UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________

FORM 10-Q

☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  
 For the Quarter Ended March 31, 20192020
  
☐Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission File Number: 814-00899
______________________
 
BLACKROCK TCP CAPITAL CORP.
(Exact Name of Registrant as Specified in Charter)
______________________
 
Delaware56-2594706
(State or Other Jurisdiction of Incorporation)(IRS Employer Identification No.)
  
2951 28th Street, Suite 1000
 
Santa Monica, California90405
(Address of Principal Executive Offices)(Zip Code)

(310) 566-1000

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

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


Securities registered pursuant to Section 12(g) of the Act: None
______________________
  
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes x No ¨

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer x
Accelerated filer ¨
Non-accelerated filer ¨
Smaller Reporting company ¨
Emerging growth company ¨
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ¨ No x
The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of May 7, 201911, 2020 was 58,765,800.57,766,912.


    


BLACKROCK TCP CAPITAL CORP.

FORM 10-Q

FOR THE THREE MONTHS ENDED MARCH 31, 20192020

TABLE OF CONTENTS
Part I.Financial Information 
   
Item 1.Financial Statements 
 
Consolidated Statements of Assets and Liabilities as of March 31, 20192020 (unaudited) and December 31, 20182019
2
 
Consolidated Schedule of Investments as of March 31, 20192020 (unaudited) and December 31, 20182019
3
 
Consolidated Statements of Operations for the three months ended March 31, 20192020 (unaudited) and March 31, 20182019 (unaudited)
2223
 
Consolidated Statements of Changes in Net Assets for the three months ended March 31, 20192020 (unaudited) and March 31, 20182019 (unaudited)
2324
 
Consolidated Statements of Cash Flows for the three months ended March 31, 20192020 (unaudited) and March 31, 20182019 (unaudited)
2425
 
Notes to Consolidated Financial Statements (unaudited)
2526
 
Consolidated Schedule of Changes in Investments in Affiliates for the three months ended March 31, 20192020 (unaudited) and year ended December 31, 20182019
4849
 
Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of March 31, 20192020 (unaudited) and December 31, 20182019
5253
   
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
5455
   
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
6971
   
Item 4.
Controls and Procedures
7072
   
Part II.Other Information 
   
Item 1.
Legal Proceedings
7172
   
Item 1A.
Risk Factors
7172
   
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
7173
   
Item 3.
Defaults upon Senior Securities
7173
   
Item 4.
Mine Safety Disclosures
7173
   
Item 5.
Other Information
7173
   
Item 6.
Exhibits
7173





1





BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities 
March 31, 2019 December 31, 2018March 31, 2020 December 31, 2019
(unaudited)  (unaudited)  
Assets      
Investments, at fair value:      
Companies less than 5% owned (cost of $1,467,444,658 and $1,460,936,257, respectively)$1,472,434,592
 $1,463,800,744
Companies 5% to 25% owned (cost of $84,991,955 and $78,353,253, respectively)66,820,880
 63,193,357
Companies more than 25% owned (cost of $103,594,995 and $110,258,458, respectively)65,572,776
 70,291,689
Total investments (cost of $1,656,031,608 and $1,649,547,968, respectively)1,604,828,248
 1,597,285,790
Companies less than 5% owned (cost of $1,550,870,770 and $1,483,508,500, respectively)$1,468,734,301
 $1,474,318,011
Companies 5% to 25% owned (cost of $76,568,077 and $70,112,667, respectively)63,901,597
 75,880,291
Companies more than 25% owned (cost of $134,870,172 and $135,655,840, respectively)93,282,976
 99,308,593
Total investments (cost of $1,762,309,019 and $1,689,277,007, respectively)1,625,918,874
 1,649,506,895
      
Cash and cash equivalents26,751,746
 27,920,402
8,574,859
 44,848,539
Accrued interest income:      
Companies less than 5% owned20,586,529
 20,898,838
17,329,567
 16,937,339
Companies 5% to 25% owned1,106,449
 678,057
729,805
 665,165
Companies more than 25% owned167,998
 124,009
349,945
 305,721
Deferred debt issuance costs4,477,024
 4,843,985
5,073,471
 5,476,382
Receivable for investments sold433,969
 —
510,570
 1,316,667
Prepaid expenses and other assets4,746,929
 7,784,608
4,917,342
 3,012,488
Total assets1,663,098,892
 1,659,535,689
1,663,404,433
 1,722,069,196
      
Liabilities      
Debt, net of unamortized issuance costs of $6,265,516 and $6,805,196, respectively805,547,711
 805,202,192
Debt, net of unamortized issuance costs of $7,217,414 and $7,711,684, respectively965,458,014
 907,802,387
Management and advisory fees payable5,930,289
 5,429,075
Payable for investments purchased10,719,514
 908,759
4,825,000
 13,057,446
Interest payable5,791,760
 8,747,872
4,424,813
 10,837,121
Payable to the Advisor1,344,290
 1,591,651
Incentive compensation payable5,353,416
 5,840,346
—
 4,753,671
Management and advisory fees payable—
 5,247,344
Payable to the Advisor726,926
 1,226,372
Accrued expenses and other liabilities1,641,578
 1,888,077
1,838,116
 2,279,459
Total liabilities829,780,905
 829,060,962
983,820,522
 945,750,810
      
Commitments and contingencies (Note 5)      
      
Net assets applicable to common shareholders$833,317,987
 $830,474,727
Net assets$679,583,911
 $776,318,386
      
Composition of net assets applicable to common shareholders   
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,765,800 and 58,774,607 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively$58,766
 $58,775
Composition of net assets   
Common stock, $0.001 par value; 200,000,000 shares authorized, 57,766,912 and 58,766,426 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively$57,767
 $58,766
Paid-in capital in excess of par999,950,251
 1,000,073,183
991,283,210
 997,379,362
Distributable earnings (loss)(166,691,030) (169,657,231)(311,757,066) (221,119,742)
Net assets applicable to common shareholders$833,317,987
 $830,474,727
Net assets$679,583,911
 $776,318,386
      
Net assets per share$14.18
 $14.13
$11.76
 $13.21

See accompanying notes to the consolidated financial statements.

2




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 20192020

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (A)      
Advertising, Public Relations and Marketing      
Foursquare Labs, Inc. First Lien Delayed Draw Term Loan (5.0% Exit Fee) LIBOR (Q) —
 8.81% 11.50% 6/1/2020 $22,500,000
 $22,331,498
 $22,343,625
 1.37% L/N
InMobi, Inc. (Singapore) First Lien Term Loan LIBOR (Q) 1.37% 8.13% 10.75% 9/30/2021 $37,775,057
 37,472,624
 37,792,056
 2.32% H/N
                59,804,122
 60,135,681
 3.69%  
Air Transportation      
Mesa Air Group, Inc. Junior Loan Agreement (N902FJ) LIBOR (Q) —
 7.50% 10.24% 2/1/2022 $973,123
 965,681
 959,743
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N903FJ) LIBOR (Q) —
 7.50% 10.24% 2/1/2022 $1,160,548
 1,151,673
 1,144,591
 0.07% N
Mesa Air Group, Inc. Junior Loan Agreement (N904FJ) LIBOR (Q) —
 7.50% 10.24% 2/1/2022 $1,324,690
 1,314,560
 1,306,476
 0.08% N
Mesa Air Group, Inc. Junior Loan Agreement (N905FJ) LIBOR (Q) —
 7.50% 10.24% 2/1/2022 $928,513
 921,413
 915,746
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N906FJ) LIBOR (Q) —
 7.50% 10.24% 5/1/2022 $972,135
 964,456
 958,769
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N907FJ) LIBOR (Q) —
 7.50% 10.24% 5/1/2022 $1,018,950
 1,010,901
 1,004,939
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N908FJ) LIBOR (Q) —
 7.50% 10.24% 5/1/2022 $1,557,924
 1,545,617
 1,536,502
 0.09% N
Mesa Air Group, Inc. Junior Loan Agreement (N909FJ) LIBOR (Q) —
 7.50% 10.24% 8/1/2022 $659,277
 654,010
 650,212
 0.04% N
Mesa Air Group, Inc. Junior Loan Agreement (N910FJ) LIBOR (Q) —
 7.50% 10.24% 8/1/2022 $625,215
 620,220
 616,619
 0.04% N
                9,148,531
 9,093,597
 0.56%  
Amusement and Recreation      
Blue Star Sports Holdings, Inc. First Lien Delayed Draw Term Loan LIBOR (M) 1.00% 5.75% 8.24% 6/15/2024 $55,556
 41,071
 54,500
 —
 N
Blue Star Sports Holdings, Inc. First Lien Revolver LIBOR (M) 1.00% 5.75% 8.24% 6/15/2024 $66,667
 63,755
 63,500
 —
 N
Blue Star Sports Holdings, Inc. First Lien Term Loan LIBOR (M) 1.00% 5.75% 8.24% 6/15/2024 $1,504,611
 1,477,549
 1,476,024
 0.09% N
Machine Zone, Inc. First Lien Term Loan (10.0% Exit Fee) LIBOR (M) —
 13.50% 15.99% 2/1/2021 $5,544,352
 5,490,664
 5,451,207
 0.33% L/N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Term Loan LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 11.10% 11/3/2020 $6,138,211
 6,088,843
 6,138,211
 0.38% N
VSS-Southern Holdings, LLC (Southern Theatres) Sr Secured Revolver LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 11.10% 11/3/2020 $—
 (6,443) —
 —
 K/N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Incremental Term Loan LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 11.10% 11/2/2022 $366,063
 362,923
 366,063
 0.02% N
                13,518,362
 13,549,505
 0.82%  
Building Equipment Contractors      
Hylan Datacom & Electrical, LLC First Lien Incremental Term Loan LIBOR (M) 1.00% 7.50% 10.00% 7/25/2021 $2,496,448
 2,447,980
 2,451,512
 0.15% N
Hylan Datacom & Electrical, LLC First Lien Term Loan LIBOR (M) 1.00% 7.50% 10.00% 7/25/2021 $13,807,225
 13,707,361
 13,558,695
 0.83% N
TCFI Amteck Holdings, LLC First Lien Delayed Draw Term Loan LIBOR (Q) —
 6.25% 9.06% 5/22/2023 $481,249
 473,123
 472,587
 0.03% N
TCFI Amteck Holdings, LLC First Lien Term Loan LIBOR (Q) —
 6.25% 9.06% 5/22/2023 $16,046,661
 15,774,477
 15,757,821
 0.97% N
                32,402,941
 32,240,615
 1.98%  
Business Support Services      
GC Agile Holdings Limited (Apex) (England) First Lien Delayed Term Loan B LIBOR (M) 1.00% 7.00% 9.36% 6/15/2025 $3,282,520
 3,201,547
 3,199,187
 0.20% D/H/N
GC Agile Holdings Limited (Apex) (England) First Lien Term Loan A LIBOR (Q) 1.00% 7.00% 9.61% 6/15/2025 $831,240
 815,008
 814,615
 0.05% D/H/N
STG-Fairway Acquisitions, Inc. (First Advantage) Second Lien Term Loan LIBOR (M) 1.00% 9.25% 11.75% 6/30/2023 $31,000,000
 30,692,055
 31,000,000
 1.90% N
                34,708,610
 35,013,802
 2.15%  
Computer Systems Design and Related Services      
Fidelis Acquisitionco, LLC First Lien Term Loan B LIBOR (Q) —
 8.00% PIK
 10.81% 12/31/2022 $25,904,525
 25,904,525
 22,549,889
 1.38% N
Fidelis Acquisitionco, LLC First Lien Term Loan C LIBOR (Q) —
 10.00% PIK
 12.81% 12/31/2022 $25,240,108
 25,240,108
 21,608,057
 1.32% N
                51,144,633
 44,157,946
 2.70%  
                       
                       
                       
                       
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair
Value		 % of Total
Cash and
Investments		 Notes
Debt Investments (A)      
Aerospace and Defense      
Unanet, Inc. First Lien Delayed Draw Term Loan LIBOR(M) —
 6.25% 7.25% 5/31/2024 $5,127,551
 $5,062,492
 $4,691,321
 0.28 % N
Unanet, Inc. First Lien Term Loan LIBOR(M) —
 6.25% 7.25% 5/31/2024 $19,897,959
 19,719,334
 18,763,776
 1.15 % N
Unanet, Inc. Sr Secured Revolver LIBOR(M) —
 6.25% 7.25% 5/31/2024 $2,448,980
 2,428,534
 2,309,388
 0.14 % K/N

               27,210,360
 25,764,485
 1.57 %  
Airlines 
 
 
Mesa Air Group, Inc. Junior Loan Agreement (N902FJ) LIBOR(Q) —
 7.50% 9.26% 2/1/2022 $741,844
 738,535
 737,393
 0.05 % N
Mesa Air Group, Inc. Junior Loan Agreement (N903FJ) LIBOR(Q) —
 7.50% 9.26% 2/1/2022 $866,823
 862,956
 861,622
 0.05 % N
Mesa Air Group, Inc. Junior Loan Agreement (N904FJ) LIBOR(Q) —
 7.50% 9.26% 2/1/2022 $976,276
 971,922
 970,419
 0.06 % N
Mesa Air Group, Inc. Junior Loan Agreement (N905FJ) LIBOR(Q) —
 7.50% 9.26% 2/1/2022 $712,097
 708,921
 707,825
 0.04 % N
Mesa Air Group, Inc. Junior Loan Agreement (N906FJ) LIBOR(Q) —
 7.50% 9.26% 5/1/2022 $763,101
 759,247
 758,523
 0.05 % N
Mesa Air Group, Inc. Junior Loan Agreement (N907FJ) LIBOR(Q) —
 7.50% 9.26% 5/1/2022 $795,798
 791,779
 791,023
 0.05 % N
Mesa Air Group, Inc. Junior Loan Agreement (N908FJ) LIBOR(Q) —
 7.50% 9.26% 5/1/2022 $1,172,238
 1,166,318
 1,165,205
 0.07 % N
Mesa Air Group, Inc. Junior Loan Agreement (N909FJ) LIBOR(Q) —
 7.50% 9.26% 8/1/2022 $554,752
 551,836
 551,423
 0.03 % N
Mesa Air Group, Inc. Junior Loan Agreement (N910FJ) LIBOR(Q) —
 7.50% 9.26% 8/1/2022 $530,051
 527,266
 526,871
 0.03 % N
Mesa Airlines, Inc. Aircraft Acquisition Incremental Loan LIBOR(Q) 2.00% 5.00% 7.00% 9/27/2023 $2,478,113
 2,450,730
 2,366,598
 0.14 % N
Mesa Airlines, Inc. Aircraft Acquisition Loan LIBOR(Q) 2.00% 5.00% 7.00% 6/5/2023 $20,134,665
 19,926,465
 19,349,413
 1.18 % N
One Sky Flight, LLC First Lien Term Loan LIBOR(M) 1.00% 7.50% 8.50% 12/27/2024 $19,750,000
 19,469,804
 19,335,250
 1.18 % N

 
 
 
 

 
 
 

 48,925,779
 48,121,565
 2.93 % 
Automobiles 
 
  
Autoalert, LLC First Lien Incremental Term Loan LIBOR(M) 0.25% 5.75% Cash+3.00% PIK
 9.69% 1/1/2022 $38,966,342
 38,882,813
 36,823,193
 2.25 % N
Autoalert, LLC First Lien Term Loan LIBOR(M) 0.25% 5.75% Cash+3.00% PIK
 9.69% 1/1/2022 $15,420,901
 15,342,948
 14,572,751
 0.89 % N
DealerFX, Inc. First Lien Term Loan LIBOR(Q) 1.00% 6.25% Cash+2.00% PIK
 9.75% 2/1/2023 $16,225,890
 16,025,364
 16,160,986
 0.99 % N

 
 
 
 

 
 
 

 70,251,125
 67,556,930
 4.13 % 
Building Products 
 
 
Dodge Data & Analytics, LLC First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 7.00% 8.50% 5/1/2020 $864,616
 864,450
 852,511
 0.05 % N
Dodge Data & Analytics, LLC First Lien Term Loan LIBOR(Q) 1.00% 7.00% 8.50% 5/1/2020 $34,974,960
 34,968,028
 34,485,310
 2.11 % N

 
 
 
 

 
 
 

 35,832,478
 35,337,821
 2.16 % 
Capital Markets 
 
  
HighTower Holding, LLC Second Lien Term Loan LIBOR(M) 1.00% 8.75% 9.75% 1/31/2026 $15,080,645
 14,746,553
 14,503,056
 0.89 % N
HighTower Holding, LLC Second Lien Delayed Draw Term Loan LIBOR(M) 1.00% 8.75% 9.75% 1/31/2026 $6,169,355
 6,064,200
 5,933,069
 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
 20,850,269
 20,592,502
 1.26 % L

 
 
 
 

 
 
 

 41,661,022
 41,028,627
 2.51 % 
Chemicals 
 
 
AGY Holding Corp. Second Lien Notes Fixed —
 11.00% 11.00% 11/15/2020 $11,481,428
 8,778,822
 218,147
 0.01 % B/C/E/N
AGY Holding Corp. Delayed Draw Term Loan Fixed —
 12.00% 12.00% 9/15/2020 $1,147,915
 1,147,915
 1,147,915
 0.07 % B/N
AGY Holding Corp. Sr Secured Term Loan Fixed —
 12.00% 12.00% 9/15/2020 $5,328,009
 5,328,009
 5,328,009
 0.33 % B/N
AGY Holding Corp. Delayed Draw Term Loan A Fixed —
 12.00% 12.00% 9/15/2020 $1,191,316
 1,144,606
 1,191,318
 0.07 % B/N
AGY Holding Corp. Sr Secured Term Loan A1 Fixed —
 12.00% 12.00% 9/15/2020 $249,123
 224,211
 249,123
 0.02 % B/N
                16,623,563
 8,134,512
 0.50 %  
                       
                       

3




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2019

2020


Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)      
Construction      
Brannan Sand Gravel Company, LLC First Lien Term Loan LIBOR (Q) —
 5.25% 7.88% 7/3/2023 $9,282,995
 $9,162,047
 $9,296,919
 0.57% N
                       
Credit (Nondepository)      
Auto Trakk SPV, LLC First Lien Delayed Draw Term Loan LIBOR (M) 0.50% 6.50% 8.98% 12/21/2021 $23,971,792
 23,748,941
 24,012,422
 1.47% N
CFG Investments Limited (Caribbean Financial Group) (Cayman Islands) Subordinated Class B Notes Fixed —
 9.42% 9.42% 11/15/2026 $28,314,000
 27,459,166
 28,836,393
 1.77% E/G/H
RSB-160, LLC (Lat20) First Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 6.00% 8.61% 7/20/2022 $3,833,333
 3,766,614
 3,767,783
 0.23% N
RSB-160, LLC (Lat20) First Lien Incremental Delayed Draw Term Loan LIBOR (Q) 1.00% 6.00% 8.61% 7/20/2022 $—
 —
 12,864
 —
 N
                54,974,721
 56,629,462
 3.47%  
Credit Related Activities 
 
  
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Incremental Term Loan LIBOR (Q) 1.00% 6.25% 8.86% 12/20/2021 $5,722,427
 5,722,427
 5,815,417
 0.36% N
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Term Loan LIBOR (Q) 1.00% 6.25% 8.86% 12/20/2021 $14,241,964
 14,162,155
 14,473,396
 0.89% N
Pegasus Business Intelligence, LP (Onyx Centersource) Revolver LIBOR (Q) 1.00% 6.25% 8.86% 12/20/2021 $—
 (3,708) —
 —
 K/N
                19,880,874
 20,288,813
 1.25%  
Data Processing and Hosting Services 
 
  
Applause App Quality, Inc. First Lien Term Loan LIBOR (Q) 1.00% 5.00% 7.76% 9/20/2022 $20,772,306
 20,463,229
 20,651,826
 1.27% N
Applause App Quality, Inc. Sr Secured Revolver LIBOR (Q) 1.00% 5.00% 7.76% 9/20/2022 $—
 (21,007) (8,757) —
 K/N
Datto, Inc. First Lien Term Loan LIBOR (M) 1.00% 8.00% 10.49% 12/7/2022 $27,792,848
 27,368,269
 28,348,705
 1.74% N
Datto, Inc. Sr Secured Revolver LIBOR (M) 1.00% 8.00% 10.49% 12/7/2022 $—
 (27,630) —
 —
 K/N
DigiCert Holdings, Inc. Second Lien Term Loan LIBOR (M) 1.00% 8.00% 10.50% 10/31/2025 $9,590,821
 9,564,556
 9,404,999
 0.58% G/N
Domo, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) LIBOR (M) —
 5.50% Cash+2.50% PIK
 10.69% 10/1/2022 $51,138,950
 50,677,372
 50,903,711
 3.12% L/N
Donuts Inc. First Lien Revolver LIBOR (Q) 1.00% 6.25% 8.85% 9/17/2023 $373,849
 346,030
 365,998
 0.02% N
Donuts Inc. First Lien Term Loan LIBOR (Q) 1.00% 6.25% 8.85% 9/17/2023 $10,965,517
 10,668,288
 10,735,241
 0.66% N
Pulse Secure, LLC First Lien Term Loan LIBOR (M) 1.00% 7.00% 9.50% 5/1/2022 $11,324,118
 11,218,656
 11,329,781
 0.69% N
Pulse Secure, LLC Sr Secured Revolver LIBOR (M) 1.00% 7.00% 9.50% 5/1/2022 $—
 (12,468) —
 —
 K/N
SnapLogic, Inc. First Lien Term Loan LIBOR (Q) —
 7.81% Cash+2.00% PIK
 12.44% 3/1/2022 $31,466,808
 30,901,671
 31,104,939
 1.91% N
TierPoint, LLC Second Lien Term Loan LIBOR (M) 1.00% 7.25% 9.75% 5/5/2025 $4,275,000
 4,236,055
 4,066,594
 0.25%  
Web.com Group Inc. Second Lien Term Loan LIBOR (M) —
 7.75% 10.24% 10/11/2026 $19,470,195
 19,330,362
 19,226,818
 1.18% J/N
                184,713,383
 186,129,855
 11.42%  
Educational Support Services      
Edmentum, Inc. First Lien Term Loan B LIBOR (Q) —
 8.50% 11.24% 6/9/2021 $6,238,884
 5,403,665
 6,238,886
 0.38% B/N
Edmentum, Inc. Junior Revolving Facility Fixed —
 5.00% 5.00% 6/9/2020 $4,958,576
 4,958,576
 4,958,581
 0.30% B/N
Edmentum, Inc. Second Lien Term Loan Fixed —
 7.00% PIK
 7.00% 12/8/2021 $7,857,147
 7,857,147
 7,857,154
 0.48% B/N
Edmentum Ultimate Holdings, LLC Sr PIK Notes Fixed —
 8.50% PIK
 8.50% 6/9/2020 $3,448,776
 3,448,776
 3,448,775
 0.21% B/N
Edmentum Ultimate Holdings, LLC Jr PIK Notes Fixed —
 10.00% PIK
 10.00% 6/9/2020 $16,338,680
 16,147,679
 11,437,075
 0.70% B/N
                37,815,843
 33,940,471
 2.07%  
                       
                       
                       

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair
Value		 % of Total
Cash and
Investments		 Notes
Debt Investments (continued)               
        
Commercial Services and Supplies      
Kellermeyer Bergensons Services, LLC First Lien Delayed Draw Term Loan B LIBOR(M) 1.00% 6.50% 7.50% 11/7/2026 $—
 $—
 $(115,686) (0.01)% K/N
Kellermeyer Bergensons Services, LLC First Lien Term Loan LIBOR(Q) 1.00% 6.50% 8.24% 11/7/2026 $6,519,608
 6,460,124
 6,134,951
 0.38 % N
Kellermeyer Bergensons Services, LLC First Lien Delayed Draw Term Loan A LIBOR(Q) 1.00% 6.50% 8.33% 11/7/2026 $1,434,314
 1,420,607
 1,349,689
 0.08 % N
Team Software, Inc. First Lien Incremental Term Loan LIBOR(Q) —
 5.50% 7.00% 9/17/2023 $7,220,080
 7,121,555
 6,880,737
 0.42 % N
Team Software, Inc. First Lien Revolver LIBOR(Q) —
 5.50% 7.00% 9/17/2023 $3,160,089
 3,122,778
 2,995,062
 0.18 % N
Team Software, Inc. First Lien Term Loan LIBOR(Q) —
 5.50% 7.00% 9/17/2023 $13,167,038
 13,022,266
 12,548,187
 0.77 % N

 
 
 
 
 
 
 
 31,147,330
 29,792,940
 1.82 % 
Communications Equipment 
 
 
Avanti Communications Jersey Limited 1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee) Fixed —
 12.50% 12.50% 5/24/2021 $1,252,632
 1,252,632
 1,252,632
 0.08 % L/N
Avanti Communications Jersey Limited 1.5 Lien Term Loan (2.5% Exit Fee) Fixed —
 12.50% 12.50% 5/24/2021 $291,730
 249,246
 291,730
 0.02 % L/N
Avanti Communications Group, PLC (United Kingdom) Sr New Money Initial Note Fixed —
 9.00% PIK
 9.00% 10/1/2022 $1,592,934
 1,591,586
 1,044,328
 0.06 % C/E/G/H/N
Avanti Communications Group, PLC (United Kingdom) Sr Second-Priority PIK Toggle Note Fixed —
 9.00% PIK
 9.00% 10/1/2022 $4,064,721
 4,064,219
 2,664,831
 0.16 % C/E/G/H/N

               7,157,683
 5,253,521
 0.32 %  
Construction and Engineering 
 
 
Hylan Datacom & Electrical, LLC First Lien Incremental Term Loan LIBOR(Q) 1.00% 9.50% 11.11% 7/25/2021 $2,568,367
 2,539,629
 1,669,182
 0.10 % N
Hylan Datacom & Electrical, LLC First Lien Term Loan (3.15% Exit Fee) LIBOR(Q) 1.00% 9.50% 11.11% 7/25/2021 $14,208,421
 14,149,294
 9,234,053
 0.56 % L/N

 
 
 
 
 
 
 

 16,688,923
 10,903,235
 0.66 % 
Construction Materials 
 
  
Brannan Sand and Gravel Company, LLC First Lien Term Loan LIBOR(Q) —
 5.25% 6.75% 7/3/2023 $6,561,998
 6,497,633
 6,617,775
 0.40 % N

 
 
 
 
 
 
 

 
 
 
 
Consumer Finance 
 
 
Auto Trakk SPV, LLC First Lien Delayed Draw Term Loan LIBOR(M) 0.50% 6.50% 7.20% 12/21/2021 $23,971,792
 23,822,888
 23,971,792
 1.46 % N
Barri Financial Group, LL First Lien Term Loan LIBOR(M) 1.00% 7.75% 8.82% 10/23/2024 $19,225,745
 18,776,612
 18,322,135
 1.12 % N
Open Lending, LLC First Lien Term Loan LIBOR(M) 1.00% 6.50% 7.50% 3/11/2027 $5,000,000
 4,825,000
 4,850,000
 0.30 % N

               47,424,500
 47,143,927
 2.88 %  
Diversified Consumer Services 
 
 
Edmentum, Inc. Jr Revolving Facility Fixed —
 5.00% 5.00% 6/9/2020 $5,498,865
 5,498,865
 5,498,865
 0.34 % B/N
Edmentum, Inc. First Lien Term Loan B Fixed —
 8.50% 8.50% 6/9/2021 $10,792,686
 9,801,903
 10,792,686
 0.66 % B/N
Edmentum, Inc. Second Lien Term Loan Fixed —
 7.00% PIK
 7.00% 12/8/2021 $8,429,803
 8,429,803
 8,429,803
 0.52 % B/N
Edmentum Ultimate Holdings, LLC Jr PIK Notes Fixed —
 10.00% PIK
 10.00% 6/9/2020 $18,059,291
 18,029,203
 11,292,474
 0.69 % B/N
Edmentum Ultimate Holdings, LLC Sr PIK Notes Fixed —
 8.50% PIK
 8.50% 6/9/2020 $3,755,736
 3,755,736
 3,755,736
 0.23 % B/N
Educationcity Limited (Edmentum) Sr Unsecured Promissory Note Fixed —
 10.00% 10.00% 8/31/2020 $3,707,423
 3,677,040
 3,707,423
 0.23 % N
Spark Networks, Inc. Sr Secured Revolver LIBOR(Q) 1.50% 8.00% 9.50% 7/1/2023 $—
 (28,700) (32,490) —
 K/N
Spark Networks, Inc. First Lien Term Loan LIBOR(Q) 1.50% 8.00% 9.50% 7/1/2023 $22,330,697
 21,662,773
 21,591,551
 1.32 % N

 
 
 
 
 
 
 

 70,826,623
 65,036,048
 3.99 % 

 
 
 
 

 
 
 

 
 
 
 
                       
                       
                       
                       

4




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2019

2020


Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)      
Diversified Software        
Acronis International GmbH (Switzerland) First Lien Term Loan LIBOR (Q) 1.00% 11.5% Cash+2.00% PIK
 16.31% 7/16/2020 $15,196,285
 $15,200,725
 $15,196,285
 0.93% H/N
ArcServe (USA), LLC Second Lien Term Loan LIBOR (Q) 0.50% 8.50% Cash+1.25% PIK
 12.35% 1/31/2020 $31,105,275
 30,993,258
 31,105,275
 1.91% N
Apptio, Inc. First Lien Term Loan LIBOR (M) 1.00% 7.25% 9.74% 1/10/2025 $9,230,769
 9,051,684
 9,046,154
 0.55% N
Apptio, Inc. Sr Secured Revolver LIBOR (M) 1.00% 7.25% 9.74% 1/10/2025 $—
 (14,811) (15,385) —
 K/N
Autoalert, LLC First Lien Incremental Term Loan LIBOR (Q) 0.25% 5.75% Cash+3.00% PIK
 11.56% 12/31/2020 $38,179,773
 37,989,045
 38,752,470
 2.38% N
Autoalert, LLC First Lien Term Loan LIBOR (Q) 0.25% 5.75% Cash+3.00% PIK
 11.56% 12/31/2020 $15,109,617
 14,934,783
 15,336,261
 0.94% N
Bond International Software, Inc. (United Kingdom) First Lien Term Loan LIBOR (Q) 1.00% 10.50% 13.09% 11/4/2021 $26,358,696
 25,988,580
 25,107,976
 1.54% H/N
Certify, Inc. First Lien Delayed Draw Term Loan LIBOR (M) 1.00% 6.00% 8.50% 2/28/2024 $—
 (47,829) (47,829) —
 K/N
Certify, Inc. First Lien Term Loan LIBOR (M) 1.00% 6.00% 8.50% 2/28/2024 $23,383,293
 23,283,053
 23,032,543
 1.41% N
Certify, Inc. Sr Secured Revolver LIBOR (M) 1.00% 6.00% 8.50% 2/28/2024 $—
 (15,943) (15,943) —
 K/N
DealerFX, Inc. First Lien Term Loan LIBOR (Q) —
 6.25% Cash+2.00% PIK
 10.88% 2/1/2023 $16,054,755
 15,800,276
 15,962,440
 0.98% N
ECI Macola/Max Holding, LLC Second Lien Term Loan LIBOR (Q) 1.00% 8.00% 10.60% 9/19/2025 $24,840,563
 24,641,322
 24,467,955
 1.50% N
FinancialForce.com First Lien Delayed Draw Term Loan (3.0% Exit Fee) LIBOR (Q) —
 6.75% 9.44% 2/1/2024 $21,000,000
 20,458,182
 20,432,015
 1.25% L/N
Fishbowl, Inc. First Lien Term Loan LIBOR (Q) —
 4.80% Cash+8.45% PIK
 15.88% 1/26/2022 $22,623,667
 22,225,492
 21,003,812
 1.29% N
iCIMS, Inc. First Lien Term Loan LIBOR (M) 1.00% 6.50% 8.99% 9/12/2024 $7,851,765
 7,704,496
 7,690,804
 0.47% N
iCIMS, Inc. Sr Secured Revolver LIBOR (M) 1.00% 6.50% 8.99% 9/12/2024 $—
 (8,917) (10,060) —
 K/N
JAMF Holdings, Inc. First Lien Term Loan LIBOR (Q) 1.00% 8.00% 10.69% 11/13/2022 $14,160,797
 13,942,696
 14,118,315
 0.87% N
JAMF Holdings, Inc. Sr Secured Revolver LIBOR (M) 1.00% 8.00% 10.50% 11/13/2022 $809,368
 791,901
 805,726
 0.05% N
JAMF Holdings, Inc. First Lien Incremental Term Loan LIBOR (Q) 1.00% 8.00% 10.69% 11/13/2022 $3,606,829
 3,555,555
 3,596,009
 0.22% N
Khoros, LLC (Lithium) First Lien Term Loan LIBOR (M) 1.00% 8.00% 10.49% 10/3/2022 $20,884,731
 20,551,403
 20,660,220
 1.27% N
Khoros, LLC (Lithium) Sr Secured Revolver LIBOR (M) 1.00% 8.00% 10.49% 10/3/2022 $—
 (24,187) (16,427) —
 K/N
Khoros, LLC (Lithium) First Lien Incremental Term Loan LIBOR (M) 1.00% 8.00% 10.49% 10/3/2022 $7,131,905
 6,989,296
 7,055,237
 0.43% N
Khoros, LLC (Lithium) Sr Secured Revolver LIBOR (M) 1.00% 8.00% 10.49% 10/3/2022 $—
 (8,976) (4,894) —
 K/N
Space Midco, Inc. (Archibus) First Lien Term Loan LIBOR (M) —
 6.25% 8.75% 12/5/2023 $4,444,444
 4,361,057
 4,353,111
 0.27% N
Space Midco, Inc. (Archibus) Sr Secured Revolver LIBOR (M) —
 6.25% 8.75% 12/5/2023 $—
 (5,200) (5,708) —
 K/N
Team Software, Inc. First Lien Revolver LIBOR (Q) —
 5.50% 8.13% 9/17/2023 $—
 (47,015) (54,950) —
 K/N
Team Software, Inc. First Lien Term Loan LIBOR (Q) —
 5.50% 8.13% 9/17/2023 $13,167,038
 12,990,686
 12,960,974
 0.79% N
Telarix, Inc. First Lien Term Loan LIBOR (M) 1.00% 6.00% 8.50% 11/19/2023 $7,500,000
 7,392,957
 7,413,750
 0.45% N
Telarix, Inc. Sr Secured Revolver LIBOR (M) 1.00% 6.00% 8.50% 11/19/2023 $—
 (4,965) (4,107) —
 K/N
Tradeshift Holdings, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) LIBOR (Q) —
 8.88% 11.56% 9/1/2020 $19,117,528
 18,759,210
 19,034,329
 1.17% L/N
Utilidata, Inc. First Lien Delayed Draw Term Loan (4.0% Exit Fee) LIBOR (Q) —
 9.88% 12.50% 6/1/2019 $1,693,398
 1,685,203
 1,535,743
 0.09% L/N
Xactly Corporation First Lien Incremental Term Loan LIBOR (M) 1.00% 7.25% 9.75% 7/31/2022 $2,726,918
 2,684,559
 2,735,780
 0.17% N
Xactly Corporation First Lien Term Loan LIBOR (M) 1.00% 7.25% 9.75% 7/31/2022 $16,397,517
 16,168,918
 16,450,809
 1.01% N
Xactly Corporation Sr Secured Revolver LIBOR (M) 1.00% 7.25% 9.75% 7/31/2022 $—
 (18,787) —
 —
 K/N
                357,947,707
 357,678,690
 21.94%  
Electronic Component Manufacturing        
Adesto Technologies Corporation First Lien Term Loan LIBOR (Q) 1.00% 8.75% 11.38% 5/8/2022 $17,591,848
 16,618,041
 16,791,419
 1.03% N
Soraa, Inc. Tranche A Term Loan (4.33% Exit Fee) LIBOR (Q) 0.44% 9.33% 11.96% 12/31/2019 $5,425,530
 5,365,856
 5,194,403
 0.32% L/N
                21,983,897
 21,985,822
 1.35%  
                       
                       
                       
                       
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)               
        
Diversified Financial Services      
36th Street Capital Partners Holdings, LLC Senior Note Fixed —
 12.00% 12.00% 11/1/2020 $40,834,419
 $40,834,418
 $40,834,419
 2.50 % E/F/N
Aretec Group, Inc. (Cetera) Second Lien Term Loan LIBOR(M) —
 8.25% 9.24% 10/1/2026 $27,105,263
 26,851,602
 20,328,947
 1.24 % 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
 31,692,000
 1.94 % H/I/N
GC Agile Holdings Limited (Apex) (England) First Lien Delayed Term Loan B LIBOR(M) 1.00% 7.00% 8.25% 6/15/2025 $18,931,720
 18,591,397
 18,360,659
 1.12 % H/N
GC Agile Holdings Limited (Apex) (England) First Lien Term Loan A LIBOR(M) 1.00% 7.00% 8.25% 6/15/2025 $822,864
 808,526
 795,216
 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 $2,333,333
 2,302,395
 2,366,000
 0.14 % N

 
 
 

 

 

 
 

 127,388,338
 114,377,241
 6.99 % 
Diversified Telecommunication Services 

 

 
American Broadband Holding Company First Lien Term Loan LIBOR(Q) 1.25% 7.25% 8.70% 10/25/2022 $14,941,671
 14,720,283
 15,031,321
 0.91 % N
American Broadband Holding Company First Lien Incremental Term Loan LIBOR(Q) 1.25% 7.25% 8.70% 10/25/2022 $1,244,358
 1,244,358
 1,251,824
 0.08 % N
ECI Macola/Max Holding, LLC Second Lien Term Loan LIBOR(Q) 1.00% 8.00% 9.45% 9/29/2025 $24,840,563
 24,664,685
 23,673,057
 1.45 % N
Aventiv Technologies, Inc. (Securus) Second Lien Term Loan LIBOR(M) 1.00% 8.25% 9.25% 11/1/2025 $25,846,154
 25,653,114
 13,569,231
 0.83 % N
TPC Intermediate Holdings, LLC First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 6.00% 7.45% 5/15/2023 $797,559
 786,465
 781,687
 0.05 % N
TPC Intermediate Holdings, LLC First Lien Incremental Delayed Draw Term Loan LIBOR(Q) 1.00% 6.00% 7.45% 5/15/2020 $788,529
 786,516
 774,729
 0.05 % N
TPC Intermediate Holdings, LLC First Lien Incremental Delayed Draw Term Loan A LIBOR(M) 1.00% 6.00% 7.00% 10/31/2020 $—
 —
 (71,755) —
 K/N
Telarix, Inc. First Lien Term Loan LIBOR(M) 1.00% 6.00% 7.00% 11/19/2023 $7,425,000
 7,334,608
 7,119,833
 0.44 % N
Telarix, Inc. Sr Secured Revolver LIBOR(M) 1.00% 6.00% 7.00% 11/19/2023 $357,143
 353,176
 342,464
 0.02 % N

 
 
 

 

 

 
 

 75,543,205
 62,472,391
 3.83 % 
Electric Utilities 

 

 
Conergy Asia & ME Pte. Ltd (Singapore) First Lien Term Loan Fixed —
 10.00% 10.00% 5/26/2020 $1,773,807
 1,773,807
 1,479,533
 0.09 % F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Bank Guarantee Credit Facility Fixed —
 —
 0.00% 5/26/2020 $6,578,877
 6,578,877
 3,289,438
 0.20 % C/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Revolving Credit Facility Fixed —
 —
 0.00% 5/26/2020 $8,668,850
 8,668,850
 2,129,936
 0.13 % C/F/H/N
Utilidata, Inc. First Lien Delayed Draw Term Loan (4.5% Exit Fee) LIBOR(Q) —
 9.88% 11.38% 7/1/2020 $793,398
 789,077
 715,407
 0.04 % L/N

 
 
 

 

 

 
 

 17,810,611
 7,614,314
 0.46 % 
Electrical Equipment 

 

 
TCFI Amteck Holdings, LLC First Lien Delayed Draw Term Loan LIBOR(Q) —
 6.25% 7.75% 5/22/2023 $507,510
 500,859
 487,261
 0.03 % N
TCFI Amteck Holdings, LLC First Lien Term Loan LIBOR(Q) —
 6.25% 7.75% 5/22/2023 $8,413,638
 8,302,037
 8,077,934
 0.49 % N

 
 
 

 

 

 
 

 8,802,896
 8,565,195
 0.52 % 
Energy Equipment and Services 

 

  
GlassPoint Solar, Inc. First Lien Term Loan (4.0% Exit Fee) LIBOR(Q) 1.50% 8.50% 10.00% 8/31/2021 $4,167,831
 4,145,797
 4,158,661
 0.25 % L/N
GlassPoint Solar, Inc. First Lien Term Loan (5.0% Exit Fee) LIBOR(Q) 1.06% 11.44% 12.94% 8/31/2021 $2,276,123
 2,190,099
 2,222,407
 0.14 % L/N
Sphera Solutions, Inc. (Diamondback) First Lien FILO Term Loan B LIBOR(Q) 2.00% 8.81% 10.31% 6/14/2022 $23,555,164
 23,204,354
 22,989,840
 1.41 % N

 
 
 

 

 

 
 

 29,540,250
 29,370,908
 1.80 % 

 
 
 

 

 

 
 

 

 

 

 

 
 
 

 

 

 
 

 

 

 

 
                

 

 

  
                       
                       
                       

5




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2019

2020


Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)      
Equipment Leasing        
36th Street Capital Partners Holdings, LLC Senior Note Fixed —
 12.00% 12.00% 11/1/2020 $28,593,169
 $28,593,169
 $28,593,169
 1.75% E/F/N
                       
Financial Investment Activities        
Aretec Group, Inc. (Cetera) Second Lien Term Loan LIBOR (M) —
 8.25% 10.75% 10/1/2026 $27,105,263
 26,841,206
 26,901,974
 1.65% N
Credit Suisse AG (Cayman Islands) Asset-Backed Credit Linked Notes LIBOR (M) —
 9.50% 11.70% 4/12/2025 $38,000,000
 38,000,000
 37,578,200
 2.30% H/I/N
HighTower Holding, LLC Second Lien Delayed Draw Term Loan LIBOR (M) 1.00% 8.25% 10.74% 1/31/2026 $6,169,355
 6,052,624
 6,089,153
 0.37% N
HighTower Holding, LLC Second Lien Term Loan LIBOR (M) 1.00% 8.25% 10.74% 1/31/2026 $15,080,645
 14,710,348
 14,884,597
 0.91% N
Institutional Shareholder Services, Inc. Second Lien Term Loan LIBOR (Q) —
 8.50% 11.12% 3/5/2026 $5,820,856
 5,647,044
 5,704,439
 0.35% N
                91,251,222
 91,158,363
 5.58%  
Health Care 
 
 
  
CAREATC, Inc. First Lien Term Loan LIBOR (Q) —
 7.25% 9.84% 3/14/2024 $8,502,033
 8,332,975
 8,331,992
 0.51% N
CAREATC, Inc. Sr Secured Revolver LIBOR (Q) —
 7.25% 9.84% 3/14/2024 $—
 (12,029) (12,146) —
 K/N
Pacific Coast Holdings Investment, LLC (KPC Healthcare) First Lien Term Loan LIBOR (M) 1.00% 7.50% 10.00% 2/14/2021 $29,288,064
 29,077,947
 29,727,385
 1.82% N
                37,398,893
 38,047,231
 2.33%  
Insurance        
2-10 Holdco, Inc. First Lien Term Loan LIBOR (M) —
 6.25% 8.75% 10/31/2024 $4,571,875
 4,487,401
 4,475,866
 0.27% N
2-10 Holdco, Inc. Sr Secured Revolver LIBOR (M) —
 6.25% 8.75% 10/31/2024 $—
 (7,757) (8,750) —
 K/N
Higginbotham Insurance Agency, Inc. Second Lien Term Loan LIBOR (M) 1.00% 7.50% 10.00% 12/19/2025 $35,000,000
 34,753,031
 34,868,750
 2.14% N
IAS Investco, Inc. First Lien Delayed Draw Term Loan A LIBOR (M) 1.00% 5.50% 8.00% 1/24/2021 $5,537,143
 5,501,867
 5,506,689
 0.34% N
IAS Investco, Inc. First Lien Delayed Draw Term Loan B LIBOR (M) 1.00% 5.50% 8.00% 1/24/2021 $600,000
 590,102
 590,571
 0.04% N
IAS Investco, Inc. First Lien Term Loan LIBOR (M) 1.00% 5.50% 8.00% 1/24/2021 $4,100,714
 4,074,530
 4,078,160
 0.25% N
IAS Investco, Inc. First Lien Incremental Term Loan LIBOR (M) 1.00% 5.50% 8.00% 1/24/2021 $6,274,808
 6,245,706
 6,240,297
 0.38% N
US Apple Holdco, LLC (Ventiv Technology) First Lien FILO Term Loan LIBOR (Q) 1.00% 7.96% 10.57% 8/15/2020 $20,166,667
 20,082,656
 20,115,242
 1.23% N
US Apple Holdco, LLC (Ventiv Technology) First Lien Incremental Tranche B FILO Term Loan LIBOR (Q) 1.00% 7.96% 10.59% 8/15/2020 $4,381,200
 4,346,346
 4,370,028
 0.27% N
US Apple Holdco, LLC (Ventiv Technology) First Lien Incremental Tranche B FILO Term Loan LIBOR (Q) 1.00% 7.00% 9.63% 8/15/2020 $12,000,000
 11,951,922
 11,969,400
 0.73% N
                92,025,804
 92,206,253
 5.65%  
Lessors of Nonfinancial Licenses        
ABG Intermediate Holdings 2, LLC (Authentic Brands) Second Lien Term Loan LIBOR (M) 1.00% 7.75% 10.25% 9/29/2025 $15,000,000
 14,900,898
 14,850,000
 0.91% N
Kenneth Cole Productions, Inc. First Lien FILO Term Loan LIBOR (M) 1.00% 7.75% 10.25% 12/28/2023 $24,445,537
 24,279,110
 24,451,648
 1.50% N
PSEB, LLC (Eddie Bauer) First Lien FILO II Term Loan Prime —
 7.25% 12.75% 10/12/2023 $10,793,402
 10,518,043
 10,508,996
 0.64% N
PSEB, LLC (Eddie Bauer) First Lien Term Loan LIBOR (Q) —
 8.00% 10.74% 10/12/2023 $41,374,706
 40,324,244
 40,350,660
 2.47% N
                90,022,295
 90,161,304
 5.52%  
Management, Scientific, and Technical Consulting Services        
Dodge Data & Analytics, LLC First Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 7.00% 9.81% 5/1/2020 $919,694
 918,377
 919,694
 0.06% N
Dodge Data & Analytics, LLC First Lien Term Loan LIBOR (Q) 1.00% 7.00% 9.81% 5/1/2020 $37,202,965
 37,146,931
 37,202,965
 2.28% N
                38,065,308
 38,122,659
 2.34%  
Metal Manufacturing        
Neenah Foundry Company First Lien Term Loan B LIBOR (Q) —
 6.50% 9.08% 12/13/2022 $5,149,975
 5,108,529
 5,098,476
 0.31% N
                       
Motion Picture and Video Industries        
NEG Holdings, LLC (CORE Entertainment, Inc.) First Lien Term Loan LIBOR (Q) 1.00% 8.00% PIK
 10.60% 10/17/2022 $1,615,667
 1,615,667
 1,615,667
 0.10% B/N
                       
                       
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)               
 

 

 

  
Health Care Technology      
CAREATC, Inc. First Lien Term Loan LIBOR(M) 1.00% 7.25% 8.25% 3/14/2024 $8,502,033
 $8,358,936
 $8,221,466
 0.50 % N
CAREATC, Inc. Sr Secured Revolver LIBOR(M) 1.00% 7.25% 8.47% 3/14/2024 $607,288
 597,654
 587,248
 0.04 % K/N
Patient Point Network Solutions, LLC Sr Secured Revolver PRIME —
 6.50% 9.75% 6/26/2022 $440,474
 437,894
 428,582
 0.03 % N
Patient Point Network Solutions, LLC First Lien Incremental Term Loan LIBOR(Q) 1.00% 7.50% 8.95% 6/26/2022 $1,222,894
 1,213,925
 1,189,876
 0.07 % N
Patient Point Network Solutions, LLC First Lien Term Loan LIBOR(Q) 1.00% 7.50% 8.95% 6/26/2022 $6,344,935
 6,307,776
 6,173,622
 0.38 % N
Sandata Technologies, LLC First Lien Term Loan LIBOR(Q) 1.00% 6.00% 7.50% 7/23/2024 $20,250,000
 19,975,035
 18,994,500
 1.16 % N
Sandata Technologies, LLC Sr Secured Revolver LIBOR(M) 1.00% 6.00% 7.00% 7/23/2024 $2,250,000
 2,220,849
 2,110,500
 0.13 % K/N

 
 
 

 

 

 
 

 39,112,069
 37,705,794
 2.31 % 
Hotels, Restaurants and Leisure 

 

  
Fishbowl, Inc. First Lien Term Loan LIBOR(Q) —
 2.80% Cash+8.45% PIK
 11.25% 1/26/2022 $24,981,214
 24,701,568
 21,496,335
 1.32 % N
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Incremental Term Loan LIBOR(Q) 1.00% 6.25% 7.71% 12/20/2021 $5,663,543
 5,663,543
 5,043,385
 0.31 % N
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Term Loan LIBOR(Q) 1.00% 6.25% 8.20% 12/20/2021 $13,546,938
 13,495,185
 12,063,549
 0.74 % N
Pegasus Business Intelligence, LP (Onyx Centersource) Revolver LIBOR(Q) 1.00% 6.25% 8.21% 12/20/2021 $671,356
 668,989
 597,842
 0.04 % K/N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Term Loan LIBOR(Q) 1.00% 4.50% Cash+2.00% PIK
 7.95% 3/31/2022 $2,395,992
 2,375,761
 2,242,649
 0.14 % N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Incremental Term Loan LIBOR(Q) 1.00% 4.50% Cash+2.00% PIK
 7.95% 3/31/2022 $142,889
 142,000
 133,744
 0.01 % N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Incremental Term Loan LIBOR(Q) 1.00% 6.50% 7.95% 3/31/2022 $550,909
 550,909
 515,651
 0.03 % N
VSS-Southern Holdings, LLC (Southern Theatres) Sr Secured Revolver LIBOR(Q) 1.00% 4.50% Cash+2.00% PIK
 7.95% 3/31/2022 $1,027,397
 1,021,439
 961,644
 0.06 % K/N

 
 
 

 

 

 
 

 48,619,394
 43,054,799
 2.65 % 
Insurance 

 

 
2-10 Holdco, Inc. First Lien Term Loan LIBOR(M) 1.00% 6.25% 7.25% 10/31/2024 $4,526,042
 4,453,012
 4,368,988
 0.27 % N
2-10 Holdco, Inc. Sr Secured Revolver LIBOR(M) 1.00% 6.25% 7.25% 10/31/2024 $—
 (6,377) (14,458) —
 K/N
AmeriLife Holdings, LLC Second Lien Term Loan LIBOR(M) 1.00% 8.50% 9.50% 3/18/2028 $14,636,031
 14,343,685
 14,343,310
 0.88 % N
Higginbotham Insurance Agency, Inc. Second Lien Term Loan LIBOR(M) 1.00% 7.50% 8.50% 12/19/2025 $28,000,000
 27,806,105
 26,460,000
 1.62 % N
IAS Investco, Inc. First Lien Delayed Draw Term Loan A LIBOR(Q) 1.00% 5.50% 7.10% 1/24/2021 $5,245,714
 5,228,521
 5,196,405
 0.32 % N
IAS Investco, Inc. First Lien Delayed Draw Term Loan B LIBOR(M) 1.00% 5.50% 6.50% 1/24/2021 $1,692,857
 1,688,306
 1,676,944
 0.10 % N
IAS Investco, Inc. First Lien Incremental Term Loan LIBOR(M) 1.00% 5.50% 6.50% 1/24/2021 $5,935,629
 5,922,605
 5,879,834
 0.36 % N
IAS Investco, Inc. First Lien Term Loan LIBOR(Q) 1.00% 5.50% 7.10% 1/24/2021 $3,879,054
 3,866,313
 3,842,591
 0.24 % N

 
 
 

 

 

 
 

 63,302,170
 61,753,614
 3.79 % 

 
 
 

 

 

 
 

 

 

 

 
Internet Software and Services 

 

 
Acquia Inc. First Lien Term Loan LIBOR(Q) 1.00% 7.00% 8.58% 11/1/2025 $16,648,997
 16,332,788
 15,500,216
 0.95 % N
Acquia Inc. Sr Secured Revolver LIBOR(M) 1.00% 7.00% 8.00% 11/1/2025 $—
 (33,594) (124,462) (0.01)% K/N
Domo, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) LIBOR(Q) 1.50% 5.63% Cash+2.50% PIK
 9.63% 10/1/2022 $52,457,612
 52,243,816
 52,431,219
 3.21 % L/N
FinancialForce.com, Inc. First Lien Delayed Draw Term Loan (3.0% Exit Fee) LIBOR(Q) 2.75% 6.75% 9.50% 2/1/2024 $28,000,000
 27,550,190
 28,308,000
 1.73 % L/N
Foursquare Labs, Inc. First Lien Term Loan (5.0% Exit Fee) LIBOR(Q) 2.19% 7.25% 9.44% 10/1/2022 $33,750,000
 33,473,792
 33,918,750
 2.08 % L/N
InMobi, Inc. (Singapore) First Lien Delayed Draw Term Loan LIBOR(Q) —
 8.25% 9.63% 5/22/2023 $30,906,865
 30,745,904
 30,906,865
 1.89 % H/N
Persado, Inc. First Lien Delayed Term Loan (4.25% Exit Fee) LIBOR(Q) 1.80% 7.00% 8.80% 2/1/2025 $10,538,494
 10,403,930
 10,468,237
 0.64 % L/N
Quartz Holding Company (Quick Base) Second Lien Term Loan LIBOR(M) —
 8.00% 8.86% 4/2/2027 $9,903,019
 9,715,185
 9,754,474
 0.60 % N
ResearchGate GmBH (Germany) First Lien Term Loan EURIBOR(M) —
 8.25% 8.55% 5/22/2023 €6,714,000
 7,893,464
 7,091,830
 0.43 % D/H/L/N
                188,325,475
 188,255,129
 11.52 %  
                       
                       

6




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2019

2020


Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)      
Other Information Services        
Discoverorg, LLC Second Lien Term Loan LIBOR (Q) —
 8.50% 11.24% 2/1/2027 $25,000,000
 $24,636,264
 $25,062,500
 1.54% N
                       
Other Manufacturing        
AGY Holding Corp. Sr Secured Term Loan Fixed —
 12.00% 12.00% 5/18/2020 $4,869,577
 4,869,577
 4,869,577
 0.30% B/N
AGY Holding Corp. Second Lien Notes Fixed —
 11.00% 11.00% 11/15/2020 $9,777,740
 8,096,057
 9,777,740
 0.60% B/E/N
AGY Holding Corp. Delayed Draw Term Loan Fixed —
 12.00% 12.00% 5/18/2020 $1,049,146
 1,049,146
 1,049,147
 0.06% B/N
                14,014,780
 15,696,464
 0.96%  
Other Real Estate Activities        
Greystone Select Holdings, LLC First Lien Term Loan LIBOR (Q) 1.00% 8.00% 10.56% 4/17/2024 $25,014,002
 24,833,733
 25,764,422
 1.58% N
                       
Other Telecommunications        
Securus Technologies, Inc. Second Lien Term Loan LIBOR (M) 1.00% 8.25% 10.75% 11/1/2025 $25,846,154
 25,644,272
 25,458,462
 1.56%  
                       
Pharmaceuticals        
P&L Development, LLC First Lien Term Loan LIBOR (Q) 1.00% 9.00% 11.80% 5/18/2022 $491,976
 491,976
 481,619
 0.03% N
                       
Plastics Manufacturing        
Iracore International, Inc. First Lien Term Loan LIBOR (M) 1.00% 9.00% 11.50% 4/13/2021 $1,900,733
 1,900,733
 1,900,733
 0.12% B/N
                       
Publishing 

 

 

  
Bisnow, LLC First Lien Revolver LIBOR (Q) —
 7.50% 10.31% 9/21/2022 $—
 (13,086) (600) —
 K/N
Bisnow, LLC First Lien Term Loan LIBOR (Q) —
 7.50% 10.31% 9/21/2022 $11,412,284
 11,267,462
 11,406,578
 0.70% N
Patient Point Network Solutions, LLC First Lien Term Loan LIBOR (Q) 1.00% 7.50% 10.10% 6/26/2022 $6,695,785
 6,638,643
 6,695,785
 0.41% N
Patient Point Network Solutions, LLC Sr Secured Revolver Prime 1.00% 6.50% 12.00% 6/26/2022 $286,308
 282,591
 286,309
 0.02% N
Patient Point Network Solutions, LLC First Lien Incremental Term Loan LIBOR (Q) 1.00% 7.50% 10.10% 6/26/2022 $1,290,515
 1,276,766
 1,297,613
 0.08% N
                19,452,376
 19,685,685
 1.21%  
Radio and Television Broadcasting        
NEP II, Inc. Second Lien Term Loan LIBOR (M) —
 7.00% 9.50% 10/19/2026 $23,565,964
 23,443,774
 23,330,304
 1.43% G/N
                

 

 

  
Real Estate Leasing        
Daymark Financial Acceptance, LLC First Lien Delayed Draw Term Loan LIBOR (M) —
 9.50% 12.00% 1/12/2020 $5,750,000
 5,733,047
 5,750,000
 0.35% N
Home Partners of America, Inc. First Lien Delayed Draw Term Loan LIBOR (M) 1.00% 6.25% 8.75% 10/13/2022 $—
 —
 19,714
 —
 N
Home Partners of America, Inc. First Lien Term Loan LIBOR (M) 1.00% 6.25% 8.75% 10/13/2022 $2,857,143
 2,821,132
 2,840,571
 0.17% N
                8,554,179
 8,610,285
 0.52%  
Retail        
USR Parent, Inc. (Staples) First Lien FILO Term Loan LIBOR (M) 1.00% 8.84% 11.32% 9/12/2022 $7,247,138
 7,115,006
 7,250,037
 0.44% N
                       
Satellite Telecommunications 

 

 

  
Avanti Communications Group, PLC (United Kingdom) Sr New Money Initial Note Fixed —
 9.00% PIK
 9.00% 10/1/2022 $1,524,339
 1,493,487
 1,266,345
 0.08% E/G/H/N
Avanti Communications Group, PLC (United Kingdom) Sr Second-Priority PIK Toggle Note Fixed —
 9.00% PIK
 9.00% 10/1/2022 $3,889,686
 3,813,396
 3,231,356
 0.20% E/G/H/N
                5,306,883
 4,497,701
 0.28%  
                       
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)        
Internet and Catalog Retail      
Live Auctioneers LLC First Lien Last Out B-2 Term Loan LIBOR(M) 1.00% 6.76% 7.83% 5/20/2025 $13,925,285
 $13,672,271
 $13,229,021
 0.81 % N
       
IT Services      
Apptio, Inc. First Lien Term Loan LIBOR(M) 1.00% 7.25% 8.25% 1/10/2025 $11,812,993
 11,605,658
 11,269,595
 0.69 % N
Apptio, Inc. Sr Secured Revolver LIBOR(M) 1.00% 7.25% 8.25% 1/10/2025 $—
 (12,267) (35,385) —
 K/N
Donuts Inc. First Lien Revolver LIBOR(M) 1.00% 6.25% 7.37% 9/17/2023 $608,276
 586,267
 586,345
 0.04 % N
Donuts Inc. First Lien Term Loan LIBOR(M) 1.00% 6.25% 7.32% 9/17/2023 $10,883,276
 10,641,943
 10,652,550
 0.65 % N
Web.com Group Inc. Second Lien Term Loan LIBOR(M) —
 7.75% 8.95% 10/11/2026 $21,466,800
 21,228,480
 16,600,920
 1.02 % G/J
Xactly Corporation First Lien Incremental Term Loan B LIBOR(M) 1.00% 7.25% 8.25% 7/31/2022 $4,996,644
 4,920,427
 4,896,711
 0.30 % N
Xactly Corporation First Lien Incremental Term Loan LIBOR(M) 1.00% 7.25% 8.25% 7/31/2022 $2,726,918
 2,695,367
 2,672,380
 0.16 % N
Xactly Corporation First Lien Term Loan LIBOR(M) 1.00% 7.25% 8.25% 7/31/2022 $16,397,517
 16,227,000
 16,069,567
 0.98 % N
Xactly Corporation Sr Secured Revolver LIBOR(M) 1.00% 7.25% 8.25% 7/31/2022 $—
 (13,173) (28,110) —
 K/N

               67,879,702
 62,684,573
 3.84 %  
Leisure Products 

 

 
Blue Star Sports Holdings, Inc. First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 5.75% 7.63% 6/15/2024 $55,556
 54,729
 50,511
 —
 N
Blue Star Sports Holdings, Inc. First Lien Revolver LIBOR(M) 1.00% 5.75% 6.75% 6/15/2024 $111,111
 108,671
 95,978
 0.01 % N
Blue Star Sports Holdings, Inc. First Lien Term Loan LIBOR(M) 1.00% 5.75% 6.82% 6/15/2024 $1,504,611
 1,481,487
 1,367,992
 0.08 % N
Machine Zone, Inc. First Lien Term Loan (10.0% Exit Fee) LIBOR(Q) 1.00% 13.50% 15.16% 2/1/2021 $5,715,838
 5,689,916
 5,612,953
 0.34 % L/N

               7,334,803
 7,127,434
 0.43 %  
Media 

 

 
Bisnow, LLC First Lien Revolver LIBOR(Q) —
 7.50% 8.95% 9/21/2022 $—
 (9,330) (41,400) —
 K/N
Bisnow, LLC First Lien Term Loan LIBOR(Q) —
 7.50% 8.95% 9/21/2022 $10,449,384
 10,349,000
 10,088,880
 0.62 % N
Khoros, LLC (Lithium) Sr Secured Revolver LIBOR(M) 1.00% 8.00% 9.00% 10/3/2022 $—
 (23,861) (75,368) —
 K/N
Khoros, LLC (Lithium) First Lien Incremental Term Loan LIBOR(M) 1.00% 8.00% 9.00% 10/3/2022 $7,131,905
 7,027,393
 6,860,893
 0.42 % N
Khoros, LLC (Lithium) First Lien Term Loan LIBOR(M) 1.00% 8.00% 9.00% 10/3/2022 $20,884,731
 20,642,106
 20,091,111
 1.23 % N
NEP II, Inc. Second Lien Term Loan LIBOR(Q) —
 7.00% 8.45% 10/19/2026 $25,000,000
 24,759,843
 12,812,500
 0.78 % G
Quora, Inc. First Lien Term Loan (4.0% Exit Fee) Fixed —
 10.10% 10.10% 5/1/2022 $12,692,602
 12,543,121
 12,709,103
 0.78 % L/N

 
 
 

 

 

 
 

 75,288,272
 62,445,719
 3.83 % 
Metal and Mining 

 

 
Neenah Foundry Company First Lien Term Loan B LIBOR(Q) —
 6.50% 7.76% 12/13/2022 $4,875,310
 4,843,543
 4,265,896
 0.26 % N
                

 

 

  
Oil, Gas and Consumable Fuels      
Iracore International, Inc. First Lien Term Loan LIBOR(M) 1.00% 9.00% 10.00% 4/13/2021 $1,635,903
 1,635,902
 1,635,903
 0.10 % B/N
                       
Personal Products      
Olaplex, Inc. Sr Secured Revolver LIBOR(M) 1.00% 6.50% 7.50% 1/8/2025 $1,340,000
 1,314,356
 1,247,540
 0.08 % N
Olaplex, Inc. First Lien Term Loan LIBOR(M) 1.00% 6.50% 7.50% 1/8/2026 $13,660,000
 13,398,537
 12,717,460
 0.78 % N

 
 
 

 

 

 
 

 14,712,893
 13,965,000
 0.86 % 
Pharmaceuticals 

 

  
Cambrex Corporation Second Lien Term Loan LIBOR(M) 1.00% 9.00% 10.00% 12/4/2027 $15,441,176
 15,143,538
 13,125,000
 0.80 % N
P&L Development, LLC First Lien Term Loan LIBOR(Q) 2.00% 7.50% 9.50% 6/28/2024 $8,623,333
 8,432,764
 8,278,400
 0.51 % G/N
                23,576,302
 21,403,400
 1.31 %  

      
                       
                       
                       
                       
                       
                       
                       

7




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2020


Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)        
Professional Services      
Applause App Quality, Inc. First Lien Term Loan LIBOR(Q) 1.00% 5.00% 6.81% 9/20/2022 $20,772,306
 $20,541,653
 $20,356,860
 1.24 % N
Applause App Quality, Inc. Sr Secured Revolver LIBOR(Q) 1.00% 5.00% 6.81% 9/20/2022 $—
 (14,980) (30,196) —
 K/N
CIBT Solutions, Inc. Second Lien Term Loan LIBOR(Q) 1.00% 7.75% 9.20% 6/1/2025 $7,611,914
 7,553,720
 5,328,340
 0.33 % G/N
Discoverorg, LLC Second Lien Term Loan LIBOR(Q) 1.00% 8.50% 10.08% 2/1/2027 $15,000,000
 14,814,437
 13,650,000
 0.84 % G/N
Dude Solutions Holdings, Inc. Sr Secured Revolver LIBOR(M) 1.00% 7.00% 8.07% 6/13/2025 $588,772
 545,351
 487,209
 0.03 % K/N
Dude Solutions Holdings, Inc. First Lien Term Loan LIBOR(M) 1.00% 7.00% 8.07% 6/13/2025 $16,927,201
 16,577,841
 16,148,550
 0.99 % N
Dude Solutions Holdings, Inc. First Lien Incremental Term Loan LIBOR(M) 1.00% 7.00% 8.07% 6/13/2025 $2,233,091
 2,183,170
 2,130,368
 0.13 % N
iCIMS, Inc. Sr Secured Revolver LIBOR(M) 1.00% 6.50% 7.50% 9/12/2024 $—
 (7,292) (19,433) —
 K/N
iCIMS, Inc. First Lien Term Loan LIBOR(M) 1.00% 6.50% 7.50% 9/12/2024 $9,482,016
 9,322,135
 9,106,836
 0.56 % N
Institutional Shareholder Services, Inc. Second Lien Term Loan LIBOR(M) —
 8.50% 9.57% 3/5/2027 $5,820,856
 5,659,794
 4,511,164
 0.28 % N
RigUp, Inc. First Delayed Draw Term Loan (3.5% Exit Fee) LIBOR(Q) 1.50% 7.00% 8.50% 3/1/2024 $19,333,333
 18,758,439
 18,753,333
 1.15 % L/N

 
 
 

 

 

 
 

 95,934,268
 90,423,031
 5.55 % 
Real Estate Management and Development 

 

 
Florida East Coast Industries, LLC First Lien Term Loan B LIBOR(M) —
 6.75% 7.67% 12/13/2021 $2,310,027
 2,282,306
 2,188,058
 0.13 % N
Florida East Coast Industries, LLC First Lien Incremental Lien Term Loan B LIBOR(M) —
 6.75% 7.67% 12/13/2021 $872,116
 866,435
 826,068
 0.05 % N
Space Midco, Inc. (Archibus) First Lien Term Loan LIBOR(M) —
 6.25% 6.88% 12/5/2023 $4,444,444
 4,375,654
 4,160,000
 0.25 % N
Space Midco, Inc. (Archibus) Sr Secured Revolver LIBOR(M) —
 6.25% 7.25% 12/5/2023 $277,778
 273,672
 260,000
 0.02 % K/N

               7,798,067
 7,434,126
 0.45 %  
Road and Rail 

 

 
GlobalTranz Enterprises LLC Second Lien Term Loan LIBOR(M) 1.00% 8.25% 9.25% 5/15/2027 $19,382,324
 19,019,738
 17,269,651
 1.06 % N

                      
Software 

 

 
Certify, Inc. First Lien Delayed Draw Term Loan LIBOR(M) 1.00% 5.75% 6.75% 2/28/2024 $2,125,754
 2,080,618
 2,022,761
 0.12 % N
Certify, Inc. First Lien Term Loan LIBOR(M) 1.00% 5.75% 6.75% 2/28/2024 $23,383,293
 23,299,187
 22,628,012
 1.38 % N
Certify, Inc. Sr Secured Revolver LIBOR(M) 1.00% 5.75% 6.75% 2/28/2024 $159,432
 143,621
 125,101
 0.01 % N
JAMF Holdings, Inc. First Lien Incremental Term Loan LIBOR(Q) 1.00% 7.00% 8.70% 11/13/2022 $3,606,829
 3,567,399
 3,570,039
 0.22 % N
JAMF Holdings, Inc. First Lien Term Loan LIBOR(Q) 1.00% 7.00% 8.70% 11/13/2022 $14,160,797
 13,993,233
 14,016,357
 0.86 % N
JAMF Holdings, Inc. Sr Secured Revolver LIBOR(Q) 1.00% 7.00% 8.70% 11/13/2022 $—
 (13,110) (12,383) —
 K/N
Marketlive, LLC (Kibo) First Lien Term Loan LIBOR(M) 1.00% 8.00% 9.08% 12/18/2020 $5,063,792
 4,996,869
 4,825,794
 0.30 % N
Rhode Holdings, Inc. (Kaseya) First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 7.00% 8.91% 5/3/2025 $224,974
 195,553
 149,113
 0.01 % N
Rhode Holdings, Inc. (Kaseya) First Lien Term Loan LIBOR(Q) 1.00% 5.50% Cash+1.00% PIK
 8.91% 5/3/2025 $14,399,654
 14,148,558
 13,766,069
 0.83 % N
Rhode Holdings, Inc. (Kaseya) Sr Secured Revolver LIBOR(M) 1.00% 6.50% 7.50% 5/3/2025 $1,194,139
 1,173,466
 1,141,066
 0.07 % N
Rhode Holdings, Inc. (Kaseya) First Lien Incremental Delayed Draw Term Loan LIBOR(M) 1.00% 6.50% 7.50% 5/3/2025 $—
 (14,061) (35,872) —
 K/N
Rhode Holdings, Inc. (Kaseya) First Lien Incremental Term Loan LIBOR(Q) 1.00% 5.50% Cash+1.00% PIK
 8.91% 5/3/2025 $1,223,592
 1,202,464
 1,169,754
 0.07 % N
Snow Software AB First Lien Term Loan LIBOR(Q) 2.00% 6.50% 8.50% 4/17/2024 $10,373,317
 10,195,940
 10,236,389
 0.63 % N
Snow Software AB First Lien Incremental Term Loan LIBOR(Q) 2.00% 6.50% 8.50% 4/17/2024 $11,543,865
 11,326,462
 11,391,486
 0.70 % N
Snow Software AB Sr Secured Revolver LIBOR(Q) 2.00% 6.50% 8.50% 4/17/2024 $4,360,548
 4,289,518
 4,302,989
 0.26 % N
Winshuttle, LLC First Lien FILO Term Loan LIBOR(M) 1.00% 8.42% 9.42% 8/9/2024 $13,972,844
 13,629,530
 13,106,528
 0.80 % N
                104,215,247
 102,403,203
 6.26 %  
Specialty Retail      
USR Parent, Inc. (Staples) First Lien FILO Term Loan LIBOR(Q) 1.00% 8.84% 10.46% 9/12/2022 $6,132,194
 6,047,422
 6,187,383
 0.38 % N
                       
Technology Hardware, Storage and Peripherals      
Pulse Secure, LLC Sr Secured Revolver LIBOR(M) 1.00% 7.00% 8.00% 5/1/2022 $—
 (8,437) (11,411) —
 K/N
Pulse Secure, LLC First Lien Term Loan LIBOR(Q) 1.00% 7.00% 8.61% 5/1/2022 $11,082,466
 11,008,729
 10,988,265
 0.66 % N
TierPoint, LLC Second Lien Term Loan LIBOR(Q) 1.00% 7.25% 9.50% 5/5/2025 $2,322,000
 2,302,698
 2,275,560
 0.14 %  
                13,302,990
 13,252,414
 0.80 %  

8




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2019

2020


Issuer Instrument Ref Floor Spread Total Coupon Maturity/Expiration Principal/Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)                 
        
Scientific Research and Development Services    
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) First Lien Term Loan LIBOR (Q) —
 5.75% 8.35% 4/29/2020 $1,857,267
 $1,767,206
 $1,792,262
 0.11% H/N
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) Second Lien Term Loan LIBOR (Q) —
 7.75% 10.35% 4/29/2020 $4,189,589
 2,787,441
 3,896,317
 0.24% H/N
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) First Lien Term Loan LIBOR (Q) 1.00% 8.50% 11.30% 11/3/2021 $34,407,434
 34,033,606
 32,687,063
 2.00% G/H/N
                38,588,253
 38,375,642
 2.35%  
Support Activities for Rail Transportation    
Florida East Coast Industries, LLC First Lien Term Loan B LIBOR (M) —
 6.50% 8.99% 12/13/2021 $3,206,250
 3,148,267
 3,174,188
 0.19% N
                       
Traveler Arrangement    
CIBT Solutions, Inc. Second Lien Term Loan LIBOR (Q) 1.00% 7.75% 10.35% 6/1/2025 $7,611,914
 7,548,567
 7,516,765
 0.46% G/N
                       
Utility System Construction    
Conergy Asia & ME Pte. Ltd (Singapore) First Lien Term Loan Fixed —
 10.00% 10.00% 5/26/2020 $1,773,807
 1,773,807
 1,724,229
 0.11% F/H/N
GlassPoint Solar, Inc. First Lien Term Loan (4.0% Exit Fee) LIBOR (Q) —
 8.50% 11.13% 8/1/2020 $4,679,685
 4,647,831
 4,632,654
 0.28% L/N
GlassPoint Solar, Inc. First Lien Term Loan (5.0% Exit Fee) LIBOR (Q) —
 11.44% 14.06% 8/1/2020 $2,549,597
 2,438,511
 2,559,030
 0.16% L/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Bank Guarantee Credit Facility Fixed —
 0.00% 0.00% 5/26/2020 $6,578,877
 6,578,877
 4,126,930
 0.25% C/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Revolving Credit Facility Fixed —
 0.00% 0.00% 5/26/2020 $8,668,850
 8,668,850
 2,343,623
 0.14% C/F/H/N
                 24,107,876
 15,386,466
 0.94%  
Wholesalers    
FreePoint Commodities, LLC Second Lien Term Loan LIBOR (M) 1.00% 8.25% 10.73% 6/13/2023 $15,000,000
 14,868,873
 14,870,250
 0.91% N
                       
Wired Telecommunications Carriers    
American Broadband Holding Company First Lien Term Loan LIBOR (M) 1.25% 7.25% 9.75% 10/25/2022 $16,920,893
 16,606,122
 17,043,569
 1.04% N
TPC Intermediate Holdings, LLC First Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 6.00% 8.60% 5/15/2023 $805,676
 788,628
 798,997
 0.05% N
                17,394,750
 17,842,566
 1.09%  
                       
Total Debt Investments 1,532,337,120
 1,520,048,389
 93.16%  
       
Equity Securities       
Advertising, Public Relations and Marketing                            
Foursquare Labs, Inc. Warrants to Purchase Series E Preferred Stock         5/4/2027 1,125,000
 185,450
 176,929
 0.01% C/E/N
InMobi, Inc. (Singapore) Warrants to Purchase Common Stock         8/15/2027 1,327,869
 212,360
 348,348
 0.02% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)         9/18/2025 1,049,996
 276,492
 564,541
 0.03% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)         10/3/2028 1,511,002
 93,407
 168,432
 0.01% C/E/H/N
                767,709
 1,258,250
 0.07%  
Air Transportation    
Aircraft Leased to United Airlines, Inc.                    
United N659UA-767, LLC (N659UA) Trust Beneficial Interests           683
 2,436,813
 2,749,261
 0.17% E/F/N
United N661UA-767, LLC (N661UA) Trust Beneficial Interests           688
 2,513,083
 2,819,400
 0.17% E/F/N
Epic Aero, Inc (One Sky) Common Stock           1,842
 855,313
 5,479,054
 0.34% C/N
                5,805,209
 11,047,715
 0.68%  
                       
                       
Issuer Instrument Ref Floor Spread Total Coupon Maturity/Expiration Principal/Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)        
Textiles, Apparel and Luxury Goods
Kenneth Cole Productions, Inc. First Lien FILO Term Loan LIBOR(Q) 1.00% 7.75% 9.38% 12/28/2023 $18,857,986
 $18,750,498
 $18,876,844
 1.15% N
PSEB, LLC (Eddie Bauer) First Lien FILO II Term Loan PRIME —
 7.25% 10.50% 10/12/2023 $10,793,402
 10,563,596
 10,771,815
 0.66% N
PSEB, LLC (Eddie Bauer) First Lien Term Loan LIBOR(Q) 1.50% 8.00% 9.50% 10/12/2023 $39,305,971
 38,478,947
 40,013,478
 2.44% N
WH Buyer, LLC (Anne Klein) First Lien Term Loan LIBOR(Q) 1.50% 7.76% 8.25% 7/16/2025 $27,664,640
 27,400,966
 26,115,420
 1.60% 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
 5,255,062
 5,010,462
 0.31%  
                100,449,069
 100,788,019
 6.16%  
Thrifts and Mortgage Finance
Greystone Select Holdings, LLC First Lien Term Loan LIBOR(M) 1.00% 8.00% 9.15% 4/17/2024 $24,764,798
 24,626,784
 25,012,446
 1.53% N
Home Partners of America, Inc. First Lien Term Loan LIBOR(Q) 1.00% 6.25% 7.85% 10/13/2022 $2,857,143
 2,829,339
 2,820,000
 0.17% N
                27,456,123
 27,832,446
 1.70%  
Tobacco Related
Juul Labs, Inc. First Lien Term Loan LIBOR(Q) 1.50% 8.00% Cash+1.50% PIK
 11.25% 8/2/2023 $26,354,167
 26,126,494
 25,827,083
 1.58% N
                       
Total Debt Investments - 224.0% of Net Assets           1,627,984,533
 1,522,035,073
 93.12%  
                       
                       
Equity Securities                      
Airlines
Epic Aero, Inc (One Sky) Common Stock         
 1,842
 855,313
 3,714,085
 0.24% C/N
United N659UA-767, LLC (N659UA) Trust Beneficial Interests         
 683
 2,105,126
 2,025,233
 0.12% E/F/N

 
         
 

 2,960,439
 5,739,318
 0.36% 
Capital Markets
Pico Quantitative Trading, LLC Warrants to Purchase Membership Units (144A)         2/7/2030 287
 645,121
 634,065
 0.04% C/E/N

                      
Chemicals
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
 —
 —
 B/C/E/N

 
         
 

 1,091,200
 —
 —
 
Communications Equipment
Avanti Communications Group, PLC (United Kingdom) Common Stock           26,576,710
 4,902,674
 3,301
 —
 C/D/H/N

 
           

 

 

 

 
Diversified Consumer Services
Edmentum Ultimate Holdings, LLC Class A Common Units           159,515
 680,226
 16
 —
 B/C/E/N
Edmentum Ultimate Holdings, LLC Warrants to Purchase Class A Units         2/23/2028 788,112
 1
 —
 —
 B/C/E/N

 
           

 680,227
 16
 —
 

 
         
 

 

 

 

 
Diversified Financial Services
36th Street Capital Partners Holdings, LLC Membership Units           22,199,416
 22,199,416
 27,887,607
 1.72% E/F/N
Conventional Lending TCP Holdings, LLC Membership Units         
 15,769,948
 15,769,948
 14,192,953
 0.87% E/F/I/N
GACP I, LP (Great American Capital) Membership Units         
 1,757,364
 1,757,364
 2,774,710
 0.17% E/I/N
GACP II, LP (Great American Capital) Membership Units           20,338,470
 20,338,470
 21,172,740
 1.30% E/I/N

               60,065,198
 66,028,010
 4.06%  

89




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2019

2020


Issuer Instrument         Expiration Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities (continued)      
Business Support Services    
Findly Talent, LLC Membership Units           708,229
 $230,938
 $51,701
 —
 C/E/N
STG-Fairway Holdings, LLC (First Advantage) Class A Units           803,961
 325,432
 3,077,021
 0.19% C/E/N
                556,370
 3,128,722
 0.19%  
Chemicals    
Green Biologics, Inc. (United Kingdom) Common Stock           34,761,145
 20,528,870
 3,195,947
 0.20% B/C/E/H/N
Nanosys, Inc. Warrants to Purchase Preferred Stock         3/29/2023 800,000
 605,266
 825,678
 0.05% C/E/N
                21,134,136
 4,021,625
 0.25%  
Computer Systems Design and Related Services    
Fidelis Topco LP Warrants to Purchase Series A Preferred Units         7/20/2028 21,888,917
 —
 408,906
 0.03% C/E/N
Fidelis Topco LP Warrants to Purchase Series B Preferred Units         7/20/2028 24,972,917
 —
 466,518
 0.03% C/E/N
                —
 875,424
 0.06%  
Data Processing and Hosting Services    
Anacomp, Inc. Class A Common Stock           1,255,527
 26,711,048
 1,418,746
 0.09% C/E/F/N
Domo, Inc. Warrants to Purchase Class B Common Stock         6/28/2021 62,247
 511,349
 1,588,394
 0.10% C/E/N
Snaplogic, Inc. Warrants to Purchase Series Preferred Stock         3/19/2028 1,860,000
 377,722
 1,690,000
 0.10% C/E/N
                27,600,119
 4,697,140
 0.29%  
Diversified Software    
Actifio, Inc. Warrants to Purchase Series G Preferred Stock         5/5/2027 1,052,651
 188,770
 463,018
 0.03% C/E/N
FinancialForce.com Warrants to Purchase Series C Preferred Stock         1/30/2029 840,000
 287,985
 287,984
 0.02% C/N
Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock         3/26/2027 1,712,930
 577,843
 642,424
 0.04% C/E/N
Utilidata, Inc. Warrants to Purchase Preferred Stock         12/22/2022 719,998
 216,336
 9,870
 —
 C/E/N
                1,270,934
 1,403,296
 0.09%  
Educational Support Services    
Edmentum Ultimate Holdings, LLC Class A Common Units           159,515
 680,226
 —
 —
 B/C/E/N
Edmentum Ultimate Holdings, LLC Warrants to Purchase Class A Units         2/23/2028 788,112
 —
 —
 —
 B/C/E/N
                680,226
 —
 —
  
                       
Electronic Component Manufacturing    
Adesto Technologies Corporation Warrants to Purchase Common Stock         5/8/2024 436,320
 846,724
 243,826
 0.01% C/E/N
Soraa, Inc. Warrants to Purchase Preferred Stock         8/29/2024 3,071,860
 478,899
 1,814,232
 0.11% C/E/N
                1,325,623
 2,058,058
 0.12%  
Equipment Leasing    
36th Street Capital Partners Holdings, LLC Membership Units           16,090,666
 16,090,666
 21,797,418
 1.34% E/F/N
                       
Financial Investment Activities    
GACP I, LP (Great American Capital) Membership Units           3,568,231
 3,568,231
 4,056,749
 0.25% E/I/N
GACP II, LP (Great American Capital) Membership Units           17,207,181
 17,207,181
 17,598,160
 1.08% E/I/N
                20,775,412
 21,654,909
 1.33%  
Other Information Services      
SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock         4/29/2025 946,498
 79,082
 45,143
 —
 C/E/H/N
Issuer Instrument         Expiration Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities (continued)                      
Diversified Telecommunication Services
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) Common Shares         
 1,393
 $3,236,256
 $662,497
 0.04% C/D/E/H/N

 
         
 

 

 

 

 
Electric Utilities
Conergy Asia Holdings Limited (United Kingdom) Class B Shares           1,000,000
 1,000,000
 —
 —
 C/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom) Ordinary Shares           3,333
 7,833,333
 —
 —
 C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Ordinary Shares           2,332,594
 —
 —
 —
 C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Series B Preferred Shares           93,023
 1,395,349
 —
 —
 C/E/F/H/N
Utilidata, Inc. Warrants to Purchase Preferred Stock         12/22/2022 719,998
 216,336
 52,000
 —
 C/E/N

 
           

 10,445,018
 52,000
 —
 
Electrical Equipment
TCFI Amteck Holdings, LLC Series A Preferred Units           8,020,824
 7,511,391
 7,459,366
 0.47% C/N
TCFI Amteck Holdings, LLC Common Units           362,513
 395,336
 206,632
 0.01% C/N
                7,906,727
 7,665,998
 0.48%  

                      
Electronic Equipment, Instruments and Components
Soraa, Inc. Warrants to Purchase Preferred Stock         8/29/2024 3,071,860
 478,899
 —
 0.01% C/E/N

 
         
 

 

 

 

 
Energy Equipment and Services
GlassPoint Solar, Inc. Warrants to Purchase Series E Preferred Stock         2/7/2027 2,448,000
 754,005
 107,200
 0.01% C/E/N
                       
Internet Software and Services
Domo, Inc. Warrants to Purchase Class B Common Stock         6/28/2021 62,247
 511,349
 108,061
 0.01% C/E/N
FinancialForce.com, Inc. Warrants to Purchase Series C Preferred Stock         1/30/2029 840,000
 287,985
 247,600
 0.02% C/E/N
Foursquare Labs, Inc. Warrants to Purchase Series E Preferred Stock         5/4/2027 1,687,500
 297,361
 992,250
 0.06% C/E/N
InMobi, Inc. (Singapore) Warrants to Purchase Common Stock         8/15/2027 1,327,869
 212,360
 83,361
 0.01% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)         9/18/2025 1,049,996
 276,492
 278,852
 0.02% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)         10/3/2028 1,511,002
 93,407
 333,107
 0.02% C/E/H/N
ResearchGate Corporation (Germany) Warrants to Purchase Series D Preferred Stock         10/30/2029 333,370
 202,001
 140,000
 0.01% C/D/E/H/N
Snaplogic, Inc. Warrants to Purchase Series Preferred Stock         3/19/2028 1,860,000
 377,722
 4,900,000
 0.31% C/E/N

 
         
 

 2,258,677
 7,083,231
 0.46% 
IT Services
Fidelis (SVC), LLC Preferred Units           657,932
 2,001,384
 45,271
 —
 C/E/N

 
           

 

 

 

 
Life Sciences Tools and Services
Envigo RMS Holdings Corp. Common Stock           36,413
 —
 439,869
 0.03% C/E/N

 
           

 

 

 

 

910




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2019

2020



Issuer Instrument 
 
 
 
 Expiration 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
 $6,556,131
 0.40% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class A Warrants to Purchase Class A Units         10/17/2026 343,387
 196,086
 362,044
 0.02% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class B Warrants to Purchase Class A Units         10/17/2026 346,794
 198,033
 365,636
 0.02% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Litigation Trust Units           407
 —
 1,107,040
 0.07% B/C/N
                3,166,926
 8,390,851
 0.51%  
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
 1,262,445
 0.08% B/C/E/N
                1,091,200
 1,262,445
 0.08%  
Plastics Manufacturing      
Iracore Investments Holdings, Inc. Class A Common Stock           16,207
 4,177,710
 818,302
 0.05% B/C/E/N
                

 

 

  
Retail      
Shop Holding, LLC (Connexity) Class A Units           507,167
 480,049
 —
 —
 C/E/N
                       
Satellite Telecommunications      
Avanti Communications Group, PLC (United Kingdom) Common Stock           26,576,710
 4,902,674
 893,783
 0.05% C/D/H
                       
Scientific Research and Development Services      
Lions Holdings, Inc. (Envigo) (United Kingdom) Series A Warrants to Purchase Common Stock         4/29/2020 13,987
 —
 —
 —
 C/E/H/N
Lions Holdings, Inc. (Envigo) (United Kingdom) Series B Warrants to Purchase Common Stock         4/29/2020 22,426
 —
 —
 —
 C/E/H/N
                —
 —
 —
  
Utility System Construction      
Conergy Asia Holdings Limited (United Kingdom) Class B Shares           1,000,000
 1,000,000
 —
 —
 C/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom) Ordinary Shares           3,333
 7,833,333
 —
 —
 C/E/F/H/N
GlassPoint Solar, Inc. Warrants to Purchase Series D Preferred Stock         2/7/2027 448,000
 76,950
 46,396
 —
 C/E/N
GlassPoint Solar, Inc. Warrants to Purchase Series C-1 Preferred Stock         2/7/2027 400,000
 248,555
 207,136
 0.01% C/E/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Ordinary Shares           2,332,594
 —
 —
 —
 C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Series B Preferred Shares           93,023
 1,395,349
 —
 —
 C/E/F/H/N
                10,554,187
 253,532
 0.01%  
Wired Telecommunications Carriers      
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) Common Shares           1,393
 3,236,256
 1,173,246
 0.07% C/D/E/H/N
                       
Total Equity Securities  
 123,694,488
 84,779,859
 5.20%   
         
Total Investments $1,656,031,608
 $1,604,828,248
  
   
                       
Cash and Cash Equivalents  
  
  
   
Cash Held on Account at Various Institutions                
  
 26,751,746
 1.64%   
Cash and Cash Equivalents 26,751,746
 1.64%   
       
Total Cash and Investments  $1,631,579,994
 100.00% M
Issuer Instrument         Expiration Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities (continued)                      
Media                  
NEG Parent, LLC (Core Entertainment, Inc.) Class A Units         
 2,720,392
 $2,772,807
 $6,172,630
 0.38% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class A Warrants to Purchase Class A Units         10/17/2026 343,387
 196,086
 288,567
 0.02% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class B Warrants to Purchase Class A Units         10/17/2026 346,794
 198,032
 291,430
 0.02% B/C/E/N
Quora, Inc. Warrants to Purchase Series D Preferred Stock         4/11/2029 507,704
 65,245
 59,401
 —
 C/E/N
Shop Holding, LLC (Connexity) Class A Units           507,167
 480,049
 —
 —
 C/E/N
SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock         4/29/2025 946,498
 79,082
 45,143
 —
 C/E/H/N

 
         
 

 3,791,301
 6,857,171
 0.42% 
Oil, Gas and Consumable Fuels       
 

 

 

 

 
Iracore Investments Holdings, Inc. Class A Common Stock           16,207
 4,177,710
 3,901,552
 0.24% B/C/E/N

 
           

 

 

 

 
Professional Services           

 

 

  
Anacomp, Inc. Class A Common Stock           1,255,527
 26,711,048
 1,443,857
 0.09% C/E/F/N

                      
Semiconductors and Semiconductor Equipment         

 

 

 

 
Adesto Technologies Corporation Warrants to Purchase Common Stock         5/8/2024 436,320
 846,724
 1,557,149
 0.11% C/E/N
Nanosys, Inc. Warrants to Purchase Preferred Stock         3/29/2023 800,000
 605,266
 816,398
 0.05% C/E/N
                1,451,990
 2,373,547
 0.16%  
Software                  
Actifio, Inc. Warrants to Purchase Series G Preferred Stock         5/5/2027 1,052,651
 188,770
 340,492
 0.02% C/E/N
Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock         3/26/2027 1,712,930
 577,842
 506,406
 0.03% C/E/N
                766,612
 846,898
 0.05%  
                       
Total Equity Securities - 15.3% of Nets Assets 134,324,486
 103,883,801
 6.36%  
         
Total Investments - 239.3% of Net Assets $1,762,309,019
 $1,625,918,874
    
                       
Cash and Cash Equivalents        
Cash Held on Account at Various Institutions               8,574,859
 0.52%  
Cash and Cash Equivalents   8,574,859
 0.52%  
                       
Total Cash and Investments - 240.5% of Net Assets $1,634,493,733
 100.00% M


10




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2019



Notes to Consolidated Schedule of Investments:



(A)Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
(B)Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.
(C)Non-income producing.
(D)Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure.
(E)Restricted security. (See Note 2)
(F)Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates.

11




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2020


(G)Investment has been segregated to collateralize certain unfunded commitments.
(H)Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(I)Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(J)Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(K)Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.
(L)In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
(M)All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.
(N)Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

LIBOR or EURIBOR resets monthly (M), quarterly (Q), semiannually (S), or annually (A).
 
Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $150,142,380$142,968,803 and $146,351,859,$76,880,873, respectively, for the three months ended March 31, 2019.2020. 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 March 31, 20192020 was $1,559,482,187$1,582,843,490 or 95.6%96.8% of total cash and investments of the Company. As of March 31, 2019,2020, approximately 15.0%9.5% 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.

1112




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments

December 31, 20182019

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (A)      
Advertising, Public Relations and Marketing      
Foursquare Labs, Inc. First Lien Delayed Draw Term Loan (5.0% Exit Fee) LIBOR (Q) —
 8.81% 11.56% 6/1/2020 $22,500,000
 $22,288,567
 $22,343,623
 1.37% L/N
InMobi, Inc. (Singapore) First Lien Term Loan LIBOR (Q) 1.37% 8.13% 10.88% 9/30/2021 $37,775,057
 37,432,000
 37,727,838
 2.32% H/N
                59,720,567
 60,071,461
 3.69%  
Air Transportation      
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan A LIBOR (Q) —
 7.25% 9.81% 12/14/2021 $12,945,769
 12,802,291
 13,130,247
 0.81% N
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan B LIBOR (Q) —
 7.25% 9.81% 2/28/2022 $7,683,837
 7,594,071
 7,793,332
 0.48% N
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan C LIBOR (Q) —
 7.25% 9.81% 7/31/2022 $3,205,798
 3,166,674
 3,296,682
 0.20% N
Mesa Airlines, Inc. Engine Acquisition Delayed Draw Term Loan C-1 LIBOR (Q) —
 7.25% 9.81% 9/30/2022 $4,912,965
 4,845,174
 5,051,510
 0.31% N
Mesa Airlines, Inc. Engine Acquisition Term loan C-3 LIBOR (Q) —
 7.25% 9.81% 2/28/2023 $1,353,738
 1,332,947
 1,391,236
 0.08% N
Mesa Air Group, Inc. Junior Loan Agreement (N902FJ) LIBOR (Q) —
 7.50% 10.04% 2/1/2022 $1,027,521
 1,018,433
 1,014,163
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N903FJ) LIBOR (Q) —
 7.50% 10.04% 2/1/2022 $1,229,633
 1,218,758
 1,213,648
 0.07% N
Mesa Air Group, Inc. Junior Loan Agreement (N904FJ) LIBOR (Q) —
 7.50% 10.04% 2/1/2022 $1,406,638
 1,394,198
 1,388,352
 0.09% N
Mesa Air Group, Inc. Junior Loan Agreement (N905FJ) LIBOR (Q) —
 7.50% 10.04% 2/1/2022 $979,415
 970,753
 966,683
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N906FJ) LIBOR (Q) —
 7.50% 10.04% 5/1/2022 $1,021,301
 1,012,097
 1,008,024
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N907FJ) LIBOR (Q) —
 7.50% 10.04% 5/1/2022 $1,071,436
 1,061,780
 1,057,507
 0.07% N
Mesa Air Group, Inc. Junior Loan Agreement (N908FJ) LIBOR (Q) —
 7.50% 10.04% 5/1/2022 $1,648,638
 1,633,781
 1,627,206
 0.10% N
Mesa Air Group, Inc. Junior Loan Agreement (N909FJ) LIBOR (Q) —
 7.50% 10.04% 8/1/2022 $683,862
 677,658
 674,972
 0.04% N
Mesa Air Group, Inc. Junior Loan Agreement (N910FJ) LIBOR (Q) —
 7.50% 10.04% 8/1/2022 $647,598
 641,723
 639,179
 0.04% N
                39,370,338
 40,252,741
 2.47%  
Amusement and Recreation      
Blue Star Sports Holdings, Inc. First Lien Delayed Draw Term Loan LIBOR (M) 1.00% 5.75% 8.22% 6/15/2024 $—
 (15,165) —
 —
 K/N
Blue Star Sports Holdings, Inc. First Lien Revolver LIBOR (M) 1.00% 5.75% 8.22% 6/15/2024 $122,222
 119,176
 119,139
 0.01% N
Blue Star Sports Holdings, Inc. First Lien Term Loan LIBOR (M) 1.00% 5.75% 8.22% 6/15/2024 $1,500,000
 1,472,068
 1,472,250
 0.09% N
Machine Zone, Inc. First Lien Term Loan (10.0% Exit Fee) LIBOR (M) —
 13.50% 15.85% 2/1/2021 $5,502,976
 5,439,653
 5,414,929
 0.33% L/N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Term Loan LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 11.30% 11/3/2020 $23,739,142
 23,504,334
 24,037,068
 1.48% N
VSS-Southern Holdings, LLC (Southern Theatres) Sr Secured Revolver LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 11.30% 11/3/2020 $856,164
 848,517
 856,165
 0.05% N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Incremental Term Loan LIBOR (Q) 1.00% 6.50% Cash+2.00% PIK
 11.30% 11/2/2022 $1,415,726
 1,402,020
 1,433,494
 0.09% N
                32,770,603
 33,333,045
 2.05%  
Building Equipment Contractors      
Hylan Datacom & Electrical, LLC First Lien Incremental Term Loan LIBOR (M) 1.00% 7.50% 10.02% 7/25/2021 $2,496,448
 2,442,261
 2,490,207
 0.15% N
Hylan Datacom & Electrical, LLC First Lien Term Loan LIBOR (M) 1.00% 7.50% 10.02% 7/25/2021 $13,807,225
 13,691,491
 13,772,707
 0.85% N
TCFI Amteck Holdings, LLC First Lien Delayed Draw Term Loan LIBOR (Q) —
 6.25% 9.06% 5/22/2023 $481,249
 472,488
 487,746
 0.03% N
TCFI Amteck Holdings, LLC First Lien Term Loan LIBOR (Q) —
 6.25% 9.06% 5/22/2023 $16,046,661
 15,753,256
 16,263,291
 1.00% N
                32,359,496
 33,013,951
 2.03%  
                       
                       
                       

                      
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (A)      
Aerospace and Defense      
Unanet, Inc. First Lien Delayed Draw Term Loan LIBOR(M) —
 6.25% 8.06% 5/31/2024 $5,127,551
 $5,059,515
 $5,135,971
 0.30% N
Unanet, Inc. First Lien Term Loan LIBOR(M) —
 6.25% 8.06% 5/31/2024 $19,897,959
 19,710,909
 19,919,847
 1.18% N
Unanet, Inc. Sr Secured Revolver LIBOR(M) —
 6.25% 8.06% 5/31/2024 $—
 (21,632) —
 —
 K/N
                24,748,792
 25,055,818
 1.48%  
Airlines      
Mesa Air Group, Inc. Junior Loan Agreement (N902FJ) LIBOR(Q) —
 7.50% 9.41% 2/1/2022 $801,784
 797,527
 801,784
 0.05% N
Mesa Air Group, Inc. Junior Loan Agreement (N903FJ) LIBOR(Q) —
 7.50% 9.41% 2/1/2022 $942,947
 937,941
 942,947
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N904FJ) LIBOR(Q) —
 7.50% 9.41% 2/1/2022 $1,066,574
 1,060,912
 1,066,574
 0.06% N
Mesa Air Group, Inc. Junior Loan Agreement (N905FJ) LIBOR(Q) —
 7.50% 9.41% 2/1/2022 $768,185
 764,107
 768,185
 0.05% N
Mesa Air Group, Inc. Junior Loan Agreement (N906FJ) LIBOR(Q) —
 7.50% 9.41% 5/1/2022 $817,276
 812,522
 817,276
 0.05% N
Mesa Air Group, Inc. Junior Loan Agreement (N907FJ) LIBOR(Q) —
 7.50% 9.41% 5/1/2022 $853,632
 848,667
 853,632
 0.05% N
Mesa Air Group, Inc. Junior Loan Agreement (N908FJ) LIBOR(Q) —
 7.50% 9.41% 5/1/2022 $1,272,196
 1,264,796
 1,272,196
 0.08% N
Mesa Air Group, Inc. Junior Loan Agreement (N909FJ) LIBOR(Q) —
 7.50% 9.41% 8/1/2022 $581,841
 578,354
 581,841
 0.03% N
Mesa Air Group, Inc. Junior Loan Agreement (N910FJ) LIBOR(Q) —
 7.50% 9.41% 8/1/2022 $554,715
 551,390
 554,715
 0.03% N
Mesa Airlines, Inc. Aircraft Acquisition Incremental Loan LIBOR(M) —
 5.25% 7.00% 9/27/2023 $2,655,121
 2,623,792
 2,620,870
 0.15% N
Mesa Airlines, Inc. Aircraft Acquisition Loan LIBOR(M) —
 5.00% 6.75% 6/5/2023 $21,683,485
 21,440,802
 21,653,129
 1.28% N
One Sky Flight, LLC First Lien Term Loan LIBOR(M) 1.00% 7.50% 9.30% 12/27/2024 $12,500,000
 12,187,500
 12,250,000
 0.72% N

             
 43,868,310
 44,183,149
 2.61%  
Automobiles 
 
 
Autoalert, LLC First Lien Incremental Term Loan LIBOR(Q) 0.25% 5.75% Cash+3.00% PIK
 10.88% 1/1/2022 $38,966,342
 38,845,649
 39,356,005
 2.32% N
Autoalert, LLC First Lien Term Loan LIBOR(Q) 0.25% 5.75% Cash+3.00% PIK
 10.88% 1/1/2022 $15,420,901
 15,313,907
 15,575,110
 0.92% N
DealerFX, Inc. First Lien Term Loan LIBOR(Q) —
 6.25% Cash+2.00% PIK
 10.25% 2/1/2023 $16,183,673
 15,965,712
 16,345,510
 0.96% N

             
 70,125,268
 71,276,625
 4.20%  
Building Products 
 
 
Dodge Data & Analytics, LLC First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 7.00% 9.00% 5/1/2020 $875,631
 875,023
 875,106
 0.05% N
Dodge Data & Analytics, LLC First Lien Term Loan LIBOR(Q) 1.00% 7.00% 9.00% 5/1/2020 $35,420,561
 35,395,034
 35,399,308
 2.09% N

             
 36,270,057
 36,274,414
 2.14%  
Capital Markets      
HighTower Holding, LLC Second Lien Term Loan LIBOR(M) 1.00% 8.75% 10.49% 1/31/2026 $15,080,645
 14,733,952
 15,082,153
 0.89% N
HighTower Holding, LLC Second Lien Delayed Draw Term Loan LIBOR(M) 1.00% 8.75% 10.49% 1/31/2026 $6,169,355
 6,059,721
 6,169,972
 0.36% N
                20,793,673
 21,252,125
 1.25%  
Chemicals      
AGY Holding Corp. Second Lien Notes Fixed —
 11.00% 11.00% 11/15/2020 $10,315,515
 8,778,822
 3,708,428
 0.22% B/C/E/N
AGY Holding Corp. Delayed Draw Term Loan Fixed —
 12.00% 12.00% 9/15/2020 $1,114,120
 1,114,120
 1,114,120
 0.07% B/N
AGY Holding Corp. Sr Secured Term Loan Fixed —
 12.00% 12.00% 9/15/2020 $5,171,151
 5,171,151
 5,171,151
 0.31% B/N
              

 15,064,093
 9,993,699
 0.60%  
                       
                       
                       
                       
                       
                       
                       

1213




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20182019



Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)               
        
Business Support Services      
STG-Fairway Acquisitions, Inc.(First Advantage) Second Lien Term Loan LIBOR (Q) 1.00% 9.25% 11.96% 6/30/2023 $31,000,000
 $30,671,781
 $31,000,000
 1.91% N
       
Chemicals      
Nanosys, Inc. First Lien Delayed Draw Term Loan (3.5% Exit Fee) LIBOR (Q) —
 9.81% 12.56% 4/1/2019 $5,773,290
 5,728,080
 5,799,558
 0.36% L/N
                
 
 
  
Computer Systems Design and Related Services      
Fidelis Acquisitionco, LLC First Lien Term Loan B LIBOR (M) —
 8.00% PIK
 10.44% 12/31/2022 $25,904,525
 25,904,525
 22,562,841
 1.39% N
Fidelis Acquisitionco, LLC First Lien Term Loan C LIBOR (M) —
 10.00% PIK
 12.44% 12/31/2022 $25,240,108
 25,240,108
 21,663,585
 1.33% N
                51,144,633
 44,226,426
 2.72%  
Construction      
Brannan Sand Gravel Company, LLC First Lien Term Loan LIBOR (Q) —
 5.25% 8.06% 7/3/2023 $9,403,553
 9,272,489
 9,417,659
 0.58% N
                       
Credit (Nondepository)      
Auto Trakk SPV, LLC First Lien Delayed Draw Term Loan LIBOR (M) 0.50% 6.50% 8.96% 12/21/2021 $22,432,442
 22,185,057
 22,498,697
 1.38% N
CFG Investments Limited (Caribbean Financial Group) (Cayman Islands) Subordinated Class B Notes Fixed —
 9.42% 9.42% 11/15/2026 $28,314,000
 27,452,195
 28,998,633
 1.78% E/G/H
RSB-160, LLC (Lat20) First Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 6.00% 8.80% 7/20/2022 $3,833,333
 3,762,444
 3,765,867
 0.23% N
RSB-160, LLC (Lat20) First Lien Incremental Delayed Draw Term Loan LIBOR (Q) 1.00% 6.00% 8.80% 7/20/2022 $—
 —
 10,646
 —
 N
                53,399,696
 55,273,843
 3.39%  
Credit Related Activities      
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Incremental Term Loan LIBOR (Q) 1.00% 6.25% 9.06% 12/20/2021 $5,737,148
 5,737,148
 5,823,206
 0.36% N
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Term Loan LIBOR (Q) 1.00% 6.25% 9.06% 12/20/2021 $14,278,605
 14,188,274
 14,492,784
 0.89% N
Pegasus Business Intelligence, LP (Onyx Centersource) Revolver LIBOR (Q) 1.00% 6.25% 9.06% 12/20/2021 $—
 (4,047) —
 —
 K/N
Pacific Union Financial, LLC First Lien Term Loan LIBOR (M) 1.00% 7.50% 9.85% 4/21/2022 $24,583,333
 24,410,715
 24,891,854
 1.53% N
                44,332,090
 45,207,844
 2.78%  
Data Processing and Hosting Services      
Applause App Quality, Inc. First Lien Term Loan LIBOR (M) 1.00% 5.00% 7.48% 9/20/2022 $20,772,306
 20,444,242
 20,634,170
 1.27% N
Applause App Quality, Inc. Sr Secured Revolver LIBOR (M) 1.00% 5.00% 7.48% 9/20/2022 $—
 (22,511) (10,040) —
 K/N
Datto, Inc. First Lien Term Loan LIBOR (M) 1.00% 8.00% 10.46% 12/7/2022 $27,792,848
 27,330,546
 27,695,573
 1.70% N
Datto, Inc. Sr Secured Revolver LIBOR (M) 1.00% 8.00% 10.46% 12/7/2022 $—
 (29,490) (6,547) —
 K/N
DigiCert Holdings, Inc. Second Lien Term Loan LIBOR (M) 1.00% 8.00% 10.52% 10/31/2025 $9,590,821
 9,562,544
 9,339,062
 0.57% G
Domo, Inc. First Lien Delayed Draw Term Loan (4.5% Exit Fee) LIBOR (Q) —
 5.50% Cash+2.50% PIK
 10.50% 6/1/2021 $50,827,704
 50,270,460
 50,601,521
 3.11% L/N
Donuts Inc. First Lien Revolver LIBOR (Q) 1.00% 6.25% 9.05% 9/17/2023 $373,849
 344,520
 363,194
 0.02% N
Donuts Inc. First Lien Term Loan LIBOR (Q) 1.00% 6.25% 9.05% 9/17/2023 $10,965,517
 10,652,302
 10,653,000
 0.66% N
Pulse Secure, LLC First Lien Term Loan LIBOR (M) 1.00% 7.00% 9.39% 5/1/2022 $11,384,532
 11,264,016
 11,430,070
 0.70% N
Pulse Secure, LLC Sr Secured Revolver LIBOR (M) 1.00% 7.00% 9.39% 5/1/2022 $—
 (13,473) —
 —
 K/N
SnapLogic, Inc. First Lien Term Loan LIBOR (Q) —
 7.81% Cash+2.00% PIK
 12.56% 3/1/2022 $31,313,470
 30,684,121
 31,313,470
 1.93% N
TierPoint, LLC Second Lien Term Loan LIBOR (M) 1.00% 7.25% 9.77% 5/5/2025 $4,275,000
 4,234,570
 4,058,578
 0.25%  
Web.com Group Inc. Second Lien Term Loan LIBOR (Q) —
 7.75% 10.17% 10/11/2026 $23,493,200
 23,320,082
 23,317,001
 1.43% J/N
                188,041,929
 189,389,052
 11.64%  
                       
                       
                       
                       
                       
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)      
Commercial Services and Supplies      
Kellermeyer Bergensons Services, LLC First Lien Delayed Draw Term Loan A LIBOR(M) 1.00% 6.50% 8.39% 11/7/2026 $—
 $—
 $(13,529) —
 K/N
Kellermeyer Bergensons Services, LLC First Lien Delayed Draw Term Loan B LIBOR(M) 1.00% 6.50% 8.39% 11/7/2026 $—
 —
 (17,647) —
 K/N
Kellermeyer Bergensons Services, LLC First Lien Term Loan LIBOR(M) 1.00% 6.50% 8.39% 11/7/2026 $6,535,948
 6,472,583
 6,477,124
 0.38% N
Team Software, Inc. First Lien Incremental Term Loan LIBOR(Q) —
 5.50% 7.50% 9/17/2023 $7,220,080
 7,114,156
 7,172,428
 0.42% N
Team Software, Inc. First Lien Revolver LIBOR(Q) —
 5.50% 7.50% 9/17/2023 $1,228,924
 1,189,152
 1,205,750
 0.07% N
Team Software, Inc. First Lien Term Loan LIBOR(Q) —
 5.50% 7.50% 9/17/2023 $13,167,038
 13,012,854
 13,080,136
 0.77% N
                27,788,745
 27,904,262
 1.64%  
Communications Equipment      
Avanti Communications Jersey Limited 1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee) Fixed —
 12.50% 12.50% 5/24/2021 $1,214,371
 1,214,371
 1,214,371
 0.07% L/N
Avanti Communications Jersey Limited 1.5 Lien Term Loan (2.5% Exit Fee) Fixed —
 12.50% 12.50% 5/24/2021 $282,820
 238,768
 282,820
 0.02% L/N
Avanti Communications Group, PLC (United Kingdom) Sr New Money Initial Note Fixed —
 9.00% PIK
 9.00% 10/1/2022 $1,592,934
 1,591,586
 1,074,115
 0.06% C/E/G/H/N
Avanti Communications Group, PLC (United Kingdom) Sr Second-Priority PIK Toggle Note Fixed —
 9.00% PIK
 9.00% 10/1/2022 $4,064,721
 4,064,219
 2,740,841
 0.16% C/E/G/H/N
                7,108,944
 5,312,147
 0.31%  
Construction and Engineering      
Hylan Datacom & Electrical, LLC First Lien Incremental Term Loan LIBOR(Q) 1.00% 9.50% 11.41% 7/25/2021 $2,536,311
 2,502,108
 2,090,739
 0.12% N
Hylan Datacom & Electrical, LLC First Lien Term Loan (5.4% Exit Fee) LIBOR(Q) 1.00% 9.50% 11.41% 7/25/2021 $14,031,084
 13,959,042
 11,566,142
 0.67% L/N
                16,461,150
 13,656,881
 0.79%  
Construction Materials 

 

 
Brannan Sand and Gravel Company, LLC First Lien Term Loan LIBOR(Q) —
 5.25% 7.25% 7/3/2023 $6,682,556
 6,612,301
 6,652,484
 0.39% N

             

 

 

 

  
Consumer Finance 

 

 
Auto Trakk SPV, LLC First Lien Delayed Draw Term Loan LIBOR(M) 0.50% 6.50% 8.24% 12/21/2021 $23,971,792
 23,800,742
 23,749,039
 1.40% N
Barri Financial Group, LL First Lien Term Loan LIBOR(M) 1.00% 7.75% 9.54% 10/23/2024 $19,346,662
 18,873,298
 19,031,311
 1.12% N

 
 
 

 

 

 
 

 42,674,040
 42,780,350
 2.52% 
Diversified Consumer Services 

 

  
Edmentum, Inc. Jr Revolving Facility Fixed —
 5.00% 5.00% 6/9/2020 $5,235,973
 5,235,973
 5,235,978
 0.31% B/N
Edmentum, Inc. First Lien Term Loan B LIBOR(Q) —
 8.50% 10.43% 6/9/2021 $10,740,023
 9,566,580
 10,740,023
 0.63% B/N
Edmentum, Inc. Second Lien Term Loan Fixed —
 7.00% PIK
 7.00% 12/8/2021 $8,281,653
 8,281,653
 8,281,661
 0.49% B/N
Edmentum Ultimate Holdings, LLC Jr PIK Notes Fixed —
 10.00% PIK
 10.00% 6/9/2020 $17,609,276
 17,536,516
 17,609,276
 1.04% B/N
Edmentum Ultimate Holdings, LLC Sr PIK Notes Fixed —
 8.50% PIK
 8.50% 6/9/2020 $3,675,888
 3,675,888
 3,675,888
 0.22% B/N
Spark Networks, Inc. Sr Secured Revolver LIBOR(Q) 1.50% 8.00% 9.95% 7/1/2023 $—
 (30,874) (38,827) —
 K/N
Spark Networks, Inc. First Lien Term Loan LIBOR(Q) 1.50% 8.00% 9.95% 7/1/2023 $22,934,229
 22,203,944
 22,062,728
 1.30% N

 
 
 

 

 

 
 

 66,469,680
 67,566,727
 3.99% 
Diversified Financial Services 

 

 
36th Street Capital Partners Holdings, LLC Senior Note Fixed —
 12.00% 12.00% 11/1/2020 $40,834,419
 40,834,418
 40,834,419
 2.41% E/F/N/O
Aretec Group, Inc. (Cetera) Second Lien Term Loan LIBOR(M) —
 8.25% 10.05% 10/1/2026 $27,105,263
 26,845,399
 26,788,945
 1.58% G
Credit Suisse AG (Cayman Islands) Asset-Backed Credit Linked Notes LIBOR(Q) —
 9.50% 11.45% 4/12/2025 $38,000,000
 38,000,000
 37,604,800
 2.22% H/I/N
GC Agile Holdings Limited (Apex) (England) First Lien Delayed Term Loan B LIBOR(Q) 1.00% 7.00% 9.11% 6/15/2025 $18,979,469
 18,625,118
 18,629,867
 1.10% H/N
GC Agile Holdings Limited (Apex) (England) First Lien Term Loan A LIBOR(Q) 1.00% 7.00% 9.11% 6/15/2025 $824,958
 810,028
 809,366
 0.05% H/N
RSB-160, LLC (Lat20) First Lien Delayed Draw Term Loan LIBOR(M) 1.00% 6.00% 7.90% 7/20/2022 $2,333,333
 2,299,659
 2,335,900
 0.14% N

 
 
 

 

 

 
 

 127,414,622
 127,003,297
 7.50% 

1314




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20182019



Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)               
        
Diversified Software      
Acronis International GmbH (Switzerland) First Lien Term Loan LIBOR (Q) 1.00% 11.50%Cash+2.00% PIK
 16.31% 7/16/2020 $15,196,285
 $15,200,725
 $15,196,285
 0.94 % H/N
ArcServe (USA), LLC Second Lien Term Loan LIBOR (Q) 0.50% 8.50% Cash+1.25% PIK
 12.55% 1/31/2020 $31,075,558
 30,932,264
 30,997,869
 1.91 % N
Autoalert, LLC First Lien Incremental Term Loan LIBOR (Q) 0.25% 5.75% Cash+3.00% PIK
 11.19% 12/31/2020 $37,886,155
 37,654,959
 38,113,472
 2.35 % N
Autoalert, LLC First Lien Term Loan LIBOR (Q) 0.25% 5.75% Cash+3.00% PIK
 11.19% 12/31/2020 $14,993,418
 14,790,062
 15,083,378
 0.93 % N
Bond International Software, Inc. (United Kingdom) First Lien Term Loan LIBOR (M) 1.00% 10.00% 12.40% 11/4/2021 $26,358,696
 25,955,777
 25,122,473
 1.55 % H/N
Certify, Inc. First Lien FILO Term Loan LIBOR (M) 1.00% 6.25% 8.77% 1/30/2022 $15,863,835
 15,632,297
 15,625,877
 0.96 % N
DealerFX, Inc. First Lien Term Loan LIBOR (Q) —
 6.25% Cash+2.00% PIK
 11.06% 2/1/2023 $16,016,055
 15,742,618
 16,118,558
 0.99 % N
ECI Macola/Max Holding, LLC Second Lien Term Loan LIBOR (Q) 1.00% 8.00% 10.80% 9/19/2025 $24,840,563
 24,634,138
 24,343,752
 1.50 % N
Fishbowl, Inc. First Lien Term Loan LIBOR (Q) —
 4.80% Cash+8.45% PIK
 16.06% 1/26/2022 $21,976,505
 21,542,497
 20,751,314
 1.28 % N
iCIMS, Inc. First Lien Term Loan LIBOR (Q) 1.00% 6.50% 9.02% 9/12/2024 $7,851,765
 7,699,495
 7,698,655
 0.47 % N
iCIMS, Inc. Sr Secured Revolver LIBOR (Q) 1.00% 6.50% 9.02% 9/12/2024 $—
 (9,323) (9,569) —
 K/N
JAMF Holdings, Inc. First Lien Term Loan LIBOR (Q) 1.00% 8.00% 10.61% 11/13/2022 $14,160,797
 13,927,609
 13,990,868
 0.86 % N
JAMF Holdings, Inc. Sr Secured Revolver LIBOR (Q) 1.00% 8.00% 10.61% 11/13/2022 $—
 (18,815) (14,569) —
 K/N
Lithium Technologies, LLC First Lien Term Loan LIBOR (M) 1.00% 8.00% 10.39% 10/3/2022 $20,884,731
 20,520,511
 20,529,691
 1.26 % N
Lithium Technologies, LLC Sr Secured Revolver LIBOR (M) 1.00% 8.00% 10.39% 10/3/2022 $—
 (25,897) (25,978) —
 K/N
Lithium Technologies, LLC First Lien Incremental Term Loan LIBOR (M) 1.00% 8.00% 10.39% 10/3/2022 $7,131,905
 6,977,108
 7,010,663
 0.43 % N
Lithium Technologies, LLC Sr Secured Revolver LIBOR (M) 1.00% 8.00% 10.39% 10/3/2022 $—
 (9,610) (7,739) —
 K/N
Space Midco, Inc. (Archibus) First Lien Term Loan LIBOR (M) —
 6.25% 8.69% 12/5/2023 $4,444,444
 4,356,066
 4,355,556
 0.27 % N
Space Midco, Inc. (Archibus) Sr Secured Revolver LIBOR (M) —
 6.25% 8.69% 12/5/2023 $—
 (5,473) (5,556) —
 K/N
Team Software, Inc. First Lien Revolver LIBOR (Q) —
 5.50% 8.31% 9/17/2023 $—
 (49,632) (49,508) —
 K/N
Team Software, Inc. First Lien Term Loan LIBOR (Q) —
 5.50% 8.31% 9/17/2023 $13,167,038
 12,979,534
 12,981,383
 0.80 % N
Telarix, Inc. First Lien Term Loan LIBOR (M) 1.00% 6.00% 8.47% 11/19/2023 $7,500,000
 7,388,692
 7,387,500
 0.45 % N
Telarix, Inc. Sr Secured Revolver LIBOR (M) 1.00% 6.00% 8.47% 11/19/2023 $—
 (5,231) (5,357) —
 K/N
Tradeshift Holdings, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) LIBOR (Q) —
 8.88% 11.63% 9/1/2020 $19,117,528
 18,692,528
 19,569,008
 1.20 % L/N
Utilidata, Inc. First Lien Delayed Draw Term Loan (4.0% Exit Fee) LIBOR (Q) —
 9.88% 12.63% 6/1/2019 $1,973,398
 1,955,853
 1,888,937
 0.12 % L/N
Xactly Corporation First Lien Incremental Term Loan LIBOR (Q) 1.00% 7.25% 9.78% 7/31/2022 $2,726,918
 2,680,492
 2,726,918
 0.17 % N
Xactly Corporation First Lien Term Loan LIBOR (Q) 1.00% 7.25% 9.78% 7/31/2022 $16,397,517
 16,146,078
 16,397,517
 1.01 % N
Xactly Corporation Sr Secured Revolver LIBOR (Q) 1.00% 7.25% 9.78% 7/31/2022 $—
 (20,188) —
 —
 K/N
                315,265,134
 315,771,398
 19.45 %  
Educational Support Services      
Edmentum, Inc. First Lien Term Loan B LIBOR (Q) —
 8.50% 11.03% 6/9/2021 $6,187,476
 5,276,592
 6,187,478
 0.38 % B/N
Edmentum, Inc. Junior Revolving Facility Fixed —
 5.00% 5.00% 6/9/2020 $1,153,071
 1,153,071
 1,153,076
 0.07 % B/N
Edmentum, Inc. Second Lien Term Loan Fixed —
 7.00% PIK
 7.00% 12/8/2021 $7,719,061
 7,719,061
 7,719,069
 0.47 % B/N
Edmentum Ultimate Holdings, LLC Sr PIK Notes Fixed —
 8.50% 8.50% 6/9/2020 $3,375,453
 3,375,453
 3,375,453
 0.21 % B/N
Edmentum Ultimate Holdings, LLC Jr PIK Notes Fixed —
 10.00% 10.00% 6/9/2020 $15,931,540
 15,700,810
 11,152,078
 0.69 % B/N
                33,224,987
 29,587,154
 1.82 %  
Electronic Component Manufacturing      
Adesto Technologies Corporation First Lien Term Loan LIBOR (Q) 1.00% 8.75% 11.56% 5/8/2022 $17,816,424
 16,762,198
 16,979,052
 1.04 % N
Soraa, Inc. Tranche A Term Loan (4.33% Exit Fee) LIBOR (Q) 0.44% 9.33% 12.15% 12/31/2019 $5,425,530
 5,345,178
 5,042,759
 0.31 % L/N
                22,107,376
 22,021,811
 1.35 %  
                       
                       

14




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2018


Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)               
 

 

 

  
Equipment Leasing      
36th Street Capital Partners Holdings, LLC Senior Note Fixed —
 12.00% 12.00% 11/1/2020 $27,839,419
 $27,839,419
 $27,839,419
 1.71 % E/F/N
                       
Financial Investment Activities      
Aretec Group, Inc. (Cetera) Second Lien Term Loan LIBOR (M) —
 8.25% 10.77% 10/1/2026 $27,105,263
 26,835,011
 26,969,737
 1.66 % N
Credit Suisse AG (Cayman Islands) Asset-Backed Credit Linked Notes LIBOR (M) —
 9.50% 11.80% 4/12/2025 $38,000,000
 38,000,000
 36,540,800
 2.25 % H/I/N
HighTower Holding, LLC Second Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 8.25% 10.77% 1/31/2026 $—
 (123,019) (135,726) (0.01)% K/N
HighTower Holding, LLC Second Lien Term Loan LIBOR (M) 1.00% 8.25% 10.64% 1/31/2026 $15,080,645
 14,696,998
 14,748,871
 0.91 % N
Institutional Shareholder Services, Inc. Second Lien Term Loan LIBOR (Q) 1.00% 7.75% 10.55% 10/16/2025 $4,333,333
 4,314,098
 4,268,333
 0.26 % N
                83,723,088
 82,392,015
 5.07 %  
Health Care      
Pacific Coast Holdings Investment, LLC (KPC Healthcare) First Lien Term Loan LIBOR (M) 1.00% 7.50% 10.02% 2/14/2021 $29,288,064
 29,037,391
 29,727,385
 1.83 % N
                       
Insurance      
2-10 Holdco, Inc. First Lien Term Loan LIBOR (M) —
 6.25% 8.77% 10/31/2024 $4,583,333
 4,493,433
 4,491,667
 0.28 % N
2-10 Holdco, Inc. Sr Secured Revolver LIBOR (M) —
 6.25% 8.77% 10/31/2024 $—
 (8,102) (8,333) —
 K/N
Higginbotham Insurance Agency, Inc. Second Lien Term Loan LIBOR (M) 1.00% 7.25% 9.76% 12/19/2025 $16,417,578
 16,312,313
 16,253,402
 1.00 % N
IAS Investco, Inc. First Lien Delayed Draw Term Loan A LIBOR (M) 1.00% 5.50% 8.02% 1/24/2021 $5,610,000
 5,569,506
 5,565,120
 0.34 % N
IAS Investco, Inc. First Lien Delayed Draw Term Loan B LIBOR (M) 1.00% 5.50% 8.02% 1/24/2021 $600,000
 588,544
 586,286
 0.04 % N
IAS Investco, Inc. First Lien Term Loan LIBOR (M) 1.00% 5.50% 8.02% 1/24/2021 $4,178,571
 4,148,342
 4,145,143
 0.26 % N
US Apple Holdco, LLC (Ventiv Technology) First Lien FILO Term Loan LIBOR (Q) 1.00% 7.96% 10.57% 8/15/2020 $20,151,515
 20,017,875
 20,092,068
 1.24 % N
US Apple Holdco, LLC (Ventiv Technology) First Lien Incremental Tranche B FILO Term Loan LIBOR (Q) 1.00% 7.96% 10.57% 8/15/2020 $4,371,000
 4,329,254
 4,358,106
 0.27 % N
US Apple Holdco, LLC (Ventiv Technology) First Lien Incremental Tranche B FILO Term Loan LIBOR (Q) 1.00% 7.00% 9.81% 8/15/2020 $12,000,000
 11,941,059
 11,964,600
 0.74 % N
                67,392,224
 67,448,059
 4.17 %  
Lessors of Nonfinancial Licenses      
ABG Intermediate Holdings 2, LLC (Authentic Brands) Second Lien Term Loan LIBOR (M) 1.00% 7.75% 10.27% 9/29/2025 $15,000,000
 14,897,544
 14,775,000
 0.91 % N
Kenneth Cole Productions, Inc. First Lien FILO Term Loan LIBOR (Q) 1.00% 7.75% 10.31% 12/28/2023 $24,445,537
 24,261,768
 24,449,204
 1.50 % N
PSEB, LLC (Eddie Bauer) First Lien FILO II Term Loan Prime —
 7.25% 12.75% 10/12/2023 $10,793,402
 10,503,078
 10,496,583
 0.65 % N
PSEB, LLC (Eddie Bauer) First Lien Term Loan Prime —
 7.00% 12.25% 10/12/2023 $41,374,706
 40,270,155
 40,236,902
 2.48 % N
                89,932,545
 89,957,689
 5.54 %  
Management, Scientific, and Technical Consulting Services      
Dodge Data & Analytics, LLC First Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 7.00% 9.81% 5/1/2020 $939,723
 937,704
 938,078
 0.06 % N
Dodge Data & Analytics, LLC First Lien Term Loan LIBOR (Q) 1.00% 7.00% 9.81% 5/1/2020 $38,013,149
 37,925,182
 37,946,626
 2.33 % N
                38,862,886
 38,884,704
 2.39 %  
Metal Manufacturing      
Neenah Foundry Company First Lien Term Loan B LIBOR (Q) —
 6.50% 9.12% 12/13/2022 $5,218,642
 5,173,487
 5,166,455
 0.32 % N
                       
Motion Picture and Video Industries      
NEG Holdings, LLC (CORE Entertainment, Inc.) First Lien Term Loan LIBOR (Q) 1.00% 8.00% PIK
 10.80% 10/17/2022 $1,574,099
 1,574,099
 1,574,099
 0.10 % B/N
                       
                       
                       
                       
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)      
Diversified Telecommunication Services      
American Broadband Holding Company First Lien Term Loan LIBOR(M) 1.25% 7.25% 9.05% 10/25/2022 $15,395,873
 $15,151,000
 $15,796,166
 0.93% N
ECI Macola/Max Holding, LLC Second Lien Term Loan LIBOR(Q) 1.00% 8.00% 9.94% 9/29/2025 $24,840,563
 24,660,905
 24,571,540
 1.45%  
Securus Technologies, Inc. Second Lien Term Loan LIBOR(M) 1.00% 8.25% 10.05% 11/1/2025 $25,846,154
 25,648,456
 12,509,538
 0.74%  
TPC Intermediate Holdings, LLC First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 6.00% 7.94% 5/15/2023 $799,588
 787,670
 796,310
 0.05% N
TPC Intermediate Holdings, LLC First Lien Incremental Delayed Draw Term Loan LIBOR(Q) 1.00% 6.00% 7.94% 5/15/2020 $525,686
 519,722
 522,453
 0.03% N
TPC Intermediate Holdings, LLC First Lien Incremental Delayed Draw Term Loan A LIBOR(Q) 1.00% 6.00% 7.94% 10/31/2020 $—
 —
 (16,811) —
 K/N
Telarix, Inc. First Lien Term Loan LIBOR(M) 1.00% 6.00% 7.80% 11/19/2023 $7,443,750
 7,348,457
 7,349,959
 0.43% N
Telarix, Inc. Sr Secured Revolver LIBOR(M) 1.00% 6.00% 7.80% 11/19/2023 $178,571
 174,365
 174,071
 0.01% N
                74,290,575
 61,703,226
 3.64%  
Electric Utilities      
Conergy Asia & ME Pte. Ltd (Singapore) First Lien Term Loan Fixed —
 10.00% 10.00% 5/26/2020 $1,773,807
 1,773,807
 1,207,785
 0.07% F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Bank Guarantee Credit Facility Fixed —
 —
 0.00% 5/26/2020 $6,578,877
 6,578,877
 3,289,438
 0.19% C/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Revolving Credit Facility Fixed —
 —
 0.00% 5/26/2020 $8,668,850
 8,668,850
 2,208,823
 0.13% C/F/H/N
Utilidata, Inc. First Lien Delayed Draw Term Loan (4.0% Exit Fee) LIBOR(Q) —
 9.88% 11.81% 7/1/2020 $1,033,398
 1,024,722
 942,562
 0.06% L/N
                18,046,256
 7,648,608
 0.45%  
Electrical Equipment        
TCFI Amteck Holdings, LLC First Lien Delayed Draw Term Loan LIBOR(M) —
 8.25% 9.75% 5/22/2023 $497,143
 490,068
 497,143
 0.03% N
TCFI Amteck Holdings, LLC First Lien Term Loan LIBOR(M) —
 8.25% 9.75% 5/22/2023 $16,237,115
 16,003,295
 16,237,115
 0.96% N

 
 
 

 

 

 
 

 16,493,363
 16,734,258
 0.99% 
Energy Equipment and Services        
GlassPoint Solar, Inc. First Lien Term Loan (4.0% Exit Fee) LIBOR(Q) —
 8.50% 10.44% 12/31/2020 $4,167,831
 4,147,728
 3,999,033
 0.24% L/N
GlassPoint Solar, Inc. First Lien Term Loan (5.0% Exit Fee) LIBOR(Q) —
 11.44% 13.38% 12/31/2020 $2,276,123
 2,204,998
 2,226,731
 0.13% L/N
Sphera Solutions, Inc. (Diamondback) First Lien FILO Term Loan B LIBOR(Q) 2.00% 8.81% 10.81% 6/14/2022 $23,614,465
 23,255,646
 23,371,236
 1.38% N
                29,608,372
 29,597,000
 1.75%  
Health Care Technology 
 
 
 
CAREATC, Inc. First Lien Term Loan LIBOR(M) —
 7.25% 9.14% 3/14/2024 $8,502,033
 8,351,441
 8,483,328
 0.50% N
CAREATC, Inc. Sr Secured Revolver LIBOR(M) —
 7.25% 9.14% 3/14/2024 $—
 (10,223) (1,336) —
 K/N
Patient Point Network Solutions, LLC Sr Secured Revolver LIBOR(Q) 1.00% 7.50% 9.44% 6/26/2022 $264,285
 261,418
 262,347
 0.02% N
Patient Point Network Solutions, LLC First Lien Incremental Term Loan LIBOR(Q) 1.00% 7.50% 9.44% 6/26/2022 $1,239,799
 1,229,504
 1,234,344
 0.07% N
Patient Point Network Solutions, LLC First Lien Term Loan LIBOR(Q) 1.00% 7.50% 9.44% 6/26/2022 $6,432,648
 6,389,679
 6,404,344
 0.38% N
Sandata Technologies, LLC First Lien Term Loan LIBOR(Q) —
 6.00% 8.00% 7/23/2024 $20,250,000
 19,961,722
 19,942,200
 1.18% N
Sandata Technologies, LLC Sr Secured Revolver LIBOR(Q) —
 6.00% 8.00% 7/23/2024 $—
 (30,795) (34,200) —
 K/N

 
 
 

 

 

 
 

 36,152,746
 36,291,027
 2.15% 
                       
                       
                       
                       
                       
                       
                       

 
 
 
 
 
 
 
 
 
 
 
                       
                       
                       

15




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20182019



Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)        
Other Information Services      
Discoverorg, LLC Second Lien Incremental Term Loan LIBOR (Q) 1.00% 8.50% 11.03% 2/26/2024 $3,419,277
 $3,404,541
 $3,435,005
 0.21 % N
Discoverorg, LLC Second Lien Term Loan LIBOR (Q) 1.00% 8.50% 11.03% 2/26/2024 $12,839,252
 12,738,498
 12,898,312
 0.79 % N
                16,143,039
 16,333,317
 1.00 %  
Other Manufacturing      
AGY Holding Corp. Sr Secured Term Loan Fixed —
 12.00% 12.00% 5/18/2020 $4,869,577
 4,869,577
 4,869,577
 0.30 % B/N
AGY Holding Corp. Second Lien Notes Fixed —
 11.00% 11.00% 11/15/2020 $9,777,740
 8,096,057
 9,777,740
 0.60 % B/E/N
AGY Holding Corp. Delayed Draw Term Loan Fixed —
 12.00% 12.00% 5/18/2020 $1,049,146
 1,049,146
 1,049,147
 0.06 % B/N
                14,014,780
 15,696,464
 0.96 %  
Other Real Estate Activities      
Greystone Select Holdings, LLC First Lien Term Loan LIBOR (M) 1.00% 8.00% 10.51% 4/17/2024 $25,076,693
 24,873,125
 25,828,994
 1.59 % N
                

 

 

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

 

 

 

  
Hotels, Restaurants and Leisure        
Fishbowl, Inc. First Lien Term Loan LIBOR(Q) —
 2.80% Cash+8.45% PIK
 13.25% 1/26/2022 $24,564,304
 $24,250,372
 $22,591,790
 1.33% N
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Incremental Term Loan LIBOR(Q) 1.00% 6.25% 8.20% 12/20/2021 $5,678,264
 5,678,264
 5,735,615
 0.34% N
Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Term Loan LIBOR(Q) 1.00% 6.25% 8.20% 12/20/2021 $13,583,579
 13,524,243
 13,720,773
 0.81% N
Pegasus Business Intelligence, LP (Onyx Centersource) Revolver LIBOR(Q) 1.00% 6.25% 8.20% 12/20/2021 $—
 (2,686) —
 —
 K/N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Term Loan LIBOR(Q) 1.00% 6.50% Cash+2.00% PIK
 10.44% 3/31/2022 $2,395,992
 2,373,398
 2,443,913
 0.14% N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Incremental Term Loan LIBOR(Q) 1.00% 6.50% Cash+2.00% PIK
 10.44% 3/31/2022 $142,889
 141,895
 145,747
 0.01% N
VSS-Southern Holdings, LLC (Southern Theatres) First Lien Incremental Term Loan LIBOR(Q) 1.00% 6.50% 8.44% 3/31/2022 $550,909
 550,909
 561,927
 0.03% N
VSS-Southern Holdings, LLC (Southern Theatres) Sr Secured Revolver LIBOR(Q) 1.00% 6.50% Cash+2.00% PIK
 10.44% 3/31/2022 $—
 (6,733) —
 —
 K/N
              

 46,509,662
 45,199,765
 2.66%  
Insurance        
2-10 Holdco, Inc. First Lien Term Loan LIBOR(M) —
 6.25% 8.05% 10/31/2024 $4,537,500
 4,461,178
 4,479,420
 0.26% N
2-10 Holdco, Inc. Sr Secured Revolver LIBOR(M) —
 6.25% 8.05% 10/31/2024 $—
 (6,724) (5,333) —
 K/N
Higginbotham Insurance Agency, Inc. Second Lien Term Loan LIBOR(M) 1.00% 7.50% 9.30% 12/19/2025 $28,000,000
 27,801,191
 27,860,000
 1.64% N
IAS Investco, Inc. First Lien Delayed Draw Term Loan A LIBOR(M) 1.00% 5.50% 7.30% 1/24/2021 $5,318,571
 5,296,361
 5,295,702
 0.31% N
IAS Investco, Inc. First Lien Delayed Draw Term Loan B LIBOR(M) 1.00% 5.50% 7.30% 1/24/2021 $1,714,286
 1,708,138
 1,706,914
 0.10% N
IAS Investco, Inc. First Lien Incremental Term Loan LIBOR(M) 1.00% 5.50% 7.30% 1/24/2021 $6,020,424
 6,002,687
 5,994,536
 0.35% N
IAS Investco, Inc. First Lien Term Loan LIBOR(M) 1.00% 5.50% 7.30% 1/24/2021 $3,934,469
 3,918,004
 3,917,550
 0.23% N
              

 49,180,835
 49,248,789
 2.89%  
Internet and Catalog Retail 

 

 

 
Live Auctioneers LLC First Lien Last Out B-2 Term Loan LIBOR(M) —
 6.76% 8.56% 5/20/2025 $13,960,362
 13,698,968
 13,635,085
 0.79% N
                

 

 

  
Internet Software and Services        
Acquia Inc. First Lien Term Loan LIBOR(Q) —
 7.00% 8.91% 11/1/2025 $16,648,997
 16,321,473
 16,345,985
 0.96% N
Acquia Inc. Sr Secured Revolver LIBOR(Q) —
 7.00% 8.91% 11/1/2025 $—
 (35,084) (32,829) —
 K/N
Domo, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) LIBOR(M) —
 5.63% Cash+2.50% PIK
 9.94% 10/1/2022 $52,127,502
 51,828,896
 51,270,531
 3.03% L/N
FinancialForce.com, Inc. First Lien Delayed Draw Term Loan (3.0% Exit Fee) LIBOR(Q) 2.75% 6.75% 9.50% 2/1/2024 $28,000,000
 27,522,676
 28,464,800
 1.68% L/N
Foursquare Labs, Inc. First Lien Term Loan (5.0% Exit Fee) LIBOR(Q) —
 7.25% 9.19% 10/1/2022 $33,750,000
 33,445,277
 33,237,000
 1.96% L/N
InMobi, Inc. (Singapore) First Lien Term Loan LIBOR(Q) 1.37% 8.13% 10.06% 9/30/2021 $30,906,865
 30,717,380
 30,545,254
 1.80% H/N
Quartz Holding Company (Quick Base) Second Lien Term Loan LIBOR(M) —
 8.00% 9.71% 4/2/2027 $9,903,019
 9,708,757
 9,878,261
 0.58% N
ResearchGate GmBH (Germany) First Lien Term Loan (4.0% Exit Fee) EURIBOR(M) —
 8.55% 8.55% 10/1/2022 €7,500,000
 7,856,974
 7,952,439
 0.47% D/H/L/N
              

 177,366,349
 177,661,441
 10.48%  
IT Services        
Apptio, Inc. First Lien Term Loan LIBOR(M) 1.00% 7.25% 8.96% 1/10/2025 $11,812,993
 11,598,319
 11,567,282
 0.68% N
Apptio, Inc. Sr Secured Revolver LIBOR(M) 1.00% 7.25% 8.96% 1/10/2025 $—
 (12,904) (16,000) —
 K/N
Donuts Inc. First Lien Revolver LIBOR(M) 1.00% 6.25% 8.15% 9/17/2023 $373,849
 350,320
 364,746
 0.02% N
Donuts Inc. First Lien Term Loan LIBOR(Q) 1.00% 6.25% 8.19% 9/17/2023 $10,910,690
 10,653,623
 10,814,676
 0.64% N
Web.com Group Inc. Second Lien Term Loan LIBOR(M) —
 7.75% 9.49% 10/11/2026 $16,280,678
 16,166,395
 15,715,983
 0.93% G/J
Xactly Corporation First Lien Incremental Term Loan B LIBOR(M) 1.00% 7.25% 9.05% 7/31/2022 $4,996,644
 4,913,115
 4,990,148
 0.29% N
Xactly Corporation First Lien Incremental Term Loan LIBOR(M) 1.00% 7.25% 9.05% 7/31/2022 $2,726,918
 2,692,315
 2,723,373
 0.16% N
Xactly Corporation First Lien Term Loan LIBOR(M) 1.00% 7.25% 9.05% 7/31/2022 $16,397,517
 16,210,453
 16,376,200
 0.97% N
Xactly Corporation Sr Secured Revolver LIBOR(M) 1.00% 7.25% 9.05% 7/31/2022 $—
 (14,579) (1,827) —
 K/N
              

 62,557,057
 62,534,581
 3.69%  

16




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20182019



Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)        
Scientific Research and Development Services      
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) First Lien Term Loan LIBOR (Q) —
 5.75% 8.55% 4/29/2020 $1,857,267
 $1,747,856
 $1,792,262
 0.11 % H/N
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) Second Lien Term Loan LIBOR (Q) —
 7.75% 10.55% 4/29/2020 $4,189,589
 2,787,441
 3,906,792
 0.24 % H/N
Envigo Holdings, Inc. (BPA Laboratories, Inc.) (United Kingdom) First Lien Term Loan LIBOR (M) 1.00% 8.50% 10.93% 11/3/2021 $34,494,622
 34,071,469
 32,769,891
 2.02 % G/H/N
                38,606,766
 38,468,945
 2.37 %  
Support Activities for Rail Transportation      
Florida East Coast Industries, LLC First Lien Term Loan B LIBOR (M) —
 6.50% 8.93% 12/13/2021 $3,214,286
 3,150,403
 3,182,143
 0.20 % N
                       
Traveler Arrangement      
CIBT Solutions, Inc. Second Lien Term Loan LIBOR (Q) 1.00% 7.75% 10.55% 6/1/2025 $7,611,914
 7,544,882
 7,516,765
 0.46 % G/N
                       
Utility System Construction      
Conergy Asia & ME Pte. Ltd (Singapore) First Lien Term Loan Fixed —
 10.00% 10.00% 5/26/2020 $1,773,807
 1,773,807
 1,773,807
 0.11 % F/H/N
GlassPoint Solar, Inc. First Lien Term Loan (4.0% Exit Fee) LIBOR (Q) —
 8.50% 11.25% 8/1/2020 $5,434,622
 5,387,085
 5,355,005
 0.33 % L/N
GlassPoint Solar, Inc. First Lien Term Loan (5.0% Exit Fee) LIBOR (Q) —
 11.44% 14.19% 8/1/2020 $2,951,368
 2,798,858
 2,958,156
 0.18 % L/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Bank Guarantee Credit Facility Fixed —
 0.00% 0.00% 5/26/2020 $14,155,971
 14,155,971
 11,682,923
 0.72 % C/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Revolving Credit Facility Fixed —
 0.00% 0.00% 5/26/2020 $8,668,850
 8,668,850
 2,922,269
 0.18 % C/F/H/N
                32,784,571
 24,692,160
 1.52 %  
Wholesalers      
FreePoint Commodities, LLC Second Lien Term Loan LIBOR (M) 1.00% 8.25% 10.71% 6/13/2023 $15,000,000
 14,855,083
 14,875,500
 0.92 % N
                       
Wired Telecommunications Carriers      
American Broadband Holding Company First Lien Term Loan LIBOR (Q) 1.25% 7.75% 10.55% 10/25/2022 $17,500,308
 17,152,164
 17,363,805
 1.07 % N
TPC Intermediate Holdings, LLC First Lien Delayed Draw Term Loan LIBOR (Q) 1.00% 6.00% 8.80% 5/15/2023 $807,706
 789,592
 794,042
 0.05 % N
                17,941,756
 18,157,847
 1.12 %  
                       
Total Debt Investments 1,526,248,949
 1,515,109,263
 93.22 %  
Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)      
Leisure Products        
Blue Star Sports Holdings, Inc. First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 5.75% 7.76% 6/15/2024 $55,556
 $54,693
 $53,556
 —
 N
Blue Star Sports Holdings, Inc. First Lien Revolver LIBOR(M) 1.00% 5.75% 7.55% 6/15/2024 $111,111
 108,557
 105,111
 0.01% N
Blue Star Sports Holdings, Inc. First Lien Term Loan LIBOR(M) 1.00% 5.75% 7.55% 6/15/2024 $1,504,611
 1,480,597
 1,450,445
 0.09% N
Machine Zone, Inc. First Lien Term Loan (10.0% Exit Fee) LIBOR(M) —
 13.50% 15.20% 2/1/2021 $5,672,712
 5,637,816
 5,588,188
 0.33% L/N
              

 7,281,663
 7,197,300
 0.43%  
Media        
Bisnow, LLC First Lien Revolver LIBOR(Q) —
 7.50% 9.63% 9/21/2022 $—
 (10,270) —
 —
 K/N
Bisnow, LLC First Lien Term Loan LIBOR(Q) —
 7.50% 9.63% 9/21/2022 $10,557,386
 10,446,491
 10,628,121
 0.63% N
Khoros, LLC (Lithium) Sr Secured Revolver LIBOR(Q) 1.00% 8.00% 10.04% 10/3/2022 $—
 (7,100) (5,736) —
 K/N
Khoros, LLC (Lithium) Sr Secured Revolver LIBOR(Q) 1.00% 8.00% 10.04% 10/3/2022 $—
 (19,127) (19,255) —
 K/N
Khoros, LLC (Lithium) First Lien Incremental Term Loan LIBOR(Q) 1.00% 8.00% 10.04% 10/3/2022 $7,131,905
 7,016,707
 7,042,043
 0.42% N
Khoros, LLC (Lithium) First Lien Term Loan LIBOR(Q) 1.00% 8.00% 10.04% 10/3/2022 $20,884,731
 20,616,273
 20,621,583
 1.22% N
NEP II, Inc. Second Lien Term Loan LIBOR(M) —
 7.00% 8.80% 10/19/2026 $25,000,000
 24,753,355
 22,687,500
 1.34% G
Quora, Inc. First Lien Term Loan (4.0% Exit Fee) Fixed —
 10.10% 10.10% 5/1/2022 $12,692,602
 12,528,197
 12,709,103
 0.75% L/N
              

 75,324,526
 73,663,359
 4.36%  
Metal and Mining        
Neenah Foundry Company First Lien Term Loan B LIBOR(M) —
 6.50% 8.35% 12/13/2022 $4,943,976
 4,909,287
 4,845,097
 0.29%  
         
Oil, Gas and Consumable Fuels        
Iracore International, Inc. First Lien Term Loan LIBOR(M) 1.00% 9.00% 10.88% 4/13/2021 $1,635,903
 1,635,902
 1,635,903
 0.10% B/N
                       
Pharmaceuticals        
Cambrex Corporation Second Lien Term Loan LIBOR(M) 1.00% 9.00% 10.70% 12/6/2027 $15,441,176
 15,133,798
 15,363,971
 0.91% N
P&L Development, LLC First Lien Term Loan LIBOR(Q) 2.00% 7.50% 9.50% 6/28/2024 $8,645,000
 8,447,637
 8,601,775
 0.51% G/N
                23,581,435
 23,965,746
 1.42%  
Professional Services 

 

 

  
Applause App Quality, Inc. First Lien Term Loan LIBOR(Q) 1.00% 5.00% 6.93% 9/20/2022 $20,772,306
 20,522,294
 20,851,241
 1.23% N
Applause App Quality, Inc. Sr Secured Revolver LIBOR(Q) 1.00% 5.00% 6.93% 9/20/2022 $—
 (16,489) —
 —
 K/N
CIBT Solutions, Inc. Second Lien Term Loan LIBOR(Q) 1.00% 7.75% 9.69% 6/1/2025 $7,611,914
 7,551,528
 7,155,199
 0.42% G/N
Discoverorg, LLC Second Lien Term Loan LIBOR(M) —
 8.50% 10.19% 2/1/2027 $15,000,000
 14,795,054
 15,075,000
 0.89% G
Dude Solutions Holdings, Inc. Sr Secured Revolver LIBOR(M) 1.00% 7.00% 8.80% 6/13/2025 $—
 (45,365) (40,404) —
 K/N
Dude Solutions Holdings, Inc. First Lien Term Loan LIBOR(M) 1.00% 7.00% 8.80% 6/13/2025 $16,927,201
 16,566,086
 16,617,434
 0.98% N
iCIMS, Inc. Sr Secured Revolver LIBOR(M) 1.00% 6.50% 8.29% 9/12/2024 $—
 (7,699) (11,385) —
 K/N
iCIMS, Inc. First Lien Term Loan LIBOR(M) 1.00% 6.50% 8.29% 9/12/2024 $9,482,016
 9,315,912
 9,262,034
 0.55% N
Institutional Shareholder Services, Inc. Second Lien Term Loan LIBOR(Q) —
 8.50% 10.44% 3/5/2026 $5,820,856
 5,658,368
 5,588,022
 0.33% N
STG-Fairway Acquisitions, Inc.(First Advantage) Second Lien Term Loan LIBOR(M) 1.00% 9.25% 11.05% 6/30/2023 $31,000,000
 30,701,658
 31,000,000
 1.83% N
              

 105,041,347
 105,497,141
 6.23%  
Real Estate Management and Development        
Florida East Coast Industries, LLC First Lien Term Loan B LIBOR(M) —
 6.75% 8.51% 12/13/2021 $2,321,694
 2,289,777
 2,310,086
 0.14% N
Florida East Coast Industries, LLC First Lien Incremental Lien Term Loan B LIBOR(M) —
 6.75% 8.51% 12/13/2021 $876,520
 869,946
 872,138
 0.05% N
Space Midco, Inc. (Archibus) First Lien Term Loan LIBOR(M) —
 6.25% 8.00% 12/5/2023 $4,444,444
 4,371,064
 4,371,111
 0.26% N
Space Midco, Inc. (Archibus) Sr Secured Revolver LIBOR(M) —
 6.25% 8.00% 12/5/2023 $—
 (4,371) (4,583) —
 K/N
              

 7,526,416
 7,548,752
 0.45%  
Road and Rail        
GlobalTranz Enterprises LLC Second Lien Term Loan LIBOR(M) 1.00% 8.25% 10.04% 5/15/2027 $19,382,324
 19,008,604
 18,796,978
 1.11% N

17




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20182019



Issuer Instrument         Expiration Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities                      
Advertising, Public Relations and Marketing
Foursquare Labs, Inc. Warrants to Purchase Series E Preferred Stock         5/4/2027 1,125,000
 $185,450
 $130,725
 0.01% C/E/N
InMobi, Inc. (Singapore) Warrants to Purchase Common Stock         8/15/2027 1,327,869
 212,360
 340,200
 0.02% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)         9/18/2025 1,049,996
 276,492
 558,388
 0.03% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)         10/3/2028 1,511,002
 93,407
 164,095
 0.01% C/E/H/N
                767,709
 1,193,408
 0.07%  
Air Transportation
Aircraft Leased to United Airlines, Inc.                    
United N659UA-767, LLC (N659UA) Trust Beneficial Interests           683
 2,527,274
 2,826,708
 0.17% E/F/N
United N661UA-767, LLC (N661UA) Trust Beneficial Interests           688
 2,608,991
 2,896,083
 0.18% E/F/N
Epic Aero, Inc (One Sky) Common Stock         
 1,842
 855,313
 5,030,670
 0.31% C/N
                5,991,578
 10,753,461
 0.66%  
Business Support Services
Findly Talent, LLC Membership Units           708,229
 230,938
 33,995
 —
 C/E/N
STG-Fairway Holdings, LLC (First Advantage) Class A Units           803,961
 325,432
 2,708,384
 0.17% C/E/N
                556,370
 2,742,379
 0.17%  
Chemicals
Green Biologics, Inc. Common Stock           34,761,145
 18,522,593
 3,670,777
 0.23
 B/C/E/H/N
Nanosys, Inc. Warrants to Purchase Preferred Stock         3/29/2023 800,000
 605,266
 814,640
 0.05
 C/E/N
                19,127,859
 4,485,417
 0.28%  
Computer Systems Design and Related Services
Fidelis Topco LP Warrants to Purchase Series A Preferred Units         7/20/2028 21,888,917
 —
 663,234
 0.04
 C/E/N
Fidelis Topco LP Warrants to Purchase Series B Preferred Units         7/20/2028 24,972,917
 —
 756,679
 0.05
 C/E/N
                —
 1,419,913
 0.09%  
Data Processing and Hosting Services
Anacomp, Inc. Class A Common Stock           1,255,527
 26,711,048
 1,418,746
 0.09
 C/E/F/N
Domo, Inc. Warrants to Purchase Common Stock         12/30/2027 33,993
 264,624
 296,840
 0.02
 C/E/N
Snaplogic, Inc. Warrants to Purchase Series Preferred Stock         3/19/2028 1,860,000
 377,722
 2,510,070
 0.15
 C/E/N
                27,353,394
 4,225,656
 0.26%  
Diversified Software
Actifio, Inc. Warrants to Purchase Series G Preferred Stock         5/5/2027 1,052,651
 188,770
 456,745
 0.03
 C/E/N
Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock         3/26/2027 1,712,930
 577,843
 647,316
 0.04
 C/E/N
Utilidata, Inc. Warrants to Purchase Preferred Stock         12/22/2022 719,998
 216,336
 9,936
 —
 C/E/N
                982,949
 1,113,997
 0.07%  
Educational Support Services
Edmentum Ultimate Holdings, LLC Class A Common Units           159,515
 680,226
 —
 —
 B/C/E/N
Edmentum Ultimate Holdings, LLC Warrants to Purchase Class A Units         2/23/2028 788,112
 —
 —
 —
 B/C/E/N
                680,226
 —
 —
  
                       
                       
                       
                       
Issuer Instrument Ref Floor Spread Total Coupon Maturity/Expiration Principal/Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Debt Investments (continued)                 
        
Software        
Certify, Inc. First Lien Delayed Draw Term Loan LIBOR(M) 1.00%
 5.75%
 7.55%
 2/28/2024 $1,594,315
 $1,547,623
 $1,537,877
 0.09% N
Certify, Inc. First Lien Term Loan LIBOR(M) 1.00%
 5.75%
 7.55%
 2/28/2024 $23,383,293
 23,292,776
 22,969,408
 1.36% N
Certify, Inc. Sr Secured Revolver LIBOR(M) 1.00%
 5.75%
 7.55%
 2/28/2024 $159,432
 143,495
 140,619
 0.01% N
JAMF Holdings, Inc. First Lien Incremental Term Loan LIBOR(Q) 1.00%
 7.00%
 8.91%
 11/13/2022 $3,606,829
 3,563,940
 3,606,829
 0.21% N
JAMF Holdings, Inc. First Lien Term Loan LIBOR(Q) 1.00%
 7.00%
 8.91%
 11/13/2022 $14,160,797
 13,978,598
 14,160,797
 0.84% N
JAMF Holdings, Inc. Sr Secured Revolver LIBOR(M) 1.00%
 7.00%
 8.80%
 11/13/2022 $—
 (14,355) —
 —
 K/N
Marketlive, LLC (Kibo) First Lien Term Loan LIBOR(Q) —
 8.00%
 9.91%
 12/18/2020 $5,076,516
 4,988,719
 4,989,707
 0.29% N
Rhode Holdings, Inc. (Kaseya) First Lien Delayed Draw Term Loan LIBOR(Q) 1.00%
 6.50%
 8.60%
 5/3/2025 $224,401
 193,557
 190,964
 0.01% N
Rhode Holdings, Inc. (Kaseya) First Lien Term Loan LIBOR(Q) 1.00%
 5.50% Cash+1.00% PIK
 8.72%
 5/3/2025 $14,362,948
 14,098,242
 14,084,307
 0.82% N
Rhode Holdings, Inc. (Kaseya) Sr Secured Revolver LIBOR(M) 1.00%
 6.50%
 8.30%
 5/3/2025 $689,257
 667,641
 665,857
 0.04% N
Snow Software AB First Lien Term Loan LIBOR(Q) 2.00%
 6.50%
 8.50%
 4/17/2024 $13,081,645
 12,846,264
 12,860,565
 0.76% N
Snow Software AB First Lien Incremental Term Loan LIBOR(Q) 2.00%
 6.50%
 8.50%
 4/17/2024 $14,557,807
 14,269,367
 14,311,780
 0.84% N
Snow Software AB Sr Secured Revolver LIBOR(Q) 2.00%
 6.50%
 8.50%
 4/17/2024 $1,744,219
 1,668,977
 1,670,526
 0.10% N
Winshuttle, LLC First Lien FILO Term Loan LIBOR(M) 1.00%
 8.42%
 10.22%
 8/9/2024 $14,007,952
 13,649,539
 13,665,177
 0.81% N
                104,894,383
 104,854,413
 6.18%  
Specialty Retail        
USR Parent, Inc. (Staples) First Lien FILO Term Loan LIBOR(M) 1.00% 8.84% 10.54% 9/12/2022 $6,410,930
 6,314,032
 6,404,519
 0.38% N
                       
Technology Hardware, Storage and Peripherals        
Pulse Secure, LLC Sr Secured Revolver LIBOR(M) 1.00% 7.00% 8.71% 5/1/2022 $—
 (9,446) (3,893) —
 K/N
Pulse Secure, LLC First Lien Term Loan LIBOR(M) 1.00% 7.00% 8.71% 5/1/2022 $11,142,879
 11,057,992
 11,110,565
 0.66% N
TierPoint, LLC Second Lien Term Loan LIBOR(M) 1.00% 7.25% 9.05% 5/5/2025 $2,880,000
 2,854,404
 2,558,405
 0.15%  
              

 13,902,950
 13,665,077
 0.81%  
Textiles, Apparel and Luxury Goods        
ABG Intermediate Holdings 2, LLC (Authentic Brands) Second Lien Term Loan LIBOR(M) 1.00% 7.75% 9.55% 9/29/2025 $11,967,243
 11,888,882
 11,987,228
 0.71%  
Kenneth Cole Productions, Inc. First Lien FILO Term Loan LIBOR(M) 1.00% 7.75% 9.50% 12/28/2023 $23,528,829
 23,383,523
 23,507,653
 1.39% N
PSEB, LLC (Eddie Bauer) First Lien FILO II Term Loan PRIME —
 7.25% 12.00% 10/12/2023 $10,793,402
 10,549,564
 10,793,402
 0.64% N
PSEB, LLC (Eddie Bauer) First Lien Term Loan LIBOR(Q) 1.50% 8.00% 9.91% 10/12/2023 $39,823,155
 38,936,624
 39,624,039
 2.34% N
WH Buyer, LLC (Anne Klein) First Lien Term Loan LIBOR(Q) 1.50% 6.75% 8.75% 7/16/2025 $27,664,640
 27,395,096
 27,410,125
 1.62% N
              

 112,153,689
 113,322,447
 6.70%  
Thrifts and Mortgage Finance        
Greystone Select Holdings, LLC First Lien Term Loan LIBOR(Q) 1.00% 8.00% 9.93% 4/17/2024 $24,826,865
 24,672,974
 25,571,671
 1.51% N
Home Partners of America, Inc. First Lien Delayed Draw Term Loan LIBOR(M) 1.00% 6.25% 8.05% 10/13/2022 $—
 —
 —
 —
 N
Home Partners of America, Inc. First Lien Term Loan LIBOR(M) 1.00% 6.25% 8.05% 10/13/2022 $2,857,143
 2,826,874
 2,857,145
 0.17% N
              

 27,499,848
 28,428,816
 1.68%  
Tobacco Related        
Juul Labs, Inc. First Lien Term Loan LIBOR(M) 1.50% 7.00% 8.90% 8/2/2023 $26,315,789
 26,067,931
 26,202,632
 1.55% N
                       
Total Debt Investments 1,564,445,871
 1,535,193,938
 90.60%  
                       
Equity Securities           
        
Airlines    
Epic Aero, Inc (One Sky) Common Stock           1,842
 855,313
 6,333,559
 0.38% C/N
United N659UA-767, LLC (N659UA) Trust Beneficial Interests           683
 2,165,433
 2,300,366
 0.14% E/F/N
United N661UA-767, LLC (N661UA) Trust Beneficial Interests           688
 2,225,361
 2,347,314
 0.14% E/F/N
              

 5,246,107
 10,981,239
 0.66%  
                       

18




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20182019



Issuer Instrument         Expiration Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities (continued)                      
Electronic Component Manufacturing
Adesto Technologies Corporation Warrants to Purchase Common Stock         5/8/2024 436,320
 $846,724
 $76,356
 —
 C/E/N
Soraa, Inc. Warrants to Purchase Common Stock         8/29/2024 3,071,860
 478,899
 207,658
 0.01% C/E/N
                1,325,623
 284,014
 0.01%  
Equipment Leasing
36th Street Capital Partners Holdings, LLC Membership Units           15,744,416
 15,744,416
 18,931,734
 1.16% E/F/N
                       
Financial Investment Activities
GACP I, LP (Great American Capital) Membership Units           5,919,194
 5,919,194
 6,590,430
 0.41% E/I/N
GACP II, LP (Great American Capital) Membership Units           16,861,296
 16,861,296
 17,308,120
 1.06% E/I/N
                22,780,490
 23,898,550
 1.47%  
Metal and Mineral Mining
EPMC HoldCo, LLC Membership Units           1,312,720
 —
 26,254
 —
 B/C/E/N
                       
Motion Picture and Video Industries
NEG Parent, LLC (Core Entertainment, Inc.) Class A Units           2,720,392
 2,772,807
 6,543,086
 0.40% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class A Warrants to Purchase Class A Units         10/17/2026 343,387
 196,086
 364,299
 0.02% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class B Warrants to Purchase Class A Units         10/17/2026 346,794
 198,032
 367,914
 0.02% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Litigation Trust Units           407
 —
 1,118,110
 0.07% B/C/N
                3,166,925
 8,393,409
 0.51%  
Other Information Services
SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock         4/29/2025 946,498
 79,082
 45,148
 —
 C/E/H/N
                       
Other Manufacturing
AGY Holding Corp. Common Stock           1,333,527
 —
 —
 —
 B/C/E/N
KAGY Holding Company, Inc. Series A Preferred Stock           9,778
 1,091,200
 969,224
 0.06% B/C/E/N
                1,091,200
 969,224
 0.06%  
Plastics Manufacturing
Iracore Investments Holdings, Inc. Class A Common Stock           16,207
 4,177,710
 1,375,243
 0.08% B/C/E/N
                       
Radio and Television Broadcasting
Fuse Media, LLC Warrants to Purchase Common Stock         8/3/2022 233,470
 300,322
 —
 —
 C/E/N
                       
Retail
Shop Holding, LLC (Connexity) Class A Units           507,167
 480,049
 —
 —
 C/E/N
                       
Satellite Telecommunications
Avanti Communications Group, PLC (United Kingdom) Common Stock           26,576,710
 4,902,674
 847,398
 0.05% C/D/H
                       
Issuer Instrument         Expiration Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities (continued)                 
        
Chemicals    
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
 —
 —
 B/C/E/N
                1,091,200
 —
 —
  
Communications Equipment    
Avanti Communications Group, PLC (United Kingdom) Common Stock           26,576,710
 4,902,674
 3,523
 —
 C/D/H/N
                       
Diversified Consumer Services    
Edmentum Ultimate Holdings, LLC Class A Common Units           159,515
 680,226
 1,433,968
 0.08% B/C/E/N
Edmentum Ultimate Holdings, LLC Warrants to Purchase Class A Units         2/23/2028 788,112
 1
 7,084,470
 0.42% B/C/E/N
                680,227
 8,518,438
 0.50%  
Diversified Financial Services    
36th Street Capital Partners Holdings, LLC Membership Units           22,199,416
 22,199,416
 31,682,859
 1.87% E/F/N/O
Conventional Lending TCP Holdings, LLC Membership Units           14,269,948
 14,269,948
 14,269,948
 0.84% E/F/I/N
GACP I, LP (Great American Capital) Membership Units           1,772,812
 1,772,812
 2,384,330
 0.14% E/I/N
GACP II, LP (Great American Capital) Membership Units           18,039,482
 18,039,482
 18,764,975
 1.11% E/I/N
              

 56,281,658
 67,102,112
 3.96%  
Diversified Telecommunication Services    
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) Common Shares           1,393
 3,236,256
 95,280
 0.01% C/D/E/H/N
                       
Electric Utilities    
Conergy Asia Holdings Limited (United Kingdom) Class B Shares           1,000,000
 1,000,000
 —
 —
 C/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom) Ordinary Shares           3,333
 7,833,333
 —
 —
 C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Ordinary Shares           2,332,594
 —
 —
 —
 C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Series B Preferred Shares           93,023
 1,395,349
 —
 —
 C/E/F/H/N
Utilidata, Inc. Warrants to Purchase Preferred Stock         12/22/2022 719,998
 216,336
 29,070
 —
 C/E/N
              

 10,445,018
 29,070
 —
  
Electronic Equipment, Instruments and Components 

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

 

 

  
Energy Equipment and Services    
GlassPoint Solar, Inc. Warrants to Purchase Series E Preferred Stock         2/7/2027 400,000
 248,555
 113,280
 0.01% C/E/N
GlassPoint Solar, Inc. Warrants to Purchase Series E Preferred Stock         2/7/2027 2,048,000
 505,450
 579,992
 0.03% C/E/N
                754,005
 693,272
 0.04%  

19




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 20182019



Issuer Instrument         Expiration Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities (continued)                      
Scientific Research and Development Services
Lions Holdings, Inc. (Envigo) (United Kingdom) Series A Warrants to Purchase Common Stock         4/29/2020 10,287
 $—
 $—
 —
 C/E/H/N
Lions Holdings, Inc. (Envigo) (United Kingdom) Series B Warrants to Purchase Common Stock         4/29/2020 16,494
 —
 —
 —
 C/E/H/N
                —
 —
 —
  
Utility System Construction      
Conergy Asia Holdings Limited (United Kingdom) Class B Shares           1,000,000
 1,000,000
 —
 —
 C/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom) Ordinary Shares           3,333
 7,833,333
 —
 —
 C/E/F/H/N
GlassPoint Solar, Inc. Warrants to Purchase Series D Preferred Stock         2/7/2027 448,000
 76,950
 50,714
 —
 C/E/N
GlassPoint Solar, Inc. Warrants to Purchase Series C-1 Preferred Stock         2/7/2027 400,000
 248,555
 221,320
 0.01% C/E/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Ordinary Shares           2,332,594
 —
 —
 —
 C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Series B Preferred Shares           93,023
 1,395,349
 —
 —
 C/E/F/H/N
                10,554,187
 272,034
 0.01%  
                       
Wired Telecommunications Carriers      
V Telecom Investment S.C.A. (Vivacom) (Luxembourg) Common Shares           1,393
 3,236,256
 1,199,288
 0.07% C/D/E/H/N
                       
                       
Total Equity Securities 123,299,019
 82,176,527
 5.06%  
         
Total Investments $1,649,547,968
 $1,597,285,790
    
                       
Cash and Cash Equivalents        
Cash Held on Account at Various Institutions               27,920,402
 1.72%  
Cash and Cash Equivalents   27,920,402
 1.72%  
                       
Total Cash and Investments $1,625,206,192
 100.00% M
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         6/28/2021 62,247
 $511,349
 $509,086
 0.03% C/E/N
FinancialForce.com, Inc. Warrants to Purchase Series C Preferred Stock         1/30/2029 840,000
 287,985
 271,044
 0.02% C/E/N
Foursquare Labs, Inc. Warrants to Purchase Series E Preferred Stock         5/4/2027 1,687,500
 297,361
 347,063
 0.02% C/E/N
InMobi, Inc. (Singapore) Warrants to Purchase Common Stock         8/15/2027 1,327,869
 212,360
 180,797
 0.01% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)         9/18/2025 1,049,996
 276,492
 396,397
 0.02% C/E/H/N
InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)         10/3/2028 1,511,002
 93,407
 335,614
 0.02% C/E/H/N
ResearchGate Corporation (Germany) Warrants to Purchase Series D Preferred Stock         10/30/2029 333,370
 202,001
 205,018
 0.01% C/D/E/H/N
Snaplogic, Inc. Warrants to Purchase Series Preferred Stock         3/19/2028 1,860,000
 377,722
 4,600,000
 0.27% C/E/N
                2,258,677
 6,845,019
 0.40%  
IT Services      
Fidelis (SVC), LLC Preferred Units           657,932
 2,001,384
 47,518
 —
 C/E/N
       
Life Sciences Tools and Services      
Envigo RMS Holdings Corp. Common Stock           36,413
 —
 526,350
 0.03% C/E/N
       
Media      
NEG Parent, LLC (Core Entertainment, Inc.) Class A Units           2,720,392
 2,772,807
 6,925,847
 0.41% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class A Warrants to Purchase Class A Units         10/17/2026 343,387
 196,086
 391,407
 0.02% B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.) Class B Warrants to Purchase Class A Units         10/17/2026 346,794
 198,032
 395,290
 0.02% B/C/E/N
Quora, Inc. Warrants to Purchase Series D Preferred Stock         4/11/2029 507,704
 65,245
 64,803
 —
 C/E/N
Shop Holding, LLC (Connexity) Class A Units           507,167
 480,049
 —
 —
 C/E/N
SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock         4/29/2025 946,498
 79,082
 45,143
 —
 C/E/H/N
              

 3,791,301
 7,822,490
 0.45%  
Oil, Gas and Consumable Fuels      
Iracore Investments Holdings, Inc. Class A Common Stock           16,207
 4,177,710
 2,476,881
 0.15% B/C/E/N
                

 

 

  
Professional Services      
Anacomp, Inc. Class A Common Stock           1,255,527
 26,711,048
 1,167,641
 0.07% C/E/F/N
Findly Talent, LLC Membership Units           708,229
 230,938
 123,939
 0.01% C/E/N
STG-Fairway Holdings, LLC (First Advantage) Class A Units           803,961
 325,432
 5,380,520
 0.32% C/E/N
              

 27,267,418
 6,672,100
 0.40%  
Semiconductors and Semiconductor Equipment      
Adesto Technologies Corporation Warrants to Purchase Common Stock         5/8/2024 436,320
 846,724
 667,570
 0.04% C/E/N
Nanosys, Inc. Warrants to Purchase Preferred Stock         3/29/2023 800,000
 605,266
 838,607
 0.05% C/E/N
                1,451,990
 1,506,177
 0.09%  
                       
                       
                       
                       
                       
                       
                       
                       

20




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019



Issuer Instrument         Expiration Shares Cost 
Fair
Value
 
% of Total
Cash and
Investments
 Notes
Equity Securities (continued)                 
        
Software      
Actifio, Inc. Warrants to Purchase Series G Preferred Stock         5/5/2027 1,052,651
 $188,770
 $469,687
 0.03% C/E/N
Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock         3/26/2027 1,712,930
 577,842
 523,801
 0.03% C/E/N
              

 766,612
 993,488
 0.06%  
                       
Total Equity Securities  
 124,831,136
 114,312,957
 6.75%   
         
Total Investments $1,689,277,077
 $1,649,506,895
  
   
                       
Cash and Cash Equivalents  
  
  
   
Cash Held on Account at Various Institutions                
  
 44,848,539
 2.65%   
Cash and Cash Equivalents 44,848,539
 2.65%   
       
Total Cash and Investments  $1,694,355,434
 100.00% M
                       

Notes to Consolidated Schedule of Investments:

(A)Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
(B)Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting  securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.
(C)Non-income producing.
(D)Investment denominated in foreign currency.  Amortized costCost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure.
(E)Restricted security. (See Note 2)
(F)Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary.  See Consolidated Schedule of Changes in Investments in Affiliates.
(G)Investment has been segregated to collateralize certain unfunded commitments.
(H)Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(I)Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act.  Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(J)Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(K)Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

20




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2018


(L)In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
(M)All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.
(N)Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.
(O)36th Street Capital Partners Holdings, LLC holds common and preferred interests in a pool of equipment loans and leases made by 36th Street Capital Partners, LLC.

LIBOR or EURIBOR resets monthly (M), quarterly (Q), semiannually (S), or annually (A).
 
During 2019, we transitioned our industry classification system for financial reporting purposes to more closely align with the system generally used by the Advisor for portfolio management purposes. As part of this transition, we are generally classifying the industries of our portfolio companies based on the primary end market served rather than the product or service directed to those end markets. The Consolidated Schedule of Investments as of December 31, 2018 reflects the industry classification system prior to this transition.

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $634,002,472 $700,024,114and $512,795,715,$596,374,086, respectively, for the twelve months ended December 31, 2018.2019. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of December 31, 20182019 was $1,553,748,812$1,605,565,013 or 95.6%94.8% of total cash and investments of the Company. As of December 31, 2018,2019, approximately 15.6%9.3% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

21





BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31,Three Months Ended March 31,
2019 20182020 2019
Investment income      
Interest income:   
Interest income (excluding PIK):   
Companies less than 5% owned$42,956,654
 $39,170,651
$35,989,337
 $42,956,654
Companies 5% to 25% owned729,267
 647,906
552,275
 729,267
Companies more than 25% owned896,257
 1,280,613
1,676,256
 896,257
PIK income:   
PIK interest income:   
Companies less than 5% owned1,678,016
 1,627,203
1,411,631
 1,678,016
Companies 5% to 25% owned716,626
 1,098,958
1,002,130
 716,626
Dividend income:      
Companies more than 25% owned480,404
 17,902
428,419
 480,404
Lease income:      
Companies more than 25% owned74,457
 74,457
38,136
 74,457
Other income:      
Companies less than 5% owned8,848
 —
153,014
 8,848
Companies 5% to 25% owned—
 297,356
Total investment income47,540,529
 44,215,046
41,251,198
 47,540,529
      
Operating expenses      
Interest and other debt expenses10,687,633
 9,641,894
10,955,646
 10,687,633
Management and advisory fees6,034,741
 5,706,236
6,117,043
 6,034,741
Incentive fee5,353,416
 5,391,278
Administrative expenses599,559
 597,232
539,947
 599,559
Legal fees, professional fees and due diligence expenses437,137
 434,303
498,410
 437,137
Director fees188,798
 156,816
232,232
 188,798
Insurance expense127,328
 106,865
175,080
 127,328
Custody fees99,609
 91,855
111,667
 99,609
Incentive fee—
 5,353,416
Other operating expenses692,210
 523,454
568,249
 692,210
Total operating expenses24,220,431
 22,649,933
19,198,274
 24,220,431
      
Net investment income23,320,098
 21,565,113
22,052,924
 23,320,098
      
Realized and unrealized gain (loss) on investments and foreign currency      
Net realized gain (loss):      
Investments in companies less than 5% owned(300,322) (632,776)4,794,459
 (300,322)
Investments in companies 5% to 25% owned43,320
 —
—
 43,320
Net realized loss(257,002) (632,776)
Investments in companies more than 25% owned162,012
 —
Net realized gain (loss)4,956,471
 (257,002)
      
Change in net unrealized appreciation/depreciation1,058,724
 6,256,448
(96,490,806) 1,058,724
Net realized and unrealized gain801,722
 5,623,672
Net realized and unrealized gain (loss)(91,534,335) 801,722
      
Net increase in net assets applicable to common shareholders resulting from operations$24,121,820
 $27,188,785
Net increase (decrease) in net assets resulting from operations$(69,481,411) $24,121,820
      
Basic and diluted earnings per common share$0.41
 $0.46
Basic and diluted earnings (loss) per common share$(1.18) $0.41
      
Basic and diluted weighted average common shares outstanding58,767,442
 58,844,381
58,668,432
 58,767,442










See accompanying notes to the consolidated financial statements.

2223





BlackRock TCP Capital Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

 Common Stock 
Paid in Capital
in Excess of Par
   
Total Net
Assets
 Shares Par Amount Distributable Earnings (Loss)
Balance at December 31, 2017 58,847,256
 $58,847
 $1,038,855,948
 $(168,186,669) $870,728,126
Issuance of common stock from dividend reinvestment plan 192
 —
 2,723
 —
 2,723
Repurchase of common stock (11,300) (11) (160,604) —
 (160,615)
Net investment income —
 —
 —
 21,565,113
 21,565,113
Net realized and unrealized gain —
 —
 —
 5,623,672
 5,623,672
Regular dividends paid to common shareholders —
 —
 —
 (21,184,004) (21,184,004)
Balance at March 31, 2018 58,836,148
 $58,836
 $1,038,698,067
 $(162,181,888) $876,575,015
          
          
 Common Stock 
Paid in Capital
in Excess of Par
   
Total Net
Assets
 Common Stock Paid in Capital
in Excess of Par		 Distributable earnings (loss) Total Net
Assets
 Shares Par Amount Distributable Earnings (Loss) Shares Par Amount 
Balance at December 31, 2018 58,774,607
 $58,775
 $1,000,073,183
 $(169,657,231) $830,474,727
 58,774,607
 $58,775
 $1,000,073,183
 $(169,657,231) $830,474,727
Issuance of common stock from dividend reinvestment plan 193
 —
 2,738
 —
 2,738
 193
 —
 2,738
 —
 2,738
Repurchase of common stock (9,000) (9) (125,670) —
 (125,679) (9,000) (9) (125,670) —
 (125,679)
Net investment income —
 —
 —
 23,320,098
 23,320,098
 —
 —
 —
 23,320,098
 23,320,098
Net realized and unrealized gain —
 —
 —
 801,722
 801,722
 —
 —
 —
 801,722
 801,722
Regular dividends paid to common shareholders —
 —
 —
 (21,155,619) (21,155,619) —
 —
 —
 (21,155,619) (21,155,619)
Balance at March 31, 2019 58,765,800
 $58,766
 $999,950,251
 $(166,691,030) $833,317,987
 58,765,800
 $58,766
 $999,950,251
 $(166,691,030) $833,317,987
          
          
          
          
 Common Stock Paid in Capital
in Excess of Par		 Distributable earnings (loss) Total Net
Assets
 Shares Par Amount 
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)
Regular 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





























See accompanying notes to the consolidated financial statements.

2324





BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31,Three Months Ended March 31,
2019 20182020 2019
Operating activities      
Net increase in net assets applicable to common shareholders resulting from operations$24,121,820
 $27,188,785
Adjustments to reconcile net increase in net assets applicable to common shareholders resulting from operations to net cash provided by (used in) operating activities:   
Net realized loss257,002
 632,776
Net increase (decrease) in net assets applicable to common shareholders resulting from operations$(69,481,411) $24,121,820
Adjustments to reconcile net increase (decrease) in net assets applicable to common shareholders resulting from operations to net cash provided by (used in) operating activities:   
Net realized gain (loss)(4,956,471) 257,002
Change in net unrealized appreciation/depreciation of investments(1,058,816) (6,236,730)96,620,032
 (1,058,816)
Net amortization of investment discounts and premiums(2,950,121) (2,713,434)(1,987,612) (2,950,121)
Amortization of original issue discount on convertible debt305,838
 290,321
296,039
 305,838
Interest and dividend income paid in kind(2,394,642) (2,726,161)(2,413,761) (2,394,642)
Amortization of deferred debt issuance costs906,641
 1,172,399
897,181
 906,641
Changes in assets and liabilities:      
Purchases of investment securities(147,747,739) (166,342,394)(140,555,042) (147,747,739)
Proceeds from sales, maturities and pay downs of investments146,351,859
 70,968,080
76,880,873
 146,351,859
Decrease (increase) in accrued interest income - companies less than 5% owned312,309
 (1,085,395)(392,228) 312,309
Increase in accrued interest income - companies 5% to 25% owned(428,392) (323,482)(64,640) (428,392)
Increase in accrued interest income - companies more than 25% owned(43,989) (369,769)(44,224) (43,989)
Decrease (increase) in receivable for investments sold(433,969) 232,821
806,097
 (433,969)
Decrease (increase) in prepaid expenses and other assets3,037,679
 (756,688)(1,904,854) 3,037,679
Increase (decrease) in payable for investments purchased9,810,755
 (15,069,545)(8,232,446) 9,810,755
Decrease in incentive compensation payable(486,930) (591,857)(4,753,671) (486,930)
Decrease in interest payable(2,956,112) (2,607,338)(6,412,308) (2,956,112)
Increase (decrease) in payable to the Advisor(499,446) 22,758
Decrease in payable to the Advisor(247,361) (499,446)
Increase (decrease) in management and advisory fees payable(5,247,344) 5,552,866
501,214
 (5,247,344)
Increase (decrease) in accrued expenses and other liabilities(246,499) 188,194
Decrease in accrued expenses and other liabilities(441,343) (246,499)
Net cash provided by (used in) operating activities20,609,904
 (92,573,793)(65,885,936) 20,609,904
      
Financing activities      
Borrowings95,000,000
 190,953,697
118,085,624
 95,000,000
Repayments of debt(95,500,000) (148,000,000)(61,220,304) (95,500,000)
Payments of debt issuance costs—
 (1,926,621)
Dividends paid to common shareholders(21,155,619) (21,184,004)(21,155,913) (21,155,619)
Repurchase of common shares(125,679) (160,615)(6,100,190) (125,679)
Proceeds from shares issued in connection with dividend reinvestment plan2,738
 2,723
3,039
 2,738
Net cash provided by (used in) financing activities(21,778,560) 19,685,180
29,612,256
 (21,778,560)
      
Net decrease in cash and cash equivalents (including restricted cash)(1,168,656) (72,888,613)(36,273,680) (1,168,656)
Cash and cash equivalents (including restricted cash) at beginning of period27,920,402
 86,625,237
44,848,539
 27,920,402
Cash and cash equivalents (including restricted cash) at end of period$26,751,746
 $13,736,624
$8,574,859
 $26,751,746
      
Supplemental cash flow information      
Interest payments$12,233,405
 $10,398,997
$15,823,217
 $12,233,405
Excise tax payments$—
 $86,106
$—
 $—











See accompanying notes to the consolidated financial statements.

2425





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited)
 
March 31, 20192020



1. Organization and Nature of Operations

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

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

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

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

Company management consists of the Advisor and the Company’s board of directors. The Advisor directs and executes the day-to-day operations of the Company, subject to oversight from the board of directors, which sets the broad policies of the Company. The board of directors of the Company has delegated investment management of SVCP’s assets to the Advisor. The board of directors consists of eight persons, six of whom are independent.

2. Summary of Significant Accounting Policies

Basis of Presentation

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

2526





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192020

2. Summary of Significant Accounting Policies — (continued)

Companies. The Company has consolidated the results of its wholly owned subsidiaries in its consolidated financial statements in accordance with ASC Topic 946. The following is a summary of the significant accounting policies of the Company.

Use of Estimates

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

Investment Valuation

The Company’s investments are generally held by SVCP, TCPC Funding or the SBIC. Management values investments at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in policies adopted by the board of directors. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date.

All investments are valued at least quarterly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Advisor which in the aggregate comprise less than 5% of the capitalization of the 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 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.

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.

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.


2627





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192020

2. Summary of Significant Accounting Policies — (continued)

transactions in securities of comparable companies occur, with appropriate adjustments for differences in company size, operations or other factors affecting comparability.

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

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

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

At March 31, 2019,2020, the Company’s investments were categorized as follows:
Level Basis for Determining Fair Value Bank Debt 
Other
Corporate Debt
 
Equity
Securities
 Basis for Determining Fair Value Bank Debt 
Other
Corporate Debt
 
Equity
Securities
1 Quoted prices in active markets for identical assets $—
 $—
 $893,783
 Quoted prices in active markets for identical assets $—
 $—
 $—
2 Other direct and indirect observable market inputs * 29,525,035
 28,836,393
 —
 Other direct and indirect observable market inputs * 37,017,320
 —
 —
3 Independent third-party valuation sources that employ significant unobservable inputs 1,381,240,151
 80,446,810
 81,544,809
 Independent third-party valuation sources that employ significant unobservable inputs 1,408,564,028
 76,453,725
 100,870,636
3 Advisor valuations with significant unobservable inputs —
 —
 2,341,267
 Advisor valuations with significant unobservable inputs —
 —
 3,013,165
Total $1,410,765,186
 $109,283,203
 $84,779,859
 $1,445,581,348
 $76,453,725
 $103,883,801
______________
*For example, quoted prices in inactive markets or quotes for comparable investments


2728





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192020

2. Summary of Significant Accounting Policies — (continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of March 31, 20192020 included the following:
Asset Type Fair Value Valuation Technique Unobservable Input 
Range (Weighted Avg.) †
 Fair Value Valuation Technique Unobservable Input 
Range (Weighted Avg.) †
Bank Debt 1,094,253,000
 Income approach Discount rate 7.2% - 48.5% (11.8%) $1,216,821,170
 Income approach Discount rate 6.6% - 51.3% (10.6%)
 246,177,591
 Market quotations Indicative bid/ask quotes 1 - 2 (1) 117,413,619
 Market quotations Indicative bid/ask quotes 1 (1)
 16,970,235
 Market comparable companies Revenue multiples 2.8x (2.8x) 1,544,362
 Market comparable companies Revenue multiples 4.4x (4.4x)
 23,839,325
 Market comparable companies EBITDA multiples 5.0x - 11.2x (10.6x) 72,784,877
 Market comparable companies EBITDA multiples 5.4x - 12.6x (10.7x)
Other Corporate Debt 42,075,921
 Income approach Discount rate 13.1% - 15.3% (13.3%) 31,692,000
 Income approach Discount rate 23.8% (23.8%)
 40,834,419
 Market comparable companies Book value multiples
 1.3x (1.3x)
 28,593,149
 Market comparable companies Book value multiples
 1.2x (1.2x) 3,709,159
 Market comparable companies Revenue multiples 4.4x (4.4x)
 9,777,740
 Market comparable companies EBITDA multiples 9.8x (9.8x) 218,147
 Market comparable companies EBITDA multiples 6.9x (6.9x)
Equity 6,265,797
 Income approach Discount rate 4.6% - 13.0% (5.3%) 9,484,599
 Income approach Discount rate 5.9% - 10.5% (9.5%)
 2,280,286
 Market quotations Indicative bid/ask quotes 1 (1) 14,900,721
 Market quotations Indicative bid/ask quotes 1 (1)
 10,437,471
 Option Pricing Model EBITDA/Revenue multiples 0.5x - 11.2x (3.3x) 11,781,481
 Option Pricing Model EBITDA/Revenue multiples 1.0x - 24.5x (4.0x)
   Implied volatility 30.0% - 200.0% (49.6%)   Implied volatility 30.0% - 200.0% (40.7%)
   Yield 0.0% (0.0%)   Yield 0.0% (0.0%)
   Term 0.8 years - 3.5 years (1.9 years)   Term 0.8 years - 5.0 years (2.1 years)
 4,666,394
 Market comparable companies Revenue multiples 0.4x - 2.8x (2.0x) 1,447,158
 Market comparable companies Revenue multiples 0.3x - 4.4x (1.1x)
 16,783,803
 Market comparable companies EBITDA multiples 5.0x - 11.2x (8.6x) 14,434,785
 Market comparable companies EBITDA multiples 2.5x - 12.6x (6.0x)
 21,797,416
 Market comparable companies Book value multiples
 1.2x (1.2x) 27,887,607
 Market comparable companies Book value multiples
 1.3x (1.3x)
 21,654,909
 Other *  N/A N/A 23,947,450
 Other *  N/A N/A
 $1,545,573,037
  $1,588,901,554
 
______________
*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
†Weighted by fair value

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

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



2829





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192020

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended March 31, 20192020 were as follows:

Independent Third-Party ValuationIndependent Third-Party Valuation
Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$1,369,456,684
 $78,250,150
 $79,804,988
$1,312,492,099
 $85,962,603
 $111,994,829
Net realized and unrealized gains (losses)(2,867,511) 1,436,695
 1,858,671
(51,401,936) (9,508,878) (15,833,406)
Acquisitions *146,325,834
 759,965
 6,001,046
115,437,916
 10,752
 12,517,409
Dispositions(141,013,918) —
 (5,305,256)(44,598,972) (10,752) (7,808,196)
Transfers into Level 3 †
9,339,062
 —
 —
83,790,120
 —
 —
Reclassifications within Level 3 ‡
—
 —
 (814,640)
Transfers out of Level 3 ‡
(7,155,199) —
 —
Ending balance$1,381,240,151
 $80,446,810
 $81,544,809
$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)$(1,316,000) $1,436,695
 $1,858,671
$(51,186,966) $(9,508,879) $(15,671,067)
______________
*Includes payments received in kind and accretion of original issue and market discounts

†
Comprised of one investmentfive investments that waswere transferred from Level 2 due to reduced trading volumes

‡    Comprised of one investment that was reclassified to Advisor Valuation

 Advisor Valuation
 Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$—
 $—
 $1,524,143
Net realized and unrealized gains (losses)—
 —
 45,781
Dispositions—
 —
 (43,297)
Reclassifications within Level 3 *—
 —
 814,640
Ending balance$—
 $—
 $2,341,267
      
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)$—
 $—
 $28,739
*‡Comprised of one investment that was reclassified from Independent Third-Party Valuationtransferred to Level 2 due to increased observable market activity


 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


2930





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192020

2. Summary of Significant Accounting Policies — (continued)

At December 31, 2018,2019, the Company’s investments were categorized as follows:
Level Basis for Determining Fair Value Bank Debt 
Other
Corporate Debt
 
Equity
Securities
 Basis for Determining Fair Value Bank Debt 
Other
Corporate Debt
 
Equity
Securities
1 Quoted prices in active markets for identical assets $—
 $—
 $847,398
 Quoted prices in active markets for identical assets $—
 $—
 $—
2 Other direct and indirect observable market inputs * 38,403,794
 28,998,633
 —
 Other direct and indirect observable market inputs * 136,739,236
 —
 —
3 Independent third-party valuation sources that employ significant unobservable inputs 1,369,456,684
 78,250,150
 79,804,988
 Independent third-party valuation sources that employ significant unobservable inputs 1,312,492,099
 85,962,603
 111,994,829
3 Advisor valuations with significant unobservable inputs —
 —
 1,524,143
 Advisor valuations with significant unobservable inputs —
 —
 2,318,128
Total $1,407,860,478
 $107,248,783
 $82,176,529
 $1,449,231,335
 $85,962,603
 $114,312,957
______________
*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, 20182019 included the following:
Asset Type Fair Value Valuation Technique Unobservable Input 
Range (Weighted Avg.) †
 Fair Value Valuation Technique Unobservable Input 
Range (Weighted Avg.) †
Bank Debt 1,134,622,267
 Income approach Discount rate 7.5% - 42.2% (12.3%) $1,147,288,529
 Income approach Discount rate 6.7% - 46.3% (9.9%)
 193,682,097
 Market quotations Indicative bid/ask quotes 1 - 2 (1) 96,585,498
 Market quotations Indicative bid/ask quotes 1 (1)
 14,793,577
 Market comparable companies Revenue multiples 2.9x (2.9x) 24,268,604
 Market comparable companies Revenue multiples 3.6x - 4.4x (3.6x)
 26,358,743
 Market comparable companies EBITDA multiples 0.8x - 11.0x (8.7x) 44,349,468
 Market comparable companies EBITDA multiples 6.5x - 14.3x (10.8x)
Other Corporate Debt 40,632,991
 Income approach Discount rate 14.6% - 17.8% (14.9%) 37,604,800
 Income approach Discount rate 12.3% (12.3%)
 40,834,419
 Market comparable companies Book value multiples
 1.3x (1.3x)
 27,839,419
 Market comparable companies Book value multiples
 1.2x (1.2x) 3,814,956
 Market comparable companies Revenue multiples 4.4x (4.4x)
 9,777,740
 Market comparable companies EBITDA multiples 10.0x (10.0x) 3,708,428
 Market comparable companies EBITDA multiples 8.0x (8.0x)
Equity 6,410,413
 Income approach Discount rate 4.7% - 13.0% (5.6%) 4,647,680
 Income approach Discount rate 3.6% - 3.7% (3.7%)
 2,343,653
 Market quotations Indicative bid/ask quotes 1 (1) 14,412,746
 Market quotations Indicative bid/ask quotes 1 (1)
 8,682,278
 Option Pricing Model EBITDA/Revenue multiples 2.0x - 11.0x (5.5x) 18,048,138
 Option Pricing Model EBITDA/Revenue multiples 1.2x - 27.2x (8.3x)
   Implied volatility 30.0% - 200.0% (44.7%)   Implied volatility 30.0% - 200.0% (27.4%)
   Yield 0.0% (0.0%)   Yield 0.0% (0.0%)
   Term 0.4 years - 3.5 years (1.8 years)   Term 0.5 years - 3.5 years (1.4 years)
 5,123,517
 Market comparable companies Revenue multiples 0.4x - 2.9x (2.0x) 2,012,088
 Market comparable companies Revenue multiples 0.3x - 4.4x (2.0x)
 15,938,987
 Market comparable companies EBITDA multiples 0.8x - 11.0x (8.5x) 22,360,141
 Market comparable companies EBITDA multiples 2.5x - 14.3x (9.1x)
 18,931,733
 Market comparable companies Book value multiples
 1.2x (1.2x) 31,682,859
 Market comparable companies Book value multiples
 1.3x (1.3x)
 23,898,550
 Other *  N/A N/A 21,149,305
 Other *  N/A N/A
 $1,529,035,965
  $1,512,767,659
 
______________
*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



30





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2019

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended March 31, 2018 were as follows:

 Independent Third-Party Valuation
 Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$1,239,746,177
 $78,011,815
 $66,977,237
Net realized and unrealized gains (losses)4,307,029
 (534,353) 1,872,158
Acquisitions *122,171,267
 41,057,625
 4,624,260
Dispositions(62,213,949) (914,549) (3,206,510)
Transfers into Level 3 †
40,926,154
 —
 —
Transfers out of Level 3 ‡
(13,797,332) —
 —
Ending balance$1,331,139,346
 $117,620,538
 $70,267,145
      
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)$4,997,094
 $(534,353) $1,961,962
______________
*Includes payments received in kind and accretion of original issue and market discounts

†Comprised of three investments that were transferred from Level 2 due to reduced trading volumesWeighted by fair value

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

 Advisor Valuation
 Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$116,662
 $—
 $1,730,941
Net realized and unrealized gains (losses)(623) —
 13,102
Acquisitions *623
 —
 —
Dispositions(116,662) —
 —
Ending balance$—
 $—
 $1,744,043


 
 
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)$—
 $—
 $13,102
______________
*Includes payments received in kind and accretion of original issue and market discounts







31





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192020

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended March 31, 2019 were as follows:

 Independent Third-Party Valuation
 Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$1,369,456,684
 $78,250,150
 $79,804,988
Net realized and unrealized gains (losses)(2,867,511) 1,436,695
 1,858,671
Acquisitions *146,325,834
 759,965
 6,001,046
Dispositions(141,013,918) —
 (5,305,256)
Transfers into Level 3 †
9,339,062
 —
 —
Reclassification within Level 3 ‡
—
 —
 (814,640)
Ending balance$1,381,240,151
 $80,446,810
 $81,544,809
      
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)$(1,316,000) $1,436,695
 $1,858,671
______________
*Includes payments received in kind and accretion of original issue and market discounts

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

‡Comprised of one investment that was reclassified to Advisor Valuation

 Advisor Valuation
 Bank Debt 
Other
Corporate Debt
 
Equity
Securities
Beginning balance$—
 $—
 $1,524,143
Net realized and unrealized gains (losses)—
 —
 45,781
Dispositions—
 —
 (43,297)
Reclassification within Level 3 *—
 —
 814,640
Ending balance$—
 $—
 $2,341,267
      
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)$—
 $—
 $28,739
______________
*Comprised of one investment that was reclassified from Independent Third-Party Valuation






32





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2020

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, 20192020 or December 31, 2018.2019.

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 0.1%0.5% and 0.1%0.5% of total investments at March 31, 20192020 and December 31, 2018,2019, respectively. Such positions were converted at the respective closing foreign exchange rates in effect at March 31, 20192020 and December 31, 20182019 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 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

3233





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192020

2. Summary of Significant Accounting Policies — (continued)

terms of their contracts and from unanticipated movements in interest rates and the value of foreign currencies relative to the U.S. dollar. Certain derivatives may also require the Company to pledge assets as collateral to secure its obligations.

During the three months ended March 31, 2020 and the three months ended March 31, 2019, the Company did not enter into any derivative transactions nor hold any derivative positions.

During the three months ended March 31, 2018, the Company exited a cross currency basis swap with a notional amount of $7.2 million. Gains and losses from derivatives during the three months ended March 31, 2018 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 $(726,950) $603,745

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

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

Revenue Recognition

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

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

Income Taxes

The Company intends to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required. The income or loss of SVCP, TCPC Funding and the SBIC is reported in the respective members' or partners’ income tax returns, as applicable.

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

33





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2019

2. Summary of Significant Accounting Policies — (continued)

for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the Company as of March 31, 2019,2020, 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, 2018,2019, the Company had non-expiring capital loss carryforwards in the amount of $127,718,766$177,144,745 available to offset future realized capital gains.


34





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2020

2. Summary of Significant Accounting Policies — (continued)

As of March 31, 2019,2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
March 31, 2019March 31, 2020
Tax Cost of Investments$1,656,031,608
Tax basis of investments$1,762,309,019
  
Unrealized appreciation$40,534,272
$27,320,266
Unrealized depreciation(91,737,632)(163,710,411)
Net unrealized depreciation$(51,203,360)$(136,390,145)


Recent Accounting Pronouncements

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

On August 17, 2018, the U.S. Securities and Exchange Commission issued a final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, that reduces or eliminates certain disclosure requirements under Regulation S-X, and expands others. Expanded disclosures include new requirements to disclose for interim periods (1) changes in stockholder’s equity and (2) the amount of dividend per share for each class of shares. The Company adopted the final rule as of December 31, 2018. The adoption of this rule did not have a material impact on the Company’s consolidated financial statements.


34





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2019

3. Management Fees, Incentive Compensation and Other Expenses


The Company’s management fee is calculated at an annual rate of 1.5% of total assets (excluding cash and cash equivalents) on a consolidated basis asOn February 8, 2019, the stockholders of the beginning of each quarter and is payableCompany approved an amended investment management agreement to the Advisor quarterly in arrears; provided, however, that,be effective as ofon February 9, 2019 between the baseCompany and the Advisor which (i) reduced the management fee is calculated at an annual rate of 1.0% of ouron total assets (excluding cash and cash equivalents) that exceed an amount equal to 200% of the net asset value of the Company.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%.

Beginning January 1, 2013Accordingly, the Company’s management fee is calculated at an annual rate of 1.5% on total assets (excluding cash and untilcash 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 incurred to the extent the Company’s cumulative total return (after incentive compensation) exceeds a 7% annual rate on daily weighted-average contributed common equity. Subject to that limitation, incentive compensation is calculated on ordinary income (before incentive compensation) and net realized gains (net of any unrealized depreciation) at rates of 17.5% on income since the fee reduction on February 8, 2019 and

35





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2020

3. Management Fees, Incentive Compensation and Other Expenses (continued)


20% previously. Incentive compensation is computed as the difference between incentive compensation payable byearned and incentive compensation paid, subject to the Company equaled the sum of (1) 20% of all of the ordinary income of the Company (before incentive compensation)total return hurdle, on a cumulative basis since January 1, 2013, and (2) 20%is payable quarterly in arrears. As of all net realized capital gains (netMarch 31, 2020, the Company's cumulative total return did not exceed the total return hurdle and, as a result, no incentive compensation was accrued for the quarter ended March 31, 2020.

A reserve for incentive compensation is accrued based on the amount of any additional incentive compensation that would have been payable to the Advisor assuming a hypothetical liquidation of the Company at net unrealized capital depreciation) since January 1, 2013, with each component being subject to a total return requirementasset value on the balance sheet date. As of 8% of contributed common equity annually. March 31, 2020 and December 31, 2019, 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.

On February 8, 2019, the stockholders of the Company approved an amended investment management agreement to be effective on February 9, 2019 (the “Amended Agreement”) between the Company and the Advisor which (i) reduced the management fee on total assets (excluding cash and cash equivalents) financed using leverage over 1.0x debt-to-equity 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%.

Under the Amended Agreement, dated February 9, 2019, the incentive compensation equals the sum of (1) 20% of all ordinary income (before incentive compensation) from January 1, 2013 through February 8, 2019 and 17.5% thereafter and (2) 20% of all net realized capital gains (net of any net unrealized capital depreciation) from January 1, 2013 through February 8, 2019 and 17.5% thereafter, less ordinary income incentive compensation and capital gains incentive compensation previously paid. However, incentive compensation will only be paid to the extent the cumulative total return of the Company after incentive compensation and including such payment would equal or exceed a 7% annual return on daily weighted average contributed common equity.

The incentive compensation is payable quarterly in arrears and is calculated as the amount by which cumulative incentive compensation earned since January 1, 2013 exceeds cumulative incentive compensation paid since January 1, 2013. A reserve for incentive compensation is accrued based on the amount of any additional incentive compensation that would have been payable to the Advisor assuming a hypothetical liquidation of the Company at net asset value on the balance sheet date. As of March 31, 2019 and December 31, 2018, no such reserve was accrued.

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

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”), unsecured notes due August 2024 issued by the Company (the “2024 Notes”), amounts outstanding under a senior secured revolving, multi-currency credit facility issued by SVCP (the “SVCP 2022 Facility”), amounts outstanding under a senior secured revolving credit facility issued by TCPC Funding (the “TCPC Funding Facility”) and debentures guaranteed by the SBA (the “SBA Debentures”). Prior to being replaced by the SVCP Facility on February 26, 2018, leverage included $116.0 million in available debt under a senior secured revolving credit facility issued by SVCP (the “SVCP 2018 Facility”). 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”).

Total leverage outstanding and available at March 31, 2020 was as follows:
 Maturity Rate Carrying Value* Available Total
Capacity
SVCP Facility
2023 **

L+2.00%
† 
$108,362,940
 $161,637,060
 $270,000,000
TCPC Funding Facility2023 L+2.00%
‡ 
215,000,000
 85,000,000
 300,000,000
SBA Debentures 2024−2029 2.63%
§ 
138,000,000
 12,000,000
 150,000,000
2022 Convertible Notes ($140 million par)2022 4.625% 138,739,857
 —
 138,739,857
2022 Notes ($175 million par)2022 4.125% 174,681,290
 —
 174,681,290
2024 Notes ($200 million par)2024 3.900% 197,891,341
 —
 197,891,341
Total leverage    972,675,428
 $258,637,060
 $1,231,312,488
Unamortized issuance costs    (7,217,414)    
Debt, net of unamortized issuance costs    $965,458,014
    



3536





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192020

4. Leverage — (continued)


and debentures guaranteed by the SBA (the “SBA Debentures”). Prior to being replaced by the SVCP 2022 Facility on February 26, 2018, leverage included $116.0 million in available debt under a senior secured revolving credit facility issued by SVCP (the “SVCP 2018 Facility”).______________
*
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 March 31, 2020, $8.2 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%
‡Subject to certain funding requirements
§Weighted-average interest rate, excluding fees of 0.36% or 0.35%
**
In April 2020, the maturity was extended to May 6, 2024

Total leverage outstanding and available at MarchDecember 31, 2019 was as follows:
Maturity Rate Carrying Value* Available 
Total
Capacity
Maturity Rate Carrying Value* Available 
Total
Capacity
SVCP 2022 Facility2022 L+2.25% $85,000,000
 $85,000,000
 $170,000,000
2019 Convertible Notes ($108 million par)2019 5.25% 107,628,747
 —
 107,628,747
SVCP Facility2023 L+2.00%
† 
$108,497,620
 $161,502,380
 $270,000,000
TCPC Funding Facility2023 L+2.00%
‡ 
158,000,000
 142,000,000
 300,000,000
SBA Debentures 2024−2029 2.63%
§ 
138,000,000
 12,000,000
 150,000,000
2022 Convertible Notes ($140 million par)2022 4.625% 138,128,054
 —
 138,128,054
2022 4.625% 138,584,313
 —
 138,584,313
2022 Notes ($175 million par)2022 4.125% 174,556,426
 —
 174,556,426
2022 4.125% 174,649,566
 —
 174,649,566
TCPC Funding Facility2022 L+2.00%
† 
208,500,000
 91,500,000
 300,000,000
SBA Debentures 2024−2028 2.77%
‡ 
98,000,000
 52,000,000
 150,000,000
2024 Notes ($200 million par)2024 3.900% 197,782,572
 —
 197,782,572
Total leverage 811,813,227
 $228,500,000
 $1,040,313,227
   915,514,071
 $315,502,380
 $1,231,016,451
Unamortized issuance costs (6,265,516)       (7,711,684)    
Debt, net of unamortized issuance costs $805,547,711
       $907,802,387
    
______________
*Except for the convertible notes, andthe 2022 Notes all carrying values areand the same as the principal amounts outstanding.
†Subject to certain funding requirements
‡Weighted-average interest rate, excluding fees of 0.36% or 0.35%
Total leverage outstanding and available at December 31, 2018 was as follows: 
 Maturity Rate Carrying Value* Available 
Total
Capacity
SVCP 2022 Facility2022 L+2.25%
 $82,000,000
† 
$88,000,000
 $170,000,000
2019 Convertible Notes ($108 million par)2019 5.25% 107,501,207
 —
 107,501,207
2022 Convertible Notes ($140 million par)2022 4.625% 137,980,185
 —
 137,980,185
2022 Notes ($175 million par)2022 4.125% 174,525,996
 —
 174,525,996
TCPC Funding Facility2022 L+2.00%
‡ 
212,000,000
 88,000,000
 300,000,000
SBA Debentures 2024−2028 2.77%
§ 
98,000,000
 52,000,000
 150,000,000
Total leverage    812,007,388
 $228,000,000
 $1,040,007,388
Unamortized issuance costs    (6,805,196)    
Debt, net of unamortized issuance costs    $805,202,192
    
______________
*Except for the convertible notes and 20222024 Notes, all carrying values are the same as the principal amounts outstanding.
†As of December 31, 2018, $3.02019, $8.3 million of the outstanding amount were short-term borrowings bearingbore interest at a rate of Prime plus 2.25%.EURIBOR + 2.00%
‡Subject to certain funding requirements
§Weighted-average interest rate, excluding fees of 0.36% or 0.35%

The combined weighted-average interest rates on total leverage outstanding at March 31, 20192020 and December 31, 20182019 were 4.43%3.73% and 4.34%3.84%, respectively.

Total expenses related to debt included the following: 
 Three Months Ended March 31,
 2020 2019
Interest expense$9,706,948
 $9,583,131
Amortization of deferred debt issuance costs897,181
 906,641
Commitment fees351,517
 197,861
Total$10,955,646
 $10,687,633
Outstanding leverage is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of March 31, 2020, the estimated fair values of the SVCP Facility, the TCPC Funding Facility 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 $123.9 million, $159.3 million and $170.0 million, respectively. As of December 31, 2019, the estimated fair values of the SVCP Facility, the TCPC Funding Facility 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 $144.0 million, $181.6 million and $205.0 million, respectively. The estimated fair values of the SVCP Facility, the TCPC Funding Facility and the SBA Debentures were determined by discounting projected remaining payments using market interest

3637





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192020

4. Leverage — (continued)


Total expenses related to debt included the following: 
 Three Months Ended March 31, 
 2019 2018 
Interest expense$9,583,131
 $8,081,980
 
Amortization of deferred debt issuance costs906,641
 1,172,399
*
Commitment fees197,861
 387,515
 
Total$10,687,633
 $9,641,894
 
______________
*Includes approximately $0.3 million of amortized debt costs related to the early termination of the SVCP 2018 Facility.
Outstanding leverage is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of March 31, 2019, the estimated fair values of the SVCP 2022 Facility, the TCPC Funding Facility and the SBA Debentures approximated their carrying values, and the 2019 Convertible Notes, the 2022 Convertible Notes and the 2022 Notes had estimated fair values of $108.9 million, $138.2 million and $168.1 million, respectively. As of December 31, 2018, the estimated fair values of the SVCP 2018 Facility, the TCPC Funding Facility and the SBA Debentures approximated their carrying values, and the 2019 Convertible Notes, the 2022 Convertible Notes and the 2022 Notes had estimated fair values of $108.6 million, $137.5 million and $169.5 million, respectively. The estimated fair values of the SVCP 2022 Facility, the SVCP 2018 Facility, the TCPC Funding Facility and the SBA Debentures were determined by discounting projected remaining payments using market interest rates for borrowings of the Company and entities with similar credit risks at the measurement date. The estimated fair values of the convertible notes2022 Convertible Notes, 2022 Notes and 20222024 Notes were determined using market quotations. The estimated fair values of the SVCP 2022 Facility, the SVCP 2018 Facility, the TCPC Funding Facility, the convertible notes, the 2022 Notes, the 2024 Notes and the SBA Debentures as prepared for disclosure purposes were deemed to be Level 3 in the GAAP valuation hierarchy.

Convertible Unsecured Notes

On June 11, 2014, the Company issued $108.0 million of convertible senior unsecured notes that maturematured on December 15, 2019, unless previously converted or repurchased in accordance with their terms.2019. The 2019 Convertible Notes arewere general unsecured obligations of the Company, and rankranked structurally junior to the SVCP 2022 Facility, TCPC Funding Facility and the SBA Debentures. The Company doesdid not have the right to redeem the 2019 Convertible Notes prior to maturity. The 2019 Convertible Notes bearbore interest at an annual rate of 5.25%, payablepaid semi-annually. In certain circumstances, the 2019 Convertible Notes will be convertiblecould have been converted into cash, shares of the Company’s common stock or a combination of cash and shares of common stock (such combination to be at the Company’s election), at an initial conversion rate of 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 March 31,Prior to its maturity on December 15, 2019, the principal amount of the 2019 Convertible Notes exceeded the value of the conversion rate multiplied by the per share closing price of the Company’s common stock. Therefore, no additional shares have beenwere added to the calculation of diluted earnings per common share and weighted average common shares outstanding.

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

37





BlackRock TCP Capital Corp.
Notes No notes were converted prior to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2019

4. Leverage — (continued)

the notes maturing on December 15, 2019.

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 2022 Facility and the TCPC Funding Facility. The Company does not have the right to redeem the 2022 Convertible Notes prior to maturity. The 2022 Convertible Notes bear interest at an annual rate of 4.625%, payable semi-annually. In certain circumstances, the 2022 Convertible Notes will be convertible into cash, shares of the Company’s common stock or a combination of cash and shares of common stock (such combination to be at the Company’s election), at an initial conversion rate of 54.5019 shares of common stock per one thousand dollar principal amount of the 2022 Convertible Notes, which is equivalent to an initial conversion price of approximately $18.35 per share of common stock, subject to customary anti-dilutional adjustments. The initial conversion price was approximately 10.0% above the $16.68 per share closing price of the Company’s common stock on August 30, 2016. At March 31, 2019,2020, 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.

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

38





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2020

4. Leverage — (continued)


will pay or deliver, as the case may be, at its election, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, subject to the requirements of the indenture.

The 2019 Convertible Notes and 2022 Convertible Notes arewere 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 arewere 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 March 31, 20192020 and December 31, 2018,2019, the components of the carrying values of the 2019 Convertible Notes and 2022 Convertible Notes were as follows:

 March 31, 2019 December 31, 2018
 
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(371,253) (1,871,946) (498,793) (2,019,815)
Carrying value of debt$107,628,747
 $138,128,054
 $107,501,207
 $137,980,185


38





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2019

4. Leverage — (continued)

 March 31, 2020 December 31, 2019
 2019 Convertible
Notes		 2022 Convertible
Notes		 2019 Convertible
Notes		 2022 Convertible
Notes
Principal amount of debtN/A $140,000,000
 N/A $140,000,000
Original issue discount, net of accretionN/A (1,260,143) N/A (1,415,687)
Carrying value of debtN/A $138,739,857
 N/A $138,584,313

For the three months ended March 31, 20192020 and 2018,2019, the components of interest expense for the convertible notes were as follows:
Three Months Ended March 31,Three Months Ended March 31,
2019 20182020 2019
2019
Convertible
Notes
 
2022
Convertible
Notes
 
2019
Convertible
Notes
 
2022
Convertible
Notes
2019
Convertible
Notes
 
2022
Convertible
Notes
 
2019
Convertible
Notes
 
2022
Convertible
Notes
Stated interest expense$1,417,500
 $1,618,750
 $1,417,500
 $1,618,750
N/A $1,618,750
 $1,417,500
 $1,618,750
Amortization of original issue discount127,540
 147,869
 120,511
 140,572
N/A 155,544
 127,540
 147,869
Total interest expense$1,545,040
 $1,766,619
 $1,538,011
 $1,759,322
N/A $1,774,294
 $1,545,040
 $1,766,619
 
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 three months ended March 31, 2019 and March 31, 2018.2019. 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 three months ended March 31, 20192020 and March 31, 2018.2019.



39





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2020

4. Leverage — (continued)


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 2022 Facility, TCPC Funding Facility and the SBA Debentures.Debentures, and rank pari passu with the 2022 Convertible Notes and the 2024 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 August 23, 2019, the Company issued $150.0 million of unsecured notes that mature on August 23, 2024, unless previously repurchased or redeemed in accordance with their terms. On November 26, 2019, the Company issued an additional $50.0 million of the 2024 Notes. The 2024 Notes bear interest at an annual rate of 3.900%, payable semi-annually, and all principal is due upon maturity. The 2024 Notes are general unsecured obligations of the Company and rank structurally junior to the SVCP Facility, TCPC Funding Facility and the SBA Debentures, and rank pari passu with the 2022 Convertible Notes and the 2022 Notes. The 2024 Notes may be redeemed in whole or part at the Company's option at a redemption price equal to par plus a "make whole" premium, as determined pursuant to the indenture governing the 2024 Notes, and any accrued and unpaid interest. The 2024 Notes were issued at a discount to the principal amount.

As of March 31, 20192020 and December 31, 2018,2019, the components of the carrying value of the 2022 Notes and 2024 Notes were as follows:
March 31, 2020 December 31, 2019
March 31, 2019
 December 31, 2018
2022 Notes 2024 Notes 2022 Notes 2024 Notes
Principal amount of debt$175,000,000
 $175,000,000
$175,000,000
 $200,000,000
 $175,000,000
 $200,000,000
Original issue discount, net of accretion(443,574) (474,004)(318,710) (2,108,659) (350,434) (2,217,428)
Carrying value of debt$174,556,426
 $174,525,996
$174,681,290
 $197,891,341
 $174,649,566
 $197,782,572

For the three months ended March 31, 20192020 and 2018,2019, the components of interest expense for the 2022 Notes and 2024 Notes were as follows:
Three Months Ended March 31,
Three Months Ended March 31,2020 2019
2019 20182022 Notes 2024 Notes 2022 Notes 2024 Notes
Stated interest expense$1,804,688
 $1,804,688
$1,804,688
 $1,950,000
 $1,804,688
 N/A
Amortization of original issue discount30,430
 29,237
31,725
 108,770
 30,430
 N/A
Total interest expense$1,835,118
 $1,833,925
$1,836,413
 $2,058,770
 $1,835,118
 N/A


SVCP Facility


The SVCP Facility consists of a revolving, multi-currency credit facility which provides for amounts to be drawn up to $270.0 million, subject to certain collateral and other restrictions. The facility was amended on May 6, 2019 and subsequently on August 6, 2019 to (1) increase its capacity to $270.0 million, (2) reduce the interest rate by 0.25% to LIBOR plus 2.00%, and (3) extend the maturity date from February 28, 2022 to May 6, 2023, subject to extension by the lenders at the request of SVCP. The facility contains an accordion feature pursuant to which the credit line may

3940





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192020

4. Leverage — (continued)


SVCP 2022 Facility

The SVCP 2022 Facility consists of a revolving, multi-currency credit facility which provides for amounts to be drawn up to $170.0 million, subject to certain collateral and other restrictions. The facility was amended on December 10, 2018 to increase its capacity from $125.0 million to $170.0 million. The SVCP 2022 Facility matures on February 28, 2022, subject to extension by the lenders at the request of SVCP, and contains an accordion feature pursuant to which the credit line may increase up to an aggregate of $300.0 million, subject to consent from the applicable lenders and other customary conditions. Most of the cash and investments held directly by SVCP, as well as the net assets of TCPC Funding and the SBIC, are included in the collateral for the facility.

Borrowings under the SVCP 2022 Facility generally bear interest at a rate of LIBOR plus 2.25%2.00%. In addition to amounts due on outstanding debt, the SVCP 2022 Facility accrues commitment fees of 0.50% per annum on the unused portion of the facility, or 2.25% per annum on the unused portion that is greater than 60% of the total facility. The SVCP 2022 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, 2019,2020, SVCP was in full compliance with such covenants.

SVCP 2018 Facility

Prior to being replaced by the SVCP 2022 Facility on February 26, 2018, the SVCP 2018 Facility consisted of a senior secured revolving credit facility which provided for amounts to be drawn up to $116.0 million, subject to certain collateral and other restrictions. The SVCP 2018 Facility was originally set to mature on July 31, 2018. Advances under the SVCP 2018 Facility bore interest at an annual rate of 2.50% plus either LIBOR or the lender’s cost of funds (subject to a cap of LIBOR plus 20 basis points). In addition to amounts due on outstanding debt, the SVCP 2018 Facility accrued commitment fees of 0.20% per annum on the unused portion of the facility, or 0.25% per annum when less than $46.4 million in borrowings were outstanding.

SBA Debentures

As of March 31, 2019,2020, 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 March 31, 2019,2020, SVCP had committed $75.0 million of regulatory capital to the SBIC, all of which had been funded. SBA Debentures are non-recourse and may be prepaid at any time without penalty. Once drawn, the SBIC debentures bear an interim interest rate of LIBOR plus 30 basis points. The rate then becomes fixed at the time of SBA pooling, which occurs twice each year, and is set to the then-current 10-year treasury rate plus a spread and an annual SBA charge.

SBA Debentures outstanding as of March 31, 20192020 and December 31, 20182019 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%* 
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%
October 20, 2017 March 1, 2028 8,000,000
 3.19% 0.35%
September 19, 2018 September 1, 2028 15,000,000
 3.55% 0.35%
    $98,000,000
 2.77%* 

40





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2019

4. Leverage — (continued)


_____________
*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 $300.0 million, subject to certain collateral and other restrictions. On May 31, 2018,7, 2019, the facility was amended to (1) reduceexpand the interest rate to LIBOR plus 2.00% or 2.35%, subject to certain funding requirements, (2) reduce thetotal capacity from $350.0by $50.0 million to $300.0 million, and (3)$350.0 million. On June 3, 2019, the facility was amended to extend the maturity date to May 31, 2022, subject2023. On November 4, 2019, the facility was amended to extensionreduce the credit facility capacity by the lender at the request of TCPC Funding.$50.0 million to $300.0 million. 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.

Borrowings under the TCPC Funding Facility bear 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

41





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2020

4. Leverage — (continued)


outstanding debt, the facility accrues 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 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 March 31, 2019,2020, TCPC Funding was in full compliance with such covenants.
 
5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk

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

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

4142





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192020

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 March 31, 20192020 and December 31, 20182019 as follows:
 Unfunded Balances Unfunded Balances
Issuer Maturity March 31, 2019 December 31, 2018 Maturity March 31, 2020 December 31, 2019
2-10 Holdco, Inc. 10/31/2024 $416,667
 $416,667
 10/31/2024 $416,667
 $416,667
Acquia Inc. 11/1/2025 1,803,792
 1,803,792
Applause App Quality, Inc. 9/20/2022 1,509,820
 1,509,820
 9/20/2022 1,509,820
 1,509,820
Apptio, Inc. 1/10/2025 769,231
 N/A
 1/10/2025 769,231
 769,231
Auto Trakk SPV, LLC 12/21/2021 3,193,208
 4,732,558
 12/21/2021 3,193,208
 3,193,208
Bisnow, LLC 4/29/2021 1,200,000
 1,200,000
 9/21/2022 1,200,000
 1,200,000
Blue Star Sports Holdings, Inc. 6/15/2024 877,777
 877,777
 6/15/2024 55,556
 55,556
CAREATC, Inc. 3/14/2024 607,288
 N/A
 3/14/2024 N/A
 607,288
Certify, Inc. 2/28/2024 4,251,508
 N/A
 2/28/2024 1,966,322
 2,497,761
Datto, Inc. 12/7/2022 1,870,622
 1,870,622
Donuts Inc. 9/17/2023 660,634
 660,634
 9/17/2023 426,207
 660,634
Dude Solutions Holdings, Inc. 6/14/2025 1,619,124
 2,207,896
Edmentum, Inc. 6/9/2020 308,372
 4,103,102
 6/9/2020 N/A
 205,642
FinancialForce.Com 2/1/2024 7,000,000
 N/A
GC Agile Holdings Limited (Apex) 6/15/2025 884,146
 N/A
HighTower Holding, LLC 1/31/2026 N/A
 6,169,355
Home Partners of America, Inc. 10/13/2022 2,142,857
 2,142,857
 10/13/2022 N/A
 2,142,857
IAS Investco, Inc. 1/24/2021 1,114,286
 1,114,286
iCIMS, Inc. 9/12/2024 490,735
 490,735
 9/12/2024 490,735
 490,735
JAMF Holdings, Inc. 11/13/2022 404,684
 1,214,052
 11/13/2022 1,214,052
 1,214,052
Lithium Technologies, LLC 10/3/2022 1,983,364
 1,983,364
Kellermeyer Bergensons Services, LLC 11/7/2026 1,960,784
 3,464,052
Khoros LLC (Lithium) 10/3/2022 1,983,364
 1,983,364
Patient Point Network Solutions, LLC 6/26/2022 154,166
 440,475
 6/26/2022 N/A
 176,190
Pegasus Business Intelligence, LP (Onyx Centersource) 12/20/2021 671,356
 671,356
 12/20/2021 N/A
 671,356
Persado, Inc. 2/1/2025 3,512,831
 N/A
Pulse Secure, LLC 5/1/2022 1,342,516
 1,342,516
 5/1/2022 1,342,516
 1,342,516
RSB-160, LLC (Lat20), LLC 7/20/2022 4,435,914
 4,435,914
ResearchGate GmBH 10/1/2022 8,286,000
 8,286,000
Rhode Holdings, Inc. (Kaseya) 5/3/2025 2,326,925
 2,016,078
RigUp, Inc. 3/1/2024 9,666,667
 N/A
Sandata Technologies, LLC 7/23/2024 N/A
 2,250,000
Snow Software AB 4/17/2024 N/A
 2,616,329
Space Midco, Inc. (Archibus) 12/5/2023 277,778
 277,778
 12/5/2023 N/A
 277,778
Spark Networks, Inc. 7/1/2023 1,005,887
 1,005,887
Team Software, Inc. 9/17/2023 3,511,210
 3,511,210
 9/17/2023 351,121
 2,282,287
Telarix, Inc. 11/19/2023 357,143
 357,143
 11/19/2023 N/A
 178,571
TPC Intermediate Holdings, LLC 5/15/2023 188,235
 188,235
 5/15/2020 4,100,294
 4,363,137
Tradeshift Holdings, Inc. 9/1/2020 5,352,908
 5,352,908
Unanet, Inc. 5/31/2024 2,525,510
 4,974,490
VSS-Southern Holdings, LLC 11/3/2026 1,027,397
 N/A
 3/31/2022 N/A
 1,027,397
Xactly Corporation 7/31/2022 1,405,501
 1,405,501
 7/31/2022 1,405,501
 1,405,501
Total Unfunded Balances $48,409,323
 $46,468,865
 $53,132,114
 $57,296,072


4243





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 2019

2020



6. Related Party Transactions

The Company, SVCP, TCPC Funding, the SBIC, the Advisor and their members and affiliates may be considered related parties. From time to time, SVCP advances payments to third parties on behalf of the Company which are reimbursable through deductions from distributions to the Company. At March 31, 20192020 and December 31, 2018,2019, no such amounts were outstanding. From time to time, the Advisor advances payments to third parties on behalf of the Company and SVCP and receives reimbursement from the Company. At March 31, 20192020 and December 31, 2018,2019, amounts reimbursable to the Advisor totaled $0.7$1.3 million and $1.2$1.6 million, respectively, as reflected in the Consolidated Statements of Assets and Liabilities.

Pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement”), the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to the Company, as well as costs and expenses incurred by the Administrator or its affiliates relating to any administrative, operating, or other non-investment advisory services provided by the Administrator or its affiliates to the Company. For the three months ended March 31, 20192020 and 2018,2019, expenses allocated pursuant to the Administration Agreement totaled $0.6$0.5 million, and $0.6 million, respectively.

7. Stockholders’ Equity and Dividends

The following table summarizes the total shares issued and proceeds received in connection with the Company’s dividend reinvestment plan for the three months ended March 31, 20192020 and 2018:

2019:
2019 20182020 2019
Shares Issued193
 192
486
 193
Average Price Per Share$14.19
 $14.18
$6.25
 $14.19
Proceeds$2,738
 $2,723
$3,039
 $2,738

The Company’s dividends are recorded on the ex-dividend date. The following table summarizes the Company’s dividends declared and paid for the three months ended March 31, 2019:2020:
Date Declared Record Date Payment Date Type Amount Per Share Total Amount Record Date Payment Date Type Amount Per Share Total Amount
February 28, 2019 March 15, 2019 March 29, 2019 Regular $0.36
 $21,155,619
February 26, 2020 March 17, 2020 March 31, 2020 Regular $0.36
 $21,155,913

The following table summarizes the Company’s dividends declared and paid for the three months ended March 31, 2018:2019:
Date Declared Record Date Payment Date Type Amount Per Share Total Amount Record Date Payment Date Type Amount Per Share Total Amount
February 27, 2018 March 16, 2018 March 30, 2018 Regular $0.36
 $21,184,004
February 28, 2019 March 15, 2019 March 29, 2019 Regular $0.36
 $21,155,619

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

4344





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192010

7. Stockholders’ Equity and Dividends — (continued)

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 February 21, 2019,20, 2020, to be in effect through the earlier of two trading days after the Company’s first quarter 20192020 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.

The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the three months ended March 31, 2019:2020:
 Shares Repurchased Price Per Share Total Cost
Company Repurchase Plan9,000 $13.96
* $125,679
 Shares Repurchased Price Per Share Total Cost
Company Repurchase Plan1,000,000 $6.10
* $6,100,190
______________
*Weighted-average price per share

The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the three months ended March 31, 2018:2019:
 Shares Repurchased Price Per Share Total Cost
Company Repurchase Plan11,300 $14.21
* $160,615
 Shares Repurchased Price Per Share Total Cost
Company Repurchase Plan9,000 $13.96
* $125,679
______________
*Weighted-average price per share

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 months ended March 31, 20192020 and 2018:2019: 
 Three Months Ended March 31,
 2019 2018
Net increase in net assets applicable to common shareholders resulting from operations$24,121,820
 $27,188,785
Weighted average shares outstanding58,767,442
 58,844,381
Earnings per share$0.41
 $0.46


44





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2019




9. Subsequent Events

On May 1, 2019, the Company’s board of directors re-approved the Company Repurchase Plan, to be in effect through the earlier of two trading days after the Company’s second quarter 2019 earnings release or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

Effective May 6, 2019, the Company reduced the rate on its SVCP 2022 Facility by 0.25% to LIBOR + 2.0%, expanded total capacity by $50 million to $220 million, and extended its maturity to May 6, 2023.

Effective May 7, 2019, the Company expanded the total capacity of the TCPC Funding Facility by $50 million to $350 million.

On May 8, 2019, the Company’s board of directors declared a second quarter regular dividend of $0.36 per share payable on June 28, 2019 to stockholders of record as of the close of business on June 14, 2019.
 Three Months Ended March 31,
 2020 2019
Net increase (decrease) in net assets applicable to common shareholders resulting from operations$(69,481,411) $24,121,820
Weighted average shares outstanding58,668,432
 58,767,442
Earnings (loss) per share$(1.18) $0.41


45





BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
March 31, 20192020



9. Subsequent Events

In April 2020, the Company extended the maturity of its $270 million SVCP credit facility to May 6, 2024. The interest rate on the facility remained unchanged at LIBOR + 2.00%.

On April 30, 2020, 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 second quarter 2020 earnings release or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

On May 11, 2020, the Company’s board of directors declared a second quarter regular dividend of $0.36 per share payable on June 30, 2020 to stockholders of record as of the close of business on June 16, 2020.



46





BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
March 31, 2020



10. Financial Highlights

Three Months Ended March 31,Three Months Ended March 31,
2019 20182020 2019
Per Common Share      
Per share NAV at beginning of period$14.13
 $14.80
$13.21
 $14.13
      
Investment operations:      
Net investment income0.40
 0.37
0.38
 0.40
Net realized and unrealized gain0.01
 0.09
Net realized and unrealized losses(1.56) 0.01
Total from investment operations0.41
 0.46
(1.18) 0.41
      
Repurchase of common stock—
 —
0.09
 —
Distributions to common shareholders(0.36) (0.36)(0.36) (0.36)
Per share NAV at end of period$14.18
 $14.90
$11.76
 $14.18
      
Per share market price at end of period$14.18
 $14.22
$6.25
 $14.18
      
Total return based on market value (1), (2)
11.5% (4.6)%(53.0)% 11.5%
Total return based on net asset value (1), (3)
2.9% 3.1 %(8.3)% 2.9%
      
Shares outstanding at end of period58,765,800
 58,836,148
57,766,912
 58,765,800



4647





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

March 31, 20192020

10. Financial Highlights — (continued)

Three Months Ended March 31,Three Months Ended March 31,
2019 20182020 2019
Ratios to average common equity: (4)
      
Net investment income13.3% 11.8%11.7% 13.3%
Expenses excluding incentive compensation9.1% 8.0%10.2% 9.1%
Expenses and incentive compensation9.7% 8.6%
Expenses including incentive compensation10.2% 9.7%
      
Ending common shareholder equity$833,317,987
 $876,575,015
$679,583,911
 $833,317,987
Portfolio turnover rate9.1% 4.6%4.7% 9.1%
Weighted-average leverage outstanding$808,228,913
 $708,131,148
$934,766,749
 $808,228,913
Weighted-average interest rate on leverage
4.8% 4.6%4.2% 4.8%
Weighted-average number of common shares58,767,442
 58,844,381
58,668,432
 58,767,442
Average leverage per share$13.75
 $12.03
$15.93
 $13.75
______________
(1)    
(1)Not annualized.

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

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

(4)Annualized, except for incentive compensation.






4748





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

Three Months Ended March 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
March 31, 2020
AGY Holding Corp., Common Stock $—
 $—
 $—
 $—
 $—
 $—
 $—
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 —
 3,708,428
 —
 (3,490,281) —
 —
 218,147
AGY Holding Corp., Senior Secured Delayed Draw Term Loan A, 12%, due 9/15/20 24,344
   —
 46,712
 1,144,606
 —
 1,191,318
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/20 33,806
 1,114,120
 —
 —
 33,795
 —
 1,147,915
AGY Holding Corp., Senior Secured Term Loan A1, 12%, due 9/15/20 166
   —
 24,912
 224,211
 —
 249,123
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/20 156,911
 5,171,151
 —
 —
 156,858
 —
 5,328,009
Edmentum Ultimate Holdings, LLC, Class A Common Units —
 1,433,968
 —
 (1,433,952) —
 —
 16
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 495,420
 17,609,276
 —
 (6,809,489) 492,687
 —
 11,292,474
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 80,131
 3,675,888
 —
 —
 79,848
 —
 3,755,736
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units —
 7,084,470
 —
 (7,084,470) —
 —
 —
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 68,690
 5,235,978
 —
 (5) 262,892
 —
 5,498,865
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 461,515
 10,740,023
 —
 (182,660) 235,323
 —
 10,792,686
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 148,296
 8,281,661
 —
 (8) 148,150
 —
 8,429,803
Educationcity Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 8/31/20 40,718
 —
 —
 30,383
 3,677,040
 —
 3,707,423
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 44,408
 1,635,903
 —
 —
 —
 —
 1,635,903
Iracore Investments Holdings, Inc., Class A Common Stock —
 2,476,881
 —
 1,424,671
 —
 —
 3,901,552
KAGY Holding Company, Inc., Series A Preferred Stock —
 —
 —
 —
 —
 —
 —
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units —
 6,925,848
 —
 (753,218) —
 —
 6,172,630
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units —
 391,407
 —
 (102,840) —
 —
 288,567
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units —
 395,290
 —
 (103,860) —
 —
 291,430
Total $1,554,405
 $75,880,292
 $—
 $(18,434,105) $6,455,410
 $—
 $63,901,597
______________
Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:
(1)The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% to 25% of the issuers' voting securities.
(2)Also includes fee and lease income as applicable.
(3)Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
(4)Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation.


49





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

Three Months Ended March 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
March 31, 2020
36th Street Capital Partners Holdings, LLC, Membership Units $428,419
 $31,682,859
 $—
 $(3,795,252) $—
 $—
 $27,887,607
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 1,225,033
 40,834,419
 —
 —
 —
 —
 40,834,419
Anacomp, Inc., Class A Common Stock —
 1,167,640
 —
 276,216
 —
 —
 1,443,856
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 44,222
 1,207,786
 —
 271,747
 —
 —
 1,479,533
Conergy Asia Holdings Limited, Class B Shares —
 —
 —
 —
 —
 —
 —
Conergy Asia Holdings Limited, Ordinary Shares —
 —
 —
 —
 —
 —
 —
Conventional Lending TCP Holdings, LLC, Membership Units 407,000
 14,269,948
 —
 (1,576,995) 1,500,000
 —
 14,192,953
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 5/26/20 —
 3,289,438
 —
 —
 —
 —
 3,289,438
Kawa Solar Holdings Limited, Ordinary Shares —
 —
 —
 —
 —
 —
 —
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 —
 2,208,823
 —
 (78,887) —
 —
 2,129,936
Kawa Solar Holdings Limited, Series B Preferred Shares —
 —
 —
 —
 —
 —
 —
United N659UA-767, LLC (Aircraft Trust Holding Company) 26,635
 2,300,366
 —
 (214,824) —
 (60,308) 2,025,234
United N661UA-767, LLC (Aircraft Trust Holding Company) 11,502
 2,347,314
 162,012
 (121,954) —
 (2,387,372) —
Total $2,142,811
 $99,308,593
 $162,012
 $(5,239,949) $1,500,000
 $(2,447,680) $93,282,976
______________
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.

50





BlackRock TCP Capital Corp.

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

Three MonthsYear Ended MarchDecember 31, 2019

Security Dividends or Interest (2) Fair Value at
December 31, 2018		 Net realized gain or loss Net increase or decrease in unrealized appreciation or depreciation Acquisitions (3) Dispositions (4) Fair Value at
March 31, 2019		 Dividends or Interest (2) Fair Value at
December 31, 2018		 Net realized gain or loss Net increase or decrease in unrealized appreciation or depreciation Acquisitions (3) Dispositions (4) Fair Value at
December 31, 2019
AGY Holding Corp., Common Stock $—
 $—
 $—
 $—
 $—
 $—
 $—
 $—
 $—
 $—
 $—
 $—
 $—
 $—
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 268,888
 9,777,740
 —
 —
 —
 —
 9,777,740
 545,334
 9,777,740
 —
 (6,752,077) 682,765
 —
 3,708,428
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 5/18/20 31,474
 1,049,147
 —
 —
 —
 —
 1,049,147
AGY Holding Corp., Senior Secured Term Loan, 12%, due 5/18/20 146,087
 4,869,577
 —
 —
 —
 —
 4,869,577
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 9/15/20 128,644
 1,049,147
 —
 —
 64,973
 —
 1,114,120
AGY Holding Corp., Senior Secured Term Loan, 12%, due 9/15/20 597,096
 4,869,577
 —
 —
 301,574
 —
 5,171,151
Edmentum Ultimate Holdings, LLC, Class A Common Units —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 1,433,968
 —
 —
 1,433,968
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 444,804
 11,152,078
 —
 (161,872) 446,869
 —
 11,437,075
 1,864,600
 11,152,078
 —
 4,621,493
 1,835,705
 —
 17,609,276
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 72,767
 3,375,453
 —
 —
 73,322
 —
 3,448,775
 304,833
 3,375,453
 —
 —
 300,435
 —
 3,675,888
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 7,084,470
 —
 —
 7,084,470
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 40,184
 1,153,076
 —
 —
 3,815,372
 (9,867) 4,958,581
 217,659
 1,153,076
 —
 —
 6,149,380
 (2,066,478) 5,235,978
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 207,627
 6,187,478
 —
 (75,668) 127,076
 —
 6,238,886
 1,327,742
 6,187,478
 —
 262,555
 4,289,990
 —
 10,740,023
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 136,695
 7,719,069
 —
 —
 138,085
 —
 7,857,154
 569,374
 7,719,069
 —
 —
 562,592
 —
 8,281,661
Edmentum, Inc., Senior Unsecured Promissory Note, 10%, due 9/30/19 194,184
 —
 —
 —
 3,644,068
 (3,644,068) —
Educationcity Limited (Edmentum), Senior Unsecured Promissory Note, 10%, due 9/30/19 77,673
 —
 —
 —
 1,457,627
 (1,457,627) —
EPMC HoldCo, LLC, Membership Units —
 26,254
 43,320
 (26,254) —
 (43,320) —
 —
 26,254
 43,320
 (26,254) —
 (43,320) —
Green Biologics, Inc., Common Stock —
 3,670,777
 —
 (2,481,107) 2,006,277
 —
 3,195,947
 —
 3,670,777
 (20,524,650) 14,851,816
 2,006,277
 (4,220) —
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 54,844
 1,900,733
 —
 —
 —
 —
 1,900,733
 220,506
 1,900,733
 —
 —
 —
 (264,830) 1,635,903
Iracore Investments Holdings, Inc., Class A Common Stock —
 1,375,243
 —
 (556,941) —
 —
 818,302
 —
 1,375,243
 —
 1,101,638
 —
 —
 2,476,881
KAGY Holding Company, Inc., Series A Preferred Stock —
 969,224
 —
 293,221
 —
 —
 1,262,445
 —
 969,224
 —
 (969,224) —
 —
 —
NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22 42,523
 1,574,099
 —
 —
 41,568
 —
 1,615,667
 101,051
 1,574,099
 —
 —
 84,863
 (1,658,962) —
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units —
 6,543,086
 —
 13,045
 —
 —
 6,556,131
 —
 6,543,086
 —
 382,762
 —
 —
 6,925,848
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units —
 364,299
 —
 (2,255) —
 —
 362,044
 —
 364,299
 —
 27,107
 —
 —
 391,406
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units —
 367,914
 —
 (2,278) —
 —
 365,636
 —
 367,914
 —
 27,376
 —
 —
 395,290
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units —
 1,118,110
 —
 (11,070) —
 —
 1,107,040
 —
 1,118,110
 809,444
 (1,118,110) —
 (809,444) —
Total $1,445,893
 $63,193,357
 $43,320
 $(3,011,179) $6,648,569
 $(53,187) $66,820,880
 $6,148,696
 $63,193,357
 $(19,671,886) $20,927,520
 $21,380,249
 $(9,948,949) $75,880,291
______________
Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:
 
(1)The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% to 25% of the issuers' voting securities.
(2)Also includes fee and lease income as applicable.
(3)Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
(4)Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation.



















4851







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

Three MonthsYear Ended MarchDecember 31, 2019

Security Dividends or Interest (2) Fair Value at
December 31, 2018		 Net realized gain or loss Net increase or decrease in unrealized appreciation or depreciation Acquisitions (3) Dispositions (4) Fair Value at
March 31, 2019		 Dividends or Interest (2) Fair Value at
December 31, 2018		 Net realized gain or loss Net increase or decrease in unrealized appreciation or depreciation Acquisitions (3) Dispositions (4) Fair Value at
December 31, 2019
36th Street Capital Partners Holdings, LLC, Membership Units $480,404
 $18,931,733
 $—
 $2,519,435
 $346,250
 $—
 $21,797,418
 $2,392,274
 $18,931,734
 $—
 $6,296,773
 $6,454,352
 $—
 $31,682,859
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 852,519
 27,839,419
 —
 —
 753,750
 —
 28,593,169
 3,874,967
 27,839,419
 —
 —
 12,995,000
 —
 40,834,419
Anacomp, Inc., Class A Common Stock —
 1,418,746
 —
 —
 —
 —
 1,418,746
 —
 1,418,746
 —
 (251,106) —
 —
 1,167,640
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 43,738
 1,773,807
 —
 (49,578) —
 —
 1,724,229
 177,381
 1,773,807
 —
 (566,022) —
 —
 1,207,785
Conergy Asia Holdings Limited, Class B Shares —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
Conergy Asia Holdings Limited, Ordinary Shares —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0% PIK, due 5/26/20 —
 11,682,923
 —
 21,101
 —
 (7,577,094) 4,126,930
Conventional Lending TCP Holdings, LLC, Membership Units 981,790
 —
 —
 —
 14,269,948
 —
 14,269,948
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 5/26/20 —
 11,682,923
 —
 (816,391) —
 (7,577,094) 3,289,438
Kawa Solar Holdings Limited, Ordinary Shares —
 —
 —
 (578,646) —
 578,646
 —
 —
 —
 —
 (578,646) —
 578,646
 —
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 —
 2,922,269
 —
 —
 —
 (578,646) 2,343,623
 —
 2,922,269
 —
 (134,800) —
 (578,645) 2,208,824
Kawa Solar Holdings Limited, Series B Preferred Shares —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
 —
United N659UA-767, LLC (Aircraft Trust Holding Company) 39,952
 2,826,708
 —
 13,014
 —
 (90,461) 2,749,261
 159,808
 2,826,708
 —
 (164,500) —
 (361,842) 2,300,366
United N661UA-767, LLC (Aircraft Trust Holding Company) 34,505
 2,896,083
 —
 19,224
 —
 (95,907) 2,819,400
 138,019
 2,896,083
 —
 (165,139) —
 (383,630) 2,347,314
Total $1,451,118
 $70,291,688
 $—
 $1,944,550
 $1,100,000
 $(7,763,462) $65,572,776
 $7,724,239
 $70,291,689
 $—
 $3,620,169
 $33,719,300
 $(8,322,565) $99,308,593
______________
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.


49





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

Year Ended December 31, 2018
Security Dividends or Interest (2) Fair Value at
December 31, 2017		 Net realized gain or loss Net increase or decrease in unrealized appreciation or depreciation Acquisitions (3) Dispositions (4) Fair Value at
December 31, 2018
AGY Holding Corp., Common Stock $—
 $—
 $—
 $—
 $—
 $—
 $—
AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%, due 11/15/20 1,054,681
 9,268,000
 —
 —
 509,740
 —
 9,777,740
AGY Holding Corp., Senior Secured Delayed Draw Term Loan, 12%, due 5/18/20 127,646
 1,049,147
 —
 —
 —
 —
 1,049,147
AGY Holding Corp., Senior Secured Term Loan, 12%, due 5/18/20 592,465
 4,869,577
 —
 —
 —
 —
 4,869,577
Edmentum Ultimate Holdings, LLC, Class A Common Units —
 —
 —
 —
 —
 —
 —
Edmentum Ultimate Holdings, LLC, Junior PIK Notes, 10%, due 6/9/20 1,686,990
 10,377,830
 —
 (886,600) 1,660,848
 —
 11,152,078
Edmentum Ultimate Holdings, LLC, Senior PIK Notes, 8.5%, due 6/9/20 279,918
 3,099,573
 —
 —
 275,880
 —
 3,375,453
Edmentum Ultimate Holdings, LLC, Warrants to Purchase Class A Common Units —
 —
 —
 —
 —
 —
 —
Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20 129,029
 2,189,584
 —
 2
 3,740,309
 (4,776,819) 1,153,076
Edmentum, Inc., Senior Secured 1st Lien Term Loan B, 8.5%, due 6/9/21 332,418
 —
 —
 910,888
 5,293,696
 (17,106) 6,187,478
Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7% PIK, due 12/8/21 722,259
 —
 —
 8
 7,719,061
 —
 7,719,069
EPMC HoldCo, LLC, Membership Units —
 210,035
 196,908
 (183,781) —
 (196,908) 26,254
Globecomm Systems, Inc., Senior Secured 1st Lien Incremental Term Loan, LIBOR + 7.625%, 1.25% LIBOR Floor, due 12/11/21 14,923
 175,824
 3,917
 (4,221) 14,155
 (189,675) —
Globecomm Systems, Inc., Senior Secured 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21 547,010
 7,200,000
 —
 —
 420,234
 (7,620,234) —
Globecomm Systems, Inc., Senior Secured 2nd Tranche Term Loan, LIBOR + 8%, 1.25% LIBOR Floor, due 12/11/21 244,408
 2,400,000
 —
 —
 187,800
 (2,587,800) —
Globecomm Systems, Inc., Senior Secured 3rd Tranche Term Loan, 12.5% PIK, due 12/11/21 158,129
 1,248,000
 (1,117,442) —
 122,538
 (253,096) —
Globecomm Systems, Inc., Senior Secured 4th Tranche Term Loan, 12.5% PIK, due 12/11/21 205,845
 2,256,000
 (2,477,512) —
 221,512
 —
 —
Globecomm Systems, Inc., Senior Secured Incremental 1st Tranche Term Loan, LIBOR + 5.5%, 1.25% LIBOR Floor, due 12/11/21 9,757
 —
 —
 —
 244,778
 (244,778) —
Green Biologics, Inc., Common Stock —
 —
 —
 (14,851,816) 18,522,593
 —
 3,670,777
HCT Acquisition, LLC (Globecomm), Membership Units —
 531,575
 (531,575) —
 —
 —
 —
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21 213,331
 1,900,733
 —
 —
 —
 —
 1,900,733
Iracore Investments Holdings, Inc., Class A Common Stock —
 3,458,749
 —
 (2,083,506) —
 —
 1,375,243
KAGY Holding Company, Inc., Series A Preferred Stock —
 11,034,519
 —
 (10,065,295) —
 —
 969,224
NEG Holdings, LLC (CORE Entertainment, Inc.), Senior Secured 1st Lien Term Loan, LIBOR + 8% PIK, 1% LIBOR Floor, due 10/17/22 118,111
 1,584,734
 —
 —
 118,889
 (129,524) 1,574,099
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units —
 4,345,010
 —
 2,198,076
 —
 —
 6,543,086
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units —
 111,875
 —
 252,424
 —
 —
 364,299
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units —
 112,985
 —
 254,929
 —
 —
 367,914
NEG Parent, LLC (CORE Entertainment, Inc.), Litigation Trust Units —
 1,201,138
 —
 (83,028) —
 —
 1,118,110
RM Holdco, LLC (Real Mex), Equity Participation —
 —
 —
 —
 —
 —
 —
RM Holdco, LLC (Real Mex), Membership Units 31,486
 —
 (2,010,777) 2,010,777
 —
 —
 —
RM OpCo, LLC (Real Mex), Convertible 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 77,143
 862,509
 (2,210,269) 1,255,117
 92,643
 —
 —
RM OpCo, LLC (Real Mex), Senior Convertible 2nd Lien Term Loan B, 8.5%, due 3/30/18 264,147
 7,250,973
 (7,568,193) —
 317,220
 —
 —
RM OpCo, LLC (Real Mex), Senior Secured 1st Lien Term Loan Tranche A, 7%, due 3/30/18 297,194
 4,899,257
 (150,583) (283,386) 297,423
 (4,762,711) —
RM OpCo, LLC (Real Mex), Senior Secured 1st Out Term Loan Tranche A, 7%, due 3/30/18 101,757
 —
 7,551
 (38,950) 1,461,263
 (1,429,864) —
RM OpCo, LLC (Real Mex), Senior Secured 2nd Lien Term Loan Tranche B, 8.5%, due 3/30/18 —
 —
 (10,398,622) 10,398,622
 —
 —
 —
RM OpCo, LLC (Real Mex), Senior Secured 2nd Lien Term Loan Tranche B-1, 8.5%, due 3/30/18 121,054
 1,353,457
 (3,452,951) 1,954,117
 145,377
 —
 —
RM OpCo, LLC (Real Mex), Senior Secured Super Priority Debtor-in-Possession Term Loan, 8.5%, due 12/15/18 18,337
 —
 5,251
 —
 715,249
 (720,500) —
Total $7,348,038
 $82,991,084
 $(29,704,297) $(9,245,623) $42,081,208
 $(22,929,015) $63,193,357
______________
Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:
(1)The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% to 25% of the issuers' voting securities.
(2)Also includes fee and lease income as applicable.
(3)Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
(4)Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation.

50






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

Year Ended December 31, 2018
Security Dividends or Interest (2) Fair Value at
December 31, 2017		 Net realized gain or loss Net increase or decrease in unrealized appreciation or depreciation Acquisitions (3) Dispositions (4) Fair Value at
December 31, 2018
36th Street Capital Partners Holdings, LLC, Membership Units $750,715
 $12,576,276
 $—
 $(443,614) $7,049,072
 $(250,000) $18,931,734
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20 3,537,166
 30,827,391
 —
 —
 1,155,002
 (4,142,974) 27,839,419
Anacomp, Inc., Class A Common Stock —
 1,418,746
 —
 —
 —
 —
 1,418,746
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 5/26/20 112,355
 666,667
 —
 —
 1,107,140
 —
 1,773,807
Conergy Asia Holdings Limited, Class B Shares —
 1,027,700
 —
 (1,027,700) —
 —
 —
Conergy Asia Holdings Limited, Ordinary Shares —
 193,847
 —
 (193,847) —
 —
 —
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0% PIK, due 5/26/20 645,470
 16,233,431
 —
 (2,473,048) (290,793) (1,786,667) 11,682,923
Kawa Solar Holdings Limited, Ordinary Shares —
 —
 —
 —
 —
 —
 —
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 5/26/20 —
 7,048,850
 —
 (5,746,581) 1,620,000
 —
 2,922,269
Kawa Solar Holdings Limited, Series B Preferred Shares —
 —
 —
 —
 —
 —
 —
United N659UA-767, LLC (Aircraft Trust Holding Company) 159,808
 3,161,798
 —
 26,751
 —
 (361,841) 2,826,708
United N661UA-767, LLC (Aircraft Trust Holding Company) 138,019
 3,228,449
 —
 51,265
 —
 (383,631) 2,896,083
Total $5,343,533
 $76,383,155
 $—
 $(9,806,774) $10,640,421
 $(6,925,113) $70,291,689
______________
Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates:
(1)The issuers of the securities listed on this schedule are considered controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of more than 25% of the issuers' voting securities.
(2)Also includes fee and lease income as applicable.
(3)Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
(4)Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation.

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BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers (Unaudited)

March 31, 20192020

Investment Acquisition Date
Actifio, Inc., Warrants to Purchase Series G Preferred Stock 5/5/17
Adesto Technologies Corporation, Warrants to Purchase Common Stock 5/8/18
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9% PIK, 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
CFG Investments Limited (Caribbean Financial Group)Domo, Inc., Subordinated Class B Notes, 9.42%Warrants to Purchase Common Stock12/5/17
Envigo RMS Holding Corp., due 11/15/26Common Stock6/3/19
Fidelis (SVC) LLC, Series C Preferred Units12/31/19
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock1/30/19
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock5/4/17
GACP I, LP (Great American Capital), Membership Units10/1/15
GACP II, LP (Great American Capital), Membership Units1/12/18
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock2/7/17
GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock3/16/18
InMobi, Inc., Warrants to Purchase Common Stock8/22/17
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 Stock3/29/16
Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units2/7/20
Quora, Inc., Warrants to Purchase Series D Preferred Stock4/12/19
ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock 11/7/19
Shop Holding, LLC (Connexity), Class A Units6/2/11
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock3/20/18
Soraa, Inc., Warrants to Purchase Common Stock8/29/14
SoundCloud, Ltd., Warrants to Purchase Preferred Stock4/30/15
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock3/9/17
Utilidata, Inc., Warrants to Purchase Preferred Stock12/22/15
V Telecom Investment S.C.A. (Vivacom), Common Shares11/9/12

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BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers

December 31, 2019
InvestmentAcquisition Date
Actifio, Inc., Warrants to Purchase Series G Preferred Stock5/5/17
Adesto Technologies Corporation, Warrants to Purchase Common Stock5/8/18
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9% PIK, due 10/1/221/26/17
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/221/26/17
Domo, Inc., Warrants to Purchase Common Stock 12/5/17
Envigo RMS Holding Corp., Common Stock6/3/19
Fidelis Topco LP,(SVC) LLC, Series C Preferred Units12/31/19
FinancialForce.com, Inc., Warrants to Purchase Series AC Preferred UnitsStock 7/20/18
Fidelis Topco LP, Warrants to Purchase Series B Preferred Units7/20/181/30/19
Findly Talent, LLC, Class A Membership Units 1/1/14
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock 5/4/17
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
GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock 3/16/18
InMobi, Inc., Warrants to Purchase Common Stock 8/22/17
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) 9/18/15
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) 10/1/18
Lions Holdings, Inc. (Envigo), Series A Warrants to Purchase Common Stock7/14/17
Lions Holdings, Inc. (Envigo), Series B Warrants to Purchase Common Stock7/14/17
Nanosys, Inc., Warrants to Purchase Preferred Stock 3/29/16
Quora, Inc., Warrants to Purchase Series D Preferred Stock4/12/19
ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock11/7/19
Shop Holding, LLC (Connexity), Class A Units 6/2/11
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
STG-Fairway Holdings, LLC (First Advantage), Class A Units 12/30/10
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock 3/9/17
Utilidata, Inc., Warrants to Purchase Preferred Stock 12/22/15
V Telecom Investment S.C.A. (Vivacom), Common Shares 11/9/12

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BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers

December 31, 2018
InvestmentAcquisition Date
Actifio, Inc., Warrants to Purchase Series G Preferred Stock5/5/17
Adesto Technologies Corporation, Warrants to Purchase Common Stock5/8/18
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9%, due 10/1/221/26/17
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/221/26/17
CFG Investments Limited (Caribbean Financial Group), Subordinated Class B Notes, 9.42%, due 11/15/2611/7/17
Domo, Inc., Warrants to Purchase Common Stock12/5/17
Fidelis Topco LP, Warrants to Purchase Series A Preferred Units7/20/18
Fidelis Topco LP, Warrants to Purchase Series B Preferred Units7/20/18
Findly Talent, LLC, Class A Membership Units1/1/14
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock5/4/17
Fuse Media, LLC, Warrants to Purchase Common Stock8/3/12
GACP I, LP (Great American Capital), Membership Units10/1/15
GACP II, LP (Great American Capital), Membership Units1/12/18
GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock2/7/17
GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock3/16/18
InMobi, Inc., Warrants to Purchase Common Stock8/22/17
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
Lions Holdings, Inc., (BPA), Series A Warrants to Purchase Common Stock7/14/17
Lions Holdings, Inc., (BPA), Series B Warrants to Purchase Common Stock7/14/17
Nanosys, Inc., Warrants to Purchase Preferred Stock3/29/16
Shop Holding, LLC (Connexity), Class A Units6/2/11
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock3/20/18
Soraa, Inc., Warrants to Purchase Common Stock8/29/14
SoundCloud, Ltd., Warrants to Purchase Preferred Stock4/30/15
STG-Fairway Holdings, LLC (First Advantage), Class A Units12/30/10
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock3/9/17
Utilidata, Inc., Warrants to Purchase Preferred Stock12/22/15
V Telecom Investment S.C.A. (Vivacom), Common Shares11/9/12

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

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

our, or our portfolio companies’, future business, operations, operating results or prospects;

the return or impact of current and future investments;

the impact of a protracted decline in the liquidity of credit markets on our business;

the impact of fluctuations in interest rates on our business;

the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;

our contractual arrangements and relationships with third parties;

the general economy and its impact on the industries in which we invest;

the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;

our expected financings and investments;

the adequacy of our financing resources and working capital;

the ability of our investment advisor to locate suitable investments for us and to monitor and administer our investments;

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

the timing, form and amount of any dividend distributions; 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 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.


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Overview

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

The Company has elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. TCPC Funding 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 $170.0$270.0 million in available debt under a revolving, multi-currency credit facility issued by SVCP (the “SVCP 2022 Facility”), $300.0 million in available debt under a senior secured revolving credit facility issued by TCPC Funding (the “TCPC Funding Facility”), $108.0 million in convertible senior unsecured notes issued by the Company maturing in 2019 (the “2019 Convertible Notes”), $140.0 million in convertible senior unsecured notes issued by the Company maturing in 2022 (the “2022 Convertible Notes”), $175.0 million in senior unsecured notes issued by the Company maturing in 2022 (the “2022 Notes”), $200.0 million in senior unsecured notes issued by the Company maturing in 2024 (the “2024 Notes”) and $150.0 million in committed leverage from the SBA (the “SBA Program” and, together with the SVCP 2022 Facility, the TCPC Funding Facility, the 20192022 Convertible Notes, the 2022 Convertible Notes and the 20222024 Notes, the “Leverage Program”). Prior to being replaced by the SVCP 2022 Facility on February 26, 2018, leverage included $116.0 million in available debt under a senior secured revolving credit facility issued by SVCP (the “SVCP 2018 Facility”). 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.





56





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

55





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 March 31, 2019, 85.0%2020, 90.5% of our total assets were invested in qualifying assets.

Revenues

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

Expenses

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


57





dividends and distributions on our preferred shares, if any, and common shares;

administration fees payable under the administration agreement;


56





fees payable to third parties relating to, or associated with, making investments;

transfer agent and custodial fees;

registration fees;

listing fees;

taxes;

director fees and expenses;

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

costs of any reports, proxy statements or other notices to our stockholders, including printing costs;

our fidelity bond;

directors and officers/errors and omissions liability insurance, and any other insurance premiums;

indemnification payments;

direct costs and expenses of administration, including audit and legal costs; and

all other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the administration agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs.

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

Additionally, the investment management agreement provides that the Advisor or its affiliates may be entitled to incentive compensation under certain circumstances. According to the terms of such agreement, no incentive compensation was incurred prior to January 1, 2013.

Beginning January 1, 2013 and until February 8, 2019, the incentive compensation equaled the sum of (1) 20% of all of the ordinary income of the Company since January 1, 2013 and (2) 20% of all net realized capital gains (net of any net unrealized capital depreciation) since January 1, 2013, with each component being subject to a total return requirement of 8% of contributed common equity annually. Through December 31, 2017, the incentive compensation was an equity allocation to SVCP’s general partner under the LPA. Effective as of January 1, 2018, the LPA was amended to remove the incentive compensation distribution provisions therein, and the incentive compensation became payable as a fee to the Advisor pursuant to the then-existing investment management agreements. The amendment had no impact on the amount of the incentive compensation paid or services received by the Company.

Under the current investment management agreement, dated February 9, 2019, the incentive compensation equals the sum of (1) 20% of all ordinary income since January 1, 2013 through February 8, 2019 and 17.5% thereafter and (2) 20% of all net realized capital gains (net of any net unrealized capital depreciation) since January

57





1, 2013 through February 8, 2019 and 17.5% thereafter, less ordinary income incentive compensation and capital gains incentive compensation previously paid. However, incentive compensation will only be paid to the extent the cumulative total return of the Company after incentive compensation and including such payment would equal or exceed a 7% annual return on daily weighted averageweighted-average contributed common equity. The determination of incentive compensation is subject to limitations under the 1940 Act and the Advisers Act.

Through December 31, 2017, the incentive compensation was an equity allocation to SVCP’s general partner under the LPA. Effective as of January 1, 2018, the LPA was amended to remove the incentive compensation

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distribution provisions therein, and the incentive compensation became payable as a fee to the Advisor pursuant to the then-existing investment management agreements. The amendment had no impact on the amount of the incentive compensation paid or services received by the Company.

Critical accounting policies

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

Valuation of portfolio investments

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

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

The valuation process approved by our board of directors with respect to investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value is as follows:

The investment professionals of the Advisor provide recent portfolio company financial statements and other reporting materials to independent valuation firms approved by our board of directors.


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Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented and discussed with senior management of the Advisor.

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

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

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

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

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

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

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

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

As of March 31, 2019, 0.1%2020, none of our investments were categorized as Level 1, 3.6%2.3% were categorized as Level 2, 96.2%97.5% were Level 3 investments valued based on valuations by independent third party sources, and 0.1%0.2% were Level 3 investments valued based on valuations by the Advisor.


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As of December 31, 2018, 0.1%2019, none of our investments were categorized as Level 1, 4.2%8.3% were categorized as Level 2, 95.6%91.6% were Level 3 investments valued based on valuations by independent third party sources, and 0.1% were Level 3 investments valued based on valuations by the Advisor.

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

Revenue recognition

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

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

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

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

Portfolio and investment activity

During the three months ended March 31, 2020, we invested approximately $143.0 million, comprised of new investments in six new and seven existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $134.2 million, or 93.8% of total acquisitions, were in senior secured loans. The remaining $8.8 million (6.2% of total acquisitions) was comprised primarily of $4.2 million (2.9% of total acquisitions) in unsecured notes and $4.6 million (3.2% of total acquisitions) in equity investments comprised primarily of $4.0 million in equity interests in portfolios of debt and lease assets and $0.6 million in equity positions received in connection with debt investments. Additionally, we received approximately $76.9 million in proceeds from sales or repayments of investments during the three months ended March 31, 2020.

During the three months ended March 31, 2019, we invested approximately $150.1 million, comprised of new investments in four new and six existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, 96.0% were in senior secured debt comprised of senior secured loans ($142.9 million, or 95.2% of total acquisitions) and senior secured notes ($1.2 million, or 0.8% of total acquisitions). The remaining $6.0 million (4.0% of total acquisitions) were comprised primarily of $3.1 million in equity interests in a portfolio of debt assets, $0.4 million in equity interests in a portfolio of lease assets, and $2.5 million in equity positions received in connection with debt investments. Additionally, we received approximately $146.4 million in proceeds from sales or repayments of investments during the three months ended March 31, 2019.

During the three months ended March 31, 2018, we invested approximately $169.1 million, comprised of
new investments in six new and six existing portfolio companies, as well as draws made on existing commitments
and PIK received on prior investments. Of these investments, 97.4% were in senior secured debt comprised of senior
secured loans ($126.8 million, or 75.0% of total acquisitions) and senior secured notes ($38.0 million, or 22.4% of
total acquisitions). The remaining $4.3 million (2.6% of total acquisitions) represented equity interests in a portfolio
of debt assets. Additionally, we received approximately $71.0 million in proceeds from sales or repayments of
investments during the three months ended March 31, 2018.
At March 31, 2019, our investment portfolio of $1,604.8 million (at fair value) consisted of 95 portfolio companies and was invested 94.7% in debt investments, primarily in senior secured debt. In aggregate, our

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investment portfolio was invested 87.0% in senior secured loans, 5.0% in senior secured notes, 2.7% in junior notes and 5.3% in equity investments. Our average portfolio company investment at fair value was approximately $16.9 million. Our largest portfolio company investment by value was approximately 3.4% of our portfolio and our five largest portfolio company investments by value comprised approximately 15.8% of our portfolio atAt March 31, 2019.
At December 31, 2018,2020, our investment portfolio of $1,597.3$1,625.9 million (at fair value) consisted of 95108 portfolio companies and was invested 94.9%93.6% in debt investments, primarily in senior secured debt. In aggregate, our investment portfolio was invested 87.3%87.8% in senior secured loans, 4.9%4.7% in senior secured notes, 2.7%0.9% in junior notes, 0.2% in senior unsecured loans and 5.1%6.4% in equity investments. Our average portfolio company investment at fair value was approximately $16.8$15.1 million. Our largest portfolio company investment by value was approximately 3.3%4.2% of our portfolio and our five largest portfolio company investments by value comprised approximately 15.5%16.4% of our portfolio at March 31, 2020.
At December 31, 2019, our investment portfolio of $1,649.5 million (at fair value) consisted of 105 portfolio companies and was invested 93.1% in debt investments, primarily in senior secured debt. In aggregate, our investment portfolio was invested 86.6% in senior secured loans, 5.2% in senior secured notes, 1.3% in junior notes and 6.9% in equity investments. Our average portfolio company investment at fair value was approximately $15.7 million. Our largest portfolio company investment by value was approximately 4.4% of our portfolio and our five largest portfolio company investments by value comprised approximately 17.2% of our portfolio at December 31, 2018.2019.

During 2019, we transitioned our industry classification system for financial reporting purposes to more closely align with the system generally used by the Advisor for portfolio management purposes. As part of this transition, we are generally classifying the industries of our portfolio companies based on the primary end market served rather than the product or service directed to those end markets.


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The industry composition of our portfolio at fair value at March 31, 20192020 was as follows:
Industry 
Percent of Total
Investments
DiversifiedInternet Software and Services 22.412.0%
Data Processing and HostingDiversified Financial Services 11.911.1%
Financial Investment ActivitiesSoftware 7.06.4%
Textiles, Apparel and Luxury Goods6.2%
Professional Services5.7%
Media4.3%
Automobiles4.2%
Diversified Consumer Services4.0%
Diversified Telecommunication Services3.9%
IT Services3.8%
Insurance 5.7%
Lessors of Nonfinancial Licenses5.6%
Advertising, Public Relations and Marketing3.8%
Credit (Nondepository)Airlines 3.53.3%
Equipment LeasingConsumer Finance 3.12.9%
Computer Systems DesignHotels, Restaurants and Related ServicesLeisure 2.82.6%
Scientific Research and Development ServicesCapital Markets 2.4%
Business Support Services2.4%
Management, Scientific, and Technical Consulting Services2.42.6%
Health Care Technology 2.4%
Educational Support Services2.12.3%
Building Equipment ContractorsProducts 2.02.2%
Other Real Estate ActivitiesCommercial Services and Supplies1.8%
Energy Equipment and Services1.8%
Thrifts and Mortgage Finance1.7%
Tobacco Related 1.6%
Other TelecommunicationsAerospace and Defense 1.6%
Other Information Services1.6%
Electronic Component Manufacturing1.5%
Radio and Television Broadcasting1.5%
Credit Related ActivitiesPharmaceuticals 1.3%
Air Transportation1.3%
Publishing1.2%
Wired Telecommunications CarriersRoad and Rail 1.1%
Other Manufacturing1.1%
Utility System ConstructionElectrical Equipment 1.0%
Other 5.76.8%
Total 100.0%

The weighted average effective yield of our debt portfolio was 11.4%10.3% at March 31, 20192020 and 11.4%10.3% at December 31, 2018.2019. The weighted average effective yield of our total portfolio was 11.0%9.8% at March 31, 20192020 and 10.9%9.7% at December 31, 2018.2019. At March 31, 2020, 92.3% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 7.7% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 65.7% at March 31, 2020. At December 31, 2019, 92.1% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 7.9% bore interest at fixed

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rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 63.6% at March 31, 2019. At December 31, 2018, 92.7% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 7.3% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 65.1%63.5% at December 31, 2018.2019.


Results of operations

Investment income

Investment income totaled $47.5$41.3 million and $44.2$47.5 million, respectively, for the three months ended March 31, 20192020 and 2018,2019, of which $46.9$40.6 million and $43.8$46.9 million were attributable to interest and fees on our debt investments, $0.5$0.4 million and $0.0$0.5 million to dividend income, $0.1 million and $0.1 million to lease income and $0.0

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$0.2 million and $0.3$0.0 million to other income, respectively. Included in interest and fees on our debt investments were $2.6$0.6 million and $1.7$2.6 million of non-recurring income related to prepayments for the three months ended March 31, 20192020 and 2018,2019, respectively. The increasedecrease in investment income in the three months ended March 31, 20192020 compared to the three months ended March 31, 20182019 primarily reflects an increasea decrease in interest income due to the larger portfolio sizedecline in LIBOR rates and the higher LIBOR duringprepayment income in the three months ended March 31, 2019 as well as an increase in dividend income compared to the three months ended March 31, 2018, partially offset by a decrease in other income.earlier period.

Expenses

Total operating expenses for the three months ended March 31, 2020 and 2019 and 2018 were $24.2$19.2 million and $22.6$24.2 million, respectively, comprised of $10.7$11.0 million and $9.6$10.7 million in interest expense and related fees, $6.0$6.1 million and $5.7$6.0 million in base management and advisory fees, $5.4 million and $5.4 million in incentive fee expense, $0.6$0.5 million and $0.6 million in administrative expenses, $0.4$0.5 million and $0.4 million in legal and professional fees, $0.0 million and $5.4 million in incentive fee expense, and $1.1 million and $0.9$1.1 million in other expenses, respectively. The increasedecrease in expenses in the three months ended March 31, 20192020 compared to the three months ended March 31, 20182019 primarily reflects the lower incentive fees in the first quarter of 2020 due to the Company's total return not exceeding the total return hurdle, partially offset by the somewhat higher interest expense and other costs related to the increase in outstanding debt andbut mitigated by the higher LIBOR during the period, as well as the increase in management fees due to the increase in beginning assets in the three months ended March 31, 2019 compared to the three months ended March 31, 2018.reduced average interest rate on outstanding debt.

Net investment income

Net investment income was $23.3$22.1 million and $21.6$23.3 million, respectively, for the three months ended March 31, 20192020 and 2018.2019. The increasedecrease in net investment income in the three months ended March 31, 20192020 compared to the three months ended March 31, 20182019 primarily reflects the increasedecrease in total investment income, partially offset by the increasedecrease in expenses in the three months ended March 31, 2019.2020.

Net realized and unrealized gain or loss

Net realized lossgain for the three months ended March 31, 2020 and 2019 and 2018 was $0.3$5.0 million and $0.6$(0.3) million, respectively. Net realized gain for the three months ended March 31, 2020 was comprised primarily of a $4.9 million gain on the disposition of our investment in STG-Fairway (First Advantage), exclusive of prepayment income earned.

For the three months ended March 31, 20192020 and 2018,2019, the change in net unrealized appreciation/depreciation was an increase of$(96.5) million and $1.1 million, respectively. The change in net unrealized appreciation/depreciation for the three months ended March 31, 2020 was primarily driven by spread widening and $6.3 million, respectively.volatility across our portfolio related to the market impact of COVID-19. The change in net unrealized appreciation/depreciation for the three months ended March 31, 2019 was comprised primarily of various market gains resulting from generally tighter spreads, partially offset by a $2.5 million markdown on Green Biologics. The changeBiologics

Incentive compensation

Beginning January 1, 2018, incentive compensation is paid to the Advisor as a fee and included in net unrealized appreciation/depreciationoperating expenses in the Statement of Operations rather than as an allocation and distribution to SVCP's general partner within the Statement of Operations. Incentive compensation included in operating expenses for the three months ended March 31, 20182020 and 2019 was comprised primarily$0.0 million and $5.4 million, respectively. There was no incentive compensation for the three months ended March 31, 2020 as a result of unrealized gains of $1.9 million on our investment in NEG Parent (CORE Entertainment), as well as various market gains resulting from generally tighter spreads.




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cumulative total return not exceeding the total return hurdle.

Income tax expense, including excise tax

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

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make the requisite distributions to its stockholders which will generally relieve the Company from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income. Any excise tax expense is recorded at year end as such amounts are known. There was no excise tax expense recorded for the three months ended March 31, 20192020 and 2018.

Incentive compensation

Beginning January 1, 2018, incentive compensation is paid to the Advisor as a fee and included in operating expenses in the Statement of Operations rather than as an allocation and distribution to SVCP's general partner within the Statement of Operations. Incentive compensation included in operating expenses for the three months ended March 31, 2019 and 2018 was $5.4 million and $5.4 million, respectively. Incentive compensation for the three months ended March 31, 2019 and 2018 was paid due to our performance exceeding the total return threshold.2019.

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

The net increase (decrease) in net assets applicable to common shareholders resulting from operations was $24.1$(69.5) million and $27.2$24.1 million for the three months ended March 31, 20192020 and 2018,2019, respectively. The lower net increase in net assets applicable to common shareholders resulting from operations during the three months ended March 31, 20192020 was primarily due to the lowerhigher net realized and unrealized gainsloss and the lower net investment income during the three months ended March 31, 20192020 compared to the three months ended March 31, 2018.2019.

Liquidity and capital resources

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

The following table summarizes the total shares issued and proceeds received in connection with the Company’s dividend reinvestment plan for the three months ended March 31, 20192020 and 2018:2019:
2019 20182020 2019
Shares Issued193
 192
486
 193
Average Price Per Share$14.19
 $14.18
$6.25
 $14.19
Proceeds$2,738
 $2,723
$3,039
 $2,738

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

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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 May 1, 2019,April 30, 2020, to be in effect through the earlier of two trading days after our second quarter 20192020 earnings release, unless further extended or terminated by our board of directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions. The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the three months ended March 31, 20192020 and 2018:2019:

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2019 20182020 2019
Shares Repurchased9,000
 11,300
1,000,000
 9,000
Price Per Share *$13.96
 $14.21
$6.10
 $13.96
Total Cost$125,679
 $160,615
$6,100,190
 $125,679
______________
*Weighted-average price per share
 
Total leverage outstanding and available under the combined Leverage Program at March 31, 20192020 were as follows:
Maturity Rate Carrying Value* Available Total
Capacity		Maturity Rate Carrying Value* Available Total
Capacity
SVCP 2022 Facility2022 L+2.25% $85,000,000
 $85,000,000
 $170,000,000
2019 Convertible Notes ($108 million par)2019 5.25% 107,628,747
 —
 107,628,747
SVCP Facility
2023 **

L+2.00%
† 
$108,362,940
 $161,637,060
 $270,000,000
TCPC Funding Facility2023 L+2.00%
‡ 
215,000,000
 85,000,000
 300,000,000
SBA Debentures 2024−2029 2.63%
§ 
138,000,000
 12,000,000
 150,000,000
2022 Convertible Notes ($140 million par)2022 4.625% 138,128,054
 —
 138,128,054
2022 4.625% 138,739,857
 —
 138,739,857
2022 Notes ($175 million par)2022 4.125% 174,556,426
 —
 174,556,426
2022 4.125% 174,681,290
 —
 174,681,290
TCPC Funding Facility2022 L+2.00%
† 
208,500,000
 91,500,000
 300,000,000
SBA Debentures 2024−2028 2.77%
‡ 
98,000,000
 52,000,000
 150,000,000
2024 Notes ($200 million par)2024 3.900% 197,891,341
 —
 197,891,341
Total leverage 811,813,227
 $228,500,000
 $1,040,313,227
 972,675,428
 $258,637,060
 $1,231,312,488
Unamortized issuance costs (6,265,516)     (7,217,414)    
Debt, net of unamortized issuance costs $805,547,711
     $965,458,014
    
______________
*
Except for the convertible notes, the 2022 Notes and 2022the 2024 Notes, all carrying values are the same as the principal amounts outstanding.
†
As of March 31, 2020, $8.2 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%
‡Subject to certain funding requirements
‡§Weighted-average interest rate, excluding fees of 0.36% or 0.35%
**
In April 2020, the maturity was extended to May 6, 2024
 
Under Section 61(a) of the 1940 Act, prior to March 23, 2018, a BDC was generally not permitted to issue senior securities unless after giving effect thereto the BDC met a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all borrowings of the BDC, of at least 200%. On March 23, 2018, the Small Business Credit Availability Act (“SBCAA”) was signed into law, which among other things, amended Section 61(a) of the 1940 Act to add a new Section 61(a)(2) that reduces the asset coverage requirement applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. The reduced asset coverage requirement would permit a BDC to have a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement.

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Effective November 7, 2018, the Company’s board of directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of our board of directors, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA (the “Asset Coverage Ratio Election”), which would have resulted (had the Company not received earlier stockholder approval) in our asset coverage requirement applicable to senior securities being reduced from 200% to 150%, effective on November 7, 2019. On February 8, 2019, the stockholders of the Company approved the Asset Coverage Ratio Election, and, as a result, effective on February 9, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of March 31, 2019,2020, the Company’s asset coverage ratio was 216%181%.

On July 13, 2015, we obtained exemptive relief from the SEC to permit us to exclude debt outstanding under the SBA ProgramDebentures from our asset coverage test under the 1940 Act. The exemptive relief provides us with

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increased flexibility under the 150% asset coverage test by permitting the SBIC to borrow up to $150.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.

Net cash provided byused in operating activities during the three months ended March 31, 20192020 was $20.6$65.9 million. Our primary sourceuse of cash infrom operating activities during this period consisted of the settlement of acquisitions of investments (net of dispositions) of $63.7 million, partially offset by net investment income (net of non-cash income and expenses) of approximately $22.0 million, partially offset by the settlement of acquisitions of investments (net of dispositions) of $1.4$2.2 million.

Net cash used inprovided by financing activities was $21.8$29.6 million during the three months ended March 31, 2019,2020, consisting primarily of $56.9 million of net borrowings of debt, reduced by $21.2 million in regular dividends paid on common equity $0.5 million of net repayments of debt and $0.1$6.1 million in repurchases of common shares.

At March 31, 2019,2020, we had $26.8$8.6 million in cash and cash equivalents.

The SVCP 2022 Facility and the TCPC Funding Facility are secured by substantially all of the assets in our portfolio, including cash and cash equivalents, and are subject to compliance with customary affirmative and negative covenants, including the maintenance of a minimum shareholders’ equity, the maintenance of a ratio of not less than 150% of total assets (less total liabilities other than indebtedness) to total indebtedness, and restrictions on certain payments and issuance of debt. Unfavorable economic conditions may result in a decrease in the value of our investments, which would affect both the asset coverage ratios and the value of the collateral securing the SVCP 2022 Facility and the TCPC Funding Facility, and may therefore impact our ability to borrow under the SVCP 2022 Facility and the TCPC Funding Facility. In addition to regulatory restrictions that restrict our ability to raise capital, the Leverage Program contains various covenants which, if not complied with, could accelerate repayment of debt, thereby materially and adversely affecting our liquidity, financial condition and results of operations. At March 31, 2019,2020, we were in compliance with all financial and operational covenants required by the Leverage Program.

Unfavorable economic conditions, such as those caused by COVID-19, while potentially creating attractive opportunities for us, may decrease liquidity and raise the cost of capital generally, which could limit our ability to renew, extend or replace the Leverage Program on terms as favorable as are currently included therein. If we are unable to renew, extend or replace the Leverage Program upon the various dates of maturity, we expect to have sufficient funds to repay the outstanding balances in full from our net investment income and sales of, and repayments of principal from, our portfolio company investments, as well as from anticipated debt and equity capital raises, among other sources. Unfavorable economic conditions may limit our ability to raise capital or the ability of the companies in which we invest to repay our loans or engage in a liquidity event, such as a sale, recapitalization or initial public offering. The 20192022 Convertible Notes, SVCP 2022 Facility, the 2022 Convertible Notes, the SVCP Facility, the TCPC Funding Facility and the 20222024 Notes, mature in December 2019, February 2022, March 2022, August 2022, May 20222023, May 2023 and August 2022,2024, respectively. Any inability to renew, extend or replace the Leverage Program could adversely impact our liquidity and ability to find new investments or maintain distributions to our stockholders.

Challenges in the market are intensified for us by certain regulatory limitations under the Code and the 1940 Act. To maintain our qualification as a RIC, we must satisfy, among other requirements, an annual distribution requirement to pay out at least 90% of our ordinary income and short-term capital gains to our stockholders.

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Because we are required to distribute our income in this manner, and because the illiquidity of many of our investments may make it difficult for us to finance new investments through the sale of current investments, our ability to make new investments is highly dependent upon external financing. While we anticipate being able to continue to satisfy all covenants and repay the outstanding balances under the Leverage Program when due, there can be no assurance that we will be able to do so, which could lead to an event of default.

Contractual obligations

In addition to obligations under our Leverage Program, we have entered into several contracts under which we have future commitments. Pursuant to an investment management agreement, the Advisor manages our day-to-day operations and provides investment advisory services to us. Payments under the investment management agreement are equal to a percentage of the value of our total assets (excluding cash and cash equivalents) and an

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

Distributions

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

The following tables summarize dividends declared for the three months ended March 31, 20192020 and 2018:2019:
Date Declared Record Date Payment Date Type 
Amount
Per Share
 Total Amount Record Date Payment Date Type 
Amount
Per Share
 Total Amount
February 28, 2019 March 15, 2019 March 29, 2019 Regular $0.36
 $21,155,619
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 Record Date Payment Date Type Amount Per Share Total Amount
February 27, 2018 March 16, 2018 March 30, 2018 Regular $0.36
 $21,184,004
February 28, 2019 March 15, 2019 March 29, 2019 Regular $0.36
 $21,155,619


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The following table summarizes the total shares issued in connection with our dividend reinvestment plan for the three months ended March 31, 20192020 and 2018:2019:
2019 20182020 2019
Shares Issued193
 192
486
 193
Average Price Per Share$14.19
 $14.18
$6.25
 $14.19
Proceeds$2,738
 $2,723
$3,039
 $2,738
 
We have elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain favorable RIC tax treatment, we must distribute annually to our stockholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we must distribute during each calendar year an amount at least equal to the sum of:

98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;


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98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and

certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If we choose to do so, all other things being equal, this would increase expenses and reduce the amounts available to be distributed to our stockholders. We will accrue excise tax on estimated taxable income as required. In addition, although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment.

We have adopted an “opt in” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend or other distribution payable in cash, each stockholder that has not “opted in” to our dividend reinvestment plan will receive such dividends in cash, rather than having their dividends automatically reinvested in additional shares of our common stock.

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

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





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Related Parties

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

Each of the Company, TCPC Funding, and the SBIC has entered into an investment management agreement with the Advisor.

The Administrator provides us with administrative services necessary to conduct our day-to-day operations. For providing these services, facilities and personnel, the Administrator may be reimbursed by us for expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our officers and the Administrator’s administrative staff and providing, at our request and on our behalf, significant managerial assistance to our portfolio companies to which we are required to provide such assistance. The Administrator is an affiliate of the Advisor and certain other series and classes of SVOF/MM, LLC serve as the general partner or managing member of certain other funds managed by the Advisor.

We have entered into a royalty-free license agreement with BlackRock and the Advisor, pursuant to which each of BlackRock and the Advisor has agreed to grant us a non-exclusive, royalty-free license to use the name “TCP.”"BlackRock" and "TCP."

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

Recent Developments

From April 1, 20192020 through May 7, 2019,10, 2020, the Company has invested approximately $76.7$17.0 million primarily in fivetwo senior secured loans with a combined effective yield of approximately 10.8%10.6%.

In April 2020, the Company extended the maturity of its $270 million SVCP credit facility to May 6, 2024. The interest rate on the facility remained unchanged at LIBOR + 2.00%.

On May 1, 2019,April 30, 2020, 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 second quarter 20192020 earnings release or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.
        
Effective May 6, 2019, the Company reduced the rate on its SVCP 2022 Facility by 0.25% to LIBOR + 2.0%, expanded total capacity by $50 million to $220 million, and extended its maturity to May 6, 2023.     
Effective May 7, 2019, the Company expanded the total capacity of the TCPC Funding Facility by $50 million to $350 million.

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On May 8, 2019,11, 2020, the Company’s board of directors declared a second quarter regular dividend of $0.36 per share payable on June 28, 201930, 2020 to stockholders of record as of the close of business on June 14, 2019.16, 2020.



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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. At March 31, 2019, 92.1%2020, 92.3% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR, EURIBOR, the Federal Funds Rate or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. At March 31, 2019,2020, the percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 63.6%65.7%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor.

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

Based on our March 31, 20192020 balance sheet, the following table shows the annual impact on net investment income (excluding the related incentive compensation impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments and the fact that our assets and liabilities may not have the same base rate period as assumed in this table) assuming no changes in our investment and borrowing structure:

Basis Point Change Interest income Interest Expense Net Investment Income Interest income Interest Expense Net Investment Income
Up 300 basis points $44,420,451
 $(8,805,000) $35,615,451
 $43,928,868
 $(9,700,844) $34,228,024
Up 200 basis points 29,613,634
 (5,870,000) 23,743,634
 28,390,955
 (6,467,229) 21,923,726
Up 100 basis points 14,806,817
 (2,935,000) 11,871,817
 13,136,788
 (3,233,615) 9,903,173
Down 100 basis points (14,806,817) 2,935,000
 (11,871,817) (5,420,996) 3,233,615
 (2,187,381)
Down 200 basis points (26,218,945) 5,870,000
 (20,348,945) (5,832,005) 3,564,737
 (2,267,268)
Down 300 basis points (29,975,205) 7,647,730
 (22,327,475) (5,946,845) 3,564,737
 (2,382,108)


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Item 4.     Controls and Procedures

As of the period covered by this report, we, including our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.


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PART II - Other Information

Item 1.         Legal Proceedings
Although we may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise, as of March 31, 2019,2020, we are currently not a party to any pending material legal proceedings.

Item 1A.  Risk Factors

There have been no material changes from the risk factors previously disclosed in our most recent annual report on Form 10-K, as filed with the Securities and Exchange Commission on February 28, 2019.26, 2020, except as below.
Events outside of our control, including public health crises such as Coronavirus (“COVID-19”), may negatively affect the results of our operations.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as “COVID-19” was first detected in China in December 2019 and has now been detected globally. On March 11, 2020, the World Health Organization announced that it had made the assessment that COVID-19 can be characterized as a pandemic. COVID-19, and concern about its spread has resulted in severe disruptions to global financial markets, restrictions on travel and gatherings of any measurable amount of people, including quarantines, expedited and enhanced health screenings, business and school closings, disruptions to employment and supply chains and reduced productivity, all of which have severely impacted business activity in virtually all economies, markets and sectors and negatively impacted the value of many financial and other assets.

The current economic situation and the unprecedented measures taken by state, local and national governments around the world to combat the spread of COVID-19 and its economic impacts, as well as various social, political and psychological tensions in the United States and around the world, may continue to contribute to severe market disruptions and volatility and reduced economic activity, may have long-term negative effects on the U.S. and worldwide financial markets and economy and may cause further economic uncertainties in the United States and worldwide.  It is difficult to predict how long the financial markets and economic activity will continue to be impacted by these events and the Company cannot predict the effects of these or similar events in the future on the U.S. economy and securities markets. Potential consequences of the current unprecedented measures taken in response to the spread of COVID-19, and current market disruptions and volatility on the Company include, but are not limited to:

sudden, unexpected and/or severe declines in the market price of our securities or net asset value;
inability of the Company to accurately or reliably value its portfolio;

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inability of the Company to comply with certain asset coverage ratios that would prevent the Company from paying dividends to our common stockholders and that could result breaches of covenants or events of default under our credit agreement or debt indentures;
inability of the Company to pay any dividends and distributions or service its debt;
inability of the Company to maintain its status as a regulated investment company under the Code;
potentially severe, sudden and unexpected declines in the value of our investments;
increased risk of default or bankruptcy by the companies in which we invest;
increased risk of companies in which we invest being unable to weather an extended cessation of normal economic activity and thereby impairing their ability to continue functioning as a going concern;
reduced economic demand resulting from mass employee layoffs or furloughs in response to governmental action taken to slow the spread of COVID-19, which could impact the continued viability of the companies in which we invest;
companies in which we invest being disproportionally impacted by governmental action aimed at slowing the spread of COVID-19 or mitigating its economic effects;
limited availability of new investment opportunities; and
general threats to the Company’s ability to continue investment operations and to operate successfully as a business development company.

It is virtually impossible to determine the ultimate impact of COVID-19 at this time. Accordingly, an investment in the Company is subject to an elevated degree of risk as compared to other market environments. 

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.
None

Item 3.Defaults Upon Senior Securities.
None.

Item 4:         Mine Safety Disclosures.
None.

Item 5.Other Information.
None

Item 6.     Exhibits
Number Description
3.1 
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 (3)
3.44.11 
Amended and Restated Investment Management AgreementDescription of the Registrant (4)Securities*
31.1 
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2 
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32.1 
Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S. C. 1350)*
______________

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* Filed herewith.
(1)Incorporated by reference to Exhibit (a)(2) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011
(2)Incorporated by reference to Exhibit 99.2 to the Registrant’s Form 8-K, filed on August 2, 2018
(3)Incorporated by reference to Exhibit 99.3 to the Registrant’s Form 8-K, filed on August 2, 2018
(4)Incorporated by reference to Exhibit 99.1 to the Registrant’s Form 8-K, filed on February 12, 2019


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

BlackRock TCP Capital Corp.
Date: May 8, 201911, 2020  
 By:/s/ Howard M. Levkowitz
 Name:Howard M. Levkowitz
 Title:Chief Executive Officer
Date: May 8, 201911, 2020  
 By:/s/ Paul L. Davis
 Name:Paul L. Davis
 Title:Chief Financial Officer





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