Consolidated Statements of Assets and Liabilities

	March 31, 2021			December 31, 2020
	(unaudited)
Assets
Investments, at fair value:
Companies less than 5% owned (cost of $1,567,141,129 and $1,473,322,720, respectively)	$	1,562,681,963		$	1,461,610,769
Companies 5% to 25% owned (cost of $64,426,152 and $63,114,875, respectively)		78,029,033			68,927,182
Companies more than 25% owned (cost of $133,198,968 and $136,332,302, respectively)		94,680,469			99,026,531
Total investments (cost of $1,764,766,249 and $1,672,769,897, respectively)		1,735,391,465			1,629,564,482

Cash and cash equivalents		14,254,843			20,006,580
Accrued interest income:
Companies less than 5% owned		17,487,324			15,557,669
Companies 5% to 25% owned		368			368
Companies more than 25% owned		13,611			13,611
Receivable for investments sold		28,013,848			278,737
Deferred debt issuance costs		4,694,912			4,984,388
Prepaid expenses and other assets		2,015,670			1,581,320
Total assets		1,801,872,041			1,671,987,155

Liabilities
Debt, net of unamortized issuance costs of $7,624,815 and $6,308,172, respectively		982,981,862			850,016,199
Payable for investments purchased		18,485,554			33,275,348
Management and advisory fees payable		5,870,930			5,753,347
Incentive compensation payable		4,691,455			5,020,794
Interest payable		3,684,843			9,886,085
Reimbursements due to the Advisor		1,312,863			1,344,756
Accrued expenses and other liabilities		1,703,313			1,704,048
Total liabilities		1,018,730,820			907,000,577

Commitments and contingencies (Note 5)

Net assets	$	783,141,221		$	764,986,578

Composition of net assets applicable to common shareholders
Common stock, $0.001 par value; 200,000,000 shares authorized, 57,767,264 and 57,767,264 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	$	57,767		$	57,767
Paid-in capital in excess of par		979,973,202			979,973,202
Distributable earnings (loss)		(196,889,748	)		(215,044,391	)
Net assets	$	783,141,221		$	764,986,578

Net assets per share	$	13.56		$	13.24

September 30, 2017 December 31, 2016
(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

Cash and cash equivalents 71,929,885
53,579,868
Accrued interest income:
Companies less than 5% owned 17,600,493
12,713,025
Companies 5% to 25% owned 2,237,834
953,561
Companies more than 25% owned 11,763
25,608
Receivable for investments sold 13,414,257
—
Deferred debt issuance costs 3,664,315
3,828,784
Prepaid expenses and other assets 4,506,089
1,527,745
Total assets 1,642,115,123
1,387,598,461

Liabilities
Debt, net of unamortized issuance costs of $8,417,444 and $8,247,426, respectively 665,378,107
571,658,862
Payable for investments purchased 85,545,089
12,348,925
Incentive allocation payable 5,513,546
4,716,834
Interest payable 4,526,655
5,013,713
Payable to the Advisor 1,094,249
325,790
Unrealized depreciation on swaps 470,202
—
Accrued expenses and other liabilities 2,190,308
2,598,346
Total liabilities 764,718,156
596,662,470

Commitments and contingencies (Note 5)

Net assets applicable to common shareholders $ 877,396,967
$ 790,935,991

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
Paid-in capital in excess of par 1,038,026,254
944,426,650
Accumulated net investment income 17,896,625
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

Net assets per share $ 14.92
$ 14.91

See accompanying notes to the consolidated financial statements.

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

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)		0.00	%		6.25	%		6.38	%	5/31/2024	$	5,127,551	$	5,076,107		$	5,127,551			0.29	%	N
Unanet, Inc.	First Lien Term Loan	LIBOR(M)		0.00	%		6.25	%		6.38	%	5/31/2024	$	19,897,959		19,759,936			19,897,959			1.14	%	N
Unanet, Inc.	Sr Secured Revolver	LIBOR(M)		0.00	%		6.25	%		6.38	%	5/31/2024	$	2,448,980		2,432,898			2,448,980			0.14	%	N
																27,268,941			27,474,490			1.57	%
Airlines
Epic Aero, Inc	Unsecured Note	Fixed		0.00	%		2.00	%		2.00	%	12/31/2022	$	6,467,143		6,467,143			6,156,721			0.35	%	N
Mesa Airlines, Inc.	Aircraft Acquisition Incremental Loan	LIBOR(M)		2.00	%		5.00	%		7.00	%	9/27/2023	$	1,770,080		1,755,678			1,754,150			0.10	%	N
Mesa Airlines, Inc.	Aircraft Acquisition Loan	LIBOR(M)		2.00	%		5.00	%		7.00	%	6/5/2023	$	13,939,383		13,836,868			13,869,687			0.79	%	N
One Sky Flight, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	12/27/2024	$	18,500,000		18,205,645			18,685,000			1.07	%	N
																40,265,334			40,465,558			2.31	%
Automobiles
ALCV Purchaser, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.75	%		7.75	%	2/25/2026	$	9,092,214		8,955,831			8,955,831			0.51	%	N
ALCV Purchaser, Inc.	First Lien Revolver	LIBOR(Q)		1.00	%		6.75	%		7.75	%	2/25/2026	$	-		(9,945	)		(9,945	)		—		K/N
Autoalert Acquisition Co, LLC	First Lien Incremental Term Loan	LIBOR(Q)		1.25	%		8.75	%		10.00	%	1/1/2023	$	41,207,522		41,143,452			38,611,448			2.21	%	N
Autoalert Acquisition Co, LLC	First Lien Term Loan	LIBOR(Q)		1.25	%		8.75	%		10.00	%	1/1/2023	$	16,307,846		16,254,541			15,280,452			0.87	%	N
																66,343,879			62,837,786			3.59	%
Building Products
Dodge Data & Analytics, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	6/1/2021	$	804,530		804,269			804,530			0.05	%	N
Dodge Data & Analytics, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	6/1/2021	$	32,544,408		32,498,120			32,544,408			1.86	%	N
																33,302,389			33,348,938			1.91	%
Capital Markets
HighTower Holding, LLC	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.75	%		9.75	%	1/31/2026	$	15,080,645		14,793,416			15,080,645			0.86	%	N
HighTower Holding, LLC	Second Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		8.75	%		9.75	%	1/31/2026	$	6,169,355		6,080,503			6,169,355			0.35	%	N
HighTower Holdings	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.75	%		9.75	%	1/31/2026	$	6,249,999		6,136,341			6,249,999			0.36	%	N
Pico Quantitative Trading, LLC	First Lien Term Loan (1.0% Exit Fee)	LIBOR(Q)		1.50	%		7.25	%		8.75	%	2/7/2025	$	21,791,007		21,014,790			22,008,917			1.26	%	L/N
																48,025,050			49,508,916			2.83	%
Commercial Services and Supplies
Kellermeyer Bergensons Services, LLC	First Lien Delayed Draw Term Loan A	LIBOR(Q)		1.00	%		6.50	%		7.50	%	11/7/2026	$	1,419,935		1,408,444			1,434,134			0.08	%	N
Kellermeyer Bergensons Services, LLC	First Lien Delayed Draw Term Loan B	LIBOR(Q)		1.00	%		6.50	%		7.50	%	11/7/2026	$	370,180		354,558			389,764			0.02	%	N
Kellermeyer Bergensons Services, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	11/7/2026	$	6,454,248		6,407,365			6,518,791			0.37	%	N
Team Software, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		0.00	%		5.50	%		5.75	%	9/17/2023	$	7,220,080		7,150,978			7,263,401			0.42	%	N
Team Software, Inc.	First Lien Revolver	LIBOR(Q)		0.00	%		5.50	%		5.75	%	9/17/2023	$	1,053,363		1,027,066			1,053,363			0.06	%	N
Team Software, Inc.	First Lien Term Loan	LIBOR(Q)		0.00	%		5.50	%		5.75	%	9/17/2023	$	13,167,038		13,063,120			13,246,040			0.76	%	N
																29,411,531			29,905,493			1.71	%

Communications Equipment
Avanti Communications Jersey Limited (United Kingdom)	1.25 Lien Term Loan	Fixed		0.00	%	12.50% PIK				12.50	%	5/24/2021	$	240,021		240,021			240,021			0.01	%	H/N
Avanti Communications Jersey Limited (United Kingdom)	1.5 Lien Delayed Draw Term Loan	Fixed		0.00	%	12.50% PIK				12.50	%	5/24/2021	$	1,415,763		1,415,763			1,415,763			0.08	%	H/N
Avanti Communications Jersey Limited (United Kingdom)	1.5 Lien Term Loan	Fixed		0.00	%	12.50% PIK				12.50	%	5/24/2021	$	329,723		318,977			329,723			0.02	%	H/N
Avanti Communications Jersey Limited (United Kingdom)	1.125 Lien Term Loan	Fixed		0.00	%	12.50% PIK				12.50	%	6/30/2022	$	763,304		763,304			763,304			0.04	%	H/N
Avanti Communications Group, PLC (United Kingdom)	Sr New Money Initial Note	Fixed		0.00	%	9.00% PIK				—		10/1/2022	$	1,592,934		1,591,586			603,722			0.03	%	C/E/G/H/N
Avanti Communications Group, PLC (United Kingdom)	Sr Second-Priority PIK Toggle Note	Fixed		0.00	%	9.00% PIK				—		10/1/2022	$	4,064,721		4,064,219			1,540,529			0.09	%	C/E/G/H/N
																8,393,870			4,893,062			0.27	%

~~September 30, 2017~~

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

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

~~September 30, 2017~~

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 %

March 31, 2021

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Construction and Engineering
Hylan Datacom & Electrical, LLC	First Lien Incremental Term Loan	LIBOR(M)		1.00	%	5.50% Cash + 4.50% PIK				11.00	%	7/25/2021	$	2,678,352	$	2,672,121		$	2,390,697			0.14	%	N
Hylan Datacom & Electrical, LLC	First Lien Term Loan (3.15% Exit Fee)	LIBOR(M)		1.00	%	5.50% Cash + 4.50% PIK				11.00	%	7/25/2021	$	14,824,817		14,815,348			13,232,632			0.76	%	L/N
Sunland Asphalt & Construction, LLC	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		6.00	%		7.00	%	1/13/2026	$	2,200,594		2,158,289			2,163,184			0.12	%	N
Sunland Asphalt & Construction, LLC	First Lien Revolver	LIBOR(M)		1.00	%		6.00	%		7.00	%	1/13/2022	$	598,684		577,283			575,680			0.03	%	N
Sunland Asphalt & Construction, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		6.00	%		7.00	%	1/13/2026	$	6,544,518		6,419,769			6,433,262			0.37	%	N
																26,642,810			24,795,455			1.42	%
Consumer Finance
Auto Trakk SPV, LLC	First Lien Delayed Draw Term Loan	LIBOR(M)		0.50	%		6.50	%		7.00	%	12/21/2021	$	18,086,042		18,038,471			18,086,042			1.03	%	N
Barri Financial Group, LL	First Lien Term Loan	LIBOR(Q)		1.00	%		7.75	%		8.75	%	10/23/2024	$	15,370,923		15,084,127			15,524,632			0.89	%	N
																33,122,598			33,610,674			1.92	%
Diversified Consumer Services
Spark Networks, Inc.	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	19,295,062		18,881,595			19,057,732			1.09	%	N
Spark Networks, Inc.	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	1,179,906		1,148,961			1,165,393			0.07	%	N
Spark Networks, Inc.	Sr Secured Revolver	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	-		(19,958	)		(9,556	)		—		K/N
Thras.io, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	12/18/2026	$	-		(241,682	)		198,795			0.01	%	K/N
Thras.io, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	12/18/2026	$	15,022,590		14,658,984			15,323,042			0.88	%	K/N
																34,427,900			35,735,406			2.05	%
Diversified Financial Services
2-10 Holdco, Inc.	First Lien Term Loan	LIBOR(M)		0.75	%		6.00	%		6.75	%	3/26/2026	$	8,997,996		8,947,145			8,863,026			0.51	%	N
2-10 Holdco, Inc.	Sr Secured Revolver	LIBOR(M)		0.75	%		6.00	%		6.75	%	3/26/2026		—		(5,628	)		(15,030	)		—		K/N
36th Street Capital Partners Holdings, LLC	Senior Note	Fixed		0.00	%		12.00	%		12.00	%	11/30/2025	$	40,834,419		40,834,419			40,834,419			2.33	%	E/F/N
Aretec Group, Inc. (Cetera)	Second Lien Term Loan	LIBOR(M)		0.00	%		8.25	%		8.36	%	10/1/2026	$	27,105,263		26,886,208			26,876,630			1.54	%	G
Credit Suisse AG (Cayman Islands)	Asset-Backed Credit Linked Notes	LIBOR(Q)		0.00	%		9.50	%		9.69	%	4/12/2025	$	38,000,000		38,000,000			31,122,000			1.78	%	H/I/N
GC Agile Holdings Limited (Apex) (England)	First Lien Delayed Term Loan B	LIBOR(Q)		1.25	%		7.00	%		8.25	%	6/15/2025	$	18,740,726		18,462,499			18,717,492			1.07	%	H/N
GC Agile Holdings Limited (Apex) (England)	First Lien Term Loan A	LIBOR(Q)		1.25	%		7.00	%		8.25	%	6/15/2025	$	814,489		802,725			812,942			0.05	%	H/N
Oasis Financial, LLC	Second Lien Term Loan	LIBOR(M)		1.00	%		8.50	%		9.50	%	7/5/2026	$	17,633,544		17,298,358			17,386,674			0.99	%	N
Worldremit Group Limited (United Kingdom)	First Lien Term Loan	LIBOR(M)		1.00	%		9.25	%		10.25	%	2/12/2025	$	43,629,951		42,788,034			41,884,753			2.39	%	N/H
																194,013,760			186,482,906			10.66	%
Diversified Telecommunication Services
Aventiv Technologies, Inc. (Securus)	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.25	%		9.25	%	11/1/2025	$	25,846,154		25,683,077			21,567,065			1.23	%
Telarix, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	11/19/2023	$	7,350,000		7,284,009			7,223,580			0.41	%	N
Telarix, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.00	%		7.00	%	11/19/2023	$	-		(2,927	)		(6,143	)		—		K/N
																32,964,159			28,784,502			1.64	%
Electric Utilities
Conergy Asia & ME Pte. Ltd (Singapore)	First Lien Term Loan	Fixed		0.00	%		—			—		6/30/2021	$	2,110,141		2,110,140			1,235,487			0.07	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Bank Guarantee Credit Facility	Fixed		0.00	%		—			—		12/31/2021	$	6,578,877		6,578,877			203,287			0.01	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Revolving Credit Facility	Fixed		0.00	%		—			—		12/31/2021	$	5,535,517		5,535,517			2,101,836			0.12	%	D/F/H/N
																14,224,534			3,540,610			0.20	%
Electrical Equipment
TCFI Amteck Holdings, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		0.00	%		6.25	%		6.50	%	12/31/2024	$	519,554		514,234			523,763			0.03	%	N
TCFI Amteck Holdings, LLC	First Lien Term Loan	LIBOR(Q)		0.00	%		6.25	%		6.50	%	12/31/2024	$	8,613,045		8,523,773			8,682,811			0.50	%	N
																9,038,007			9,206,574			0.53	%
Energy Equipment and Services
Sphera Solutions, Inc. (Diamondback)	First Lien FILO Term Loan B	LIBOR(Q)		1.00	%		7.75	%		8.75	%	6/14/2023	$	23,317,958		23,088,114			23,457,866			1.34	%	N

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2021

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair			% of Total Cash and Investments			Notes
Debt Investments (continued)
Health Care Technology
CAREATC, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	3/14/2024	$	8,448,895	$	8,340,026		$	8,533,384			0.49	%	N
CAREATC, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%	3/14/2024	$	-		(7,321	)		—			—		K/N
Edifecs, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	9/21/2026	$	1,388,889		1,357,056			1,427,778			0.08	%	N
Sandata Technologies, LLC	First Lien Term Loan	LIBOR(Q)		0.00	%		6.00	%		6.25	%	7/23/2024	$	20,250,000		20,034,311			20,128,500			1.15	%	N
Sandata Technologies, LLC	Sr Secured Revolver	LIBOR(Q)		0.00	%		6.00	%		6.25	%	7/23/2024	$	-		(23,052	)		(13,500	)		—		K/N
																29,701,020			30,076,162			1.72	%
Healthcare Providers and Services
TEAM Services Group	Second Lien Term Loan	LIBOR(Q)		1.00	%		9.00	%		10.00	%	11/13/2028	$	25,000,000		24,222,118			24,937,500			1.43	%	N
Tempus (Epic Staffing)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.25	%		7.25	%	2/5/2027	$	-		(15,758	)		(15,811	)		—		K/N
Tempus (Epic Staffing)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.25	%		7.25	%	2/5/2027	$	3,557,432		3,476,068			3,475,743			0.20	%	N
																27,682,428			28,397,432			1.63	%
Hotels, Restaurants and Leisure
Fishbowl, Inc.	First Lien Term Loan	LIBOR(Q)		0.00	%		9.75	%		10.00	%	1/26/2022	$	26,270,501		26,144,468			15,630,948			0.89	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		6.25	%		9.25	%	12/20/2021	$	5,634,101		5,738,761			4,828,425			0.28	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	First Lien Term Loan	LIBOR(Q)		1.00	%		6.25	%		9.25	%	12/20/2021	$	13,473,657		13,705,443			11,546,924			0.66	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	Revolver	LIBOR(Q)		1.00	%		6.25	%		9.25	%	12/20/2021	$	671,356		682,956			575,352			0.03	%	N
																46,271,628			32,581,649			1.86	%
Insurance
AmeriLife Holdings, LLC	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.50	%		9.50	%	3/18/2028	$	21,356,400		20,966,452			21,270,975			1.22	%	N
AmeriLife Holdings, LLC	Second Lien Incremental Term Loan	LIBOR(Q)		1.00	%		8.50	%		9.50	%	3/18/2028	$	7,454,593		7,330,107			7,424,774			0.42	%	N
IT Parent	First Lien Term Loan	LIBOR(Q)		1.00	%		6.25	%		7.25	%	10/1/2026	$	4,364,063		4,284,402			4,385,883			0.25	%	N
IT Parent	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.25	%		7.25	%	10/1/2026	$	-		(11,534	)		—			—		K/N
IT Parent, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		6.25	%		7.25	%	10/1/2026	$	556,388		545,333			559,170			0.03	%	N
Peter C. Foy & Associates Insurance Services, LLC	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		6.25	%		7.25	%	3/31/2026	$	-		(79,156	)		(80,000	)		—		K/N
																33,035,604			33,560,802			1.92	%
Internet and Catalog Retail
Live Auctioneers LLC	First Lien Last Out B-2 Term Loan	LIBOR(Q)		1.00	%		6.76	%		7.76	%	5/21/2025	$	13,784,980		13,574,893			13,867,690			0.79	%	N
Live Auctioneers LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		6.76	%		7.76	%	5/21/2025	$	5,384,635		5,284,589			5,416,943			0.31	%	N
Syndigo, LLC	Second Lien Term Loan	LIBOR(Q)		0.75	%		8.00	%		8.75	%	12/14/2028	$	12,141,870		11,966,484			12,202,579			0.70	%	N
																30,825,966			31,487,212			1.80	%
Internet Software and Services
Acquia Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	11/1/2025	$	16,648,997		16,381,522			16,898,731			0.97	%	N
Acquia Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	11/1/2025	$	144,303		116,670			144,303			0.01	%	K/N
Domo, Inc.	First Lien Delayed Draw Term Loan (7.0% Exit Fee)	LIBOR(M)		1.50	%	5.50% Cash + 2.50% PIK				9.50	%	4/1/2025	$	53,799,090		53,688,367			54,283,281			3.10	%	L/N
Domo, Inc.	First Lien Term Loan	LIBOR(M)		0.00	%	9.50% PIK				9.50	%	4/1/2025	$	2,628,420		138,542			2,652,076			0.15	%	N
FinancialForce.com, Inc.	First Lien Delayed Draw Term Loan (3.0% Exit Fee)	LIBOR(M)		2.75	%		6.75	%		9.50	%	2/1/2024	$	28,000,000		27,658,845			28,252,000			1.61	%	L/N
FinancialForce.com, Inc.	First Lien Delayed Draw Term Loan (3.0% Exit Fee)	LIBOR(M)		2.75	%		6.75	%		9.50	%	2/1/2024	$	-		(88,407	)		85,500			—		K/L/N
Foursquare Labs, Inc.	First Lien Term Loan (5.0% Exit Fee)	LIBOR(M)		2.19	%		7.25	%		9.44	%	10/1/2022	$	33,750,000		33,584,749			33,817,500			1.93	%	L/N
Foursquare Labs, Inc.	First Lien Incremental Term Loan	LIBOR(M)		2.19	%		7.25	%		9.44	%	10/1/2022	$	7,500,000		7,316,879			7,477,500			0.43	%	N
Foursquare	First Lien Term Loan	LIBOR(M)		2.19	%		7.25	%		9.44	%	5/1/2023	$	2,500,000		2,478,639			2,547,500			0.15	%	N
Metricstream, Inc	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	9/28/2024	$	23,104,483		22,703,185			22,711,707			1.30	%	N
Metricstream, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	9/28/2024	$	3,554,536		3,483,546			3,494,109			0.20	%	N
Persado, Inc.	First Lien Delayed Term Loan (4.25% Exit Fee)	LIBOR(M)		1.80	%		7.00	%		8.80	%	2/1/2025	$	8,782,078		8,714,848			8,685,475			0.50	%	L/N
Quartz Holding Company (Quick Base)	Second Lien Term Loan	LIBOR(M)		0.00	%		8.00	%		8.11	%	4/2/2027	$	9,903,019		9,737,470			9,816,367			0.56	%	N
ResearchGate GmBH (Germany)	First Lien Term Loan (4.0% Exit Fee)	EURIBOR(Q)		0.00	%		8.55	%		8.55	%	10/1/2022	$	6,714,000		8,058,149			8,573,814			0.49	%	H/L/N/O
																193,973,004			199,439,863			11.40	%

~~September 30, 2017~~

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 %

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

~~September 30, 2017~~

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 %

March 31, 2021

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair			% of Total Cash and Investments			Notes
Debt Investments (continued)
IT Services
Idera, Inc	Second Lien Term Loan	LIBOR(M)		0.75	%		6.75	%		7.50	%	2/4/2029	$	-	$	—		$	—			—
Puppet, Inc.	First Lien Term Loan (3.0% Exit Fee)	LIBOR(Q)		1.00	%		8.50	%		9.50	%	6/19/2023	$	13,930,936		13,642,195			13,735,903			0.79	%	L/N
Xactly Corporation	First Lien Incremental Term Loan B	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	4,996,644		4,952,859			4,996,644			0.29	%	N
Xactly Corporation	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	2,726,918		2,709,005			2,726,918			0.16	%	N
Xactly Corporation	First Lien Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	6,948,120		6,907,320			6,948,120			0.40	%	N
Xactly Corporation	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	-		(4,584	)		—			—		K/N
																28,206,795			28,407,585			1.64	%
Leisure Products
Blue Star Sports Holdings, Inc.	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 2% PIK				8.75	%	6/15/2024	$	57,420		56,764			55,330			—		N
Blue Star Sports Holdings, Inc.	First Lien Revolver	LIBOR(Q)		1.00	%	5.75% cash + 2% PIK				8.75	%	6/15/2024	$	114,869		113,600			110,688			0.01	%	N
Blue Star Sports Holdings, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 2% PIK				8.75	%	6/15/2024	$	1,598,296		1,579,946			1,540,118			0.09	%	N
																1,750,310			1,706,136			0.10	%
Machinery
Sonny's Enterprises, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		7.00	%		8.00	%	8/5/2026	$	3,782,074		3,708,361			3,732,907			0.21	%	K
Sonny's Enterprises, LLC	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		7.00	%		8.00	%	8/5/2026	$	4,322,371		4,146,902			4,202,807			0.24	%	K
																7,855,263			7,935,714			0.45	%
Media
Khoros, LLC (Lithium)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	7,131,905		7,066,378			7,060,586			0.40	%	N
Khoros, LLC (Lithium)	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	20,884,731		20,732,876			20,675,884			1.18	%	N
Khoros, LLC (Lithium)	Sr Secured Revolver	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	-		(10,757	)		(15,281	)		—		K/N
Khoros, LLC (Lithium)	Sr Secured Revolver	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	-		(3,985	)		(4,552	)		—		K/N
NEP II, Inc.	Second Lien Term Loan	LIBOR(M)		0.00	%		7.00	%		7.11	%	10/19/2026	$	27,000,000		26,440,209			24,986,205			1.43	%	G
Quora, Inc.	First Lien Term Loan (4.0% Exit Fee)	Fixed		0.00	%	10.10% PIK				10.10	%	5/1/2024	$	126,926		126,926			126,418			0.01	%	L/N
Quora, Inc.	First Lien Term Loan (4.0% Exit Fee)	Fixed		0.00	%		10.10	%		10.10	%	5/1/2022	$	12,692,602		12,545,601			12,679,910			0.72	%	L/N
																66,897,248			65,509,170			3.74	%
Metal and Mining
Neenah Foundry Company	First Lien Term Loan B	LIBOR(Q)		1.00	%		9.00	%		10.00	%	12/13/2022	$	6,100,933		5,861,489			6,100,933			0.35	%	N

Oil, Gas and Consumable Fuels
Iracore International, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		9.00	%		10.00	%	4/13/2021	$	1,324,140		1,324,140			1,324,140			0.08	%	B/N

Personal Products
Olaplex, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		6.50	%		7.50	%	1/8/2026	$	13,403,873		13,182,555			13,430,681			0.77	%	N
Olaplex, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		6.50	%		7.50	%	1/8/2026	$	5,138,023		5,090,524			5,148,299			0.29	%	N
Olaplex, Inc.	Sr Secured Revolver	LIBOR(M)		1.00	%		6.50	%		7.50	%	1/8/2025		—		(20,715	)		—			—		K/N
Paula's Choice Holdings, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		6.25	%		7.25	%	11/17/2025	$	19,875,000		19,358,706			19,477,500			1.11	%	N
																37,611,070			38,056,480			2.17	%
Professional Services
Applause App Quality, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		5.00	%		6.00	%	9/20/2022	$	20,720,375		20,583,640			20,720,375			1.18	%	N
Applause App Quality, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		5.00	%		6.00	%	9/20/2022	$	-		(8,927	)		—			—		K/N
CIBT Solutions, Inc.	Second Lien Term Loan	LIBOR(Q)		1.00	%		7.75	%		—		6/1/2025	$	7,875,338		7,607,370			4,134,552			0.24	%	C/G
Dude Solutions Holdings, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	16,863,724		16,577,767			17,032,362			0.97	%	N
Dude Solutions Holdings, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	2,224,716		2,183,387			2,246,964			0.13	%	N
Dude Solutions Holdings, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	3,622,733		3,511,596			3,731,415			0.21	%	N
Dude Solutions Holdings, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	-		(35,419	)		—			—		K/N
iCIMS, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	9/12/2024	$	121,678		120,266			120,474			0.01	%	K/N
iCIMS, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	9/12/2024	$	2,351,073		2,318,048			2,327,798			0.13	%	N
iCIMS, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	9/12/2024	$	353,250		346,835			349,753			0.02	%	N
Jobandtalent USA, Inc (United Kingdom)	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		8.75	%		9.75	%	2/17/2025	$	7,969,804		7,814,993			7,937,925			0.45	%	N/H
Jobandtalent USA, Inc (United Kingdom)	First Lien Term Loan	LIBOR(M)		1.00	%		8.75	%		9.75	%	2/17/2025	$	23,909,413		23,449,239			23,813,776			1.36	%	N/H
RigUp, Inc.	First Delayed Draw Term Loan (3.5% Exit Fee)	LIBOR(M)		1.50	%		7.00	%		8.50	%	3/1/2024	$	29,000,000		28,561,209			29,725,000			1.70	%	L/N
																113,030,004			112,140,394			6.40	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2021

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair			% of Total Cash and Investments			Notes
Debt Investments (continued)
Real Estate Management and Development
Space Midco, Inc. (Archibus)	First Lien Term Loan	LIBOR(M)		0.00	%		6.25	%		6.38	%	12/5/2023	$	4,444,444	$	4,392,880		$	4,435,556			0.25	%	N
Space Midco, Inc. (Archibus)	Sr Secured Revolver	LIBOR(M)		0.00	%		6.25	%		6.38	%	12/5/2023	$	-		(3,107	)		(556	)		—		K/N
																4,389,773			4,435,000			0.25	%
Road and Rail
GlobalTranz Enterprises LLC	Second Lien Term Loan	LIBOR(M)		0.00	%		8.25	%		8.36	%	5/15/2027	$	19,382,324		19,056,112			17,889,885			1.02	%	N

Software
Certify, Inc.	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		5.75	%		6.75	%	2/28/2024	$	3,188,631		3,153,605			3,177,152			0.18	%	N
Certify, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		5.75	%		6.75	%	2/28/2024	$	23,383,293		23,324,584			23,299,113			1.33	%	N
Certify, Inc.	Sr Secured Revolver	LIBOR(M)		1.00	%		5.75	%		6.75	%	2/28/2024	$	265,719		250,546			261,893			0.01	%	K/N
Rhode Holdings, Inc. (Kaseya)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	4.00% Cash + 3.00% PIK				8.00	%	5/2/2025	$	1,732,500		1,708,794			1,741,163			0.10	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Term Loan	LIBOR(Q)		1.00	%	4.00% Cash + 3.00% PIK				8.00	%	5/2/2025	$	14,728,518		14,520,452			14,802,160			0.85	%	N
Rhode Holdings, Inc. (Kaseya)	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	5/2/2025	$	590,882		573,920			590,882			0.03	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Incremental Delayed Draw Term Loan	LIBOR(Q)		1.00	%	4.00% Cash + 3.00% PIK				8.00	%	5/2/2025	$	815,728		804,424			819,806			0.05	%	K/N
Rhode Holdings, Inc. (Kaseya)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%	4.00% Cash + 3.00% PIK				8.00	%	5/2/2025	$	1,281,602		1,264,044			1,288,010			0.07	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	4.00% Cash + 3.00% PIK				8.00	%	5/2/2025	$	280,293		272,235			283,797			0.02	%	K/N
Rhode Holdings, Inc. (Kaseya)	First Lien Term Loan	LIBOR(Q)		1.00	%	4.00% Cash + 3.00% PIK				8.00	%	5/2/2025	$	385,419		378,276			387,346			0.02	%	N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/31/2027	$	-		(23,255	)		(23,266	)		—		H/K/N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/31/2027	$	10,469,484		10,260,176			10,260,094			0.59	%	H/N
SEP Vulcan Acquisition, Inc (Canada)	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/16/2027	$	7,836,483		7,680,425			7,679,753			0.44	%	H/N
SEP Vulcan Acquisition, Inc (Canada)	First Lien Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/16/2027	$	-		(22,231	)		(22,390	)		—		H/K/N
Snow Software AB	First Lien Term Loan	LIBOR(Q)		2.00	%		6.00	%		8.00	%	4/17/2024	$	10,373,317		10,236,069			10,580,783			0.60	%	N
Snow Software AB	First Lien Incremental Term Loan	LIBOR(Q)		2.00	%		6.00	%		8.00	%	4/17/2024	$	11,543,865		11,375,395			11,774,743			0.67	%	N
Snow Software AB	Sr Secured Revolver	LIBOR(Q)		2.00	%		6.00	%		8.00	%	4/17/2024	$	-		(54,935	)		—			—		K/N
Snow Software AB	First Lien Term Loan	LIBOR(Q)		2.00	%		6.00	%		8.00	%	4/21/2021	$	4,477,328		4,469,672			4,566,875			0.26	%	N
Superman Holdings, LLC	Sr Secured Revolver	PRIME		0.00	%		7.00	%		10.25	%	8/31/2026	$	-		(28,368	)		—			—		K/N
Superman Holdings, LLC	Sr Secured Revolver	PRIME		0.00	%		7.00	%		10.25	%	8/31/2027	$	8,798,209		8,597,811			9,062,156			0.52	%	N
Syntellis Performance Solutions, Inc	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	8/2/2027	$	21,348,659		20,755,277			21,775,632			1.24	%	N
Winshuttle, LLC	First Lien FILO Term Loan	LIBOR(M)		1.00	%		6.75	%		9.42	%	8/9/2024	$	13,832,414		13,569,424			14,039,900			0.80	%	N
																133,066,340			136,345,602			7.78	%
Specialty Retail
Calceus Acquisition, Inc. (Cole Haan)	First Lien Term Loan B	LIBOR(Q)		0.00	%		5.50	%		5.69	%	2/12/2025	$	586,165		558,370			549,530			0.03	%	N
Calceus Acquisition, Inc. (Cole Haan)	Sr Secured Notes	Fixed		0.00	%		9.75	%		9.75	%	2/19/2025	$	20,000,000		19,482,878			21,486,000			1.23	%	N
USR Parent, Inc. (Staples)	First Lien FILO Term Loan	LIBOR(M)		1.00	%		8.84	%		9.84	%	9/12/2022	$	4,031,501		3,997,465			4,071,816			0.23	%	N
																24,038,713			26,107,346			1.49	%
Textiles, Apparel and Luxury Goods
Kenneth Cole Productions, Inc.	First Lien FILO Term Loan	LIBOR(M)		1.00	%		7.75	%		10.50	%	12/28/2023	$	17,941,278		17,868,945			17,815,689			1.02	%	N
PSEB, LLC (Eddie Bauer)	First Lien FILO II Term Loan	PRIME		0.00	%		7.25	%		10.50	%	10/12/2023	$	10,793,402		10,621,610			10,793,399			0.62	%	N
PSEB, LLC (Eddie Bauer)	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	10/12/2023	$	35,685,684		35,128,877			36,328,026			2.10	%	N
WH Buyer, LLC (Anne Klein)	First Lien Term Loan	LIBOR(Q)		1.00	%		7.51	%		8.51	%	12/31/2025	$	7,903,889		7,825,850			7,919,697			0.45	%	N
WH Buyer, LLC (Anne Klein)	First Lien Term Loan	LIBOR(Q)		1.00	%		7.51	%		8.51	%	12/31/2025	$	27,664,640		27,441,398			27,719,969			1.58	%	N
WH Buyer, LLC (Anne Klein)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.51	%		8.51	%	12/31/2025	$	5,307,692		5,262,546			5,318,308			0.30	%	N
																104,149,226			105,895,088			6.07	%
Thrifts and Mortgage Finance
Greystone Select Holdings, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	4/17/2024	$	24,518,077		24,424,858			24,518,077			1.40	%	N
Home Partners of America, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		6.25	%		7.25	%	10/13/2022	$	2,857,143		2,840,045			2,857,143			0.16	%	N
																27,264,903			27,375,220			1.56	%
Tobacco Related
Juul Labs, Inc.	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	8/2/2023	$	26,365,495		26,201,339			26,180,936			1.50	%	N

Total Debt Investments - 198.6% of Net Assets																1,582,725,251			1,555,000,985			88.88	%

~~September 30, 2017~~

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 %

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

~~September 30, 2017~~

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

March 31, 2021

Issuer	Instrument	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities
Automobiles
Autoalert Acquisition Co, LLC	Warrants to Purchase LLC Interest	6/28/2030		7	$	2,910,423	$	2,211,832		0.13	%	D/E/N

Capital Markets
Pico Quantitative Trading, LLC	Warrants to Purchase Membership Units (144A)	2/7/2030		287		645,121		697,010		0.04	%	D/E/N

Chemicals
AGY Holding Corp.	Series A Preferred Stock			1,786,785		485,322		278,719		0.02	%	D/E/N
AGY Holding Corp.	Series B Preferred Stock			1,250,749		—		—		—		D/E/N
AGY Holding Corp.	Common Stock			982,732		—		—		—		D/E/N
						485,322		278,719		0.02	%
Communications Equipment
Avanti Communications Group, PLC (United Kingdom)	Common Stock			26,576,710		4,902,674		—		—		D/H/N/O

Diversified Consumer Services
TVG-Edmentum Holdings, LLC	Series A Preferred Stock			28,431,892		28,431,892		31,236,431		1.79	%	B/E
TVG-Edmentum Holdings, LLC	Series B-1 Common Stock			13,904,323		13,904,323		15,187,277		0.87	%	B/E
TVG-Edmentum Holdings, LLC	Series B-2 Common Stock			13,421,162		13,421,162		15,187,277		0.87	%	B/D/E
						55,757,377		61,610,985		3.53	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Membership Units			22,199,416		22,199,416		32,092,000		1.81	%	E/F/N
Conventional Lending TCP Holdings, LLC	Membership Units			19,000,869		19,000,869		18,000,000		1.02	%	E/F/I/N
GACP I, LP (Great American Capital)	Membership Units			460,486		460,486		968,930		0.06	%	E/I/N
GACP II, LP (Great American Capital)	Membership Units			14,214,380		14,214,380		14,491,280		0.83	%	E/I/N
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series D Stock	2/11/2031		34,820		—		695,704		0.04	%	D/E/N/H
						55,875,151		66,247,914		3.76	%
Electric Utilities
Conergy Asia Holdings Limited (United Kingdom)	Class B Shares			1,000,000		1,000,000		—		—		D/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom)	Ordinary Shares			3,333		7,833,333		—		—		D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Ordinary Shares			2,332,594		—		—		—		D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Series B Preferred Shares			93,023		1,395,349		—		—		D/E/F/H/N
Utilidata, Inc.	Common Stock			29,094		216,336		—		—		D/E
Utilidata, Inc.	Series C Preferred Stock			257,369		153,398		207,000		0.01	%	D/E
Utilidata, Inc.	Series CC Preferred Stock			500,000		500,000		12,000		—		D/E
						11,098,416		219,000		0.01	%
Electrical Equipment
TCFI Amteck Holdings, LLC	Series A Preferred Units			8,840,179		8,330,746		9,207,907		0.53	%	N
TCFI Amteck Holdings, LLC	Common Units			362,513		395,336		10,164,865		0.58	%	D/N
						8,726,082		19,372,772		1.11	%
Electronic Equipment, Instruments and Components
Soraa, Inc.	Warrants to Purchase Preferred Stock	8/29/2024		3,071,860		478,899		—		—		D/E/N

Energy Equipment and Services
GlassPoint Solar	Warrants to Purchase Series E Preferred Stock	9/12/2029		16		275,200		275,200		0.02	%	D/E/N

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2021

Issuer	Instrument	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities (continued)
Internet Software and Services
Domo, Inc.	Warrants to Purchase Class B Common Stock	8/7/2023		49,792	$	1,543,054	$	2,802,792		0.16	%	D/E
FinancialForce.com, Inc.	Warrants to Purchase Series C Preferred Stock	1/30/2029		1,125,000		287,985		562,059		0.03	%	D/E/N
Foursquare Labs, Inc.	Warrants to Purchase Series E Preferred Stock	5/4/2027		2,062,500		508,805		883,929		0.05	%	D/E/N
InMobi, Inc. (Singapore)	Warrants to Purchase Common Stock	8/15/2027		1,327,869		212,360		1,057,869		0.06	%	D/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		1,029,835		0.06	%	D/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		445,059		0.03	%	D/E/H/N
ResearchGate Corporation (Germany)	Warrants to Purchase Series D Preferred Stock	10/30/2029		333,370		202,001		120,000		0.01	%	D/E/H/N/O
Snaplogic, Inc.	Warrants to Purchase Series Preferred Stock	3/19/2028		1,860,000		377,722		5,300,000		0.30	%	D/E/N
						3,501,826		12,201,543		0.70	%

IT Services
Fidelis (SVC), LLC	Preferred Units			657,932		2,001,384		73,761		—		D/E/N

Life Sciences Tools and Services
Envigo RMS Holdings Corp.	Common Stock			36,413		—		245,424		0.01	%	D/E/N

Media
NEG Parent, LLC (Core Entertainment, Inc.)	Class A Units			2,720,392		2,772,807		8,138,580		0.47	%	B/D/E/N
NEG Parent, LLC (Core Entertainment, Inc.)	Class A Warrants to Purchase Class A Units	10/17/2026		343,387		196,086		526,290		0.03	%	B/D/E/N
NEG Parent, LLC (Core Entertainment, Inc.)	Class B Warrants to Purchase Class A Units	10/17/2026		346,794		198,032		531,511		0.03	%	B/D/E/N
Quora, Inc.	Warrants to Purchase Series D Preferred Stock	4/11/2029		507,704		65,245		137,588		0.01	%	D/E/N
SoundCloud, Ltd. (United Kingdom)	Warrants to Purchase Preferred Stock	4/29/2025		946,498		79,082		45,143		—		D/E/H/N
						3,311,252		9,379,112		0.54	%
Oil, Gas and Consumable Fuels
Iracore Investments Holdings, Inc.	Class A Common Stock			16,207		4,177,710		5,897,527		0.34	%	B/D/E/N

Professional Services
Anacomp, Inc.	Class A Common Stock			1,255,527		26,711,048		213,440		0.01	%	D/E/F/N

Semiconductors and Semiconductor Equipment
Nanosys, Inc.	Warrants to Purchase Preferred Stock	3/29/2023		800,000		605,266		962,482		0.06	%	D/E/N

Software
Tradeshift, Inc.	Warrants to Purchase Series D Preferred Stock	3/26/2027		1,712,930		577,847		503,759		0.03	%	D/E/N

Total Equity Securities - 23.0% of Net Assets						182,040,998		180,390,480		10.31	%

Total Investments - 221.6% of Net Assets					$	1,764,766,249	$	1,735,391,465		99.19	%

Cash and Cash Equivalents - 1.8% of Net Assets							$	14,254,843		0.81	%

Total Cash and Investments - 223.4% of Net Assets							$	1,749,646,308		100.00	%	M

~~September 30, 2017~~

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 %

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

~~September 30, 2017~~

Issuer Instrument Ref Floor Spread Total Coupon Maturity Shares Cost
Fair
Value

% of Total
Cash and
Investments
Notes
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

Total Equity Securities
91,742,889
65,455,520
4.08 %

Total Investments $ 1,560,349,649
$ 1,528,750,487



Cash and Cash Equivalents


Cash Held on Account at Various Institutions

64,929,885
4.06 %
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 Equivalents 71,929,885
4.50 %

Total Cash and Investments $ 1,600,680,372
100.00 % M

March 31, 2021

Notes to Consolidated Schedule of Investments:

(A)
~~(A)~~	~~Investments~~ Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.

(B)
~~(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)
~~(C)~~	~~Non-income producing security.~~ Non-accruing debt investment.

(D)
~~(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. Other non-income producing investment.

(E)
~~(E)~~	~~Restricted~~ Restricted security. (See Note 2)

(F)
~~(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)
~~(G)~~	Investment has been segregated to collateralize certain unfunded commitments.

(H)
~~(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)
~~(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)
~~(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)
~~(K)~~	Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

(L)
~~(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)
~~(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)
~~(N)~~	Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

(O)	Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure.

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

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled ~~$652,394,259~~$182,585,090 and ~~$434,061,754,~~$95,732,133, respectively, for the ~~nine~~three months ended ~~September 30, 2017.~~March 31, 2021. 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, 2017~~March 31, 2021 was ~~$1,527,461,735~~$ 1,663,410,693.00 or ~~95.4%~~95.1% of total cash and investments of the Company. As of ~~September 30, 2017,~~March 31, 2021, approximately ~~12.6%~~11% 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.

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments

December 31, ~~2016~~2020

																			% of Total
									Total								Fair		Cash and
Issuer	Instrument	Ref	Floor			Spread			Coupon			Maturity	Principal		Cost		Value		Investments			Notes
Debt Investments ^(A)
Aerospace and Defense
Unanet, Inc.	First Lien Delayed Draw Term Loan	LIBOR(M)		—			6.25	%		6.44	%	5/31/2024	$	5,127,551	$	5,072,277	$	5,005,102		0.30	%	N
Unanet, Inc.	First Lien Term Loan	LIBOR(M)		—			6.25	%		6.44	%	5/31/2024	$	19,897,959	19,747,253		19,579,592			1.19	%	N
Unanet, Inc.	Sr Secured Revolver	LIBOR(M)		—			6.25	%		6.44	%	5/31/2024	$	2,448,980	2,431,281		2,409,796			0.15	%	N
															27,250,811		26,994,490			1.64	%
Airlines
Mesa Airlines, Inc.	Aircraft Acquisition Incremental Loan	LIBOR(M)		2.00	%		5.00	%		7.00	%	9/27/2023	$	1,947,089	1,929,445		1,888,676			0.11	%	N
Mesa Airlines, Inc.	Aircraft Acquisition Loan	LIBOR(M)		2.00	%		5.00	%		7.00	%	6/5/2023	$	15,488,204	15,358,100		15,116,487			0.92	%	N
One Sky Flight, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	12/27/2024	$	19,000,000	18,679,830		19,190,000			1.16	%	N
															35,967,375		36,195,163			2.19	%
Automobiles
AutoAlert, LLC	First Lien Incremental Term Loan	LIBOR(Q)		0.25	%		10.75	%		11.00	%	1/1/2022	$	41,207,522	41,207,522		38,776,278			2.35	%	N
AutoAlert, LLC	First Lien Term Loan	LIBOR(Q)		0.25	%		10.75	%		11.00	%	1/1/2022	$	16,307,846	16,307,846		15,345,683			0.93	%	N
DealerFX, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%	6.25% Cash + 2.00% PIK				9.25	%	2/1/2023	$	16,520,125	16,365,326		16,404,484			0.99	%	N
															73,880,694		70,526,445			4.27	%
Building Products
Dodge Data & Analytics, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/31/2021	$	819,552	819,552		819,552			0.05	%	N
Dodge Data & Analytics, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/31/2021	$	33,152,046	33,152,046		33,152,046			2.01	%	N
															33,971,598		33,971,598			2.06	%
Capital Markets
HighTower Holding, LLC	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.75	%		9.75	%	1/31/2026	$	15,080,645	14,774,280		15,080,645			0.91	%	N
HighTower Holding, LLC	Second Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		8.75	%		9.75	%	1/31/2026	$	6,169,355	6,073,309		6,169,355			0.37	%	N
HighTower Holdings	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.75	%		9.75	%	1/31/2026	$	6,249,999	6,128,534		6,249,999			0.38	%	N
Pico Quantitative Trading, LLC	First Lien Term Loan (1.0% Exit Fee)	LIBOR(Q)		1.50	%		7.25	%		8.75	%	2/7/2025	$	21,791,007	20,969,685		21,594,888			1.31	%	L/N
															47,945,808		49,094,887			2.97	%
Commercial Services and Supplies
Kellermeyer Bergensons Services, LLC	First Lien Delayed Draw Term Loan A	LIBOR(Q)		1.00	%		6.50	%		7.50	%	11/7/2026	$	1,423,529	1,411,012		1,437,765			0.09	%	N
Kellermeyer Bergensons Services, LLC	First Lien Delayed Draw Term Loan B	LIBOR(Q)		1.00	%		6.50	%		7.50	%	11/7/2026	$	371,111	354,609		390,705			0.02	%	N
Kellermeyer Bergensons Services, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	11/7/2026	$	6,470,588	6,419,832		6,535,294			0.40	%	N
Team Software, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		—			5.50	%		5.81	%	9/17/2023	$	7,220,080	7,142,178		7,183,980			0.44	%	N
Team Software, Inc.	First Lien Revolver	LIBOR(Q)		—			5.50	%		5.81	%	9/17/2023	$	1,053,363	1,024,123		1,035,807			0.06	%	N
Team Software, Inc.	First Lien Term Loan	LIBOR(Q)		—			5.50	%		5.81	%	9/17/2023	$	13,167,038	13,050,648		13,101,203			0.79	%	N
															29,402,402		29,684,754			1.80	%
Communications Equipment
Avanti Communications Jersey Limited (United Kingdom)	1.25 Lien Term Loan	Fixed		—		12.5% PIK				12.50	%	5/24/2021	$	232,780	232,780		232,780			0.01	%	H/N
Avanti Communications Jersey Limited (United Kingdom)	1.5 Lien Delayed Draw Term Loan	Fixed		—		12.5% PIK				12.50	%	5/24/2021	$	1,373,054	1,373,054		1,373,054			0.08	%	H/N
Avanti Communications Jersey Limited (United Kingdom)	1.5 Lien Term Loan	Fixed		—		12.5% PIK				12.50	%	5/24/2021	$	319,776	294,921		319,776			0.02	%	H/N
Avanti Communications Group, PLC (United Kingdom)	Sr New Money Initial Note	Fixed		—		9% PIK				—		10/1/2022	$	1,592,934	1,591,586		637,174			0.04	%	C/E/G/H/N
Avanti Communications Group, PLC (United Kingdom)	Sr Second-Priority PIK Toggle Note	Fixed		—		9% PIK				—		10/1/2022	$	4,064,721	4,064,219		1,625,888			0.10	%	C/E/G/H/N
															7,556,560		4,188,672			0.25	%

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 %

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2016~~2020

																					% of Total
									Total									Fair			Cash and
Issuer	Instrument	Ref	Floor			Spread			Coupon			Maturity	Principal		Cost			Value			Investments			Notes
Debt Investments (continued)
Construction and Engineering
Hylan Datacom & Electrical, LLC	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%	5.50% Cash + 4.50% PIK				11.00	%	7/25/2021	$	2,658,374	$	2,645,763		$	2,261,479			0.14	%	N
Hylan Datacom & Electrical, LLC	First Lien Term Loan (3.15% Exit Fee)	LIBOR(Q)		1.00	%	5.50% Cash + 4.50% PIK				11.00	%	7/25/2021	$	14,714,236	14,689,002			12,517,400				0.76	%	L/N
															17,334,765			14,778,879				0.90	%
Consumer Finance
Auto Trakk SPV, LLC	First Lien Delayed Draw Term Loan	LIBOR(M)		0.50	%		6.50	%		7.00	%	12/21/2021	$	21,708,042	21,627,288			21,708,042				1.32	%	N
Barri Financial Group, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.75	%		8.75	%	10/23/2024	$	16,386,623	16,058,193			16,550,489				1.00	%	N
Open Lending, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		6.50	%		7.50	%	3/11/2027	$	4,906,250	4,766,726			4,893,984				0.30	%	N
															42,452,207			43,152,515				2.62	%
Diversified Consumer Services
Spark Networks, Inc.	Sr Secured Revolver	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	—		(22,151	)		(12,272	)		—		K/N
Spark Networks, Inc.	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	19,848,972	19,372,272			19,551,237				1.19	%	N
Spark Networks, Inc.	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	1,207,065	1,171,712			1,188,959				0.07	%	N
Thras.io, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	12/18/2026	$	—		(248,494	)		(248,494	)		(0.02	)%	K/N
Thras.io, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	12/18/2026	$	15,060,241	14,683,735			14,683,735				0.89	%	K/N
															34,957,074			35,163,165				1.19	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Senior Note	Fixed	—				12.00	%		12.00	%	11/30/2025	$	40,834,419	40,834,419			40,834,419				2.48	%	E/F/N
Aretec Group, Inc. (Cetera)	Second Lien Term Loan	LIBOR(M)	—				8.25	%		8.40	%	10/1/2026	$	27,105,263	26,876,000			25,478,947				1.54	%	G/N
Credit Suisse AG (Cayman Islands)	Asset-Backed Credit Linked Notes	LIBOR(Q)	—				9.50	%		11.50	%	4/12/2025	$	38,000,000	38,000,000			30,856,000				1.87	%	H/I/N
GC Agile Holdings Limited (Apex) (England)	First Lien Delayed Term Loan B	LIBOR(Q)		1.25	%		7.00	%		8.25	%	6/15/2025	$	18,788,475	18,490,655			18,675,561				1.13	%	H/N
GC Agile Holdings Limited (Apex) (England)	First Lien Term Loan A	LIBOR(Q)		1.25	%		7.00	%		8.25	%	6/15/2025	$	816,583	803,983			809,070				0.05	%	H/N
RSB-160, LLC (Lat20)	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		6.00	%		7.00	%	7/20/2022	$	1,533,333	1,518,675			1,533,333				0.09	%	N
															126,523,732			118,187,330				7.16	%
Diversified Telecommunication Services
Aventiv Technologies, Inc. (Securus)	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.25	%		9.25	%	11/1/2025	$	25,846,154	25,679,341			21,237,009				1.30	%
Telarix, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	11/19/2023	$	7,368,750	7,295,192			7,242,008				0.44	%	N
Telarix, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.00	%		7.00	%	11/19/2023	$	—		(3,204	)		(6,143	)		—		N
															32,971,329			28,472,874				1.74	%
Electric Utilities
Conergy Asia & ME Pte. Ltd (Singapore)	First Lien Term Loan	Fixed		—			—			—		6/30/2021	$	2,110,141	2,110,141			1,154,036				0.07	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Bank Guarantee Credit Facility	Fixed		—			—			—		12/31/2021	$	6,578,877	6,578,877			3,336,148				0.20	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Revolving Credit Facility	Fixed		—			—			—		12/31/2021	$	8,668,850	8,668,850			2,114,333				0.13	%	D/F/H/N
															17,357,868			6,604,517				0.40	%
Electrical Equipment
TCFI Amteck Holdings, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		—			6.25	%		6.56	%	12/31/2024	$	526,131	520,301			526,131				0.03	%	N
TCFI Amteck Holdings, LLC	First Lien Term Loan	LIBOR(Q)		—			6.25	%		6.56	%	12/31/2024	$	8,722,052	8,624,256			8,722,052				0.53	%	N
															9,144,557			9,248,183				0.56	%

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

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2016~~2020

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Energy Equipment and Services
GlassPoint Solar, Inc.	First Lien Incremental Term Loan (4.0% Exit Fee)	LIBOR(M)		2.00	%		8.50	%		—		8/31/2021	$	4,245,365	$	4,234,930		$	1,018,888			0.06	%	C/L/N
GlassPoint Solar, Inc.	First Lien Incremental Term Loan A	LIBOR(M)		2.00	%		8.50	%		10.50	%	8/31/2021	$	210,986	210,986			210,986				0.01	%	N
GlassPoint Solar, Inc.	First Lien Term Loan (5.0% Exit Fee)	LIBOR(M)		—			11.44	%		—		8/31/2021	$	2,324,588	2,283,788			557,901				0.03	%	C/L/N
Sphera Solutions, Inc. (Diamondback)	First Lien FILO Term Loan B	LIBOR(Q)		1.00	%		7.75	%		10.76	%	6/14/2023	$	23,377,259	23,115,634			23,073,355				1.40	%	N
															29,845,338			24,861,130				1.50	%
Health Care Technology
CAREATC, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	3/14/2024	$	8,502,033	8,381,928			8,587,053				0.52	%	N
CAREATC, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%	3/14/2024	$	-		(7,938	)		—			—		K/N
Edifecs, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	9/21/2026	$	1,388,889	1,355,499			1,397,222				0.08	%	N
Patient Point Network Solutions, LLC	Sr Secured Revolver	LIBOR(Q)		1.00	%		8.50	%		9.50	%	6/26/2022	$	-		(1,824	)		—			—		K/N
Patient Point Network Solutions, LLC	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/26/2022	$	1,172,178	1,166,548			1,172,178				0.07	%	N
Patient Point Network Solutions, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/26/2022	$	6,081,798	6,058,408			6,081,798				0.37	%	N
Sandata Technologies, LLC	First Lien Term Loan	LIBOR(Q)		—			6.00	%		6.31	%	7/23/2024	$	20,250,000	20,016,127			19,723,500				1.20	%	N
Sandata Technologies, LLC	Sr Secured Revolver	LIBOR(Q)		—			6.00	%		6.31	%	7/23/2024	$	-		(24,784	)		(58,500	)		—		K/N
															36,943,964			36,903,251				2.24	%
Healthcare Providers and Services
TEAM Services Group	Second Lien Term Loan	LIBOR(Q)		1.00	%		9.00	%		10.00	%	11/13/2028	$	25,000,000	24,190,557			24,812,500				1.50	%	N

Hotels, Restaurants and Leisure
Fishbowl, Inc.	First Lien Term Loan	LIBOR(Q)		—			9.75	%		10.06	%	1/26/2022	$	25,990,088	25,818,817			14,944,301				0.91	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		6.25	%		9.25	%	12/20/2021	$	5,648,822	5,753,482			4,818,445				0.29	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	First Lien Term Loan	LIBOR(Q)		1.00	%		6.25	%		9.25	%	12/20/2021	$	13,510,298	13,732,711			11,524,284				0.70	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	Revolver	LIBOR(Q)		1.00	%		6.25	%		9.25	%	12/20/2021	$	671,356	682,522			572,666				0.03	%	N
															45,987,532			31,859,696				1.93	%
Insurance
2-10 Holdco, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		6.00	%		7.00	%	10/31/2024	$	3,741,667	3,689,786			3,741,667				0.23	%	N
2-10 Holdco, Inc.	Sr Secured Revolver	LIBOR(M)		1.00	%		6.00	%		7.00	%	10/31/2024	$	-		(5,341	)		—			—		K/N
AmeriLife Holdings, LLC	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.50	%		9.50	%	3/18/2028	$	21,356,400	20,952,696			21,228,262				1.29	%	N
AmeriLife Holdings, LLC	Second Lien Incremental Term Loan	LIBOR(Q)		1.00	%		8.50	%		9.50	%	3/18/2028	$	7,454,593	7,324,604			7,409,865				0.45	%	N
IT Parent	First Lien Term Loan	LIBOR(Q)		1.00	%		6.25	%		7.25	%	10/1/2026	$	4,375,000	4,290,457			4,353,125				0.26	%	N
IT Parent	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.25	%		7.25	%	10/1/2026	$	500,000	488,014			496,875				0.03	%	N
															36,740,216			37,229,794				1.97	%

Internet and Catalog Retail
Live Auctioneers LLC	First Lien Last Out B-2 Term Loan	LIBOR(Q)		1.00	%		6.76	%		7.76	%	5/21/2025	$	13,820,056	13,598,260			13,571,295				0.82	%	N
Live Auctioneers LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		6.76	%		7.76	%	5/21/2025	$	5,398,131	5,290,496			5,300,964				0.32	%	N
Syndigo, LLC	Second Lien Term Loan	LIBOR(Q)		0.75	%		8.00	%		8.75	%	12/14/2028	$	12,141,870	11,959,742			11,959,742				0.73	%	N
															30,848,498			30,832,001				3.08	%

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 %

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2016~~2020

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Internet Software and Services
Acquia Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	11/1/2025	$	16,648,997	$	16,366,935		$	16,898,731			1.02	%	N
Acquia Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	11/1/2025	$	-		(29,118	)		—			—		K/N
Domo, Inc.	First Lien Delayed Draw Term Loan (7.0% Exit Fee)	LIBOR(M)		1.50	%	5.50% Cash + 2.50% PIK				9.50	%	4/1/2025	$	53,464,245	53,435,610			54,640,458				3.31	%	L/N
Domo, Inc.	First Lien Term Loan	LIBOR(M)		—		9.5% PIK				9.50	%	4/1/2025	$	2,566,973	77,095			2,618,312				0.16	%	N
FinancialForce.com, Inc.	First Lien Delayed Draw Term Loan (3.0% Exit Fee)	LIBOR(M)		2.75	%		6.75	%		9.50	%	2/1/2024	$	28,000,000	27,623,116			28,336,000				1.72	%	L/N
Foursquare Labs, Inc.	First Lien Term Loan (5.0% Exit Fee)	LIBOR(M)	2.19%				7.25	%		9.44	%	10/1/2022	$	33,750,000	33,546,196			33,817,500				2.05	%	L/N
Foursquare Labs, Inc.	First Lien Incremental Term Loan	LIBOR(M)		2.19	%		7.25	%		9.44	%	10/1/2022	$	7,500,000	7,286,941			7,477,500				0.45	%	N
Foursquare	First Lien Term Loan	LIBOR(M)	2.19%				7.25	%		9.44	%	5/1/2023	$	2,500,000	2,475,000			2,555,000				0.15	%	N
Metricstream, Inc	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	9/28/2024	$	23,104,483	22,670,625			22,642,394				1.37	%	N
Persado, Inc.	First Lien Delayed Term Loan (4.25% Exit Fee)	LIBOR(M)	1.80%				7.00	%		8.80	%	2/1/2025	$	8,782,078	8,708,373			8,694,258				0.53	%	L/N
Quartz Holding Company (Quick Base)	Second Lien Term Loan	LIBOR(M)		—			8.00	%		8.15	%	4/2/2027	$	9,903,019	9,729,081			9,816,367				0.60	%	N
ResearchGate GmBH (Germany)	First Lien Term Loan (4.0% Exit Fee)	EURIBOR (Q)		—			8.55	%		8.55	%	10/1/2022	$	6,714,000	8,020,121			8,882,973				0.54	%	H/L/N/O
															189,909,975			196,379,493				11.90	%
IT Services
Puppet, Inc.	First Lien Term Loan (3.0% Exit Fee)	LIBOR(Q)		1.00	%		8.50	%		9.50	%	6/19/2023	$	13,930,936	13,609,649			13,680,179				0.83	%	L/N
Web.com Group Inc.	Second Lien Term Loan	LIBOR(M)		—			7.75	%		7.90	%	10/11/2026	$	19,277,823	19,075,749			18,498,710				1.12	%	G/J
Xactly Corporation	First Lien Incremental Term Loan B	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	4,996,644	4,943,694			4,986,650				0.30	%	N
Xactly Corporation	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	2,726,918	2,705,045			2,721,464				0.16	%	N
Xactly Corporation	First Lien Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	6,948,120	6,898,077			6,934,224				0.42	%	N
Xactly Corporation	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	-		(5,443	)		(1,710	)		—		K/N
															47,226,771			46,819,517				2.83	%
Leisure Products
Blue Star Sports Holdings, Inc.	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 2.00% PIK				8.75	%	6/15/2024	$	57,122	56,426			53,397				—		N
Blue Star Sports Holdings, Inc.	First Lien Revolver	LIBOR(Q)		1.00	%	5.75% cash + 2.00% PIK				8.75	%	6/15/2024	$	114,289	112,927			106,837				0.01	%	N
Blue Star Sports Holdings, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 2.00% PIK				8.75	%	6/15/2024	$	1,569,444	1,550,003			1,467,116				0.09	%	N
															1,719,356			1,627,350				0.10	%
Machinery
Sonny's Enterprises, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		7.00	%		8.00	%	8/5/2026	$	3,791,553	3,715,824			3,715,722				0.23	%	K
Sonny's Enterprises, LLC	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		7.00	%		8.00	%	8/5/2026	$	-		(183,811	)		(184,161	)		(0.01	)%	K
															3,532,013			3,531,561				0.22	%
Media
Khoros, LLC (Lithium)	Sr Secured Revolver	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	509,379	496,840			474,231				0.03	%	N
Khoros, LLC (Lithium)	Sr Secured Revolver	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	151,743	147,099			141,272				0.01	%	N
Khoros, LLC (Lithium)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	7,131,905	7,054,572			6,967,871				0.42	%	N
Khoros, LLC (Lithium)	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	20,884,731	20,704,358			20,404,382				1.24	%	N
NEP II, Inc.	Second Lien Term Loan	LIBOR(M)		—			7.00	%		7.15	%	10/19/2026	$	27,000,000	26,418,396			23,409,000				1.42	%	G
Quora, Inc.	First Lien Term Loan (4.0% Exit Fee)	Fixed		—			10.10	%		10.10	%	5/1/2022	$	12,692,602	12,582,602			12,768,758				0.77	%	L/N
															67,403,867			64,165,514				3.89	%
Metal and Mining
Neenah Foundry Company	First Lien Term Loan B	LIBOR(Q)		1.00	%		9.00	%		10.00	%	12/13/2022	$	6,151,857	5,905,998			5,382,875				0.33	%	N

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 %

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2016~~

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 %

2020

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Oil, Gas and Consumable Fuels
Iracore International, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		9.00	%		10.00	%	4/13/2021	$	1,324,140	$	1,324,140		$	1,324,140			0.08	%	B/N
Personal Products
Olaplex, Inc.	Sr Secured Revolver	LIBOR(M)		1.00	%		6.50	%		7.50	%	1/8/2025		—		(22,078	)		(13,400	)		—		K/N
Olaplex, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		6.50	%		7.50	%	1/8/2026	$	13,403,873	13,168,640			13,269,835				0.80	%	N
Olaplex, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		6.50	%		7.50	%	1/8/2026	$	5,170,752	5,119,044			5,119,044				0.31	%	N
Paula's Choice Holdings, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		6.25	%		7.25	%	11/17/2025	$	20,000,000	19,452,319			19,500,000				1.18	%	N
															37,717,925			37,875,479				2.30	%
Professional Services
Applause App Quality, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		5.00	%		6.00	%	9/20/2022	$	20,772,306	20,610,750			20,772,306				1.26	%	N
Applause App Quality, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		5.00	%		6.00	%	9/20/2022		—		(10,443	)		—			—		K/N
CIBT Solutions, Inc.	Second Lien Term Loan	LIBOR(Q)		1.00	%		7.75	%		—		6/1/2025	$	8,011,188	7,956,586			4,099,044				0.25	%	C/G/N
Dude Solutions Holdings, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025		—		(37,510	)		—			—		K/N
Dude Solutions Holdings, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	16,884,883	16,579,885			17,222,581				1.04	%	N
Dude Solutions Holdings, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	2,227,508	2,183,489			2,272,058				0.14	%	N
Dude Solutions Holdings, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	3,627,272	3,510,848			3,714,327				0.23	%	N
iCIMS, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	9/12/2024	$	121,678	120,176			119,975				0.01	%	K/N
iCIMS, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	9/12/2024	$	2,351,073	2,315,704			2,318,158				0.14	%	N
iCIMS, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	9/12/2024	$	353,250	346,429			348,305				0.02	%	N
Institutional Shareholder Services, Inc.	Second Lien Term Loan	LIBOR(Q)		—			8.50	%		8.72	%	3/5/2027	$	5,820,856	5,672,120			5,791,752				0.35	%	N
RigUp, Inc.	First Delayed Draw Term Loan (3.5% Exit Fee)	LIBOR(M)	1.50%				7.00	%		8.50	%	3/1/2024	$	19,333,333	18,855,629			18,811,333				1.14	%	L/N
															78,103,663			75,469,839				4.58	%
Real Estate Management and Development
Space Midco, Inc. (Archibus)	First Lien Term Loan	LIBOR(M)		—			6.25	%		6.44	%	12/5/2023	$	4,444,444	4,387,820			4,355,556				0.26	%	N
Space Midco, Inc. (Archibus)	Sr Secured Revolver	LIBOR(M)		—			6.25	%		6.44	%	12/5/2023		—		(3,393	)		(5,556	)		—		K/N
															4,384,427			4,350,000				0.26	%
Road and Rail
GlobalTranz Enterprises LLC	Second Lien Term Loan	LIBOR(M)		—			8.25	%		8.40	%	5/15/2027	$	19,382,324	19,045,353			16,610,652				1.01	%	N

Software
Certify, Inc.	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		5.75	%		6.75	%	2/28/2024	$	3,188,631	3,150,214			3,161,527				0.19	%	N
Certify, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		5.75	%		6.75	%	2/28/2024	$	23,383,293	23,314,597			23,184,535				1.41	%	N
Certify, Inc.	Sr Secured Revolver	LIBOR(M)		1.00	%		5.75	%		6.75	%	2/28/2024	$	265,719	250,220			256,685				0.02	%	K/N
Rhode Holdings, Inc. (Kaseya)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	4% Cash+3% PIK				8.00	%	5/2/2025	$	1,732,500	1,707,152			1,744,628				0.11	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Term Loan	LIBOR(Q)		1.00	%	4% Cash+3% PIK				8.00	%	5/2/2025	$	14,616,458	14,394,168			14,719,558				0.89	%	N
Rhode Holdings, Inc. (Kaseya)	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	5/2/2025	$	590,882	572,713			590,882				0.04	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Incremental Delayed Draw Term Loan	LIBOR(Q)		1.00	%	4% Cash+3% PIK				8.00	%	5/2/2025		—		(12,010	)	5,710				—		K/N
Rhode Holdings, Inc. (Kaseya)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%	4% Cash+3% PIK				8.00	%	5/2/2025	$	1,281,602	1,262,824			1,290,573				0.08	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	4% Cash+3% PIK				8.00	%	5/2/2025		—		(8,557	)	4,905				—		K/N
Rhode Holdings, Inc. (Kaseya)	First Lien Term Loan	LIBOR(Q)		1.00	%	4% Cash+3% PIK				8.00	%	5/2/2025	$	385,419	377,820			388,117				0.02	%	N
Snow Software AB	First Lien Term Loan	LIBOR(Q)	2.00%				6.00	%		8.00	%	4/17/2024	$	10,373,317	10,223,498			10,552,775				0.64	%	N
Snow Software AB	First Lien Incremental Term Loan	LIBOR(Q)	2.00%				6.00	%		8.00	%	4/17/2024	$	11,543,865	11,360,297			11,743,574				0.71	%	N
Snow Software AB	Sr Secured Revolver	LIBOR(Q)	2.00%				6.00	%		8.00	%	4/17/2024	$	1,308,164	1,248,629			1,308,164				0.08	%	N
Snow Software AB	First Lien Term Loan	LIBOR(Q)	2.00%				6.00	%		8.00	%	4/21/2021	$	4,477,328	4,435,255			4,554,786				0.28	%	N
Superman Holdings, LLC	Sr Secured Revolver	PRIME		—			7.00	%		10.25	%	8/31/2026		—		(29,663	)		—			—		K/N

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2016~~2020

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost		Fair Value		% of Total Cash and Investments			Notes
Debt Investments (continued)
Superman Holdings, LLC	Sr Secured Revolver	PRIME		—			7.00	%		10.25	%	8/31/2027	$	8,820,316	$	8,608,974	$	8,855,597		0.54	%	N
Syntellis Performance Solutions, Inc	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	8/2/2027	$	21,402,299	20,783,432		21,509,310			1.30	%	N
Winshuttle, LLC	First Lien FILO Term Loan	LIBOR(M)		1.00	%		8.42	%		9.42	%	8/9/2024	$	13,867,521	13,575,211		14,075,534			0.85	%	N
															115,214,774		117,946,860			7.16	%
Specialty Retail
Calceus Acquisition, Inc. (Cole Haan)	First Lien Term Loan B	LIBOR(Q)		—			5.50	%		5.73	%	2/12/2025	$	590,021	560,513		566,420			0.03	%	N
Calceus Acquisition, Inc. (Cole Haan)	Sr Secured Notes	Fixed		—			9.75	%		9.75	%	2/19/2025	$	20,000,000	19,455,896		21,970,000			1.33	%	N
USR Parent, Inc. (Staples)	First Lien FILO Term Loan	LIBOR(M)		1.00	%		8.84	%		9.84	%	9/12/2022	$	4,588,974	4,542,337		4,634,863			0.28	%	N
															24,558,746		27,171,283			1.64	%
Textiles, Apparel and Luxury Goods
Kenneth Cole Productions, Inc.	First Lien FILO Term Loan	LIBOR(M)		1.00	%		7.75	%		8.75	%	12/28/2023	$	17,941,278	17,855,159		17,941,278			1.09	%	N
PSEB, LLC (Eddie Bauer)	First Lien FILO II Term Loan	PRIME		—			7.25	%		10.50	%	10/12/2023	$	10,793,402	10,603,924		10,793,402			0.65	%	N
PSEB, LLC (Eddie Bauer)	First Lien Term Loan	LIBOR(Q)	1.50%				8.00	%		9.50	%	10/12/2023	$	37,237,236	36,598,542		37,795,794			2.30	%	N
WH Buyer, LLC (Anne Klein)	First Lien Term Loan	LIBOR(Q)	1.50%				7.76	%		9.26	%	7/16/2025	$	27,664,640	27,429,571		27,498,652			1.68	%	N
WH Buyer, LLC (Anne Klein)	First Lien Incremental Term Loan	LIBOR(Q)	1.50%				7.76	%		9.26	%	7/16/2025	$	5,307,692	5,260,224		5,275,846			0.32	%	N
															97,747,420		99,304,972			6.04	%
Thrifts and Mortgage Finance
Greystone Select Holdings, LLC	First Lien Term Loan	LIBOR(Q)	1.00%				8.00	%		9.00	%	4/17/2024	$	24,579,526	24,469,428		24,825,321			1.51	%	N
Home Partners of America, Inc.	First Lien Term Loan	LIBOR(M)	1.00%				6.25	%		7.25	%	10/13/2022	$	2,857,143	2,836,813		2,857,143			0.17	%	N
															27,306,241		27,682,464			1.68	%
Tobacco Related
Juul Labs, Inc.	First Lien Term Loan	LIBOR(Q)	1.50%				8.00	%		9.50	%	8/2/2023	$	26,452,995	26,264,571		26,400,089			1.60	%	N

Total Debt Investments - 188.9% of Net Assets															1,488,638,125		1,444,803,932			87.59	%

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

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2016~~

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 %

2020

Issuer	Instrument	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities
Airlines
Epic Aero, Inc (One Sky)	Common Stock			1,842	$	855,313	$	11,346,069		0.69	%	D/N

Automobiles
AutoAlert Acquisition Co, LLC	Warrants to Purchase LLC Interest	6/28/2030		7		2,910,423		2,818,737		0.17	%	D/E/N

Capital Markets
Pico Quantitative Trading, LLC	Warrants to Purchase Membership Units (144A)	2/7/2030		287		645,121		697,010		0.04	%	D/E/N
Chemicals
AGY Holding Corp.	Series A Preferred Stock			1,786,785		485,322		663,166		0.04	%	D/N
AGY Holding Corp.	Series B Preferred Stock			1,250,749		—		—		—		D/N
AGY Holding Corp.	Common Stock			982,732		—		—		—		D/N
						485,322		663,166		0.04	%
Communications Equipment
Avanti Communications Group, PLC (United Kingdom)	Common Stock			26,576,710		4,902,674		—		—		D/E/H/N/O

Diversified Consumer Services
TVG-Edmentum Holdings, LLC	Series A Preferred Stock			27,603,779		27,603,779		27,758,980		1.68	%	B/E
TVG-Edmentum Holdings, LLC	Series B-1 Common Stock			13,421,162		13,421,162	13,511,732			0.82	%	B/E
TVG-Edmentum Holdings, LLC	Series B-2 Common Stock			13,421,162		13,421,162		12,868,247		0.78	%	B/D/E
						54,446,103		54,138,959		3.28	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Membership Units			22,199,416		22,199,416		33,135,000		2.01	%	E/F/N
Conventional Lending TCP Holdings, LLC	Membership Units			19,000,869		19,000,869		18,050,826		1.09	%	E/F/I/N
GACP I, LP (Great American Capital)	Membership Units			1,392,896		1,392,896		1,995,210		0.12	%	E/I/N
GACP II, LP (Great American Capital)	Membership Units			15,980,492		15,980,492		17,341,570		1.05	%	E/I/N
						58,573,673		70,522,606		4.27	%
Electric Utilities
Conergy Asia Holdings Limited (United Kingdom)	Class B Shares			1,000,000		1,000,000		—		—		D/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom)	Ordinary Shares			3,333		7,833,333		—		—		D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Ordinary Shares			2,332,594		—		—		—		D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Series B Preferred Shares			93,023		1,395,349		—		—		D/E/F/H/N
Utilidata, Inc.	Common Stock			29,094		216,336		—		—		D/E
Utilidata, Inc.	Series C Preferred Stock			257,369		153,398		229,000		0.01	%	D/E
Utilidata, Inc.	Series CC Preferred Stock			500,000		500,000		23,000		—		D/E
						11,098,416		252,000		0.01	%
Electrical Equipment
TCFI Amteck Holdings, LLC	Series A Preferred Units			8,020,824		7,511,391		8,117,074		0.50	%	N
TCFI Amteck Holdings, LLC	Common Units			362,513		395,336		8,845,317		0.55	%	D/N
						7,906,727		16,962,391		1.05	%
Electronic Equipment, Instruments and Components
Soraa, Inc.	Warrants to Purchase Preferred Stock	8/29/2024		3,071,860		478,899		—		—		D/E/N

Energy Equipment and Services
GlassPoint Solar, Inc.	Warrants to Purchase Series E Preferred Stock	2/7/2027		400,000		248,555		—		—		D/E/N
GlassPoint Solar, Inc.	Warrants to Purchase Series E Preferred Stock	2/7/2027		2,048,000	505,450		—		—			D/E/N
					754,005		—		—

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2016~~2020

Issuer	Instrument	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities (continued)
Internet Software and Services
Domo, Inc.	Warrants to Purchase Class B Common Stock	8/7/2023		49,792	$	1,543,054	$	3,175,236		0.19	%	D/E
FinancialForce.com, Inc.	Warrants to Purchase Series C Preferred Stock	1/30/2029	840,000		287,985		385,600			0.02	%	D/E/N
Foursquare Labs, Inc.	Warrants to Purchase Series E Preferred Stock	5/4/2027		2,062,500	508,805		1,144,786			0.07	%	D/E/N
InMobi, Inc. (Singapore)	Warrants to Purchase Common Stock	8/15/2027		1,327,869	212,360		422,705			0.03	%	D/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		514,918			0.03	%	D/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		541,900			0.03	%	D/E/H/N
ResearchGate Corporation (Germany)	Warrants to Purchase Series D Preferred Stock	10/30/2029		333,370	202,001		110,000			0.01	%	D/E/H/N/O
Snaplogic, Inc.	Warrants to Purchase Series Preferred Stock	3/19/2028		1,860,000	377,722		5,200,000			0.32	%	D/E/N
					3,501,826		11,495,145			0.70	%
IT Services
Fidelis (SVC), LLC	Preferred Units			657,932		2,001,384		75,613	—			D/E/N

Life Sciences Tools and Services
Envigo RMS Holdings Corp.	Common Stock			36,413	—		235,228			0.01	%	D/E/N

Media
NEG Parent, LLC (Core Entertainment, Inc.)	Class A Units			2,720,392	2,772,807		7,401,888			0.45	%	B/D/E/N
NEG Parent, LLC (Core Entertainment, Inc.)	Class A Warrants to Purchase Class A Units	10/17/2026		343,387	196,086		438,161			0.03	%	B/D/E/N
NEG Parent, LLC (Core Entertainment, Inc.)	Class B Warrants to Purchase Class A Units	10/17/2026		346,794	198,032		442,508			0.03	%	B/D/E/N
Quora, Inc.	Warrants to Purchase Series D Preferred Stock	4/11/2029	507,704		65,245		105,095			0.01	%	D/E/N
SoundCloud, Ltd. (United Kingdom)	Warrants to Purchase Preferred Stock	4/29/2025	946,498		79,082		45,143		—			D/E/H/N
					3,311,252		8,432,795			0.52	%
Oil, Gas and Consumable Fuels
Iracore Investments Holdings, Inc.	Class A Common Stock		16,207		4,177,707		5,181,526			0.31	%	B/D/E/N

Professional Services
Anacomp, Inc.	Class A Common Stock		1,255,527		26,711,048		401,769			0.02	%	D/E/F/N

Semiconductors and Semiconductor Equipment
Nanosys, Inc.	Warrants to Purchase Preferred Stock	3/29/2023	800,000		605,266		962,482			0.06	%	D/E/N

Software
Actifio, Inc.	Warrants to Purchase Series G Preferred Stock	5/5/2027	1,052,651		188,770		71,292		—			D/E/N
Tradeshift, Inc.	Warrants to Purchase Series D Preferred Stock	3/26/2027	1,712,930		577,843		503,762			0.03	%	D/E/N
					766,613		575,054			0.03	%

Total Equity Securities - 24.2% of Net Assets					184,131,772		184,760,550			11.20	%

Total Investments - 213.0% of Net Assets					$	1,672,769,897	$	1,629,564,482

Cash and Cash Equivalents - 2.6% of Net Assets							20,006,580			1.21	%

Total Cash and Investments - 215.6% of Net Assets							$	1,649,571,062		100.00	%	M

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

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2020

Notes to Consolidated Schedule of Investments:

(A)
~~(A)~~	~~Investments~~ Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.

(B)
~~(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)
~~(C)~~	~~Non-income producing security.~~ Non-accruing debt investment

(D)
~~(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. Other non-income producing investment.

(E)
~~(E)~~	~~Restricted~~ Restricted security. (See Note 2)

(F)
~~(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)
~~(G)~~	Investment has been segregated to collateralize certain unfunded commitments.

(H)
~~(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)
~~(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.

~~(J)~~

(K)

Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

(L)
~~(K)~~	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)
~~(L)~~	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)
~~(M)~~	Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

(O)	Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure.

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

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled ~~$587,219,129~~$460,153,100 and ~~$473,457,512,~~$480,719,625, respectively, for the year ended December 31, ~~2016.~~2020. 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, ~~2016~~2020 was ~~$1,311,625,473~~$1,548,430,022 or ~~96.1%~~93.9% of total cash and investments of the Company. As of December 31, ~~2016,~~2020, approximately ~~16.4%~~7.7% 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.

BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,
	2021		2020
Investment income
Interest income (excluding PIK):
Companies less than 5% owned	$	33,853,312	$	35,989,337
Companies 5% to 25% owned		26,097		552,275
Companies more than 25% owned		1,650,033		1,676,256
PIK income:
Companies less than 5% owned		1,304,701		1,411,631
Companies 5% to 25% owned		—		1,002,130
Dividend income:
Companies less than 5% owned		819,355		—
Companies 5% to 25% owned		1,696,660		—
Companies more than 25% owned		892,050		428,419
Lease income:
Companies more than 25% owned		—		38,136
Other income:
Companies less than 5% owned		47,118		153,014
Companies 5% to 25% owned		874,576		—
Total investment income		41,163,902		41,251,198

Operating expenses
Interest and other debt expenses		10,105,887		10,955,646
Management and advisory fees		5,943,362		6,117,043
Incentive fee		4,691,458		—
Administrative expenses		539,947		539,947
Legal fees, professional fees and due diligence expenses		290,334		498,410
Director fees		250,000		232,232
Insurance expense		135,000		175,080
Custody fees		59,183		111,667
Other operating expenses		707,345		568,249
Total operating expenses		22,722,516		19,198,274

Net investment income		18,441,386		22,052,924

Realized and unrealized gain (loss)
Net realized gain:
Investments in companies less than 5% owned		2,079,315		4,794,459
Investments in companies 5% to 25% owned		1,028,057		—
Investments in companies more than 25% owned		—		162,012
Net realized gain		3,107,372		4,956,471

Change in net unrealized appreciation/depreciation		13,936,064		(96,490,806	)
Net realized and unrealized gain (loss)		17,043,436		(91,534,335	)

Net increase (decrease) in net assets from operations	$	35,484,822	$	(69,481,411	)

Basic and diluted earnings (loss) per share	$	0.61	$	(1.18	)

Basic and diluted weighted average common shares outstanding		57,767,264		58,668,432

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% owned 1,856,712
1,848,171
5,365,553
4,982,075
Companies more than 25% owned 1,363,740
1,313,034
4,720,816
1,915,981
Dividend income:
Companies less than 5% owned —
—
16,627
—
Lease income:
Companies more than 25% owned 74,457
71,013
223,370
1,496,869
Other income:
Companies less than 5% owned 841,895
120,910
1,424,831
1,241,885
Companies 5% to 25% owned 31,486
—
94,458
—
Total investment income 43,288,935
38,468,990
128,862,576
108,653,443
Operating expenses
Interest and other debt expenses 8,213,045
6,198,850
23,863,700
17,577,859
Management and advisory fees 5,611,249
4,816,043
15,624,277
13,976,545
Administrative expenses 597,232
429,867
1,730,638
1,267,815
Legal fees, professional fees and due diligence expenses 288,180
550,563
1,127,387
1,784,174
Director fees 114,098
97,877
422,108
295,486
Insurance expense 111,585
78,794
327,725
280,575
Custody fees 85,035
75,995
244,427
231,846
Other operating expenses 700,780
555,944
2,036,376
1,569,986
Total operating expenses 15,721,204
12,803,933
45,376,638
36,984,286

Net investment income 27,567,731
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 operations 20,131,497
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 outstanding 58,792,204
52,736,835
56,390,954
50,245,035

See accompanying notes to the consolidated financial statements.

BlackRock TCP Capital Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

	Common Stock
	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable earnings (loss)			Total Net Assets
Balance at December 31, 2019		58,766,426		$	58,766		$	997,379,362		$	(221,119,742	)	$	776,318,386
Issuance of common stock from dividend reinvestment plan		486			1			3,038		—				3,039
Repurchase of common stock		(1,000,000	)		(1,000	)		(6,099,190	)	—				(6,100,190	)
Net investment income	—			—			—				22,052,924			22,052,924
Net realized and unrealized loss	—			—			—				(91,534,335	)		(91,534,335	)
Dividends paid to common shareholders	—			—			—				(21,155,913	)		(21,155,913	)
Balance at March 31, 2020		57,766,912		$	57,767		$	991,283,210		$	(311,757,066	)	$	679,583,911



	Common Stock
	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable earnings (loss)			Total Net Assets
Balance at December 31, 2020		57,767,264		$	57,767		$	979,973,202		$	(215,044,391	)	$	764,986,578
Net investment income		—			—			—			18,441,386			18,441,386
Net realized and unrealized gain		—			—			—			17,043,436			17,043,436
Dividends paid to common shareholders		—			—			—			(17,330,179	)		(17,330,179	)
Balance at March 31, 2021		57,767,264		$	57,767		$	979,973,202		$	(196,889,748	)	$	783,141,221

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

See accompanying notes to the consolidated financial statements.

BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2021			2020
Operating activities
Net increase (decrease) in net assets resulting from operations	$	35,484,822		$	(69,481,411	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities:
Net realized gain		(3,107,372	)		(4,956,471	)
Change in net unrealized appreciation/depreciation of investments		(13,830,631	)		96,620,032
Net amortization of investment discounts and premiums		(2,036,023	)		(1,987,612	)
Amortization of original issue discount on debt		351,555			296,039
Interest and dividend income paid in kind		(1,304,701	)		(2,413,761	)
Amortization of deferred debt issuance costs		896,969			897,181
Changes in assets and liabilities:
Purchases of investment securities		(181,280,389	)		(140,555,042	)
Proceeds from sales, maturities and pay downs of investments		95,732,133			76,880,873
Increase in accrued interest income - companies less than 5% owned		(1,929,655	)		(392,228	)
Decrease (increase) in accrued interest income - companies 5% to 25% owned		—			(64,640	)
Decrease (increase) in accrued interest income - companies more than 25% owned		—			(44,224	)
Decrease (increase) in receivable for investments sold		(27,735,111	)		806,097
Increase in prepaid expenses and other assets		(434,350	)		(1,904,854	)
Decrease in payable for investments purchased		(14,789,794	)		(8,232,446	)
Decrease in incentive compensation payable		(329,339	)		(4,753,671	)
Decrease in interest payable		(6,201,242	)		(6,412,308	)
Decrease in payable to the Advisor		(31,893	)		(247,361	)
Increase in management and advisory fees payable		117,583			501,214
Decrease in accrued expenses and other liabilities		(735	)		(441,343	)
Net cash used in operating activities		(120,428,173	)		(65,885,936	)

Financing activities
Draws on credit facilities		218,761,859			118,085,624
Repayments of credit facility draws		(259,120,608	)		(61,220,304	)
Payments of debt issuance costs		(1,924,136	)		—
Dividends paid to common shareholders		(17,330,179	)		(21,155,913	)
Repurchase of common shares		—			(6,100,190	)
Proceeds from issuance of unsecured notes		174,289,500			—
Proceeds from shares issued in connection with dividend reinvestment plan		—			3,039
Net cash provided by financing activities		114,676,436			29,612,256

Net decrease in cash and cash equivalents (including restricted cash)		(5,751,737	)		(36,273,680	)
Cash and cash equivalents (including restricted cash) at beginning of period		20,006,580			44,848,539
Cash and cash equivalents (including restricted cash) at end of period	$	14,254,843		$	8,574,859

Supplemental cash flow information
Interest payments	$	14,655,137		$	15,823,217
Excise tax payments	$	—		$	—

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 loss 11,540,457
3,992,952
Change in net unrealized appreciation/depreciation of investments 973,415
121,178
Net amortization of investment discounts and premiums (10,569,705 ) (9,263,325 )
Amortization of original issue discount on convertible debt 763,012
361,750
Interest and dividend income paid in kind (10,130,140 ) (5,209,391 )
Amortization of deferred debt issuance costs 2,646,451
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 investments 434,061,754
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% owned 13,845
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 purchased 73,196,164
2,725,929
Increase (decrease) in incentive allocation payable 796,712
(74,596 )
Increase (decrease) in interest payable (487,058 ) 1,608,964
Increase in payable to the Advisor 768,459
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
Borrowings 321,000,000
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 debt 124,626,250
—
Proceeds from shares issued in connection with dividend reinvestment plan 7,854
7,147
Proceeds from common shares sold, net of underwriting and offering costs 93,597,500
34,958,570
Net cash provided by financing activities 122,654,190
143,876,651

Net increase in cash and cash equivalents 18,350,017
105,244,092
Cash and cash equivalents at beginning of period 53,579,868
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.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)

~~September 30, 2017~~

March 31, 2021

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

Investment operations are conducted 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”), TCPC Funding II, LLC, a Delaware limited liability company ("TCPC Funding II") and TCPC SBIC, LP, a Delaware limited partnership (the “SBIC”). ~~The Operating Company has also~~SVCP was organized as a limited partnership and had elected to be ~~treated~~regulated 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, TCPC Funding II and the SBIC. All significant intercompany transactions and balances have been eliminated in the consolidation.

The Company has elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. ~~The Operating Company,~~ TCPC Funding, TCPC Funding II and the SBIC have elected to be treated as partnerships for U.S. federal income tax purposes.

~~The general partner of the Operating Company~~ SVCP was treated as a partnership for U.S. federal income tax purposes through August 1, 2018 and upon its conversion to a limited liability company on August 2, 2018 and thereafter is and will be treated as a disregarded entity.

Series H of SVOF/MM, LLC ~~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 Partner~~SVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Company, ~~the Operating Company,~~ TCPC Funding, TCPC Funding II and the SBIC. ~~Most of the equity interests in the General Partner are owned directly or indirectly by~~On 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 execute~~executes 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’s~~SVCP’s assets to the Advisor. ~~Each~~The board of directors consists of ~~seven~~eight persons, ~~five~~six of whom are independent.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

2. Summary of Significant Accounting Policies

Basis of Presentation

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

~~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 either~~SVCP, TCPC Funding I, TCPC Funding II 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. Such circumstances may include macroeconomic, geopolitical and other events and conditions such as the current COVID-19 pandemic that may significantly impact the profitability or viability of businesses in which the Company is invested, and therefore may significantly impact the return on and realizability of the Company’s investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5% of the Company’s assets.

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

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

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

2. Summary of Significant Accounting Policies — (continued)

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,~~March 31, 2021, 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	$	—	$	—	$	2,802,792
2	Other direct and indirect observable market inputs *		77,564,452		—
3	Independent third-party valuation sources that employ significant unobservable inputs		1,381,849,863		95,586,670		175,789,101
3	Advisor valuations with significant unobservable inputs		—		—		1,798,587
Total		$	1,459,414,315	$	95,586,670	$	180,390,480

Level Basis for Determining Fair Value Bank Debt
Other
Corporate Debt

Equity
Securities
1 Quoted prices in active markets for identical assets $ —
$ —
$ 87,613
2 Other direct and indirect observable market inputs * 140,288,886
11,443,750
—
3 Independent third-party valuation sources that employ significant unobservable inputs 1,239,716,175
71,846,156
63,217,780
3 Advisor valuations with significant unobservable inputs —
—
2,150,127
$ 1,380,005,061
$ 83,289,906
$ 65,455,520

~~______________~~

*
*	For example, quoted prices in inactive markets or quotes for comparable investments

~~TCP Capital Corp.~~

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

~~September 30, 2017~~

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

Unobservable inputs used in the fair value measurement of Level 3 investments as of ~~September 30, 2017~~March 31, 2021 included the following:

Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) †
Bank Debt	$	1,260,422,253	Income approach	Discount rate	4.7% - 18.3% (9.3%)
		70,524,087	Market quotations	Indicative bid/ask quotes	1 (1)
		33,956,054	Market comparable companies	Revenue multiples	1.4x - 4.7x (3.1x)
		16,947,469	Market comparable companies	EBITDA multiples	6.5x (6.5x)
Other Corporate Debt		53,680,125	Income approach	Discount rate	7.7% - 18.3% (9.8%)
		40,834,419	Market comparable companies	Book value multiples	1.5x (1.5x)
		1,072,126	Market comparable companies	Revenue multiples	4.1x (4.1x)
Equity		9,207,907	Income approach	Discount rate	9.7% - 18.3% (9.7%)
		18,348,961	Market quotations	Indicative bid/ask quotes	1 (1)
		15,710,071	Option Pricing Model	EBITDA/Revenue multiples	2.9x - 6.8x (4.2x)
				Implied volatility	35.0% - 72.5% (52.0%)
				Term	0.8 years - 4.0 years (1.8 years)
		711,159	Market comparable companies	Revenue multiples	0.7x - 4.1x (1.2x)
		86,057,380	Market comparable companies	EBITDA multiples	6.5x - 11.5x (10.4x)
		32,092,000	Market comparable companies	Book value multiples	1.5x (1.5x)
		15,460,210	Other *	N/A	N/A
	$	1,655,024,221

*	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

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

Asset Type 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%)
66,626,635
Market quotations Indicative bid/ask quotes 1 (1)
22,867,951
Market comparable companies Revenue multiples 0.4x - 2.9x (1.1x)
33,454,334
Market comparable companies EBITDA multiples 3.4x - 9.5x (6.9x)
Other Corporate Debt 56,724,406
Market quotations Indicative bid/ask quotes 1 - 11 (7)
5,853,750
Market comparable companies Revenue multiples 2.0x (2.0x)
9,268,000
Market comparable companies EBITDA multiples 8.0x (8.0x)
Equity 7,557,538
Income approach Discount rate 4.0% - 19.5% (7.1%)
30,631,924
Market quotations Indicative bid/ask quotes 1 (1)
3,516,942
Market comparable companies Revenue multiples 0.3x - 4.4x (2.1x)
23,661,503
Market comparable companies EBITDA multiples 3.4x - 18.0x (9.0x)
$ 1,376,930,238

2. Summary of Significant Accounting Policies — (continued)

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



Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Discount rate	Decrease	Increase
Revenue multiples	Increase	Decrease
EBITDA multiples	Increase	Decrease
Book value multiples	Increase	Decrease
Implied volatility	Increase	Decrease
Term	Increase	Decrease
Yield	Increase	Decrease

~~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, 2017~~March 31, 2021 were as follows:

	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities
Beginning balance	$	1,281,636,688		$	95,923,481		$	179,525,253
Net realized and unrealized gains (losses)		5,900,644			(363,794	)		6,257,256
Acquisitions *		173,885,950			16,349			2,405,830
Dispositions		(54,094,472	)		10,634			(12,399,238	)
Transfers out of Level 3 †		(25,478,947	)		-			-
Ending balance	$	1,381,849,863		$	95,586,670		$	175,789,101

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)	$	7,626,942		$	(363,793	)	$	7,902,601

Independent Third-Party Valuation
Bank Debt
Other
Corporate Debt

Equity
Securities
Beginning balance $ 1,131,662,534
$ 95,645,627
$ 65,359,889
Net realized and unrealized gains (losses) (1,698,366 ) (2,413,331 ) (539,557 )
Acquisitions ^*
219,258,618
10,349,086
11,837,810
Dispositions (109,506,611 ) (31,735,226 ) (13,440,362 )
Ending balance $ 1,239,716,175
$ 71,846,156
$ 63,217,780

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 )

~~______________~~

*
*	Includes payments received in kind and accretion of original issue and market discounts

Advisor Valuation
Bank Debt
Other
Corporate Debt

Equity
Securities
Beginning balance $ —
$ —
$ 2,221,444
Net realized and unrealized gains (losses) —
—
(69,630 )
Dispositions —
—
(1,687 )
Ending balance $ —
$ —
$ 2,150,127

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 )

~~There were no transfers between Level 1 and 2 during the three 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)~~

~~Changes in investments categorized as Level 3 during the nine months ended September 30, 2017 were as follows:~~

Independent Third-Party Valuation
Bank Debt
Other
Corporate Debt

Equity
Securities
Beginning balance $ 1,036,044,457
$ 101,934,853
$ 64,521,901
Net realized and unrealized gains (losses) (17,582,409 ) (3,758,757 ) 34,522
Acquisitions ^*
559,544,251
25,582,996
28,384,223
Dispositions (307,732,609 ) (51,912,936 ) (27,845,217 )
Transfers out of Level 3 ^†
(30,557,515 ) —
—
Reclassifications within Level 3 ^‡
—
—
(1,877,649 )
Ending balance $ 1,239,716,175
$ 71,846,156
$ 63,217,780

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

~~______________~~

^†
*	~~Includes payments received in kind and accretion of original issue and market discounts~~


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

		Advisor Valuation
		Bank Debt		Other Corporate Debt		Equity Securities
Beginning balance		$	—	$	—	$	2,060,061
Net realized and unrealized gains (losses)			—		—		(194,348	)
Dispositions			—		—		(67,126	)
Ending balance	��	$	—	$	—	$	1,798,587

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)		$	—	$	—	$	(190,181	)


‡	~~Comprised of three investments that were reclassified to Advisor Valuation~~

Advisor Valuation
Bank Debt
Other
Corporate Debt

Equity
Securities
Beginning balance $ 107,199
$ —
$ 1,560,161
Net realized and unrealized gains (losses) 65,797
—
(1,285,996 )
Acquisitions ^*
(20,962 ) —
—
Dispositions (152,034 ) —
(1,687 )
Reclassifications within Level 3 ^†
—
—
1,877,649
Ending balance $ —
$ —
$ 2,150,127

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 )

~~______________~~


*	~~Includes payments received in kind and accretion of original issue and market discounts~~


†	~~Comprised of three investments that were reclassified from Independent Third-Party Valuation~~

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

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~September 30, 2017~~

March 31, 2021

2. Summary of Significant Accounting Policies — (continued)

At December 31, ~~2016,~~2020, 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	$	—	$	—	$	3,175,236
2	Other direct and indirect observable market inputs *		67,243,763		—		—
3	Independent third-party valuation sources that employ significant unobservable inputs		1,281,636,688		95,923,481		179,525,253
3	Advisor valuations with significant unobservable inputs		—		—		2,060,061
Total		$	1,348,880,451	$	95,923,481	$	184,760,550

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~~2020 included the following:

Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) †
Bank Debt	$	1,128,076,031	Income approach	Discount rate	5.2% - 18.0% (9.3%)
		104,635,137	Market quotations	Indicative bid/ask quotes	1 (1)
		32,822,501	Market comparable companies	Revenue multiples	1.4x - 4.5x (3.1x)
		16,103,019	Market comparable companies	EBITDA multiples	6.0x - 6.9x (6.8x)
Other Corporate Debt		53,957,531	Income approach	Discount rate	7.1% - 18.0% (10.3%)
		40,834,419	Market comparable companies	Book value multiples	1.5x (1.5x)
		1,131,531	Market comparable companies	Revenue multiples	4.3x (4.3x)
Equity		8,117,073	Income approach	Discount rate	9.5% - 18.0% (9.5%)
		72,336,690	Market quotations	Indicative bid/ask quotes	1 (1)
		14,332,807	Option Pricing Model	EBITDA/Revenue multiples	6.4x (6.4x)
				Implied volatility	35.0% - 70.0% (49.5%)
				Term	1.5 years - 3.5 years (2.3 years)
		1,316,936	Market comparable companies	Revenue multiples	0.7x - 4.3x (1.0x)
		33,010,028	Market comparable companies	EBITDA multiples	6.0x - 9.8x (7.0x)
		33,135,000	Market comparable companies	Book value multiples	1.5x (1.5x)
		19,336,780	Other *	N/A	N/A
	$	1,559,145,483

*	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

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

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

~~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~~March 31, 2020 were as follows:

	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities
Beginning balance	$	1,312,492,099		$	85,962,603		$	111,994,829
Net realized and unrealized gains (losses)		(51,401,936	)		(9,508,878	)		(15,833,406	)
Acquisitions *		115,437,916			10,752			12,517,409
Dispositions		(44,598,972	)		(10,752	)		(7,808,196	)
Transfers into Level 3 †		83,790,120			—			—
Transfer out of Level 3 ‡		(7,155,199	)		—			—
Ending balance	$	1,408,564,028		$	76,453,725		$	100,870,636

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)	$	(51,186,966	)	$	(9,508,879	)	$	(15,671,067	)

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 ~~two investments~~five investment that were transferred from Level 2 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 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	$	—	$	—	$	2,318,128
Net realized and unrealized gains (losses)		—		—		818,977
Dispositions		—		—		(123,940	)
Ending balance	$	—	$	—	$	3,013,165

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)	$	—	$	—	$	818,977

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 Valuation
Bank Debt
Other
Corporate Debt

Equity
Securities
Beginning balance $ 1,124,504
$ —
$ 2,428,217
Net realized and unrealized gains (losses) (923,349 ) —
(582,896 )
Acquisitions ^*
1,050,297
—
243
Dispositions (1,101,994 ) —
(417,816 )
Reclassifications within Level 3 † —
—
325,743
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) $ (881,282 ) $ —
$ (999,280 )

~~______________~~


*	~~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.~~

~~TCP Capital Corp.~~

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

~~September 30, 2017~~

~~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 March 31, 2021 or December 31, 2020.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

2. Summary of Significant Accounting Policies — (continued)

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%~~0.5% and ~~0.2%~~0.6% of total investments at ~~September 30, 2017~~March 31, 2021 and December 31, ~~2016,~~2020, respectively. Such positions were converted at the respective closing foreign exchange rates in effect at ~~September 30, 2017~~March 31, 2021 and December 31, ~~2016~~2020 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 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~~three months ended ~~September 30, 2017,~~March 31, 2021 and 2020, the Company ~~entered~~did not enter into 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, 2017 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)
Cross currency basis swap $ —
$ (470,202 )

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

any derivative transactions nor hold any derivative positions.

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

Deferred Debt Issuance Costs

~~Costs of approximately $1.1 million and $1.2 million were~~

Certain costs incurred ~~during 2017~~ in connection with ~~extending~~ the ~~TCPC Funding Facility~~issuance and/or extension of debt of the Company and ~~placing the Company's 2022 Notes, respectively (see Note 4). Costs of approximately $4.1 million~~its 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.~~basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

2. Summary of Significant Accounting Policies — (continued)

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 provisions~~requirements of the Internal Revenue Code of 1986, as amended, ~~pertaining~~applicable to regulated investment companies, and to ~~make distributions~~distribute substantially all of its taxable income ~~sufficient~~ to ~~relieve it from substantially all~~its shareholders. Therefore, no U.S. federal income ~~taxes. Accordingly, no~~tax provision ~~for income taxes~~ is ~~required in the consolidated financial statements.~~required. The income or loss of ~~the Operating Company,~~SVCP, TCPC Funding I, TCPC Funding II 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 I, TCPC Funding II and the SBIC remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending.

~~Cost~~ Management has analyzed tax laws and regulations and their application to the Company as of March 31, 2021, 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.

The final tax characterization of distributions is determined after the fiscal year and is reported on Form 1099 and in the Company’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. As of December 31, 2020, the Company had non-expiring capital loss carryforwards in the amount of $171,300,137 available to offset future realized capital gains.

As of March 31, 2021 and December 31, 2020, gross unrealized appreciation and depreciation ~~of the Company’s~~for 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:

	March 31, 2021			December 31, 2020
Tax basis of investments	$	1,764,766,249		$	1,671,848,321

Unrealized appreciation	$	69,439,504		$	76,459,937
Unrealized depreciation		(98,814,288	)		(118,743,776	)
Net unrealized depreciation	$	(29,374,784	)	$	(42,283,839	)

September 30, 2017 December 31, 2016
Unrealized appreciation $ 41,846,827
$ 33,945,996
Unrealized depreciation (73,916,191 ) (65,041,945 )
Net unrealized depreciation $ (32,069,364 ) $ (31,095,949 )

Cost $ 1,560,349,649
$ 1,346,065,819

Recent Accounting Pronouncements

~~During~~

In May 2020, the ~~first quarter~~SEC adopted rule amendments that will impact the requirements of ~~2016,~~investment companies, including BDCs, to disclose the financial statements of certain of their portfolio companies or certain acquired funds (the “Final Rules”). The Final Rules adopted a new definition of “significant subsidiary” set forth in Rule 1-02(w)(2) of Regulation S-X under the Securities Act. Rules 3-09 and 4-08(g) of Regulation S-X require investment companies to include separate financial statements or summary financial information, respectively, in such investment company’s periodic reports for any portfolio company that meets the definition of “significant subsidiary.” The Final Rules adopt a new definition of “significant subsidiary” applicable only to investment companies that (i) modifies the investment test and the income test, and (ii) eliminates the asset test currently in the definition of “significant subsidiary” in Rule 1-02(w) of Regulation S-X. The new Rule 1-02(w)(2) of Regulation S-X is intended to more accurately capture those portfolio companies that are more likely to materially impact the financial condition of an investment company. The Company adopted ~~Financial Accounting Standards Board (the “FASB”) Accounting Standards Update (“ASU”) 2015-02,~~ ~~Amendments to~~ the ~~Consolidation Analysis. In particular,~~Final Rules effective January 1, 2021 and 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~~statements 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~~ related disclosures.

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 to have a material impact on the Company’s consolidated financial statements.

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, the “Final Rules”) intended to modernize the reporting and disclosure of information by registered investment companies and business development companies. In part, the Final Rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company 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.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~September 30, 2017~~

March 31, 2021

3. Management Fees, Incentive Compensation and Other Expenses

~~The~~

On 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 ~~paid~~incurred to the extent the Company’s cumulative total ~~performance of the Company~~return (after incentive compensation) exceeds a ~~cumulative 8%~~7% annual ~~return since January 1, 2013 (the “Total Return Hurdle”). Beginning January 1, 2013, the~~rate on daily weighted-average contributed common equity. Subject to that limitation, incentive compensation ~~equals 20% of net investment~~is 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 to~~depreciation) at rates of 17.5% on income since the ~~Total Return Hurdle. The incentive~~fee 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 calculated~~computed 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~~is payable quarterly in arrears. Accordingly, the incentive compensation for any period may include amounts not earned in prior periods (due to the Company’s cumulative total return falling below the total return hurdle in such period), but subsequently earned when the Company’s cumulative total return again exceeds the total return hurdle (such amount, a “Catchup Amount”). During the three months ended March 31, 2020, the Company incurred a Catchup Amount of approximately $3.9 million, comprised of amounts related to net investment income for the three months ended March 31, 2020 but not paid ~~since January 1, 2013.~~ in such period due to a temporary decline in asset valuations (the “First Quarter Catchup Amount”). However, rather than receiving all incentive compensation earned as of June 30, 2020, the Advisor voluntarily deferred 5/6 of the First Quarter Catchup Amount to subsequent quarters such that 1/6 of the First Quarter Catchup Amount will be paid in each subsequent quarter to the extent that the Company’s cumulative performance exceeds the total return hurdle in such quarter. As of March 31, 2021, the Company's cumulative performance continued to exceed the total return hurdle, and as such the incentive fee for the three months ended March 31, 2021 included $0.6 million, or 1/6 of the First Quarter Catchup Amount.

A reserve for incentive compensation is accrued based on the amount of any additional incentive compensation that would have been ~~distributable~~payable to the ~~General Partner~~Advisor 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, 2017~~March 31, 2021 and December 31, ~~2016,~~2020, 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.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

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 loan~~unsecured notes due August 2024 issued by the ~~Operating~~ Company (the ~~“Term Loan”~~“2024 Notes”) ~~prior to its full repayment on August 9, 2017,~~, unsecured notes due February 2026 issued by the Company (the “2026 Notes”), amounts outstanding under a senior secured revolving, multi-currency credit facility issued by ~~the Operating Company~~SVCP (the ~~“SVCP Revolver” and, together with the Term Loan prior to its full repayment on August 9, 2017, the “SVCP~~“Operating Facility”), amounts outstanding under a senior secured revolving credit facility issued by TCPC Funding ~~(the “TCPC~~ II (“Funding ~~Facility”~~Facility II”),and debentures guaranteed by the SBA (the “SBA Debentures”)~~, and, prior~~. Prior to ~~the repurchase and retirement of remaining interests~~being replaced by Funding Facility II on ~~September 3, 2015, amounts outstanding~~August 4, 2020, leverage included $300.0 million in available debt under a ~~preferred equity~~senior secured revolving credit facility issued by ~~the Operating Company (the “Preferred Interests”~~TCPC Funding (“Funding Facility I”). ~~From April 18, 2016 through~~Prior to its ~~conversion to common equity~~maturity on ~~June 7, 2016,~~December 15, 2019, leverage also included ~~a privately placed~~ convertible senior unsecured ~~note~~notes due ~~April 2021~~December 2019 issued by the Company (the ~~“CNO Note”~~“2019 Convertible Notes”).

Total leverage outstanding and available at ~~September 30, 2017~~March 31, 2021 was as follows:

	Maturity	Rate		Carrying Value *			Available		Total Capacity
Operating Facility	2024	L+2.00%	†	$	104,095,520		$	195,904,480	$	300,000,000	‡
Funding Facility II	2025	L+2.00%	§		—			200,000,000		200,000,000	**
SBA Debentures	2024−2031	2.63%	††		150,000,000			—		150,000,000
2022 Convertible Notes ($140 million par)	2022	4.625%			139,383,415			—		139,383,415
2022 Notes ($175 million par)	2022	4.125%			174,811,471			—		174,811,471
2024 Notes ($250 million par)	2024	3.900%			248,007,542			—		248,007,542
2026 Notes ($175 million par)	2026	2.850%			174,308,729			—		174,308,729
Total leverage					990,606,677		$	395,904,480	$	1,386,511,157
Unamortized issuance costs					(7,624,815	)
Debt, net of unamortized issuance costs				$	982,981,862

Maturity Rate
Carrying Value^*
Available
Total
Capacity
SVCP Revolver 2018
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 Facility 2021
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

~~______________~~

~~TCP Capital Corp.~~

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

~~September 30, 2017~~

~~4. Leverage — (continued)~~

*
*	Except for the convertible notes, the 2022 Notes, the 2024 Notes and ~~2022~~the 2026 Notes, all carrying values are the same as the principal amounts outstanding.

†	As of March 31, 2021, $8.7 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $16.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%.

† ‡	~~Based on either LIBOR or~~ Facility has a $100 million accordion which allows for expansion of the ~~lender’s cost of funds,~~facility to up to $400.0 million subject to ~~certain limitations~~consent from the lender and other customary conditions.

§
‡	~~Or L+2.25% subject~~ Subject to certain funding requirements

**	Facility has a $50 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.

§ ††	Weighted-average interest rate on pooled loans, excluding fees of 0.35% or 0.36%. As of March 31, 2021, $12.0 million of the outstanding amount was not yet pooled, and bore interest at a temporary rate of 0.50% plus fees of 0.35% through September 21, 2021, the date of the next SBA pooling.

Total leverage outstanding and available at December 31, ~~2016~~2020 was as follows:

	Maturity	Rate		Carrying Value*			Available		Total Capacity
Operating Facility	2024	L+2.00%	†	$	120,454,270		$	179,545,730	$	300,000,000	‡
Funding Facility II	2025	L+2.00%	§		36,000,000			164,000,000		200,000,000	**
SBA Debentures	2024−2029	2.63%	††		138,000,000			12,000,000		150,000,000
2022 Convertible Notes ($140 million par)	2022	4.625%			139,219,797			—		139,219,797
2022 Notes ($175 million par)	2022	4.125%			174,778,395			—		174,778,395
2024 Notes ($250 million par)	2024	3.900%			247,871,909			—		247,871,909
Total leverage					856,324,371		$	355,545,730	$	1,211,870,101
Unamortized issuance costs					(6,308,172	)
Debt, net of unamortized issuance costs				$	850,016,199

Maturity Rate
Carrying Value^*
Available
Total
Capacity
SVCP Facility
SVCP Revolver 2018
L+2.50%^†
$ —
$ 116,000,000
$ 116,000,000
Term Loan 2018
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 Facility 2020
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, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding.

†	As of December 31, 2020, $9.0 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%.

† ‡	~~Based on either LIBOR or~~ Facility has a $100 million accordion which allows for expansion of the ~~lender’s cost of funds,~~facility to up to $400.0 million subject to ~~certain limitations~~consent from the lender and other customary conditions.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

4. Leverage — (continued)

§
‡	~~Or L+2.25% subject~~ Subject to certain funding requirements

**	Facility has a $50 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.

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

The combined weighted-average interest rates on total leverage outstanding at ~~September 30, 2017~~March 31, 2021 and December 31, ~~2016~~2020 were ~~4.12%~~3.48% and ~~3.95%~~3.54%, respectively.

Total expenses related to debt ~~include:~~included the following:

	Three Months Ended March 31,
	2021		2020
Interest expense	$	8,805,450	$	9,706,948
Amortization of deferred debt issuance costs		896,969		897,181
Commitment fees		403,468		351,517
Total	$	10,105,887	$	10,955,646

Nine Months Ended September 30,
2017 2016
Interest expense $ 20,022,020
$ 14,739,195
Amortization of deferred debt issuance costs 2,646,451
1,947,472
Commitment fees 1,195,229
891,192
Total $ 23,863,700
$ 17,577,859

~~TCP Capital Corp.~~

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

~~September 30, 2017~~

~~4. Leverage — (continued)~~

Outstanding leverage is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of ~~September 30, 2017,~~March 31, 2021, the estimated fair values of the ~~SVCP Revolver, the TCPC~~Operating Facility, Funding Facility II and the SBA Debentures approximated their carrying values, and the ~~2019~~2022 Convertible Notes, the 2022 ~~Convertible~~Notes, the 2024 Notes and the 2026 Notes had estimated fair values of $143.7 million, $181.1 million, $265.3 million and $174.3 million, respectively. As of December 31, 2020, the estimated fair values of the Operating Facility, Funding Facility I and the SBA Debentures approximated their carrying values, and the 2022 Convertible Notes, the 2022 Notes and the 2024 Notes had estimated fair values of ~~$113.6~~$142.6 million, ~~$145.6~~$180.4 million and ~~$124.5~~$261.4 million, respectively. The estimated fair values of the ~~SVCP Revolver, the TCPC~~Operating Facility, Funding Facility I, Funding Facility II and the SBA Debentures were determined by discounting projected remaining payments using market interest rates for borrowings of the Company and entities with similar credit risks at the measurement date. The estimated fair values of the ~~convertible notes~~2022 Convertible Notes, 2022 Notes, 2024 Notes and ~~2022~~2026 Notes were determined using market quotations. ~~At September 30, 2017, the~~The estimated fair values of the ~~SVCP~~Operating Facility, ~~the TCPC~~ Funding Facility I, Funding Facility II, the convertible notes, the 2022 Notes, the 2024 Notes, the 2026 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~~which matured on December 15, ~~2019, unless previously converted or repurchased in accordance with their terms.~~2019. The 2019 Convertible Notes ~~are~~were general unsecured obligations of the Company, and ~~rank~~ranked structurally junior to the ~~SVCP Facility~~revolving credit facilities and the ~~TCPC Funding Facility. The Company does not have the right to redeem the 2019 Convertible Notes prior to maturity.~~SBA Debentures. The 2019 Convertible Notes ~~bear~~bore 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~~were redeemed in full 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, 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 may 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.

maturity.

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 Revolver~~Operating Facility, Funding Facility II and the ~~TCPC Funding Facility.~~SBA Debentures. 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,~~March 31, 2021, 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.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

4. Leverage — (continued)

The 2019 Convertible Notes and 2022 Convertible Notes ~~are~~were 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~~were not required to be separately accounted for as derivatives under GAAP. At the time of issuance the estimated values of the debt and equity components of the 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, 2017~~March 31, 2021 and December 31, ~~2016,~~2020, the components of the carrying ~~value~~values of the ~~2019 Convertible Notes and~~ 2022 Convertible Notes were as follows:

	March 31, 2021			December 31, 2020
Principal amount of debt	$	140,000,000		$	140,000,000
Original issue discount, net of accretion		(616,585	)		(780,203	)
Carrying value of debt	$	139,383,415		$	139,219,797

September 30, 2017 December 31, 2016

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
Original issue discount, net of accretion (1,106,643 ) (2,733,512 ) (1,452,071 ) (3,141,641 )
Carrying value of debt $ 106,893,357
$ 137,266,488
$ 106,547,929
$ 136,858,359

For the ~~nine~~three months ended ~~September 30, 2017 and 2016,~~March 31, 2021, the components of interest expense for the convertible notes were as follows:

	Three Months Ended March 31,
	2021		2020
Stated interest expense	$	1,618,750	$	1,618,750
Amortization of original issue discount		163,618		155,544
Total interest expense	$	1,782,368	$	1,774,294

Nine Months Ended September 30,
2017 2016

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
Amortization of original issue discount 345,427
408,129
326,391
$ 35,359
Total interest expense $ 4,597,927
$ 5,282,365
$ 4,578,891
$ 467,026

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, 2017 and September 30, 2016.~~

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~~three months ended ~~September 30, 2017~~March 31, 2021 and ~~September 30, 2016.~~

2020.

Unsecured Notes

On August 4, 2017, the Company issued $125.0 million of unsecured notes that mature on August 11, 2022, ~~(the "2022 Notes").~~unless previously repurchased or redeemed in accordance with their terms. On November 3, 2017, the Company issued an additional $50.0 million of the 2022 Notes. The 2022 Notes 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 Revolver~~Operating Facility, Funding Facility I, Funding Facility II and the ~~TCPC Funding Facility.~~SBA Debentures, and rank pari passu with the 2022 Convertible Notes, the 2024 Notes and the 2026 Notes. 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 February 9, 2021, the Company issued $175.0 million of unsecured notes that mature on February 9, 2026, unless previously repurchased or redeemed in accordance with their terms. The 2026 Notes bear interest at an annual rate of 2.850%, payable semi-annually, and all principal is due upon maturity. The 2026 Notes are general unsecured obligations of the Company and rank structurally junior to the Operating Facility, Funding Facility I, Funding Facility II and the SBA Debentures, and rank pari passu with the 2022 Convertible Notes, the 2024 Notes and the 2022 Notes. The 2026 Notes may be redeemed in whole or part at the Company's option at a redemption price equal to par plus a "make whole" premium, as determined pursuant to the indenture governing the 2026 Notes, and any accrued and unpaid interest. The 2026 Notes were issued at a discount to the principal amount.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

4. Leverage — (continued)

As of ~~September 30, 2017,~~March 31, 2021 and December 31, 2020, the components of the carrying value of the 2022 Notes, 2024 Notes and 2026 Notes were as follows:

	March 31, 2021									December 31, 2020
	2022 Notes			2024 Notes			2026 Notes			2022 Notes			2024 Notes			2026 Notes
Principal amount of debt	$	175,000,000		$	250,000,000		$	175,000,000		$	175,000,000		$	250,000,000		N/A
Original issue discount, net of accretion		(188,529	)		(1,992,458	)		(691,271	)		(221,605	)		(2,182,091	)	N/A
Carrying value of debt	$	174,811,471		$	248,007,542		$	174,308,729		$	174,778,395		$	247,817,909		N/A

September 30, 2017
Principal amount of debt $ 125,000,000
Original issue discount, net of accretion (364,294 )
Carrying value of debt $ 124,635,706

For the ~~nine~~three months ended ~~September 30, 2017,~~March 31, 2021 and 2020, the components of interest expense for the 2022 Notes, 2024 Notes and 2026 Notes were as follows:

	Three Months Ended March 31,
	2021						2020
	2022 Notes		2024 Notes		2026 Notes		2022 Notes		2024 Notes		2026 Notes
Stated interest expense	$	1,804,688	$	2,437,500	$	720,417	$	1,804,688	$	1,950,000	N/A
Amortization of original issue discount		33,075		135,633		19,229		31,725		108,770	N/A
Total interest expense	$	1,837,763	$	2,573,133	$	739,646	$	1,836,413	$	2,058,770	N/A

Nine Months Ended September 30,
2017
Stated interest expense $ 716,146
Amortization of original issue discount 9,456
Total interest expense $ 725,602

~~SVCP~~

Operating Facility

The ~~SVCP~~Operating Facility consists of a revolving, multi-currency credit facility which provides for amounts to be drawn up to $300.0 million, subject to certain collateral and other restrictions. During the second quarter of 2020, the Operating Facility was amended to extend the maturity date to May 6, 2024 and to increase its capacity from $270.0 million to $300.0 million, subject to consent from the applicable lenders and other customary conditions. On July 31, 2020, the Operating Facility was further amended to include a $100 million accordion feature which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions. Most of the cash and investments held directly by SVCP, as well as the net assets of TCPC Funding, TCPC Funding II and the SBIC, are included in the collateral for the facility.

Borrowings under the Operating Facility generally bear interest at a rate of LIBOR plus 2.00%. In addition to amounts due on outstanding debt, the Operating 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, if applicable. The Operating 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 March 31, 2021, SVCP was in full compliance with such covenants.

Funding Facility I

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

Funding Facility II

Funding Facility II is a senior secured revolving credit facility which provides for amounts to be drawn up to ~~$116.0~~$200.0 million, subject to certain collateral and other ~~restrictions (the "SVCP Revolver")~~restrictions. The facility contains an accordion feature which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and ~~prior to its full repayment on August 9, 2017, a $100.5 million senior secured term loan.~~other customary conditions. The ~~SVCP Revolver matures on July 31, 2018. Most of the~~ cash and investments ~~held directly by the Operating Company, as well as the net assets~~ of TCPC Funding ~~and the SBIC,~~II are included in the collateral for the facility.

~~Advances~~

Borrowings under ~~the SVCP Revolver~~Funding Facility II bear interest at ~~an annual~~a 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~~2.00% per annum, subject to certain funding requirements, plus a 0.35% fee on drawn amounts ~~due~~and an administrative fee of 0.15% per annum on ~~outstanding debt,~~ the ~~SVCP Revolver~~facility. The facility also accrues commitment fees of ~~0.20%~~0.35% per annum on the unused portion of the ~~facility, or 0.25% per annum when less than $46.4 million in borrowings are outstanding.~~facility. The ~~SVCP Revolver~~facility may be terminated, and any outstanding amounts thereunder may become due and payable, should ~~the Operating Company~~TCPC Funding II fail to satisfy certain financial or other covenants. As of ~~September 30, 2017, the Operating Company~~March 31, 2021, TCPC Funding II was in full compliance with such covenants.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~September 30, 2017~~

March 31, 2021

4. Leverage — (continued)

SBA Debentures

As of ~~September 30, 2017,~~March 31, 2021, 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 Company~~March 31, 2021, SVCP had committed ~~$75.0~~$87.5 million of regulatory capital to the SBIC, all of which had been funded. SBA Debentures are non-recourse and may be prepaid at any time without penalty. Once drawn, the SBIC debentures bear an interim interest rate of 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.

SBA Debentures outstanding as of ~~September 30, 2017~~March 31, 2021 were as follows:

Issuance Date	Maturity	Debenture Amount		Fixed Interest Rate				SBA Annual Charge
Pooled loans:
September 24, 2014	September 1, 2024	$	18,500,000		3.02	%			0.36	%
March 25, 2015	March 1, 2025		9,500,000		2.52	%			0.36	%
September 23, 2015	September 1, 2025		10,800,000		2.83	%			0.36	%
March 23, 2016	March 1, 2026		4,000,000		2.51	%			0.36	%
September 21, 2016	September 1, 2026		18,200,000		2.05	%			0.36	%
September 20, 2017	September 1, 2027		14,000,000		2.52	%			0.36	%
March 21, 2018	March 1, 2028		8,000,000		3.19	%			0.35	%
September 19, 2018	September 1, 2028		15,000,000		3.55	%			0.35	%
September 25, 2019	September 1, 2029		40,000,000		2.28	%			0.35	%
			138,000,000		2.63	%	*
Non-pooled loans:
March 12, 2021	September 21, 2021		4,000,000		0.50	%			0.35	%
March 26, 2021	September 21, 2021		8,000,000		0.50	%			0.35	%
		$	150,000,000

Issuance Date Maturity
Debenture
Amount

Fixed
Interest Rate

SBA
Annual Charge
September 24, 2014 September 1, 2024 $ 18,500,000
3.02 % 0.36 %
March 25, 2015 March 1, 2025 9,500,000
2.52 % 0.36 %
September 23, 2015 September 1, 2025 10,800,000
2.83 % 0.36 %
March 23, 2016 March 1, 2026 4,000,000
2.51 % 0.36 %
September 21, 2016 September 1, 2026 18,200,000
2.05 % 0.36 %
September 20, 2017 September 1, 2027 14,000,000
2.52 % 0.36 %
$ 75,000,000
2.57 % *

~~_____________~~

*
*	Weighted-average interest rate on pooled loans

SBA Debentures outstanding as of December 31, ~~2016~~2020 were as follows:

Issuance Date	Maturity	Debenture Amount		Fixed Interest Rate				SBA Annual Charge
September 24, 2014	September 1, 2024	$	18,500,000		3.02	%			0.36	%
March 25, 2015	March 1, 2025		9,500,000		2.52	%			0.36	%
September 23, 2015	September 1, 2025		10,800,000		2.83	%			0.36	%
March 23, 2016	March 1, 2026		4,000,000		2.51	%			0.36	%
September 21, 2016	September 1, 2026		18,200,000		2.05	%			0.36	%
September 20, 2017	September 1, 2027		14,000,000		2.52	%			0.36	%
March 21, 2018	March 1, 2028		8,000,000		3.19	%			0.35	%
September 19, 2018	September 1, 2028		15,000,000		3.55	%			0.35	%
September 25, 2019	September 1, 2029		40,000,000		2.28	%			0.35	%
		$	138,000,000		2.63	%	*

~~______________~~

*
*	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. The facility matures on April 26, 2021, subject to extension by the lender at the request of TCPC Funding. 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.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

~~September 30, 2017~~

~~4. Leverage — (continued)~~

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

~~TCP Capital Corp.~~

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

~~September 30, 2017~~

~~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, 2017~~March 31, 2021 and December 31, ~~2016~~2020 as follows:

		Unfunded Balances
Issuer	Maturity	March 31, 2021		December 31, 2020
2-10 Holdco, Inc.	10/31/2024	$	1,002,004	$	416,667
Acquia Inc.	11/1/2025		1,659,488		1,803,792
ALCV Purchaser, Inc. (AutoLenders)	2/25/2026		662,974	N/A
Applause App Quality, Inc.	9/20/2022		1,509,820		1,509,820
Auto Trakk SPV, LLC	12/21/2021		3,193,208		3,193,208
CAREATC, Inc.	3/14/2024		607,288		607,288
Certify, Inc.	2/28/2024		797,158		797,158
Dude Solutions Holdings, Inc.	6/13/2025		2,207,896		2,207,896
FinancialForce.com, Inc.	2/1/2024		9,500,000	N/A
IT Parent, LLC (Insurance Technologies)	10/1/2026		625,000		125,000
Kellermeyer Bergensons Services, LLC	11/7/2026		1,588,235		1,588,235
Khoros LLC (Lithium)	10/3/2022		1,983,364		1,322,243
Olaplex, Inc.	1/8/2025		1,340,000		1,340,000
Patient Point Network Solutions, LLC	6/26/2022	N/A			528,187
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	3/11/2026		4,000,000	N/A
ResearchGate GmBH	10/1/2022		8,286,000		8,286,000
Rhode Holdings, Inc. (Kaseya)	5/3/2025		1,035,758		2,243,838
RigUp, Inc.	3/1/2024	N/A			9,666,667
Sandata Technologies, LLC	7/23/2024		2,250,000		2,250,000
SEP Raptor Acquisition, Inc. (Loopio)	3/31/2027		1,163,276	N/A
SEP Vulcan Acquisition, Inc. (Tasktop)	3/15/2027		1,119,498	N/A
Snow Software AB	4/17/2024		4,360,548		3,052,384
Sonny’s Enterprises, LLC	8/5/2026		4,874,854		9,208,057
Space Midco, Inc. (Archibus)	12/5/2023		277,778		277,778
Spark Networks, Inc.	7/1/2023		1,005,887		1,005,887
Sunland Asphalt & Construction, LLC	1/13/2022		754,506	N/A
Superman Holdings, LLC (Foundation Software)	8/31/2026		1,256,026		1,256,026
Team Software, Inc.	9/17/2023		2,457,847		2,457,847
Telarix, Inc.	11/19/2023		357,143		357,143
Tempus, LLC (Epic Staffing)	2/5/2027		1,317,568	N/A
Thras.io, LLC	12/18/2026		9,939,759		9,939,759
Unanet, Inc.	5/31/2024		2,525,510		2,525,510
Xactly Corporation	7/31/2022		854,898		854,898
Total Unfunded Balances		$	74,513,291	$	68,821,288

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

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~September 30, 2017~~

March 31, 2021

6. Related Party Transactions

The Company, ~~the Operating Company,~~SVCP, TCPC Funding, TCPC Funding II, the SBIC, the Advisor ~~the General Partner~~ and their members and affiliates may be considered related parties. From time to time, ~~the Operating Company~~SVCP advances payments to third parties on behalf of the Company which are reimbursable through deductions from distributions to the Company. At ~~September 30, 2017~~March 31, 2021 and December 31, ~~2016,~~2020, no such amounts were outstanding. From time to time, the Advisor advances payments to third parties on behalf of the Company and ~~the Operating Company~~SVCP and receives reimbursement from the ~~Company and the Operating~~ Company. At ~~September 30, 2017~~March 31, 2021 and December 31, ~~2016,~~2020, amounts reimbursable to the Advisor totaled ~~$1.1~~$1.3 million and ~~$0.3~~$1.3 million, respectively, as reflected in the Consolidated Statements of Assets and Liabilities.

Pursuant to an administration ~~agreements~~agreement 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~~three months ended ~~September 30, 2017~~March 31, 2021 and ~~2016,~~2020, expenses allocated pursuant to the Administration ~~Agreements~~Agreement totaled ~~$1.7~~$0.5 million and ~~$1.3~~$0.5 million, respectively.

7. Stockholders’ Equity and Dividends

Prior to its discontinuance effective July 7, 2020, the Company had offered an “opt in” dividend reinvestment plan to common stockholders, pursuant to which the dividends payable to those shareholders who so elected would be reinvested in shares of common stock. 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~~three months ended ~~September 30, 2017:~~

Shares Issued Price Per Share Net Proceeds
Shares issued from dividend reinvestment plan 464
$ 16.93
* $ 7,854
April 25, 2017 public offering 5,750,000
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 DecemberMarch 31, ~~2016:~~2020:

	2020
Shares Issued		486
Average Price Per Share	$	6.25
Proceeds	$	3,039

Shares Issued Price Per Share Net Proceeds
Shares issued from dividend reinvestment plan 610 $ 15.83
* $ 9,657
Shares issued from conversion of convertible debt ^†
2,011,900 15.02
—
July 13, 2016 registered direct public offering 2,336,552 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)~~

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~~three months ended ~~September 30, 2017:~~March 31, 2021:

Date Declared

Record Date

Payment Date

Type

Amount

Per

Total Amount

February 25, 2021

March 17, 2021

March 31, 2021

Regular

0.30

17,330,179

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

The following table summarizes the Company’s dividends declared and paid for the ~~nine~~three months ended ~~September 30, 2016:~~March 31, 2020:

Date Declared

Record Date

Payment Date

Type

Amount

Per

Total Amount

February 26, 2020

March 17, 2020

March 31, 2020

Regular

0.36

21,155,913

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

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,~~February 24, 2021, to be in effect through the earlier of two trading days after the Company’s ~~fourth~~first quarter ~~2017~~2021 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 repurchases for the nine months ended September 30, 2017.~~

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

7. Stockholders’ Equity and Dividends — (continued)

The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the ~~year~~three months ended ~~December~~March 31, ~~2016:~~2020:

Repurchased

Price Per

Total Cost

Company Repurchase Plan

1,000,000

6.10

6,100,190

Shares Repurchased Price Per Share Total Cost
Company Repurchase Plan 141,896 $ 13.25
* $ 1,879,548

~~______________~~

*
*	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, 2017~~March 31, 2021 and ~~2016:~~ 2020:

	Three Months Ended March 31,
	2021		2020
Net increase (decrease) in net assets from operations	$	35,484,822	$	(69,481,411	)
Weighted average shares outstanding		57,767,264		58,668,432
Earnings (loss) per share	$	0.61	$	(1.18	)

Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
Net increase in net assets applicable to common shareholders resulting from operations $ 14,617,951
$ 20,740,803
$ 54,281,036
$ 53,396,190
Weighted average shares outstanding 58,792,204
52,736,835
56,390,954
50,245,035
Earnings per share $ 0.25
$ 0.39
$ 0.96
$ 1.06

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

9. Subsequent Events

On ~~November 2, 2017,~~April 29, 2021, 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~~second quarter ~~2017~~2021 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, the Company issued $50 in aggregate principal amount of 4.125% notes due 2022 for proceeds of approximately $49.1 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.

~~On November 7, 2017,~~May 5, 2021, the Company’s board of directors declared a ~~fourth~~second quarter ~~regular~~ dividend of ~~$0.36~~$0.30 per share payable on ~~December 29, 2017~~June 30, 2021 to stockholders of record as of the close of business on ~~December 15, 2017.~~

June 16, 2021.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~September 30, 2017~~

March 31, 2021

10. Financial Highlights

	Three Months Ended March 31,
	2021			2020
Per Common Share
Per share NAV at beginning of period	$	13.24		$	13.21

Investment operations:
Net investment income		0.32			0.38
Net realized and unrealized gain (loss)		0.30			(1.56	)
Total from investment operations		0.62			(1.18	)

Repurchase of common stock		—			0.09
Dividends to common shareholders		(0.30	)		(0.36	)
Per share NAV at end of period	$	13.56		$	11.76

Per share market price at end of period	$	13.83		$	6.25

Total return based on market value ^{(1), (2)}		25.7	%		(53.0	)%
Total return based on net asset value ^{(1), (3)}		4.7	%		(8.3	)%

Shares outstanding at end of period		57,767,264			57,766,912

Nine Months Ended September 30,
2017 2016
Per Common Share
Per share NAV at beginning of period $ 14.91
$ 14.78

Investment operations:
Net investment income 1.48
1.43
Net realized and unrealized losses (0.22 ) (0.08 )
Incentive allocation reserve and distributions (0.30 ) (0.29 )
Total from investment operations 0.96
1.06

Issuance of common stock 0.13
0.02
Issuance of convertible debt —
0.06
Distributions to common shareholders from:
Net investment income (1.08 ) (1.08 )
Per share NAV at end of period $ 14.92
$ 14.84

Per share market price at end of period $ 16.49
$ 16.38

Total return based on market value ^{(1), (2)}
4.0 % 25.3 %
Total return based on net asset value ^{(1), (3)}
7.3 % 7.7 %

Shares outstanding at end of period 58,792,364
53,041,751

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~September 30, 2017~~

March 31, 2021

10. Financial Highlights — (continued)

	Three Months Ended March 31,
	2021			2020
Ratios to average common equity: ⁽⁴⁾
Net investment income		11.5	%		11.7	%
Expenses before incentive compensation		9.4	%		10.2	%
Expenses and incentive compensation		10.0	%		10.2	%

Ending common shareholder equity	$	783,141,221		$	679,583,911
Portfolio turnover rate		5.7	%		4.7	%
Weighted-average leverage outstanding	$	928,100,849		$	934,766,749
Weighted-average interest rate on leverage		3.9	%		4.7	%
Weighted-average number of common shares		57,767,264			58,668,432
Average leverage per share	$	16.07		$	15.93

Nine Months Ended September 30,
2017 2016
Ratios to average common equity: ⁽⁴⁾

Net investment income⁽⁵⁾
11.1 % 10.2 %
Expenses 7.1 % 6.6 %
Expenses and incentive allocation ⁽⁶⁾
9.1 % 8.5 %

Ending common shareholder equity $ 877,396,967
$ 787,107,542
Portfolio turnover rate 31.1 % 23.8 %
Weighted-average leverage outstanding $ 599,740,024
$ 528,593,078
Weighted-average interest rate on leverage 4.5 % 3.7 %
Weighted-average number of common shares 56,390,954
50,245,035
Average leverage per share $ 10.64
$ 10.52

~~______________~~

(1)
~~(1)~~	Not annualized.

(2)
~~(2)~~	Total return based on market value equals the change in ending market value per share during share during the period plus declared dividends per share during the period, divided by the market value per share at the beginning of the period.

(3)
~~(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)
~~(4)~~	Annualized, except for incentive ~~allocation.~~compensation.


~~(5)~~	~~Net of incentive allocation.~~


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

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

11. Senior Securities

Information about the Company's senior securities is shown in the following table as of the end of each of the last ten fiscal years and the period ended March 31, 2021.

Class and Year	Total Amount Outstanding⁽¹⁾		Asset Coverage Per Unit⁽²⁾		Involuntary Liquidating Preference Per Unit⁽³⁾		Average Market Value Per Unit⁽⁴⁾
Operating Facility
As of March 31, 2021	$	104,096	$	15,580		—	N/A
Fiscal Year 2020		120,454		9,508		—	N/A
Fiscal Year 2019		108,498		5,812		—	N/A
Fiscal Year 2018		82,000		5,221		—	N/A
Fiscal Year 2017		57,000		6,513		—	N/A
Fiscal Year 2016		100,500		4,056		—	N/A
Fiscal Year 2015		124,500		3,076		—	N/A
Fiscal Year 2014		70,000		5,356		—	N/A
Fiscal Year 2013		45,000		8,176		—	N/A
Fiscal Year 2012		74,000		7,077		—	N/A
Fiscal Year 2011		29,000		13,803		—	N/A
Preferred Interests
As of March 31, 2021	N/A		NA		N/A		N/A
Fiscal Year 2020	N/A		NA		N/A		N/A
Fiscal Year 2019	N/A		N/A		N/A		N/A
Fiscal Year 2018	N/A		N/A		N/A		N/A
Fiscal Year 2017	N/A		N/A		N/A		N/A
Fiscal Year 2016	N/A		N/A		N/A		N/A
Fiscal Year 2015	N/A		N/A		N/A		N/A
Fiscal Year 2014	$	134,000	$	51,592	$	20,074	N/A
Fiscal Year 2013		134,000		68,125		20,075	N/A
Fiscal Year 2012		134,000		50,475		20,079	N/A
Fiscal Year 2011		134,000		49,251		20,070	N/A
Funding Facility I
As of March 31, 2021	N/A		N/A			—	N/A
Fiscal Year 2020	N/A		N/A			—	N/A
Fiscal Year 2019	$	158,000	$	5,812		—	N/A
Fiscal Year 2018		212,000		5,221		—	N/A
Fiscal Year 2017		175,000		6,513		—	N/A
Fiscal Year 2016		175,000		4,056		—	N/A
Fiscal Year 2015		229,000		3,076		—	N/A
Fiscal Year 2014		125,000		5,356		—	N/A
Fiscal Year 2013		50,000		8,176		—	N/A
Funding Facility II
As of March 31, 2021	$	—	$	15,580		—	N/A
Fiscal Year 2020		36,000		9,508		—	N/A
SBA Debentures
As of March 31, 2021	$	150,000	$	15,580		—	N/A
Fiscal Year 2020		138,000		9,508		—	N/A
Fiscal Year 2019		138,000		5,812		—	N/A
Fiscal Year 2018		98,000		5,221		—	N/A
Fiscal Year 2017		83,000		6,513		—	N/A
Fiscal Year 2016		61,000		4,056		—	N/A
Fiscal Year 2015		42,800		3,076		—	N/A
Fiscal Year 2014		28,000		5,356		—	N/A
2019 Convertible Notes
As of March 31, 2021	N/A		N/A			—	N/A
Fiscal Year 2020	N/A		N/A			—	N/A
Fiscal Year 2019	N/A		N/A			—	N/A
Fiscal Year 2018	$	108,000	$	2,157		—	N/A
Fiscal Year 2017		108,000		2,335		—	N/A
Fiscal Year 2016		108,000		2,352		—	N/A
Fiscal Year 2015		108,000		2,429		—	N/A
Fiscal Year 2014		108,000		3,617		—	N/A
2022 Convertible Notes
As of March 31, 2021	$	140,000	$	1,933		—	N/A
Fiscal Year 2020		140,000		2,058		—	N/A
Fiscal Year 2019		140,000		1,992		—	N/A
Fiscal Year 2018		140,000		2,157		—	N/A
Fiscal Year 2017		140,000		2,335		—	N/A
Fiscal Year 2016		140,000		2,352		—	N/A
2022 Notes
As of March 31, 2021	$	175,000	$	1,933		—	N/A
Fiscal Year 2020		175,000		2,058		—	N/A
Fiscal Year 2019		175,000		1,992		—	N/A
Fiscal Year 2018		175,000		2,157		—	N/A
Fiscal Year 2017		175,000		2,335		—	N/A
2024 Notes
As of March 31, 2021	$	250,000	$	1,933		—	N/A
Fiscal Year 2020		250,000		2,058		—	N/A
Fiscal Year 2019		200,000		1,992		—	N/A
2026 Notes
As of March 31, 2021	$	175,000	$	1,933		—	N/A

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2021

11. Senior Securities (continued)

(1)	Total amount of each class of senior securities outstanding at the end of the period presented (in 000’s).

(2)

The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. For the Operating Facility, Funding Facility I and Funding Facility II, the asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit.

(3)

The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(4)	The Company's senior securities are not registered for public trading.

BlackRock TCP Capital Corp.

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

~~Nine~~

Three Months Ended ~~September 30, 2017~~March 31, 2021

Security	Dividends or Interest⁽²⁾		Fair Value at December 31, 2020		Net realized gain or loss		Net increase or decrease in unrealized appreciation or depreciation		Acquisitions⁽³⁾		Dispositions⁽⁴⁾			Fair Value at March 31, 2021
Edmentum Ultimate Holdings, LLC, Class A Common Units	$	867,570	$	-	$	1,028,057	$	-	$	-	$	(1,028,057	)	$	-
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21		33,104		1,324,140		-		-		-		-			1,324,140
Iracore Investments Holdings, Inc., Class A Common Stock		385,384		5,181,526		-		716,001		-		-			5,897,527
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units		-		7,401,888		-		736,692		-		-			8,138,580
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units		-		438,161		-		88,129		-		-			526,290
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units		-		442,508		-		89,003		-		-			531,511
TVG-Edmentum Holdings, LLC, Series A Preferred Units		828,113		27,758,980		-		2,649,337		828,114		-			31,236,431
TVG-Edmentum Holdings, LLC, Series B-1 Common Units		483,162		13,511,732		-		1,192,384		483,161		-			15,187,277
TVG-Edmentum Holdings, LLC, Series B-2 Common Units		-		12,868,247		-		2,319,030		-		-			15,187,277
Total	$	2,597,333	$	68,927,182	$	1,028,057	$	7,790,576	$	1,311,275	$	(1,028,057	)	$	78,029,033

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

~~______________~~

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

(1)
~~(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 more~~to 25% of the issuers' voting securities.

(2)
~~(2)~~	Also includes fee ~~and lease~~ income as ~~applicable~~applicable.

(3)
~~(3)~~	Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.

(4)
~~(4)~~	Dispositions include decreases in the cost basis from sales ~~paydowns, mortgage amortizations~~ and ~~aircraft depreciation.~~paydowns.

BlackRock TCP Capital Corp.

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

~~Year~~¹⁾(Unaudited)

Three Months Ended ~~December~~March 31, ~~2016~~2021

Security	Dividends or Interest ⁽²⁾		Fair Value at December 31, 2020		Net realized gain or loss		Net increase or decrease in unrealized appreciation or depreciation			Acquisitions ⁽³⁾		Dispositions⁽⁴⁾			Fair Value at March 31, 2021
36th Street Capital Partners Holdings, LLC, Membership Units	$	892,050	$	33,135,000	$	-	$	(1,043,000	)	$	-	$	-		$	32,092,000
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/25		1,225,033		40,834,419		-		-			-		-			40,834,419
Anacomp, Inc., Class A Common Stock		-		401,769		-		(188,329	)		-		-			213,440
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 6/30/21		-		1,154,036		-		81,451			-		-			1,235,487
Conergy Asia Holdings Limited, Class B Shares		-		—		-		-			-		-			-
Conergy Asia Holdings Limited, Ordinary Shares		-		—		-		-			-		-			-
Conventional Lending TCP Holdings, LLC, Membership Units		425,000		18,050,826		-		(50,826	)		-		-			18,000,000
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/21		-		3,336,148		-		(3,132,861	)		-		-			203,287
Kawa Solar Holdings Limited, Ordinary Shares		-		—		-		-			-		-			-
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/21		-		2,114,333		-		3,120,836			-		(3,133,333	)		2,101,836
Kawa Solar Holdings Limited, Series B Preferred Shares		-		—		-		-			-		-			-
Total	$	2,542,083	$	99,026,531	$	—	$	(1,212,729	)	$	—	$	(3,133,333	)	$	94,680,469

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

~~______________~~

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

(1)
~~(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 income as applicable.

(3)	Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.

(4)	Dispositions include decreases in the cost basis from sales and paydowns.

BlackRock TCP Capital Corp.

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

Year Ended December 31, 2020

Security	Dividends or Interest⁽²⁾		Fair Value at December 31, 2019		Net realized gain or loss			Net increase or decrease in unrealized appreciation or depreciation			Acquisitions⁽³⁾		Dispositions⁽⁴⁾			Fair Value at December 31, 2020
AGY Holding Corp., Common Stock	$	—	$	—	$	—		$	—		$	—	$	—		$	—
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 12/15/25		—		3,708,428		(8,778,822	)		5,070,394			—		—			—
AGY Holding Corp., Senior Secured Delayed Draw Term Loan A, 12%, due 9/15/20		94,024		—		—			—			1,227,453		(1,227,453	)		—
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/20		59,678		1,114,120		(1,174,170	)		—			60,050		—			—
AGY Holding Corp., Senior Secured Term Loan A1, 12%, due 9/15/20		97,185		—		—			—			721,296		(721,296	)		—
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/20		155,135		5,171,151		(4,589,653	)		—			156,858		(738,356	)		—
Edmentum Ultimate Holdings, LLC, Class A Common Units		2,623,729		1,433,968		4,380,041			(753,742	)		—		(5,060,267	)		—
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 12/9/21		1,850,985		17,609,276		—			(72,760	)		1,927,179		(19,463,695	)		—
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20		313,061		3,675,888		—			—			327,176		(4,003,064	)		—
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units		—		7,084,470		4,947,853			(7,084,469	)		—		(4,947,854	)		—
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20		266,556		5,235,978		—			(5	)		474,037		(5,710,010	)		—
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21		2,194,392		10,740,023		—			(1,173,442	)		1,466,235		(11,032,816	)		—
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21		576,320		8,281,661		—			(8	)		603,596		(8,885,249	)		—
Edmentum, Inc., Senior Secured 2nd Lien Revolver, 5% PIK, due 12/9/21		834,028		—		—			—			5,805,188		(5,805,188	)		—
Educationcity Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 8/31/20		329,098		—		—			—			3,707,423		(3,707,423	)		—
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21		169,286		1,635,903		—			—			—		(311,763	)		1,324,140
Iracore Investments Holdings, Inc., Class A Common Stock		—		2,476,881		—			2,704,645			—		—			5,181,526
KAGY Holding Company, Inc., Series A Preferred Stock		—		—		(1,091,199	)		1,091,199			—		—			—
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units		—		6,925,848		—			476,040			—		—			7,401,888
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units		—		391,407		—			46,754			—		—			438,161
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units		—		395,290		—			47,218			—		—			442,508
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units		—		—		45,038			—			—		(45,038	)		—
TVG-Edmentum Holdings, LLC, Series A Preferred Units		—		—		—			155,201			27,603,779		—			27,758,980
TVG-Edmentum Holdings, LLC, Series B-1 Common Units		—		—		—			90,570			13,421,162		—			13,511,732
TVG-Edmentum Holdings, LLC, Series B-2 Common Units		—		—		—			(552,915	)		13,421,162		—			12,868,247
Total	$	9,563,477	$	75,880,292	$	(6,260,912	)	$	44,680		$	70,922,594	$	(71,659,472	)	$	68,927,182

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 more~~to 25% of the ~~issuers’~~issuers' voting securities.

(2)
~~(2)~~	Also includes fee and lease income as applicable.

(3)
~~(3)~~	Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.

(4)
~~(4)~~	Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation.

BlackRock TCP Capital Corp.

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

Year Ended December 31, 2020

Security	Dividends or Interest ⁽²⁾		Fair Value at December 31, 2019		Net realized gain or loss			Net increase or decrease in unrealized appreciation or depreciation			Acquisitions ⁽³⁾		Dispositions⁽⁴⁾			Fair Value at December 31, 2020
36th Street Capital Partners Holdings, LLC, Membership Units	$	2,471,415	$	31,682,859	$	—		$	1,452,141		$	—	$	—		$	33,135,000
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20		4,900,130		40,834,419		—			—			—		—			40,834,419
Anacomp, Inc., Class A Common Stock		—		1,167,640		—			(765,871	)		—		—			401,769
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 6/30/21		44,223		1,207,786		—			(390,084	)		336,334		—			1,154,036
Conergy Asia Holdings Limited, Class B Shares		—		—		—			—			—		—			—
Conergy Asia Holdings Limited, Ordinary Shares		—		—		—			—			—		—			—
Conventional Lending TCP Holdings, LLC, Membership Units		1,436,922		14,269,948		—			(950,043	)		4,730,921		—			18,050,826
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/21		—		3,289,438		—			46,710			—		—			3,336,148
Kawa Solar Holdings Limited, Ordinary Shares		—		—		—			—			—		—			—
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/21		—		2,208,823		—			(94,490	)		—		—			2,114,333
Kawa Solar Holdings Limited, Series B Preferred Shares		—		—		—			—			—		—			—
United N659UA-767, LLC (Aircraft Trust Holding Company)		26,635		2,300,366		(32,062	)		(134,933	)		—		(2,133,371	)		—
United N661UA-767, LLC (Aircraft Trust Holding Company)		11,502		2,347,314		162,012			(121,954	)		—		(2,387,372	)		—
Total	$	8,890,827	$	99,308,593	$	129,950		$	(958,524	)	$	5,067,255	$	(4,520,743	)	$	99,026,531

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.

BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers (Unaudited)

~~September 30, 2017~~

March 31, 2021

Investment		Acquisition Date

~~Investment~~		AutoAlert Acquisition ~~Date~~
~~Actifio, Inc.,~~Co, LLC, Warrants to Purchase ~~Series F Preferred Stock~~LLC Interest		~~5/5/17~~ 6/30/20
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, ~~10%~~9%, 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 10/1/23~~		~~1/26/17~~
~~Caribbean Financial Group, Senior Secured Notes, 11.5%, due 11/15/19~~		~~10/19/12~~
~~Epic Aero,~~ Domo, Inc. ~~(One Sky)~~, Warrants to Purchase Class B Common Stock		12/~~4/13~~5/17
~~Findly Talent, LLC, Membership Units~~ Envigo RMS Holding Corp., Common Stock		~~1/1/14~~ 6/3/19
Fidelis (SVC) LLC, Series C Preferred Units		12/31/19
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock		1/30/19
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock		5/4/17
~~Fuse Media,~~ GACP I, LP (Great American Capital), Membership Units		10/1/15
GACP II, LP (Great American Capital), Membership Units		1/12/18
GlassPoint Solar, Inc., Warrants to Purchase Series E Preferred Stock		2/7/17
InMobi, Inc., Warrants to Purchase Common Stock		8/22/17
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)		9/18/15
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)		10/1/18
Nanosys, Inc., Warrants to Purchase Preferred Stock		3/29/16
Pico Quantitative Trading Holdings, LLC, Warrants to Purchase ~~Common Stock~~Membership Units		~~8/3/12~~ 2/7/20
Quora, Inc., Warrants to Purchase Series D Preferred Stock		4/12/19
ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock		11/7/19
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock		3/20/18
Soraa, Inc., Warrants to Purchase Common Stock		8/29/14
SoundCloud, Ltd., Warrants to Purchase Preferred Stock		4/30/15
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock		3/9/17
Utilidata, Inc., Common Stock		7/6/20
Utilidata, Inc., Series C Preferred Stock		7/6/20
Utilidata, Inc., Series CC Preferred Stock		7/6/20
Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock		2/11/21

BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers

December 31, 2020

Investment		Acquisition Date
Actifio, Inc., Warrants to Purchase Series F Preferred Stock		5/5/17
AutoAlert Acquisition Co, LLC, Warrants to Purchase LLC Interest		6/30/20
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9%, due 10/1/22		1/26/17
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/22		1/26/17
Domo, Inc., Warrants to Purchase Common Stock		12/5/17
Envigo RMS Holding Corp., Common Stock		6/3/19
Fidelis (SVC) LLC, Series C Preferred Units		12/31/19
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock		1/30/19
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock		5/4/17
GACP I, LP (Great American Capital), Membership Units		10/1/15
GACP II, LP (Great American Capital), Membership Units		1/12/18
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock		2/7/17
~~Gogo Intermediate Holdings, LLC, Senior Secured Notes, 12.5%, due 7/1/22~~		~~6/9/16~~
~~Green Biologics, Inc., Convertible Note, 10% PIK, due 6/30/19~~		~~7/12/17~~
~~Green Biologics,~~ GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock		~~12/22/14~~ 3/16/18
InMobi, Inc., Warrants to Purchase Common Stock		8/22/17
InMobi, Inc., Warrants to Purchase Series E Preferred Stock		9/18/15
~~Lions Holdings,~~ InMobi, Inc., ~~(BPA), Series A~~ Warrants to Purchase ~~Common~~Series E Preferred Stock (Strike Price $28.58)		~~7/14/17~~ 10/1/18
~~Lions Holdings, Inc., (BPA), Series B Warrants to Purchase Common Stock~~		~~7/14/17~~
Nanosys, Inc., Warrants to Purchase ~~Common~~Preferred Stock		3/29/16
~~NEG Parent,~~ Pico Quantitative Trading Holdings, LLC, ~~(CORE Entertainment, Inc.), Class A Units~~		~~10/17/16~~
~~NEG Parent, LLC (CORE Entertainment, Inc.), Class A~~ Warrants to Purchase ~~Class A~~Membership Units		~~10/17/16~~ 2/7/20
~~NEG Parent, LLC (CORE Entertainment,~~ Quora, Inc.), ~~Class B~~ Warrants to Purchase ~~Class A Units~~Series D Preferred Stock		~~10/17/16~~ 4/12/19
~~NEXTracker,~~ ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock		11/7/19
SnapLogic, Inc., Warrants to Purchase Series B Preferred Stock		~~12/17/14~~ 3/20/18
~~NEXTracker, Inc., Series C Preferred Stock~~		~~6/12/15~~
~~Shop Holding, LLC (Connexity), Class A Units~~		~~6/2/11~~
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~~Common Stock		~~12/22/15~~ 7/6/20
Utilidata, Inc., Series C Preferred Stock		7/6/20
Utilidata, Inc., Series CC Preferred Stock		7/6/20
V Telecom Investment S.C.A. (Vivacom), Common Shares		11/9/12

~~TCP Capital Corp.~~

~~Consolidated Schedule of Restricted Securities of Unaffiliated Issuers~~

~~December 31, 2016~~



~~Investment~~		~~Acquisition Date~~
~~Avanti Communications Group, PLC, Senior Secured Notes, 10%, due 10/1/19~~		~~9/26/13~~
~~BlackLine Intermediate, Inc., Warrants to Purchase Common Stock~~		~~9/25/13~~
~~Boomerang Tube Holdings, Inc., Common Stock~~		~~2/2/16~~
~~Caribbean Financial Group, Senior Secured Notes, 11.5%, due 11/15/19~~		~~10/19/12~~
~~Epic Aero, Inc. (One Sky), Warrants to Purchase Common Stock~~		~~12/4/13~~
~~Findly Talent, LLC, Membership Units~~		~~1/1/14~~
~~Fuse Media, LLC, Warrants to Purchase Common Stock~~		~~8/3/12~~
~~Fuse, LLC, Senior Secured Notes, 10.375%, due 7/1/19~~		~~6/18/14~~
~~GACP I, LP, Membership Units~~		~~10/1/15~~
~~Gogo Intermediate Holdings, LLC, Senior Secured Notes, 12.5%, due 7/1/22~~		~~6/9/16~~
~~Green Biologics, Inc., Warrants to Purchase Stock~~		~~12/22/14~~
~~InMobi, Inc., Warrants to Purchase Stock~~		~~9/18/15~~
~~Integra Telecom, Inc., Common Stock~~		~~11/19/09~~
~~Integra Telecom, Inc., Warrants~~		~~11/19/09~~
~~Iracore International, Inc., Senior Secured Notes, 9.5%, due 6/1/18~~		~~5/8/13~~
~~Magnolia Finance V plc, Asset-Backed Credit Linked Notes, 13.125%, due 8/2/21~~		~~8/1/13~~
~~Marsico Holdings, LLC, Common Interest Units~~		~~9/10/12~~
~~Nanosys, Inc., Warrants to Purchase Common Stock~~		~~3/29/16~~
~~NEG Parent, LLC, Class A Units~~		~~10/17/16~~
~~NEG Parent, LLC, Class A Warrants to Purchase Class A Units~~		~~10/17/16~~
~~NEG Parent, LLC, Class B Warrants to Purchase Class A Units~~		~~10/17/16~~
~~NEG Parent, LLC, Class P Units~~		~~10/17/16~~
~~NEXTracker, Inc., Series B Preferred Stock~~		~~12/17/14~~
~~NEXTracker, Inc., Series C Preferred Stock~~		~~6/12/15~~
~~Rightside Group, Ltd., Warrants~~		~~8/6/14~~
~~Shop Holding, LLC (Connexity), Class A Units~~		~~6/2/11~~
~~Soasta, Inc., Warrants to Purchase Series F Preferred Stock~~		~~3/4/16~~
~~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., Secured Class B Notes, 10.75%, due 11/13/18~~		~~11/13/13~~
~~Utilidata, Inc., Warrants to Purchase Stock~~		~~12/22/15~~
~~V Telecom Investment S.C.A. (Vivacom), Common Shares~~		~~11/9/12~~
~~Waterfall International, Inc., Series B Preferred Stock~~		~~9/16/15~~
~~Waterfall International, Inc., Warrants to Purchase Stock~~		~~9/16/15~~

~~TCP Capital Corp.~~

~~Consolidating Statement of Assets and Liabilities (Unaudited)~~

~~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 subsidiary 1,243,969,860
—
(1,243,969,860 ) —
Total investments 1,243,969,860
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 assets 512,789
3,993,300
—
4,506,089
Total assets 1,244,482,649
1,641,602,334
(1,243,969,860 ) 1,642,115,123

Liabilities
Debt, net of unamortized issuance costs 363,128,121
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 payable 2,921,146
1,605,509
—
4,526,655
Payable to the Advisor 424,942
669,307
—
1,094,249
Unrealized depreciation on swaps —
470,202
—
470,202
Accrued expenses and other liabilities 611,473
1,578,835
—
2,190,308
Total liabilities 367,085,682
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 capital 1,038,026,254
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 subsidiary 1,031,709,637
—
(1,031,709,637 ) —
Total investments 1,031,709,637
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 assets 371,466
1,156,279
—
1,527,745
Total assets 1,032,081,103
1,387,226,995
(1,031,709,637 ) 1,387,598,461

Liabilities
Debt, net of unamortized issuance costs 237,871,436
333,787,426
—
571,658,862
Payable for investment securities purchased —
12,348,925
—
12,348,925
Interest payable 2,298,333
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 liabilities 975,343
1,623,003
—
2,598,346
Total liabilities 241,145,112
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 capital 944,426,650
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 expenses 11,710,817
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 expenses 434,665
692,722
—
1,127,387
Director fees 140,292
281,816
—
422,108
Insurance expense 109,058
218,667
—
327,725
Custody fees 2,626
241,801
—
244,427
Other operating expenses 729,707
1,306,669
—
2,036,376
Total operating expenses 13,127,165
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 subsidiary 67,408,201
—
(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 expenses 5,819,334
11,758,525
—
17,577,859
Management and advisory fees —
13,976,545
—
13,976,545
Legal fees, professional fees and due diligence expenses 973,172
811,002
—
1,784,174
Administration expenses —
1,267,815
—
1,267,815
Director fees 97,295
198,191
—
295,486
Insurance expense 90,345
190,230
—
280,575
Custody fees 2,625
229,221
—
231,846
Other operating expenses 708,438
861,548
—
1,569,986
Total expenses 7,691,209
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 subsidiary 61,087,399
—
(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” ~~and~~or “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 ~~adviser~~advisor to locate suitable investments for us and to monitor and administer our investments;

the timing of cash flows, if any, from the operations of our portfolio companies;

the timing, form and amount of any dividend distributions; 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 ~~annual~~quarterly report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or

through reports that we have filed or in the future may file with the SEC, including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

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 ~~treated~~regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to seek to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We invest primarily in the debt of middle-market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. Such investments may include an equity component, and, to a lesser extent, we may make equity investments directly. ~~Investment~~Certain investment operations are conducted ~~either in~~through 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”), TCPC Funding II, LLC ("TCPC Funding II") and TCPC SBIC, LP (the “SBIC”). ~~The Operating Company has also~~SVCP was organized as a limited partnership and had elected to be ~~treated~~regulated as a BDC under the 1940 ~~Act. The General Partner~~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 ~~Operating Company is~~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. 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, TCPC Funding II and the

SBIC. ~~The equity interests in~~On August 1, 2018, the ~~General Partner are~~Advisor merged with and into a wholly owned ~~directly by~~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, TCPC Funding II and the SBIC have elected to be treated as partnerships for U.S. federal income tax purposes.

SVCP was treated as a partnership for U.S. federal income tax purposes through August 1, 2018 and upon its conversion to a limited liability company on August 2, 2018, and thereafter is and will be treated as a disregarded entity.

Our leverage program is comprised of ~~$116.0~~$300.0 million in available debt under a ~~senior secured~~ revolving, multi-currency credit facility issued by ~~the Operating Company~~SVCP (the ~~“SVCP Revolver”~~“Operating Facility”), ~~$350.0~~$200.0 million in available debt under a senior secured revolving credit facility issued by TCPC Funding ~~(the “TCPC~~ II (“Funding ~~Facility”), $108.0 million in convertible senior unsecured notes issued by the Holding Company maturing in 2019 (the “2019 Convertible Notes”~~Facility II”), $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”), $250.0 million in senior unsecured notes issued by the Company maturing in 2024 (the “2024 Notes”), $175.0 million in senior unsecured notes issued by the Company maturing in 2026 (the “2026 Notes”) and $150.0 million in committed leverage from the SBA (the “SBA Program” and, together with the ~~SVCP Revolver, the TCPC~~Operating Facility, Funding Facility II, the ~~2019~~2022 Convertible Notes, the 2022 ~~Convertible~~ Notes and the ~~2022~~2024 Notes, the “Leverage Program”).

Prior to being replaced by Funding Facility II on August 4, 2020, leverage included $300.0 million in available debt under a senior secured revolving credit facility issued by TCPC Funding (“Funding Facility I”). Prior to its maturity on December 15, 2019, leverage also included convertible senior unsecured notes due December 2019 issued by the Company (the “2019 Convertible Notes”).

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 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%~~March 31, 2021, 89.0% 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;



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

	For the Quarter Ended ~~September 30, 2017~~March 31, 2021

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



Delaware	56-2594706
(State or Other Jurisdiction of Incorporation)	(IRS Employer Identification No.)

2951 28^th Street, Suite 1000
Santa Monica, California	90405
(Address of Principal Executive Offices)	(Zip Code)



Common Stock, par value $0.001 per share	TCPC	NASDAQ Global Select Market
(Title of each class)	(Trading Symbol(s) )	(Name of each exchange where registered)



Large accelerated filerx	☒	Accelerated filer¨	☐
Non-accelerated filer¨	☐	Smaller Reporting company¨	☐
Emerging growth company	☐



Part I.	Financial Information

Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of ~~September 30, 2017~~March 31, 2021 (unaudited) and December 31, ~~2016~~2020	2

	Consolidated Schedule of Investments as of ~~September 30, 2017~~March 31, 2021 (unaudited) and December 31, ~~2016~~2020	3

	Consolidated Statements of Operations for the three ~~and nine~~ months ended ~~September 30, 2017~~March 31, 2021 (unaudited) and ~~September 30, 2016~~March 31, 2020 (unaudited)	19 20

	Consolidated Statements of Changes in Net Assets for the ~~nine~~three months ended ~~September 30, 2017~~March 31, 2021 (unaudited) and ~~year ended December~~March 31, ~~2016~~2020 (unaudited)	20 21

	Consolidated Statements of Cash Flows for the ~~nine~~three months ended ~~September 30, 2017~~March 31, 2021 (unaudited) and ~~September 30, 2016~~March 31, 2020 (unaudited)	21 22

	Notes to Consolidated Financial Statements (unaudited)	22 23

	Consolidated Schedule of Changes in Investments in Affiliates for the ~~nine~~three months ended ~~September 30, 2017~~March 31, 2021 (unaudited) and year ended December 31, ~~2016~~2020	48 45

	Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of ~~September 30, 2017~~March 31, 2021 (unaudited) and December 31, ~~2016~~2020	50 49
	~~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)~~	54

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	56 51

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	73 63

Item 4.	Controls and Procedures	74 65

Part II.	Other Information

Item 1.	Legal Proceedings	75 66

Item 1A.	Risk Factors	75 66

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	75 66

Item 3.	Defaults upon Senior Securities	75 66

Item 4.	Mine Safety Disclosures	75 66

Item 5.	Other Information	75 66

Item 6.	Exhibits	75 67



	September 30, 2017			December 31, 2016
	(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

Cash and cash equivalents	71,929,885			53,579,868
Accrued interest income:
Companies less than 5% owned	17,600,493			12,713,025
Companies 5% to 25% owned	2,237,834			953,561
Companies more than 25% owned	11,763			25,608
Receivable for investments sold	13,414,257			—
Deferred debt issuance costs	3,664,315			3,828,784
Prepaid expenses and other assets	4,506,089			1,527,745
Total assets	1,642,115,123			1,387,598,461

Liabilities
Debt, net of unamortized issuance costs of $8,417,444 and $8,247,426, respectively	665,378,107			571,658,862
Payable for investments purchased	85,545,089			12,348,925
Incentive allocation payable	5,513,546			4,716,834
Interest payable	4,526,655			5,013,713
Payable to the Advisor	1,094,249			325,790
Unrealized depreciation on swaps	470,202			—
Accrued expenses and other liabilities	2,190,308			2,598,346
Total liabilities	764,718,156			596,662,470

Commitments and contingencies (Note 5)

Net assets applicable to common shareholders	$	877,396,967		$	790,935,991

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
Paid-in capital in excess of par	1,038,026,254			944,426,650
Accumulated net investment income	17,896,625			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

Net assets per share	$	14.92		$	14.91



	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% owned	1,856,712			1,848,171			5,365,553			4,982,075
Companies more than 25% owned	1,363,740			1,313,034			4,720,816			1,915,981
Dividend income:
Companies less than 5% owned	—			—			16,627			—
Lease income:
Companies more than 25% owned	74,457			71,013			223,370			1,496,869
Other income:
Companies less than 5% owned	841,895			120,910			1,424,831			1,241,885
Companies 5% to 25% owned	31,486			—			94,458			—
Total investment income	43,288,935			38,468,990			128,862,576			108,653,443
Operating expenses
Interest and other debt expenses	8,213,045			6,198,850			23,863,700			17,577,859
Management and advisory fees	5,611,249			4,816,043			15,624,277			13,976,545
Administrative expenses	597,232			429,867			1,730,638			1,267,815
Legal fees, professional fees and due diligence expenses	288,180			550,563			1,127,387			1,784,174
Director fees	114,098			97,877			422,108			295,486
Insurance expense	111,585			78,794			327,725			280,575
Custody fees	85,035			75,995			244,427			231,846
Other operating expenses	700,780			555,944			2,036,376			1,569,986
Total operating expenses	15,721,204			12,803,933			45,376,638			36,984,286

Net investment income	27,567,731			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 operations	20,131,497			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 outstanding	58,792,204			52,736,835			56,390,954			50,245,035



	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			Paid in Capital in Excess of Par			Accumulated Net Investment Income			Accumulated Net Realized Losses			Accumulated Net Unrealized Depreciation			Total Net Assets
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



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



	Maturity	Rate	Carrying Value^*			Available		Total Capacity
SVCP Revolver	2018	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 Facility	2021	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



	September 30, 2017						December 31, 2016
	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
Original issue discount, net of accretion	(1,106,643		)	(2,733,512		)	(1,452,071		)	(3,141,641		)
Carrying value of debt	$	106,893,357		$	137,266,488		$	106,547,929		$	136,858,359



	September 30, 2017
Principal amount of debt	$	125,000,000
Original issue discount, net of accretion	(364,294		)
Carrying value of debt	$	124,635,706



	Shares Issued	Price Per Share			Net Proceeds
Shares issued from dividend reinvestment plan	464	$	16.93	*	$	7,854
April 25, 2017 public offering	5,750,000	16.84			93,597,500



	Shares Repurchased	Price Per Share			Total Cost
Company Repurchase Plan	141,896	$	13.25	*	$	1,879,548



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, 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



	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 subsidiary	1,243,969,860			—			(1,243,969,860		)	—
Total investments	1,243,969,860			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 assets	512,789			3,993,300			—			4,506,089
Total assets	1,244,482,649			1,641,602,334			(1,243,969,860		)	1,642,115,123

Liabilities
Debt, net of unamortized issuance costs	363,128,121			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 payable	2,921,146			1,605,509			—			4,526,655
Payable to the Advisor	424,942			669,307			—			1,094,249
Unrealized depreciation on swaps	—			470,202			—			470,202
Accrued expenses and other liabilities	611,473			1,578,835			—			2,190,308
Total liabilities	367,085,682			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 capital	1,038,026,254			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

Industry	Percent of Total Investments
Diversified Financial Services		14.6	%
~~Industry~~ Internet Software and Services	~~Percent of Total~~ ~~Investments~~	12.2	%
~~Software Publishing~~ Professional Services	~~16.4~~	7.1	%
~~Computer Systems Design and Related Services~~ Software	~~8.6~~	6.9	%
~~Data Processing~~ Textiles, Apparel and ~~Hosting Services~~Luxury Goods	~~5.2~~	6.1	%
~~Credit (Nondepository)~~ Diversified Consumer Services	~~5.1~~	5.6	%
~~Air Transportation~~ Media	~~3.6~~	4.3	%
~~Advertising, Public Relations and Marketing~~ Automobiles	~~3.6~~	3.7	%
~~Business Support Services~~ Capital Markets	~~3.5~~	2.9	%
~~Lessors of Nonfinancial Licenses~~ Airlines	~~3.2~~	2.3	%
~~Management, Scientific, and Technical Consulting Services~~ Personal Products	~~3.1~~	2.2	%
~~Hospitals~~ IT Services	~~2.9~~	2.1	%
~~Pharmaceuticals~~ Insurance	~~2.8~~	1.9	%
~~Scientific Research and Development Services~~ Consumer Finance	~~2.7~~	1.9	%
~~Credit Related Activities~~ Building Products	~~2.6~~	1.9	%
~~Chemicals~~ Hotels, Restaurants and Leisure	~~2.5~~	1.9	%
~~Other Real Estate Activities~~ Internet and Catalog Retail	~~2.5~~	1.8	%
~~Insurance~~ Diversified Telecommunication Services	~~2.4~~	1.7	%
~~Equipment Leasing~~ Health Care Technology	~~2.0~~	1.7	%
~~Other Telecommunications~~ Commercial Services and Supplies	~~2.0~~	1.7	%
~~Utility System Construction~~ Thrifts and Mortgage Finance	~~1.9~~	1.6	%
~~Other Information Services~~ Aerospace and Defense	~~1.9~~	1.6	%
~~Other Publishing~~ Healthcare Providers and Services	~~1.9~~	1.6	%
~~Textile Furnishings Mills~~ Electrical Equipment	~~1.8~~	1.6	%
~~Other Manufacturing~~ Specialty Retail	~~1.7~~	1.5	%
~~Amusement and Recreation~~ Tobacco Related	~~1.6~~	1.5	%
~~Wholesalers~~ Energy Equipment and Services	~~1.4~~	1.4	%
~~Real Estate Leasing~~ Construction and Engineering	~~1.2~~	1.4	%
~~Apparel Manufacturing~~ Road and Rail	~~1.2~~	1.0	%
~~Financial Investment Activities~~ Other	~~1.1~~	2.3	%
~~Restaurants~~ Total	~~1.0~~	%
~~Retail~~ 100.0	~~1.0~~	%
~~Educational Support Services~~	~~0.9~~	%
~~Building Equipment Contractors~~	~~0.9~~	%
~~Communications Equipment Manufacturing~~	~~0.9~~	%
~~Other~~	~~4.9~~	%
~~Total~~	~~100.0~~	%



	Maturity	Rate	Carrying Value*			Available		Total Capacity
SVCP Revolver	2018	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 Facility	2021	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

Basis Point Change	Interest income			Interest Expense			Net Investment Income
Up 300 basis points	$	31,548,531		$	(3,122,866	)	$	28,425,665
Up 200 basis points		16,476,163			(2,081,910	)		14,394,253
Up 100 basis points		3,423,477			(1,040,955	)		2,382,522
Down 100 basis points		(262,424	)		197,386			(65,038	)
Down 200 basis points		(262,424	)		197,386			(65,038	)
Down 300 basis points		(262,424	)		197,386			(65,038	)



Basis Point Change	Interest income			Interest Expense			Net Investment Income
Up 300 basis points	$	45,988,135		$	(9,150,000	)	$	36,838,135
Up 200 basis points	32,119,293			(6,100,000		)	26,019,293
Up 100 basis points	18,250,452			(3,050,000		)	15,200,452
Down 100 basis points	(7,085,379		)	3,050,000			(4,035,379		)
Down 200 basis points	(8,033,856		)	4,036,065			(3,997,791		)
Down 300 basis points	(8,033,856		)	4,036,065			(3,997,791		)


Number		Description
3.1		~~Articles~~Certificate 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)
~~31.1~~ 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) (4)
4.3		Indenture, dated as of June 17, 2014, by and between the Registrant and U.S. Bank National Association, as the Trustee (5)
4.4		Form of Global Note of 5.25% Convertible Senior Notes Due 2019 (included in Exhibit 4.3) (5)
4.5		Indenture, dated as of September 6, 2016, by and between the Registrant and U.S. Bank National Association, as the Trustee (6)
4.6		Form of Global Note of 4.625% Convertible Senior Notes due 2022 (included in Exhibit 4.5) (6)
4.7		Indenture, dated as of August 11, 2017, by and between the Registrant and U.S. Bank National Association, as the Trustee (7)
4.8		First Supplemental Indenture, dated as of August 11, 2017, by and between the Registrant and U.S. Bank National Association, as the Trustee (8)
4.9		Form of Global Note of 4.125% Notes Due 2022 (included in Exhibit 4.8) (8)
4.10		Third Supplemental Indenture, dated as of February 9, 2021, by and between the Registrant and U.S. Bank National Association, as the Trustee (9)
4.11		Form of Global Note of 2.850% due 2026 (included in Exhibit 4.10) (9)
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.~~S.C. 1350)*

(1)
~~(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)
~~(2)~~	Incorporated by reference to Exhibit ~~(b)(2)~~99.2 to the Registrant’s Form 8-K, filed on August 2, 2018



Date: ~~November 7, 2017~~May 5, 2021
	By:	/s/ Howard M. Levkowitz
	Name:	Howard M. Levkowitz
	Title:	Chief Executive Officer
Date: ~~November 7, 2017~~May 5, 2021
	By:	/s/ Paul L. Davis
	Name:	Paul L. Davis
	Title:	Chief Financial Officer