total investment income—
 128,862,576
 —
 128,862,576
Operating expenses
Interest and other debt expenses11,710,817
 12,152,883
 —
 23,863,700
Management and advisory fees—
 15,624,277
 —
 15,624,277
Administration expenses—
 1,730,638
 —
 1,730,638
Legal fees, professional fees and due diligence expenses434,665
 692,722
 —
 1,127,387
Director fees140,292
 281,816
 —
 422,108
Insurance expense109,058
 218,667
 —
 327,725
Custody fees2,626
 241,801
 —
 244,427
Other operating expenses729,707
 1,306,669
 —
 2,036,376
Total operating expenses13,127,165
 32,249,473
 —
 45,376,638
        
Net investment income (loss)(13,127,165) 96,613,103
 —
 83,485,938
        
Net realized and unrealized loss on investments and foreign currency
Net realized loss:       
Investments in companies less than 5% owned—
 (11,540,457) —
 (11,540,457)
Net realized loss—
 (11,540,457) —
 (11,540,457)
        
Change in net unrealized appreciation/depreciation—
 (967,257) —
 (967,257)
Net realized and unrealized loss—
 (12,507,714) —
 (12,507,714)
        
Net increase (decrease) in net assets from operations(13,127,165) 84,105,389
 —
 70,978,224
        
Interest in earnings of subsidiary67,408,201
 —
 (67,408,201) —
Distributions of incentive allocation to the General Partner from net investment income—
 —
 (16,697,188) (16,697,188)
Net increase in net assets applicable to common equityholders resulting from operations$54,281,036
 $84,105,389
 $(84,105,389) $54,281,036

TCP Capital Corp.

Consolidating Statement of Operations (Unaudited)

Nine Months Ended September 30, 2016
 
TCP
Capital Corp.
Standalone
 
Special Value
Continuation
Partners, LP
Consolidated
 Eliminations 
TCP
Capital Corp.
Consolidated
Investment income       
Interest income:       
Companies less than 5% owned$—
 $99,016,633
 $—
 $99,016,633
Companies 5% to 25% owned—
 4,982,075
 —
 4,982,075
Companies more than 25% owned—
 1,915,981
 —
 1,915,981
Lease income:       
Companies more than 25% owned—
 1,496,869
 —
 1,496,869
Other income:       
Companies less than 5% owned—
 1,241,885
 —
 1,241,885
Total investment income—
 108,653,443
 —
 108,653,443
        
Operating expenses       
Interest and other debt expenses5,819,334
 11,758,525
 —
 17,577,859
Management and advisory fees—
 13,976,545
 —
 13,976,545
Legal fees, professional fees and due diligence expenses973,172
 811,002
 —
 1,784,174
Administration expenses—
 1,267,815
 —
 1,267,815
Director fees97,295
 198,191
 —
 295,486
Insurance expense90,345
 190,230
 —
 280,575
Custody fees2,625
 229,221
 —
 231,846
Other operating expenses708,438
 861,548
 —
 1,569,986
Total expenses7,691,209
 29,293,077
 —
 36,984,286
        
Net investment income (loss)(7,691,209) 79,360,366
 —
 71,669,157
        
Net realized and unrealized gain (loss) on investments and foreign currency
Net realized gain (loss):       
Investments in companies less than 5% owned—
 (4,490,140) —
 (4,490,140)
Investments in companies 5% to 25% owned—
 417,446
 —
 417,446
Investments in companies more than 25% owned—
 79,742
 —
 79,742
Net realized loss—
 (3,992,952) —
 (3,992,952)
        
Change in net unrealized appreciation/depreciation—
 53,816
 —
 53,816
Net realized and unrealized loss—
 (3,939,136) —
 (3,939,136)
        
Net increase (decrease) in net assets from operations(7,691,209) 75,421,230
 —
 67,730,021
        
Interest in earnings of subsidiary61,087,399
 —
 (61,087,399) —
Distributions of incentive allocation to the General Partner from net investment income—
 —
 (14,333,831) (14,333,831)
Net increase in net assets applicable to common equityholders resulting from operations$53,396,190
 $75,421,230
 $(75,421,230) $53,396,190

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 “Holding Company”). For simplicity, this report uses the terms “Company,” “we,” “us” andor “our” to include the Holding Company and, where appropriate in the context, Special Value Continuation Partners, LP (the “Operating Company”), on a consolidated basis.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 adviseradvisor 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; and

our ability to maintain our qualification as a regulated investment company and as a business development company.

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 annualquarterly 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.


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Overview

The Holding Company is a Delaware corporation formed on April 2, 2012 and is an externally managed, closed-end, non-diversified management investment company. The Holding Company was formed through the conversion of a pre-existing closed-end investment company. The Holding Company elected to be treatedregulated 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. InvestmentCertain investment operations are conducted either inthrough the Company’s wholly-owned subsidiaries, Special Value Continuation Partners LP,LLC, a Delaware Limited Partnership (the “Operating Company”limited liability company (“SVCP”), of which the Holding Company owns 100% of the common limited partner interests, or in one of the Operating Company’s wholly-owned subsidiaries, TCPC Funding I, LLC (“TCPC Funding”) and TCPC SBIC, LP (the “SBIC”). The Operating Company has alsoSVCP was organized as a limited partnership and had elected to be treatedregulated as a BDC under the 1940 Act. The General PartnerAct 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 Operating Company isSecurities Exchange Act of 1934 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”), which also serves as the administrator (the “Administrator”) of the Holding Company and the Operating Company. The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Holding Company, the Operating Company, TCPC Funding and the SBIC. The equity interests inOn August 1, 2018, the General Partner are owned directly byAdvisor 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.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 Holding Company has elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a RIC, the Holding 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. The Operating Company, TCPC Funding 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 $116.0$270.0 million in available debt under a senior secured revolving, multi-currency credit facility issued by the Operating CompanySVCP (the “SVCP Revolver”Facility”), $350.0 million in available debt under a senior secured revolving credit facility issued by TCPC Funding (the “TCPC Funding Facility”), $108.0 million in convertible senior unsecured notes issued by the Holding Company maturing in 2019 (the “2019 Convertible Notes”), $140.0 million in convertible senior unsecured notes issued by the Holding Company maturing in 2022 (the “2022 Convertible Notes”), $125.0$175.0 million in senior unsecured notes issued by the Holding Company maturing in 2022 (the “2022 Notes”), $150.0 million in senior unsecured notes issued by the Company maturing in 2024 (the “2024 Notes”) and $150.0 million in committed leverage from the SBA (the “SBA Program” and, together with the SVCP Revolver,Facility, the TCPC Funding Facility, the 2019 Convertible Notes, the 2022 Convertible Notes, the 2022 Notes and the 20222024 Notes, the “Leverage Program”). Prior to being replaced by the SVCP Facility on February 26, 2018, leverage included $116.0 million in available debt under a senior secured revolving credit facility issued by SVCP (the “SVCP 2018 Facility”).

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders 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 stockholders provided that we satisfy those requirements.

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

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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 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, 2017, 87.4%2019, 89.4% 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 Series H of SVOF/MM, LLC (the “Administrator”)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 Holding Company’s common stockholders indirectly bear all of the costs and expenses of the Holding Company, the Operating Company,SVCP, TCPC Funding and the SBIC), 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;


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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;

costs of preparing and filing reports or other documents with the SEC;

costs of any reports, proxy statements or other notices to our stockholders, 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.

The investment management agreement provides 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.arrears; provided, however, that, effective as of February 9, 2019, the base management fee is 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.

Additionally, the investment management agreement and the Amended and Restated Limited Partnership Agreement provideprovides that the Advisor or its affiliates may be entitled to incentive compensation under certain circumstances. According to the terms of such agreements,agreement, no incentive compensation was incurred prior to January 1, 2013. Beginning January 1, 2013,Under the current investment management agreement, dated February 9, 2019, 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 with each component being subjectthrough 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 athe extent the cumulative total return requirement of 8% ofthe Company after incentive compensation and including such payment would equal or exceed a 7% annual return on daily weighted-average contributed common equity annually. The incentive compensation is payable to the General Partner by the Operating Company pursuant to the Amended and Restated Limited Partnership Agreement. If the Operating Company is terminated or for any other reason incentive compensation is not paid by the Operating Company, it would be paid pursuant to the investment management agreement between us and the Advisor.equity. The determination of incentive compensation is subject to limitations under the 1940 Act and the Advisers Act.

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.


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Critical accounting policies

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.

Valuation of portfolio investments

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in policies adopted by our board of directors. 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).

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 remainingoriginal maturities within 90 daysof generally three months or less are generally 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 policy that has been reviewed and approved by our board of directors, who also approve in good faith the valuation of such securities as of the end of each quarter. 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 approved by our board of directors 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 Advisor provide recent portfolio company financial statements and other reporting materials to independent valuation firms approved by our board of directors.

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 Advisor.


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The fair value of smaller investments comprising in the aggregate less than 5% of our total capitalization may be determined by the Advisor in good faith in accordance with our valuation policy without the employment of an independent valuation firm.

The audit committee of the board of directors discusses the valuations, and the board of directors approves the fair value of the investments in our portfolio in good faith based on the input of the Advisor, the respective independent valuation firms (to the extent applicable) and the audit committee of the board of directors.

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 aone or more methodologies, including the market approach, anthe income approach, or both approaches,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 we 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 comparables, 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 comparables, our principal market (as the reporting entity) and enterprise values.

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.

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, 2017,2019, less than 0.1% of our investments were categorized as Level 1, 9.9%8.9% were categorized as Level 2, 89.9%91.0% were Level 3 investments valued based on valuations by independent third party sources, and 0.1% were Level 3 investments valued based on valuations by the Advisor.

As of December 31, 2016, none2018, 0.1% of our investments were categorized as Level 1, 8.4%4.2% were categorized as Level 2, 91.5%95.6% were Level 3 investments valued based on valuations by independent third party sources, and 0.1% were Level 3 investments valued based on valuations by the Advisor.


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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. 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, 2017,2019, we invested approximately $245.7$176.0 million, comprised of new investments in ninefour new and seventhree existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, 97.6%88.2% were in senior secured debt comprised of senior secured loans ($236.3144.4 million, or 96.2%82.0% of total acquisitions) and senior secured notes ($3.410.8 million, or 1.4%6.2% of total acquisitions). The remaining $6.0$20.8 million (2.4%(11.8% of total acquisitions) were comprised primarily of equity investments including $2.8$20.4 million in equity interests in two portfolios of debt and lease assets and warrants$0.4 million in equity positions received in connection with a debt investment.investments. Additionally, we received approximately $158.1$180.6 million in proceeds from sales or repayments of investments during the three months ended September 30, 2017.2019.

During the three months ended September 30, 2016,2018, we invested approximately $146.6$163.7 million, comprised of new investments in eightseven new and five existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, 96.2%97.7% were in senior secured debt comprised of senior secured loans ($133.4159.6 million, or 91.0%97.4% of total acquisitions) and senior secured notes ($7.70.4 million, or 5.2%0.3% of total acquisitions). The remaining $5.5$3.7 million (3.8%(2.3% of total acquisitions) were comprised primarily of $3.7 million in equity interests in two portfoliosa portfolio of debt and lease assets. Additionally, we received approximately $108.2$211.5 million in proceeds from sales or repayments of investments during the three months ended September 30, 2016.2018.

During the nine months ended September 30, 2017,2019, we invested approximately $652.4$558.4 million, comprised of new investments in 2219 new and 1716 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, 97.2%94.0% were in senior secured debt comprised of senior secured loans ($613.5512.0 million, or 94.0%91.7% of total acquisitions) and senior secured notes ($20.813.1 million, or 3.2%2.3% of total acquisitions). The remaining $18.1$33.3 million (2.8%(6.0% of total acquisitions) werewas comprised primarily of $5.0 million

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(0.9% of total acquisitions) in unsecured notes and $28.3 million (5.1% of total acquisitions) in equity investments including $13.9comprised primarily of $25.3 million in equity interests in two portfolios of debt and lease assets and warrants$3.0 million in equity positions received in connection with five debt investments. Additionally, we received approximately $434.1$444.1 million in proceeds from sales or repayments of investments during the nine months ended September 30, 2017.2019.

During the nine months ended September 30, 2016,2018, we invested approximately $379.8$457.6 million, comprised of new investments in 1719 new and 1115 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, 95.1%95.2% were in senior secured debt comprised of senior secured loans ($313.7396.4 million, or 82.6%86.6% of total acquisitions) and senior secured notes ($47.339.3 million, or 12.5%8.6% of total acquisitions). The remaining $18.7$21.9 million (4.9%(4.8% of total acquisitions) were comprised primarily of $17.8$20.0 million in equity interests in two portfolios of debt and lease assets, as well as $0.9and $1.9 million in two warrantequity positions received in connection with debt investments. Additionally, we received approximately $294.2$395.7 million in proceeds from sales or repayments of investments during the nine months ended September 30, 2016.

2018.
At September 30, 2017,2019, our investment portfolio of $1,528.8$1,681.3 million (at fair value) consisted of 97105 portfolio companies and was invested 95.7%93.8% in debt investments, substantially all of which wasprimarily in senior secured

debt. In aggregate, our investment portfolio was invested 89.7%87.3% in senior secured loans, 6.0%5.2% in senior secured notes, 1.3% in junior notes and 4.3%6.2% in equity investments. Our average portfolio company investment at fair value was approximately $15.8$16.0 million. Our largest portfolio company investment by value was approximately $45.5 million3.8% of our portfolio and our five largest portfolio company investments by value comprised approximately 13.6%15.8% of our portfolio at September 30, 2017.2019.

At December 31, 2016,2018, our investment portfolio of $1,315.0$1,597.3 million (at fair value) consisted of 9095 portfolio companies and was invested 95.0%94.9% in debt investments, substantially all of which wasprimarily in senior secured debt. In aggregate, our investment portfolio was invested 83.7%87.3% in senior secured loans, 11.3%4.9% in senior secured notes, 2.7% in junior notes and 5.0%5.1% in equity investments. Our average portfolio company investment at fair value was approximately $14.6$16.8 million. Our largest portfolio company investment by value was approximately $46.2 million3.3% of our portfolio and our five largest portfolio company investments by value comprised approximately 14.1%15.5% of our portfolio at December 31, 2016.2018.

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As of September 30, 2019, we transitioned our industry classification system for financial reporting purposes to more closely align with the system generally used by the Advisor for portfolio management purposes. As part of this transition, we are generally classifying the industries of our portfolio companies based on the primary end market served rather than the product or service directed to those end markets.
The industry composition of our portfolio at fair value at September 30, 20172019 was as follows:
Industry 
Percent of Total
Investments
Software PublishingDiversified Financial Services 16.412.3%
Computer Systems DesignSoftware8.8%
Internet Software and Related Services 8.67.7%
Data Processing and HostingProfessional Services 5.27.0%
Credit (Nondepository)Textiles, Apparel and Luxury Goods 5.16.9%
Air TransportationMedia 3.64.9%
Advertising, Public Relations and MarketingIT Services 3.64.7%
Business SupportDiversified Telecommunication Services 3.54.3%
Lessors of Nonfinancial LicensesAutomobiles 3.24.2%
Management, Scientific, and Technical ConsultingDiversified Consumer Services 3.14.0%
HospitalsInsurance 2.9%
PharmaceuticalsHotels, Restaurants and Leisure 2.8%
Scientific Research and Development ServicesAirlines 2.7%
Credit Related ActivitiesBuilding Products 2.62.2%
ChemicalsHealth Care Technology 2.52.1%
Other Real Estate ActivitiesEnergy Equipment and Services 2.52.1%
Insurance2.4%
Equipment LeasingTobacco Related 2.0%
Other Telecommunications2.0%
Utility System Construction1.9%
Other InformationHealthcare Providers and Services1.9%
Other Publishing1.9%
Textile Furnishings Mills 1.8%
Other ManufacturingThrifts and Mortgage Finance 1.7%
Amusement and Recreation1.6%
WholesalersConsumer Finance 1.4%
Real Estate LeasingCapital Markets 1.21.4%
Apparel ManufacturingAerospace and Defense 1.21.3%
Financial Investment ActivitiesRoad and Rail 1.1%
RestaurantsConstruction Materials 1.0%
Retail1.0%
Educational Support Services0.9%
Building Equipment Contractors0.9%
Communications Equipment Manufacturing0.91.1%
Other 4.98.6%
Total 100.0%

The weighted average effective yield of theour debt securities in our portfolio was 10.95%10.6% at September 30, 20172019 and 10.92%11.4% at December 31, 2016.2018. The weighted average effective yield of our total portfolio was 10.0% at September 30, 2019 and 10.9% at December 31, 2018. At September 30, 2017, 88.8%2019, 92.3% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 11.2%7.7% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that bore interest based onwere subject to an interest rate floor was 81.3%63.7% at September 30, 2017.2019. At December 31, 2016, 80.5%2018, 92.7% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR, EURIBOR, the Federal Funds Rate or the Prime

Rate, and 19.5%7.3% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that bore interest based onwere subject to an interest rate floor was 77.0%65.1% at December 31, 2016.2018.


Results of operations

Investment income


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Investment income totaled $43.3$51.6 million and $38.5$49.5 million, respectively, for the three months ended September 30, 20172019 and 2016,2018, of which $42.3$49.9 million and $38.3$49.3 million were attributable to interest and fees on our debt investments, $0.9 million and $0.1 million to dividend income, $0.1 million and $0.1 million to lease income and $0.9$0.8 million and $0.1$0.0 million to other income, respectively. Included in interest and fees on our debt investments were $1.8$3.7 million and $3.0$3.4 million of non-recurring income related to prepayments for the three months ended September 30, 20172019 and 2016,2018, respectively. The increase in investment income in the three months ended September 30, 20172019 compared to the three months ended September 30, 20162018 reflects an anthe increase in interestdividend, prepayment and other income due to the larger portfolio size during the three months ended September 30, 20172019 compared to the three months ended September 30, 2016, and an increase in other income partially offset by a decrease in prepayment income.2018.

Investment income totaled $128.9$147.4 million and $108.7$142.1 million, respectively, for the nine months ended September 30, 20172019 and 2016,2018, of which $127.1$144.5 million and $105.9$141.5 million were attributable to interest and fees on our debt investments, $1.8 million and $0.1 million to dividend income, $0.2 million and $1.5$0.2 million to lease income and $1.6$0.9 million and $1.3$0.3 million to other income, respectively. Included in interest and fees on our debt investments were $13.5$9.5 million and $5.9$7.7 million of non-recurring income related to prepayments for the nine months ended September 30, 20172019 and 2016,2018, respectively. The increase in investment income in the nine months ended September 30, 20172019 compared to the nine months ended September 30, 20162018 reflects an increase in interest income due to the increase in prepayment income and the larger portfolio size during the nine months ended September 30, 20172019 as well as an increase in dividend, prepayment and other income compared to the nine months ended September 30, 2016, partially offset by a decrease in lease income.2018.

Expenses

Total operating expenses for the three months ended September 30, 20172019 and 20162018 were $15.7$26.3 million and $12.8$25.0 million, respectively, comprised of $8.2$12.4 million and $6.2$10.1 million in interest expense and related fees, $5.6$6.4 million and $4.8$6.3 million in base management and advisory fees, $0.3$5.4 million and $6.1 million in incentive fee expense, $0.6 million and $0.6 million in administrative expenses, $0.5 million and $0.6 million in legal and professional fees, $0.6 million and $0.4 million in administrative expenses, and $1.0 million and $0.8$1.3 million in other expenses, respectively. The increase in expenses in the three months ended September 30, 20172019 compared to the three months ended September 30, 20162018 primarily reflects the increase inhigher interest expense and other costs related to the increase in outstanding debt, as well aspartially offset by the higher average interestlower incentive fees due to reduction in the incentive fee rate following the issuances of the 2022 Convertible Notes and 2022 Notes and the increase in LIBOR rates during the period.from 20.0% to 17.5% on February 9, 2019.

Total operating expenses for the nine months ended September 30, 20172019 and 20162018 were $45.4$74.9 million and $37.0$72.1 million, respectively, comprised of $23.9$34.2 million and $17.6$29.8 million in interest expense and related fees, $15.6$18.5 million and $14.0$18.1 million in base management and advisory fees, $1.7$15.6 million and $1.3$17.5 million in incentive fee expense, $1.8 million and $1.8 million in administrative expenses, $1.1$1.4 million and $1.8$1.6 million in legal and professional fees, and $3.1$3.4 million and $2.3$3.3 million in other expenses, respectively. The increase in expenses in the nine months ended September 30, 20172019 compared to the nine months ended September 30, 20162018 primarily reflects the increase inhigher interest expense and other costs related to the increase in outstanding debt, as well aspartially offset by the higher average interestlower incentive fees due to reduction in the incentive fee rate following the issuance of the 2022 Convertible Notes and 2022 Notes and the increase in LIBOR rates during the period.from 20.0% to 17.5% on February 9, 2019.

Net investment income

Net investment income was $27.6$25.3 million and $25.7$24.5 million, respectively, for the three months ended September 30, 20172019 and 2016.2018. The increase in net investment income in the three months ended September 30, 20172019 compared to the three months ended September 30, 20162018 primarily reflects the increase in total investment income, partially offset by the increase in expenses in the three months ended September 30, 2017.

2019.

Net investment income was $83.5$72.4 million and $71.7$70.0 million, respectively, for the nine months ended September 30, 20172019 and 2016.2018. The increase in net investment income in the nine months ended September 30, 20172019 compared to the nine months ended September 30, 20162018 primarily reflects the increase in total investment income, partially offset by the increase in expenses in the nine months ended September 30, 2017.2019.

Net realized and unrealized gain or loss


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Net realized lossesgain (loss) for the three months ended September 30, 20172019 and 2016 were $4.72018 was $(0.2) million and $0.7$1.1 million, respectively. Net realized lossesgains during the three months ended September 30, 20172018 were comprised
primarily of $2.8a $0.8 million gain on the expirationrepayment of our Rightside warrants and $1.9 million on the dispositionloan to iGM, exclusive of our Fuse notes, respectively. Both positions have generated significant interest and other income. The Rightside warrants were allocated value at acquisition in connection with our funding of loans to Rightside at a significant discount to par. The Rightside loans were repaid in full during 2016.additional prepayment income
earned.

Net realized lossesgain (loss) for the nine months ended September 30, 20172019 and 2016 were $11.52018 was $(0.5) million and $4.0$1.2 million, respectively. Net realized lossesgains during the nine months ended September 30, 20172018 were comprised
primarily of a $10.1$0.8 million loss realizationgain on the restructuringrepayment of our loan to Iracore, a $3.5 million loss realization on the restructuringiGM, exclusive of our loan to Avanti Communications Group, the realized losses on Rightside and Fuse Media and a $1.5 million loss on the disposition of our investment in Integra Telecom Holdings, partially offset by a $7.0 million gain on the sale of our equity in Blackline and $1.7 million gain on the sale of our equity in Soasta. The net realized loss during the nine months ended September 30, 2016 was primarily due to the taxable reorganization of our investment in Boomerang Tube, LLC.additional prepayment income

earned.
For the three months ended September 30, 20172019 and 2016,2018, the change in net unrealized appreciation/depreciation was $(2.8)$(6.7) million and $0.9$(10.4) million, respectively. The change in net unrealized appreciation/depreciation for the three months ended September 30, 20172019 was comprised primarily due to a $2.3of markdowns of $5.7 million markdown on Edmentum, $2.0our investment in Fidelis, $3.2 million markdown of Kawa,on our investment in Hylan and $2.1$3.0 million markdown of Real Mex,on our investment in AGY, partially offset by a gain of $5.2 million on our investment in Edmentum as well as a gain of $3.3 million on our investment in Snaplogic. We also earned prepayment income of $0.6 million on the reversaldisposition of previously recognized unrealized losses.our loan to SnapLogic during the quarter. The change in net unrealized appreciation/depreciation for the three months ended September 30, 20162018 was comprised primarily of mark-to-market adjustments resulting from narrower market yield spreads during the quarter.

markdowns of $4.2 million on our investment in Green Biologics, $4.0 million on our investment in Real Mex, and $2.6 million on earnings volatility in AGY Holdings, partially offset by a $3.6 million gain on our investment in 36th Street Capital Partners.
For the nine months ended September 30, 20172019 and 2016,2018, the change in net unrealized appreciation/depreciation was $(1.0)$(40.2) million and $0.0$(24.7) million, respectively. The change in net unrealized appreciation/depreciation for the nine months ended September 30, 20172019 was comprised primarily of a $8.1markdowns of $34.9 million markdown of Kawa as well as a $4.6on our investment in Fidelis, $5.7 million markdown of Real Mexon our investment in line with industry comparables,Green Biologics, and $4.1 million on our investment in AGY, partially offset by a gain of $6.8 million on our investment in Edmentum. The change in net unrealized appreciation/depreciation for the reversalnine months ended September 30, 2018 was comprised primarily of previously recognized unrealized losses as well as various marketin four investments, including $7.4 million on our investment in Kawa, $9.8 million on our investment in Real Mex, $6.9 million on our investment in Green Biologics, and $6.7 million on our investment in AGY Holdings, partially offset by unrealized gains resulting from generally tighter spreads.of $4.7 million on our investment in 36th Street Capital Partners, $2.7 million on our investment in NEG Parent (CORE Entertainment) and $2.5 million on our investment in STG-Fairway Acquisitions.

Income tax expense, including excise tax

The Holding Company has elected to be treated as a RIC under Subchapter M of the Internal Revenue Code (“the 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 Holding Company must, among other things, timely distribute to its stockholders 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 stockholders 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. There was no U.S. federal excise tax expense recorded during the nine months ended September 30, 2017 and 2016.


Incentive compensation

Incentive compensation distributable to the General Partner for the three months ended September 30, 2017 and 2016 was $5.5 million and $5.1 million, respectively. Incentive compensation for the three months ended September 30, 2017 and 2016 was distributable due to our performance exceeding the total return threshold.

Incentive compensation distributable to the General Partner for the nine months ended September 30, 20172019 and 2016 was $16.7 million and $14.3 million, respectively. Incentive compensation for the nine months ended September 30, 2017 and 2016 was distributable due to our performance exceeding the total return threshold.2018.

Net increase in net assets applicable to common shareholders resulting from operations

The net increase in net assets applicable to common shareholders resulting from operations was $14.6$18.4 million and $20.7$15.2 million for the three months ended September 30, 20172019 and 2016,2018, respectively. The lowerhigher net increase in net assets applicable to common shareholders resulting from operations during the three months ended September 30, 2017 is2019 was primarily due to the higher net realizedinvestment income and the lower net unrealized losslosses during the three months ended September 30, 20172019 compared to the net realized and unrealized gain during the three months ended September 30, 2016, partially offset by the increase in net investment income after incentive compensation.2018.

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The net increase in net assets applicable to common shareholders resulting from operations was $54.3$31.7 million and $53.4$46.5 million for the nine months ended September 30, 20172019 and 2016,2018, respectively. The higherlower net increase in net assets applicable to common shareholders resulting from operations during the nine months ended September 30, 2017 is2019 was primarily due to the higher net investment incomeunrealized losses during the nine months ended September 30, 20172019 compared to the nine months ended September 30, 20162018, partially offset by the largerincrease in net realized and unrealized loss during the nine months ended September 30, 2017 compared to the nine months ended September 30, 2016.

investment income.

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 SVCFSpecial Value Continuation Fund, LLC (the predecessor entity) which were subsequently converted to common stock of the Holding 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.

The following table summarizes the total shares issued and proceeds received in offerings of the Company’s common stock net of underwriting discounts and offering costs as well as shares issued in connection with the Company’s dividend reinvestment plan for the nine months ended September 30, 2017.

2019 and 2018:
 Shares Issued Price Per Share
 Net Proceeds
Shares issued from dividend reinvestment plan464
 $16.93
*$7,854
April 25, 2017 public offering5,750,000
 16.84
 93,597,500
______________
*Weighted-average price per share.

The following table summarizes the total shares issued and proceeds received in offerings of the Company’s common stock net of underwriting discounts and offering costs as well as shares issued in connection with the Company’s dividend reinvestment plan for the year ended December 31, 2016.

 Shares Issued Price Per Share
 Net Proceeds
Shares issued from dividend reinvestment plan610
 $15.83
*$9,657
Shares issued from conversion of convertible debt †
2,011,900
 15.02
 —
July 13, 2016 registered direct public offering2,336,552
 15.09
 34,958,570
______________
*Weighted-average price per share.
†On April 18, 2016, the Company issued $30.0 million in aggregate principal amount of a 5.25% convertible senior unsecured note due 2021 to CNO Financial Investments Corp. (the “CNO Note”). On June 7, 2016, the Company issued 2,011,900 shares of its common stock pursuant to the full conversion, at the holder’s option, of the $30.0 million in aggregate principal amount (plus accrued interest) of the CNO Note. The CNO Note was converted at a price of $15.02 per share of common stock. No placement agent or underwriting fees were incurred in connection with the issuance or the conversion of the CNO Note.

On October 3, 2014, we entered into an at-the-market equity offering program (the “ATM Program”) with Raymond James & Associates Inc. through which we may offer and sell, by means of at-the-market offerings from time to time, shares of our common stock having an aggregate offering price of up to $100,000,000.
 2019 2018
Shares Issued608
 563
Average Price Per Share$13.97
 $14.26
Proceeds$8,494
 $8,029

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 Securities Exchange Act of 1934. 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 November 2, 2017,October 31, 2019, to be in effect through the earlier of two trading days after our thirdfourth quarter 20172019 earnings release, unless further extended or terminated by our board of directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions. There were no share repurchasesThe following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the nine months ended September 30, 2017.2019 and 2018:

 2019 2018
Shares Repurchased9,000
 47,818
Price Per Share *$13.96
 $14.45
Total Cost$125,679
 $691,181
______________
*Weighted-average price per share

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Total leverage outstanding and available under the combined Leverage Program at September 30, 20172019 were as follows:
Maturity Rate Carrying Value* Available Total CapacityMaturity Rate Carrying Value* Available Total
Capacity		 
SVCP Revolver2018 
L+2.50%†
 $30,000,000
 $86,000,000
 $116,000,000
SVCP Facility2023 L+2.00% $108,000,000
 $162,000,000
 $270,000,000
 
TCPC Funding Facility2023 L+2.00%
† 
177,500,000
 172,500,000
 350,000,000
 
SBA Debentures 2024−2029 2.63%
‡ 
138,000,000
 12,000,000
 150,000,000
 
2019 Convertible Notes ($108 million par)2019 5.25% 106,893,357
 —
 106,893,357
2019 5.25% 107,889,074
 —
 107,889,074
 
2022 Convertible Notes ($140 million par)2022 4.625% 137,266,488
 —
 137,266,488
2022 4.625% 138,430,085
 —
 138,430,085
 
2022 Notes ($125 million par)2022 4.125% 124,635,706
 —
 124,635,706
TCPC Funding Facility2021 
L+2.50%‡
 200,000,000
 150,000,000
 350,000,000
SBA Debentures 2024−2027 
2.57%§
 75,000,000
 75,000,000
 150,000,000
2022 Notes ($175 million par)2022 4.125% 174,618,208
 —
 174,618,208
 
2024 Notes ($150 million par)2024 3.900% 148,171,294
 —
 148,171,294
 
Total leverage 673,795,551
 $311,000,000
 $984,795,551
 992,608,661
 $346,500,000
 $1,339,108,661
 
Unamortized issuance costs (8,417,444)
    (7,566,146)     
Debt, net of unamortized issuance costs $665,378,107
     $985,042,515
     
______________

*
Except for the convertible notes, the 2022 Notes and 2022the 2024 Notes, all carrying values are the same as the principal amounts outstanding.
†Based on either LIBOR or the lender’s cost of funds, subject to certain limitations
‡Or L+2.25% subjectSubject to certain funding requirements
§‡Weighted-average interest rate, excluding fees of 0.36%. or 0.35%
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 consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement.

Effective November 7, 2018, the Company’s board of directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of our board of directors, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA (the “Asset Coverage Ratio Election”), which would have resulted (had the Company not received earlier stockholder approval) in our asset coverage requirement applicable to senior securities being reduced from 200% to 150%, effective on November 7, 2019. On February 8, 2019, the stockholders of the Company approved the Asset Coverage Ratio Election, and, as a result, effective on February 9, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of September 30, 2019, the Company’s asset coverage ratio was 193%.

On July 13, 2015, we obtained exemptive relief from the SEC to permit us to exclude debt outstanding under the SBA Program from our 200% asset coverage test under the 1940 Act. The exemptive relief provides us with increased flexibility under the 200%150% asset coverage test by permitting the SBIC to borrow up to $150.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.

Net cash used in operating activities during the nine months ended September 30, 20172019 was $104.3$59.2 million. Our primary use of cash in operating activities during this period consisted of the settlement of acquisitions of investments (net of dispositions) of $208.2$103.5 million, partially offset by net investment income less incentive allocation (net of non-cash income and expenses) of approximately $103.9$44.3 million.


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Net cash provided by financing activities was $122.7$111.3 million during the nine months ended September 30, 2017,2019, consisting primarily of $124.6$148.1 million offrom net proceeds from theof issuance of debt on August 11, 2017 and $93.6$31.5 million of net proceeds from the public offeringborrowings of common stock on April 25, 2017,debt, reduced by the $61.4$63.5 million in regular dividends paid on common equity, $31.5 million of net repayments$4.7 payment of debt issuance costs and payment of $2.6$0.1 million in debt issuance costs.repurchases of common shares.

At September 30, 2017,2019, we had $71.9$80.1 million in cash and cash equivalents.

The SVCP RevolverFacility and the TCPC Funding Facility 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 200%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 SVCP RevolverFacility and the TCPC Funding Facility, and may therefore impact our ability to borrow under the SVCP RevolverFacility and the TCPC Funding 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, 2017,2019, we were in compliance with all financial and operational covenants required by the Leverage Program.

Unfavorable economic conditions, 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 SVCP Revolver, the 2019 Convertible Notes, the 2022 Convertible Notes, the 2022 Notes, andthe SVCP Facility, the TCPC Funding Facility and the 2024 Notes, mature in July 2018, December 2019, March 2022, August 2022, May 2023, May 2023 and April 2021,August 2024, 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.

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. 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 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.

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 grosstotal 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,

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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 stockholders are recorded on the ex-dividend date. Distributions are declared considering our estimate of annual taxable income available for distribution to stockholders 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 stockholders that they will receive any distributions or distributions at a particular level.

The following tables summarize dividends declared for the nine months ended September 30, 20172019 and 2016:2018:
Date Declared Record Date Payment Date Type 
Amount
Per Share
 Total Amount
February 28, 2019 March 15, 2019 March 29, 2019 Regular $0.36
 $21,155,619
May 8, 2019 June 14, 2019 June 28, 2019 Regular 0.36
 21,155,688
August 8, 2019 September 16, 2019 September 30, 2019 Regular 0.36
 21,155,760
        $1.08
 $63,467,067

Date Declared Record Date Payment Date Type 
Amount
Per Share
 Total Amount
February 22, 2017 March 17, 2017 March 31, 2017 Regular $0.36
 $19,095,084
May 9, 2017 June 16, 2017 June 30, 2017 Regular 0.36
 21,165,137
August 3, 2017 September 15, 2017 September 29, 2017 Regular 0.36
 21,165,193
        $1.08
 $61,425,414
           
Date Declared Record Date Payment Date Type 
Amount
Per Share
 Total Amount
February 24, 2016 March 17, 2016 March 31, 2016 Regular $0.36
 $17,530,963
May 10, 2016 June 16, 2016 June 30, 2016 Regular 0.36
 18,254,229
August 9, 2016 September 16, 2016 September 30, 2016 Regular 0.36
 19,094,976
        $1.08
 $54,880,168
Date Declared Record Date Payment Date Type Amount Per Share Total Amount
February 27, 2018 March 16, 2018 March 30, 2018 Regular $0.36
 $21,184,004
May 9, 2018 June 15, 2018 June 29, 2018 Regular 0.36
 21,174,966
August 8, 2018 September 14, 2018 September 28, 2018 Regular 0.36
 21,170,272
        $1.08
 $63,529,242

The following table summarizes the total shares issued in connection with our dividend reinvestment plan for the nine months ended September 30, 20172019 and 2016:
2018:
2017 20162019 2018
Shares Issued464
 311
608
 563
Average Price Per Share$16.93
 $15.08
$13.97
 $14.26
Proceeds$7,854
 $4,691
$8,494
 $8,029
 
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 stockholders 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;


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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.

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. We will accrue excise tax on estimated taxable income as required. In addition, although we currently 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 have adopted an “opt in” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend or other distribution payable in cash, each stockholder that has not “opted in” to our dividend

reinvestment plan will receive such dividends in cash, rather than having their dividends automatically reinvested in additional shares of our common stock.

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 Holding Company, the Operating Company, TCPC Funding, 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 the Advisor, pursuant to which the Advisor has agreed to grant us a non-exclusive, royalty-free license to use the name “TCP.”

Pursuant to its limited partnership agreement, the general partner of the Operating Company is Series H of SVOF/MM, LLC. SVOF/MM, LLC 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.
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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

From October 1, 20172019 through November 3, 2017,5, 2019, the Operating Company has invested approximately $68.1$69.2 million primarily in fourfive senior secured loans with a combined effective yield of approximately 10.0%.10.1%, excluding origination income.

On November 2, 2017,October 31, 2019, 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 fourth quarter 20172019 earnings release or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

On November 3, 2017,4, 2019, the Company issued $50 in aggregate principal amount of 4.125% notes due 2022 for proceeds of approximately $49.1reduced the credit facility capacity on the TCPC Funding facility by $50.0 million net of underwriter discounts and approximately $0.3 million of expenses related to the offering.  The notes are a further issuance to the 2022 Notes that the Company issued on August 11, 2017, and are treated as a single series with the existing 2022 Notes under the indenture.$300.0 million.

On November 7, 2017,6, 2019, the Company’s board of directors declared a fourth quarter regular dividend of $0.36 per share payable on December 29, 201731, 2019 to stockholders of record as of the close of business on December 15, 2017.17, 2019.



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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. At September 30, 2017, 88.8%2019, 92.3% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR, EURIBOR, 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 September 30, 2017,2019, the percentage of floating rate debt investments in our portfolio that bore interest based onwere subject to an interest rate floor was 81.3%63.7%. 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, 20172019 balance sheet, 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)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:

Basis Point Change Interest income Interest Expense Net Investment Income Interest income Interest Expense Net Investment Income
Up 300 basis points $45,988,135
 $(9,150,000) $36,838,135
 $47,209,937
 $(8,565,000) $38,644,937
Up 200 basis points 32,119,293
 (6,100,000) 26,019,293
 31,473,292
 (5,710,000) 25,763,292
Up 100 basis points 18,250,452
 (3,050,000) 15,200,452
 15,736,646
 (2,855,000) 12,881,646
Down 100 basis points (7,085,379) 3,050,000
 (4,035,379) (14,999,097) 2,855,000
 (12,144,097)
Down 200 basis points (8,033,856) 4,036,065
 (3,997,791) (22,783,407) 5,710,000
 (17,073,407)
Down 300 basis points (8,033,856) 4,036,065
 (3,997,791) (23,767,745) 6,067,446
 (17,700,299)


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Item 4.     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 Exchange 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. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange 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.


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PART II - Other Information

Item 1.         Legal Proceedings

Although we may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise, as of September 30, 2017,2019, we are currently not a party to any pending material legal proceedings.

Item 1A.  Risk Factors

There have been no material changes from the risk factors previously disclosed in our most recent annual report on Form 10-K, as filed with the Securities and Exchange Commission on February 28, 2017.2019.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds.

None.None

Item 3.     Defaults Upon Senior Securities.

Item 3.Defaults Upon Senior Securities.
None.

Item 4:         Mine Safety Disclosures.

None.

Item 5.Other Information.
Item 5:     Other Information.

None.None

Item 6.     Exhibits

Number Description
3.1 
ArticlesCertificate of Incorporation of the Registrant (1)
3.2 
Certificate of Amendment to the Certificate of Incorporation of the Registrant (2)
3.3
Amended and Restated Bylaws of the Registrant (2)(3)
4.1
Second Supplemental Indenture, dated as of August 23, 2019, by and between the Registrant and U.S. Bank National Association, as the Trustee (4)
4.2
Form of Global Note of 3.900% Notes due 2024 (included in Exhibit 4.1)
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)*
______________
* Filed herewith.
(1)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

(2)Incorporated by reference to Exhibit (b)(2)99.2 to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2,8-K, filed on May 13, 2011August 2, 2018
(3)Incorporated by reference to Exhibit 99.3 to the Registrant’s Form 8-K, filed on August 2, 2018

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(4)Incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K, filed on August 23, 2019



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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.

Capital Corp.
Date: November 7, 20176, 2019  
 By:/s/ Howard M. Levkowitz
 Name:Howard M. Levkowitz
 Title:Chief Executive Officer
Date: November 7, 20176, 2019  
 By:/s/ Paul L. Davis
 Name:Paul L. Davis
 Title:Chief Financial Officer


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