BlackRock TCP Capital (TCPC) 10-Q 2021 Q2 Quarterly report

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 June 30, 2021

☐   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)

Delaware	56-2594706
(State or Other Jurisdiction of Incorporation)	(IRS Employer Identification No.)
2951 28th Street, Suite 1000
Santa Monica, California	90405
(Address of Principal Executive Offices)	(Zip Code)

(310) 566-1000

(Registrant’s telephone number, including area code)

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

Common Stock, par value $0.001 per share	TCPC	NASDAQ 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 ☒ 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 ☒ 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	☒	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 ☒

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of August 2, 2021 was 57,767,264.

BLACKROCK TCP CAPITAL CORP.

FORM 10-Q

FOR THE SIX MONTHS ENDED JUNE 30, 2021

TABLE OF CONTENTS

Part I.	Financial Information
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of June 30, 2021 (unaudited) and December 31, 2020	2
	Consolidated Statements of Operations for the three and six months ended June 30, 2021 (unaudited) and June 30, 2020 (unaudited)	3
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2021 (unaudited) and June 30, 2020 (unaudited)	4
	Consolidated Statements of Cash Flows for the six months ended June 30, 2021 (unaudited) and June 30, 2020 (unaudited)	5
	Consolidated Schedule of Investments as of June 30, 2021 (unaudited) and December 31, 2020	6
	Notes to Consolidated Financial Statements (unaudited)	23
	Consolidated Schedule of Changes in Investments in Affiliates for the six months ended June 30, 2021 (unaudited) and year ended December 31, 2020	47
	Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of June 30, 2021 (unaudited) and December 31, 2020	51
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	53
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	66
Item 4.	Controls and Procedures	67
Part II.	Other Information
Item 1.	Legal Proceedings	68
Item 1A.	Risk Factors	68
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	69
Item 3.	Defaults upon Senior Securities	69
Item 4.	Mine Safety Disclosures	69
Item 5.	Other Information	69
Item 6.	Exhibits	70

1

BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities

	June 30, 2021			December 31, 2020
	(unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (cost of $1,619,351,358 and $1,473,322,720, respectively)	$	1,611,819,393		$	1,461,610,769
Non-controlled, affiliated investments (cost of $65,554,080 and $63,114,875, respectively)		119,908,356			68,927,182
Controlled investments (cost of $133,243,969 and $136,332,302, respectively)		94,328,873			99,026,531
Total investments (cost of $1,818,149,407 and $1,672,769,897, respectively)		1,826,056,622			1,629,564,482
Cash and cash equivalents		17,881,467			20,006,580
Interest, dividends and fees receivable		20,471,329			15,571,648
Receivable for investments sold		12,419,141			278,737
Deferred debt issuance costs		5,243,761			4,984,388
Prepaid expenses and other assets		914,094			1,581,320
Total assets		1,882,986,414			1,671,987,155
Liabilities
Debt (net of deferred issuance costs of $7,003,641 and $6,308,172, respectively)		991,086,002			850,016,199
Payable for investments purchased		45,894,977			33,275,348
Interest and debt related payables		11,886,381			9,886,085
Management fees payable		6,286,786			5,753,347
Incentive fees payable		4,548,443			5,020,794
Reimbursements due to the Advisor		977,345			1,344,756
Accrued expenses and other liabilities		1,668,887			1,704,048
Total liabilities		1,062,348,821			907,000,577
Commitments and contingencies (Note 5)
Net assets	$	820,637,593		$	764,986,578
Composition of net assets applicable to common shareholders
Common stock, $0.001 par value; 200,000,000 shares authorized, 57,767,264 and 57,767,264    shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	$	57,767		$	57,767
Paid-in capital in excess of par		979,973,202			979,973,202
Distributable earnings (loss)		(159,393,376	)		(215,044,391	)
Total net assets		820,637,593			764,986,578
Total liabilities and net assets	$	1,882,986,414		$	1,671,987,155
Net assets per share	$	14.21		$	13.24

See accompanying notes to the consolidated financial statements.

2

BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Investment income
Interest income (excluding PIK):
Non-controlled, non-affiliated investments	$	37,070,947		$	34,939,196		$	70,924,259		$	70,928,532
Non-controlled, affiliated investments		33,471			451,965			59,568			1,004,241
Controlled investments		1,674,786			1,518,141			3,324,819			3,194,397
PIK income:
Non-controlled, non-affiliated investments		989,930			2,557,814			2,294,631			3,969,445
Non-controlled, affiliated investments		—			863,826			—			1,865,956
Dividend income:
Non-controlled, non-affiliated investments		178,767			—			998,122			—
Non-controlled, affiliated investments		1,127,927			—			2,824,587			—
Controlled investments		252,851			301,725			1,144,901			730,145
Lease income:
Controlled investments		—			—			—			38,136
Other income:
Non-controlled, non-affiliated investments		164,036			3,832,958			211,154			3,985,972
Non-controlled, affiliated investments		151,968			648,799			1,026,544			648,799
Total investment income		41,644,683			45,114,424			82,808,585			86,365,623
Operating expenses
Interest and other debt expenses		10,712,356			10,645,437			20,818,243			21,601,082
Management fees		6,425,571			5,804,143			12,368,933			11,921,185
Incentive fees		4,548,446			5,245,304			9,239,904			5,245,304
Professional fees		579,926			502,658			870,260			1,001,068
Administrative expenses		428,857			539,947			968,804			1,079,894
Director fees		295,200			208,000			545,200			440,232
Insurance expense		150,000			175,080			285,000			350,161
Custody fees		85,008			111,773			144,191			223,440
Other operating expenses		652,133			829,709			1,359,478			1,397,958
Total operating expenses		23,877,497			24,062,051			46,600,013			43,260,324
Net investment income		17,767,186			21,052,373			36,208,572			43,105,299
Realized and unrealized gain (loss) on investments and foreign currency
Net realized gain (loss):
Non-controlled, non-affiliated investments		(236,632	)		(383,875	)		1,842,683			4,410,583
Non-controlled, affiliated investments		—			—			1,028,057			—
Controlled investments		—			(32,062	)		—			129,950
Net realized gain (loss)		(236,632	)		(415,937	)		2,870,740			4,540,533
Net change in unrealized appreciation (depreciation):
Non-controlled, non-affiliated investments		(3,058,802	)		21,775,179			4,299,422			(51,041,046	)
Non-controlled, affiliated investments		40,751,395			1,477,294			48,541,962			(16,956,732	)
Controlled investments		(396,596	)		2,462,358			(1,609,324	)		(2,778,197	)
Net change in unrealized appreciation (depreciation)		37,295,997			25,714,831			51,232,060			(70,775,975	)
Net realized and unrealized gain (loss)		37,059,365			25,298,894			54,102,800			(66,235,442	)
Net increase (decrease) in net assets resulting from operations	$	54,826,551		$	46,351,267		$	90,311,372		$	(23,130,143	)
Basic and diluted earnings (loss) per share	$	0.95		$	0.80		$	1.56		$	(0.40	)
Basic and diluted weighted average common shares outstanding		57,767,264			57,766,916			57,767,264			58,217,663

See accompanying notes to the consolidated financial statements.

3

BlackRock TCP Capital Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

	Common Stock
	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable earnings (loss)			Total Net Assets
Balance at December 31, 2019		58,766,426		$	58,766		$	997,379,362		$	(221,119,742	)	$	776,318,386
Issuance of common stock from dividend reinvestment plan		486			1			3,038		—				3,039
Repurchase of common stock		(1,000,000	)		(1,000	)		(6,099,190	)	—				(6,100,190	)
Net investment income	—			—			—				22,052,924			22,052,924
Net realized and unrealized loss	—			—			—				(91,534,335	)		(91,534,335	)
Dividends paid to 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
Issuance of common stock from dividend reinvestment plan		352			—			3,214			—			3,214
Net investment income	—			—			—				21,052,373			21,052,373
Net realized and unrealized gain	—			—			—				25,298,894			25,298,894
Dividends paid to shareholders	—			—			—				(20,796,088	)		(20,796,088	)
Balance at June 30, 2020		57,767,264		$	57,767		$	991,286,424		$	(286,201,887	)	$	705,142,304
	Common Stock
	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable earnings (loss)			Total Net Assets
Balance at December 31, 2020		57,767,264		$	57,767		$	979,973,202		$	(215,044,391	)	$	764,986,578
Net investment income		—			—			—			18,441,386			18,441,386
Net realized and unrealized gain		—			—			—			17,043,436			17,043,436
Dividends paid to shareholders		—			—			—			(17,330,179	)		(17,330,179	)
Balance at March 31, 2021		57,767,264			57,767			979,973,202			(196,889,748	)		783,141,221
Net investment income		—			—			—			17,767,186			17,767,186
Net realized and unrealized gain		—			—			—			37,059,365			37,059,365
Dividends paid to shareholders		—			—			—			(17,330,179	)		(17,330,179	)
Balance at June 30, 2021		57,767,264		$	57,767		$	979,973,202		$	(159,393,376	)	$	820,637,593

See accompanying notes to the consolidated financial statements.

4

BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)

	Six Months Ended June 30,
	2021			2020
Operating activities
Net increase (decrease) in net assets resulting from operations	$	90,311,372		$	(23,130,143	)
Adjustments to reconcile net increase (decrease) in net assets resulting from    operations to net cash provided by (used in) operating activities:
Net realized (gain) loss		(2,870,740	)		(4,540,533	)
Change in net unrealized (appreciation) depreciation of investments		(51,112,627	)		70,744,059
Net amortization of investment discounts and premiums		(4,576,820	)		(3,956,764	)
Amortization of original issue discount on debt		721,798			596,162
Interest and dividend income paid in kind		(2,294,631	)		(5,835,401	)
Amortization of deferred debt issuance costs		1,843,293			1,779,300
Changes in assets and liabilities:
Purchases of investments		(415,957,330	)		(193,182,052	)
Proceeds from sales, maturities and pay downs of investments		280,320,010			178,695,161
Decrease (increase) in interest, dividends and fees receivable		(4,899,681	)		137,425
Decrease (increase) in receivable for investments sold		(12,140,404	)		1,316,667
Decrease (increase) in prepaid expenses and other assets		667,226			(1,399,574	)
Increase (decrease) in payable for investments purchased		12,619,629			(12,463,402	)
Increase (decrease) in incentive fees payable		(472,351	)		491,633
Increase (decrease) in interest and debt related payables		2,000,296			(118,106	)
Increase (decrease) in reimbursements due to the Advisor		(367,411	)		(172,813	)
Increase (decrease) in management fees payable		533,439			(641,770	)
Increase (decrease) in accrued expenses and other liabilities		(35,161	)		(686,492	)
Net cash provided by (used in) operating activities		(105,710,093	)		7,633,357
Financing activities
Draws on credit facilities		414,801,114			169,446,940
Repayments of credit facility draws		(448,047,140	)		(152,220,304	)
Payments of debt issuance costs		(2,798,136	)		(1,014,766	)
Dividends paid to shareholders		(34,660,358	)		(41,952,001	)
Repurchase of shares		—			(6,100,190	)
Proceeds from issuance of unsecured notes		174,289,500			—
Proceeds from shares issued in connection with dividend reinvestment plan		—			6,253
Net cash provided by (used in) financing activities		103,584,980			(31,834,068	)
Net increase (decrease) in cash and cash equivalents (including restricted cash)		(2,125,113	)		(24,200,711	)
Cash and cash equivalents (including restricted cash) at beginning of period		20,006,580			44,848,539
Cash and cash equivalents (including restricted cash) at end of period	$	17,881,467		$	20,647,828
Supplemental cash flow information
Interest payments	$	15,448,562		$	18,731,345

See accompanying notes to the consolidated financial statements.

5

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2021

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (A)
Aerospace and Defense
Unanet, Inc.	First Lien Delayed Draw Term Loan	LIBOR(M)		—			6.25	%		6.38	%	5/31/2024	$	5,127,551	$	5,079,130		$	5,173,469			0.28	%	N
Unanet, Inc.	First Lien Term Loan	LIBOR(M)		—			6.25	%		6.38	%	5/31/2024	$	19,897,959		19,771,366			20,017,347			1.09	%	N
Unanet, Inc.	Sr Secured Revolver	LIBOR(M)		—			6.25	%		6.38	%	5/31/2024	$	2,448,980		2,434,259			2,448,980			0.13	%	N
																27,284,755			27,639,796			1.50	%
Airlines
Epic Aero, Inc	Unsecured Note	Fixed		—			2.00	%		2.00	%	12/31/2022	$	6,467,143		6,467,143			6,227,859			0.34	%	N
Mesa Airlines, Inc.	Aircraft Acquisition Incremental Loan	LIBOR(M)		2.00	%		5.00	%		7.00	%	9/27/2023	$	1,593,072		1,581,317			1,591,479			0.09	%	N
Mesa Airlines, Inc.	Aircraft Acquisition Loan	LIBOR(M)		2.00	%		5.00	%		7.00	%	6/5/2023	$	12,390,563		12,308,805			12,390,563			0.67	%	N
One Sky Flight, LLC	First Lien Term Loan	LIBOR(S)		1.00	%		7.50	%		8.50	%	12/27/2024	$	17,508,982		17,245,956			17,684,072			0.96	%	N
																37,603,221			37,893,973			2.06	%
Automobiles
ALCV Purchaser, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		6.75	%		7.75	%	2/25/2026	$	9,092,214		8,959,951			9,037,661			0.49	%	N
ALCV Purchaser, Inc.	First Lien Revolver	LIBOR(M)		1.00	%		6.75	%		7.75	%	2/25/2026	$	—		(9,620	)		(3,978	)		—		K/N
Autoalert Acquisition Co, LLC	First Lien Incremental Term Loan	LIBOR(Q)		1.25	%		8.75	%		10.00	%	1/1/2023	$	41,207,522		41,170,967			39,353,183			2.13	%	N
Autoalert Acquisition Co, LLC	First Lien Incremental Term Loan	LIBOR(Q)		1.25	%		8.75	%		10.00	%	1/1/2023	$	16,307,846		16,274,523			15,573,993			0.85	%	N
																66,395,821			63,960,859			3.47	%
Building Products
Porcelain Acquisition Corporation	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	4/30/2027	$	6,269,665		6,145,383			6,181,889			0.33	%	N
Porcelain Acquisition Corporation	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	4/30/2027	$	—		(52,246	)		(37,618	)		—		K/N
																6,093,137			6,144,271			0.33	%
Capital Markets
Pico Quantitative Trading, LLC	First Lien Term Loan (1.0% Exit Fee)	LIBOR(S)		1.50	%		7.25	%		8.75	%	2/7/2025	$	21,791,007		21,059,081			22,008,917			1.19	%	L/N
Commercial Services and Supplies
Kellermeyer Bergensons Services, LLC	First Lien Delayed Draw Term Loan A	LIBOR(S)		1.00	%		6.50	%		7.50	%	11/7/2026	$	1,416,340		1,405,300			1,388,013			0.08	%	N
Kellermeyer Bergensons Services, LLC	First Lien Delayed Draw Term Loan B	LIBOR(S)		1.00	%		6.50	%		7.50	%	11/7/2026	$	597,435		582,466			558,296			0.03	%	N
Kellermeyer Bergensons Services, LLC	First Lien Term Loan	LIBOR(S)		1.00	%		6.50	%		7.50	%	11/7/2026	$	6,437,908		6,391,520			6,309,150			0.34	%	N
Team Software, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		—			5.50	%		5.69	%	9/17/2023	$	7,220,080		7,157,837			7,220,080			0.39	%	N
Team Software, Inc.	First Lien Revolver	LIBOR(Q)		—			5.50	%		5.69	%	9/17/2023	$	1,404,484		1,380,859			1,404,484			0.08	%	N
Team Software, Inc.	First Lien Term Loan	LIBOR(Q)		—			5.50	%		5.69	%	9/17/2023	$	13,167,038		13,071,888			13,167,038			0.71	%	N
																29,989,870			30,047,061			1.63	%
Communications Equipment
Avanti Communications Jersey Limited (United Kingdom)	1.25 Lien Term Loan	Fixed		—		12.50% PIK				12.50	%	6/30/2022	$	247,419		247,419			247,419			0.01	%	H/N
Avanti Communications Jersey Limited (United Kingdom)	1.5 Lien Delayed Draw Term Loan	Fixed		—		12.50% PIK				12.50	%	6/30/2022	$	1,426,067		1,426,067			1,426,067			0.08	%	H/N
Avanti Communications Jersey Limited (United Kingdom)	1.5 Lien Term Loan	Fixed		—		12.50% PIK				12.50	%	6/30/2022	$	339,979		339,979			339,979			0.02	%	H/N
Avanti Communications Jersey Limited (United Kingdom)	1.125 Lien Term Loan	Fixed		—		12.50% PIK				12.50	%	6/30/2022	$	845,843		845,843			845,843			0.05	%	H/N
Avanti Communications Group, PLC (United Kingdom)	Sr New Money Initial Note	Fixed		—		9.00% PIK				—		10/1/2022	$	1,592,934		1,591,586			589,386			0.03	%	C/E/G/H/N
Avanti Communications Group, PLC (United Kingdom)	Sr Second-Priority PIK Toggle Note	Fixed		—		9.00% PIK				—		10/1/2022	$	4,064,721		4,064,219			1,503,947			0.08	%	C/E/G/H/N
																8,515,113			4,952,641			0.27	%

6

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2021

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Construction and Engineering
Hylan Datacom & Electrical, LLC	First Lien Incremental Term Loan	LIBOR(M)		1.00	%	5.50% Cash + 4.50% PIK				11.00	%	7/25/2022	$	2,688,396	$	2,687,015		$	2,326,269			0.13	%	N
Hylan Datacom & Electrical, LLC	First Lien Term Loan (3.15% Exit Fee)	LIBOR(M)		1.00	%	5.50% Cash + 4.50% PIK				11.00	%	7/25/2022	$	14,880,410		14,878,034			12,876,019			0.69	%	L/N
Sunland Asphalt & Construction, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	1/13/2026	$	2,195,079		2,154,878			2,184,104			0.12	%	N
Sunland Asphalt & Construction, LLC	First Lien Revolver	LIBOR(Q)		1.00	%		6.00	%		7.00	%	1/13/2022	$	1,098,954		1,084,058			1,092,188			0.06	%	N
Sunland Asphalt & Construction, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	1/13/2026	$	6,528,116		6,409,918			6,495,476			0.35	%	N
																27,213,903			24,974,056			1.35	%
Consumer Finance
Barri Financial Group, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		7.75	%		8.75	%	6/30/2026	$	15,129,090		14,830,208			15,280,381			0.83	%	N
Barri Financial Group, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		7.75	%		8.75	%	6/30/2026	$	13,339,472		13,006,104			13,472,866			0.73	%	N
																27,836,312			28,753,247			1.56	%
Distributors
Colony Display LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	6/30/2026	$	7,076,507		6,934,977			6,934,977			0.37	%	N
Colony Display LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	6/30/2026	$	—		(70,765	)		(70,765	)		—		K/N
																6,864,212			6,864,212			0.37	%
Diversified Consumer Services
Razor Group GmbH (Germany)	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		9.00	%		10.00	%	4/30/2025	$	13,468,066		13,786,916			12,933,522			0.70	%	H/N
Spark Networks, Inc.	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	17,405,390		17,072,005			17,220,893			0.94	%	N
Spark Networks, Inc.	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	1,073,092		1,047,901			1,061,718			0.06	%	N
Spark Networks, Inc.	Sr Secured Revolver	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	—		(17,760	)		(7,846	)		—		K/N
Thras.io, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	12/18/2026	$	3,012,048		2,780,707			3,210,843			0.17	%	N
Thras.io, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	12/18/2026	$	14,984,940		14,633,237			15,284,639			0.83	%	N
																49,303,006			49,703,769			2.70	%
Diversified Financial Services
2-10 Holdco, Inc.	First Lien Incremental Term Loan	LIBOR(M)		0.75	%		6.00	%		6.75	%	3/26/2026	$	8,334,394		8,290,967			8,286,888			0.45	%	N
2-10 Holdco, Inc.	Sr Secured Revolver	LIBOR(M)		0.75	%		6.00	%		6.75	%	3/26/2026	$	—		(1,776	)		(4,125	)		—		K/N
36th Street Capital Partners Holdings, LLC	Senior Note	Fixed		—			12.00	%		12.00	%	11/30/2025	$	40,834,419		40,834,419			40,834,419			2.21	%	E/F/N
Credit Suisse AG (Cayman Islands)	Asset-Backed Credit Linked Notes	LIBOR(Q)		—			9.50	%		9.69	%	4/12/2025	$	38,000,000		38,000,000			31,388,000			1.70	%	H/I/N
GC Agile Holdings Limited (Apex) (England)	First Lien Delayed Term Loan B	LIBOR(Q)		1.25	%		7.00	%		8.25	%	6/15/2025	$	18,692,978		18,427,405			18,692,978			1.01	%	H/N
GC Agile Holdings Limited (Apex) (England)	First Lien Term Loan A	LIBOR(Q)		1.25	%		7.00	%		8.25	%	6/15/2025	$	812,395		801,164			812,395			0.04	%	H/N
Oasis Financial, LLC	Second Lien Term Loan	LIBOR(M)		1.00	%		8.50	%		9.50	%	7/5/2026	$	17,633,544		17,311,078			17,386,674			0.94	%	N
Worldremit Group Limited (United Kingdom)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		9.25	%		10.25	%	2/11/2025	$	43,629,951		42,836,787			41,889,116			2.29	%	H/N
																166,500,044			159,286,345			8.64	%
Diversified Telecommunication Services
Aventiv Technologies, Inc. (Securus)	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.25	%		9.25	%	11/1/2025	$	25,846,154		25,692,148			22,720,449			1.23	%
MetroNet Systems Holdings, LLC	Second Lien Term Loan	LIBOR(M)		0.75	%		7.00	%		7.75	%	6/2/2029	$	4,016,257		3,956,317			3,949,587			0.21	%	N
MetroNet Systems Holdings, LLC	Second Lien Delayed Draw Term Loan	LIBOR(M)		0.75	%		7.00	%		7.75	%	6/2/2029	$	—		(163,727	)		(137,261	)		-0.01	%	K/N
Telarix, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	11/19/2023	$	7,331,250		7,272,426			6,221,299			0.34	%	N
Telarix, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.00	%		7.00	%	11/19/2023	$	—		(2,652	)		(54,071	)		—		K/N
																36,754,512			32,700,003			1.77	%
Electric Utilities
Conergy Asia & ME Pte. Ltd (Singapore)	First Lien Term Loan	Fixed		—			—			—		12/31/2021	$	2,110,141		2,110,141			993,665			0.05	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Bank Guarantee Credit Facility	Fixed		—			—			—		12/31/2021	$	6,578,877		6,578,877			101,315			0.01	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Revolving Credit Facility	Fixed		—			—			—		12/31/2021	$	5,535,517		5,535,517			2,047,034			0.11	%	D/F/H/N
																14,224,535			3,142,014			0.17	%
Electrical Equipment
TCFI Amteck Holdings, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		—			6.25	%		6.44	%	12/31/2024	$	516,307		511,367			516,307			0.03	%	N
TCFI Amteck Holdings, LLC	First Lien Term Loan	LIBOR(Q)		—			6.25	%		6.44	%	12/31/2024	$	8,559,213		8,476,323			8,559,213			0.46	%	N
																8,987,690			9,075,520			0.49	%
Energy Equipment and Services
Sphera Solutions, Inc. (Diamondback)	First Lien FILO Term Loan B	LIBOR(Q)		1.00	%		9.76	%		10.76	%	6/14/2023	$	23,258,656		23,049,248			23,723,830			1.29	%	N

7

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2021

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Health Care Technology
Appriss Health, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	5/6/2027	$	8,167,961	$	8,010,014		$	8,037,273			0.44	%	N
Appriss Health, LLC	First Lien Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%	5/6/2027	$	—		(10,616	)		(8,712	)		—		K/N
CAREATC, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	3/14/2024	$	8,395,757		8,294,615			8,479,715			0.46	%	N
CAREATC, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%	3/14/2024	$	—		(6,708	)		—			—		K/N
ESO Solutions, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	5/3/2027	$	14,702,329		14,414,408			14,555,306			0.79	%	N
ESO Solutions, Inc.	First Lien Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	5/3/2027	$	—		(34,079	)		(17,503	)		—		K/N
Edifecs, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	9/21/2026	$	1,381,944		1,351,291			1,434,458			0.08	%	N
Gainwell Acquisition Corp.	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/2/2028	$	5,727,820		5,699,181			5,756,459			0.31	%	N
Sandata Technologies, LLC	First Lien Term Loan	LIBOR(Q)		—			6.00	%		6.19	%	7/23/2024	$	20,250,000		20,050,692			20,391,750			1.10	%	N
Sandata Technologies, LLC	Sr Secured Revolver	LIBOR(Q)		—			6.00	%		6.19	%	7/23/2024	$	—		(21,333	)		—			—		K/N
																57,747,465			58,628,746			3.18	%
Healthcare Providers and Services
INH Buyer, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	6/28/2028	$	4,500,000		4,410,000			4,410,000			0.24	%	N
TEAM Services Group	Second Lien Term Loan	LIBOR(S)		1.00	%		9.00	%		10.00	%	11/13/2028	$	25,000,000		24,241,001			24,937,500			1.36	%	N
Tempus (Epic Staffing)	First Lien Term Loan	LIBOR(Q)		1.00	%		6.25	%		7.25	%	2/5/2027	$	4,074,248		3,996,174			4,119,065			0.22	%	N
Tempus (Epic Staffing)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.25	%		7.25	%	2/5/2027	$	—		(15,090	)		8,696			—		K/N
																32,632,085			33,475,261			1.82	%
Hotels, Restaurants and Leisure
Fishbowl, Inc.	First Lien Term Loan	LIBOR(Q)		—			9.75	%		9.94	%	1/26/2022	$	26,536,125		26,453,659			10,614,450			0.58	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		8.25	%		9.25	%	12/20/2021	$	5,648,822		5,753,482			4,931,422			0.27	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	First Lien Term Loan	LIBOR(Q)		1.00	%		8.25	%		9.25	%	12/20/2021	$	13,510,298		13,748,891			11,794,490			0.63	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	Revolver	LIBOR(Q)		1.00	%		8.25	%		9.25	%	12/20/2021	$	671,356		683,439			586,093			0.03	%	N
																46,639,471			27,926,455			1.51	%
Insurance
AmeriLife Holdings, LLC	Second Lien Term Loan	LIBOR(S)		1.00	%		8.50	%		9.50	%	3/18/2028	$	21,356,400		20,973,644			21,399,113			1.16	%	N
AmeriLife Holdings, LLC	Second Lien Incremental Term Loan	LIBOR(S)		1.00	%		8.50	%		9.50	%	3/18/2028	$	7,454,593		7,332,125			7,469,502			0.41	%	N
IT Parent, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		6.25	%		7.25	%	10/1/2026	$	4,353,125		4,277,047			4,440,188			0.24	%	N
IT Parent, LLC	First Lien Incremental Term Loan	LIBOR(M)		1.00	%		6.25	%		7.25	%	10/1/2026	$	554,993		544,372			566,093			0.03	%	N
IT Parent, LLC	Sr Secured Revolver	LIBOR(M)		1.00	%		6.25	%		7.25	%	10/1/2026	$	—		(11,014	)		—			—		K/N
Peter C. Foy & Associates Insurance Services, LLC	First Lien Delayed Draw Term Loan	LIBOR(S)		1.00	%		6.25	%		7.25	%	3/31/2026	$	1,521,628		1,446,370			1,485,642			0.08	%	N
																34,562,544			35,360,538			1.92	%
Internet and Catalog Retail
Live Auctioneers LLC	First Lien Last Out B-2 Term Loan	LIBOR(Q)		1.00	%		6.76	%		7.76	%	5/21/2025	$	13,749,904		13,553,203			13,887,403			0.75	%	N
Live Auctioneers LLC	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		6.76	%		7.76	%	5/21/2025	$	5,371,140		5,275,870			5,424,851			0.29	%	N
Syndigo, LLC	Second Lien Term Loan	LIBOR(S)		0.75	%		8.00	%		8.75	%	12/14/2028	$	12,141,870		11,968,435			12,081,161			0.66	%	N
																30,797,508			31,393,415			1.70	%
Internet Software and Services
Acquia Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	11/1/2025	$	16,648,997		16,394,543			16,898,731			0.92	%	N
Acquia Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	11/1/2025	$	144,303		118,135			144,303			0.01	%	N
Domo, Inc.	First Lien Delayed Draw Term Loan (7.0% Exit Fee)	LIBOR(M)		1.50	%	5.50% Cash + 2.50% PIK				9.50	%	4/1/2025	$	54,143,537		53,888,399			54,793,259			2.96	%	L/N
Domo, Inc.	First Lien PIK Term Loan	Fixed		—		9.50% PIK				9.50	%	4/1/2025	$	2,692,749		202,871			2,716,984			0.15	%	N
FinancialForce.com, Inc.	First Lien Delayed Draw Term Loan (3.0% Exit Fee)	LIBOR(M)		2.75	%		6.75	%		9.50	%	2/1/2024	$	28,000,000		27,688,142			28,252,000			1.53	%	L/N
FinancialForce.com, Inc.	First Lien Incremental Delayed Draw Term Loan (3.0% Exit Fee)	LIBOR(M)		2.75	%		6.75	%		9.50	%	2/1/2024	$	—		(80,640	)		85,500			—		L/K/N
Foursquare Labs, Inc.	First Lien Term Loan (5.0% Exit Fee)	LIBOR(M)		2.19	%		7.25	%		9.44	%	10/1/2022	$	33,750,000		33,614,328			33,918,750			1.84	%	L/N
Foursquare Labs, Inc.	First Lien Incremental Term Loan	LIBOR(M)		2.19	%		7.25	%		9.44	%	10/1/2022	$	7,500,000		7,345,291			7,507,500			0.41	%	N
Foursquare Labs, Inc.	First Lien Incremental Term Loan	LIBOR(M)		2.19	%		7.25	%		9.44	%	5/1/2023	$	2,500,000		2,481,225			2,547,500			0.14	%	N
McAfee, LLC	Second Lien Term Loan	LIBOR(M)		0.75	%		8.25	%		9.00	%	5/3/2029	$	20,000,000		19,700,000			19,850,000			1.08	%	N
Metricstream, Inc	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	9/28/2024	$	23,104,483		22,724,035			22,688,603			1.23	%	N
Metricstream, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	9/28/2024	$	3,554,536		3,488,115			3,490,554			0.19	%	N
Persado, Inc.	First Lien Delayed Term Loan (4.25% Exit Fee)	LIBOR(M)		1.80	%		7.00	%		8.80	%	2/1/2025	$	8,782,078		8,719,337			8,694,258			0.47	%	L/N
Pluralsight, Inc.	First Lien Term Loan	LIBOR(S)		1.00	%		8.00	%		9.00	%	4/6/2027	$	28,401,250		27,852,055			28,316,047			1.54	%	N
Pluralsight, Inc.	First Lien Revolver	LIBOR(S)		1.00	%		8.00	%		9.00	%	4/6/2027	$	—		(46,457	)		(7,251	)		—		K/N
Quartz Holding Company (Quick Base)	Second Lien Term Loan	LIBOR(M)		—			8.00	%		8.09	%	4/2/2027	$	9,903,019		9,742,209			9,816,367			0.53	%	N
ResearchGate GmBH (Germany)	First Lien Term Loan (4.0% Exit Fee)	EURIBOR(Q)		—			8.55	%		8.55	%	10/1/2022	$	6,714,000		8,103,655			8,696,018			0.47	%	H/L/N/O
																241,935,243			248,409,123			13.47	%

8

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2021

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
IT Services
Ensono, Inc.	Second Lien Term Loan B	LIBOR(S)		—			8.00	%		8.17	%	6/2/2029	$	15,000,000	$	14,850,000		$	14,850,000			0.80	%	N
Puppet, Inc.	First Lien Term Loan (3.0% Exit Fee)	LIBOR(Q)		1.00	%		8.50	%		9.50	%	6/19/2023	$	13,930,936		13,669,271			13,749,834			0.75	%	L/N
Xactly Corporation	First Lien Incremental Term Loan B	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	4,996,644		4,960,915			4,996,644			0.27	%	N
Xactly Corporation	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	2,726,918		2,712,335			2,726,918			0.15	%	N
Xactly Corporation	First Lien Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	6,948,120		6,914,941			6,948,120			0.38	%	N
Xactly Corporation	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	—		(3,725	)		—			—		K/N
																43,103,737			43,271,516			2.35	%
Leisure Products
Blue Star Sports Holdings, Inc.	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 3.50% PIK				10.25	%	6/15/2024	$	58,413		57,792			56,520			—		N
Blue Star Sports Holdings, Inc.	First Lien Revolver	LIBOR(Q)		1.00	%	5.75% cash + 3.50% PIK				10.25	%	6/15/2024	$	116,975		115,786			113,185			0.01	%	N
Blue Star Sports Holdings, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 3.50% PIK				10.25	%	6/15/2024	$	1,628,799		1,611,435			1,576,026			0.08	%	N
																1,785,013			1,745,731			0.09	%
Machinery
Sonny's Enterprises, LLC	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		6.75	%		7.75	%	8/5/2026	$	3,772,595		3,700,664			3,761,278			0.20	%	N
Sonny's Enterprises, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.75	%		7.75	%	8/5/2026	$	7,303,948		7,134,216			7,276,411			0.39	%	N
Sonny's Enterprises, LLC	First Lien Incremental Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.75	%		7.75	%	8/5/2026	$	304,344		285,128			301,372			0.02	%	N
																11,120,008			11,339,061			0.61	%
Media
Khoros, LLC (Lithium)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	7,131,905		7,076,613			7,089,114			0.38	%	N
Khoros, LLC (Lithium)	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	20,884,731		20,756,637			20,759,423			1.13	%	N
Khoros, LLC (Lithium)	Sr Secured Revolver	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	—		(8,977	)		(9,169	)		—		K/N
Khoros, LLC (Lithium)	Sr Secured Revolver	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	—		(3,326	)		(2,731	)		—		K/N
NEP II, Inc.	Second Lien Term Loan	LIBOR(M)		—			7.00	%		7.10	%	10/19/2026	$	14,500,000		14,022,451			14,282,500			0.77	%	G/N
Quora, Inc.	First Lien Term Loan (4.0% Exit Fee)	Fixed		—		10.10% PIK				10.10	%	5/1/2024	$	126,926		126,926			126,418			0.01	%	L/N
Quora, Inc.	First Lien Term Loan (4.0% Exit Fee)	Fixed		—		10.10% PIK				10.10	%	5/1/2024	$	12,692,602		12,554,567			12,692,602			0.69	%	L/N
																54,524,891			54,938,157			2.98	%
Metal and Mining
Neenah Foundry Company	First Lien Term Loan B	LIBOR(Q)		1.00	%		9.00	%		10.00	%	12/13/2022	$	6,067,194		5,837,397			6,067,194			0.33	%	N
Oil, Gas and Consumable Fuels
Iracore International, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		9.00	%		10.00	%	4/12/2024	$	1,324,140		1,324,140			1,324,140			0.07	%	B/N
Personal Products
Olaplex, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		6.50	%		7.50	%	1/8/2026	$	13,233,109		13,025,087			13,365,440			0.72	%	N
Olaplex, Inc.	First Lien Incremental Term Loan	LIBOR(M)		1.00	%		6.50	%		7.50	%	1/8/2026	$	5,105,295		5,060,323			5,156,348			0.28	%	N
Olaplex, Inc.	Sr Secured Revolver	LIBOR(M)		1.00	%		6.50	%		7.50	%	1/8/2025	$	—		(19,354	)		—			—		K/N
Paula's Choice Holdings, Inc.	First Lien Incremental Term Loan	LIBOR(M)		1.00	%		6.25	%		7.25	%	11/17/2025	$	19,750,000		19,260,525			19,651,250			1.07	%	N
																37,326,581			38,173,038			2.07	%
Professional Services
Applause App Quality, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		5.00	%		6.00	%	9/20/2022	$	20,668,444		20,556,522			20,668,444			1.12	%	N
Applause App Quality, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		5.00	%		6.00	%	9/20/2022	$	—		(7,421	)		—			—		K/N
CIBT Solutions, Inc.	Second Lien Term Loan	LIBOR(Q)		1.00	%		7.75	%		—		6/1/2025	$	7,875,338		7,607,370			4,095,176			0.22	%	C/G
GI Consilio Parent, LLC	Second Lien Term Loan	LIBOR(M)		0.50	%		7.50	%		8.00	%	5/14/2029	$	10,000,000		9,901,936			9,960,000			0.54	%	N
Dude Solutions Holdings, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	16,842,565		16,569,403			17,010,991			0.92	%	N
Dude Solutions Holdings, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	2,221,925		2,182,463			2,244,144			0.12	%	N
Dude Solutions Holdings, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	3,618,193		3,512,215			3,726,739			0.20	%	N
Dude Solutions Holdings, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	—		(33,336	)		—			—		K/N
iCIMS, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	9/12/2024	$	121,678		120,345			121,520			0.01	%	N
iCIMS, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	9/12/2024	$	2,351,073		2,320,070			2,348,017			0.13	%	N
iCIMS, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	9/12/2024	$	353,250		347,210			352,791			0.02	%	N
Jobandtalent USA, Inc (United Kingdom)	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		8.75	%		9.75	%	2/17/2025	$	7,969,804		7,820,336			8,033,563			0.44	%	N/H
Jobandtalent USA, Inc (United Kingdom)	First Lien Term Loan	LIBOR(M)		1.00	%		8.75	%		9.75	%	2/17/2025	$	23,909,413		23,464,480			24,100,689			1.30	%	N/H
Jobandtalent USA, Inc (United Kingdom)	First Lien Incremental Delayed Draw Term Loan	LIBOR(M)		1.00	%		8.75	%		9.75	%	2/17/2025	$	10,620,782		10,414,002			10,705,749			0.58	%	H/N
RigUp, Inc.	First Delayed Draw Term Loan (3.5% Exit Fee)	LIBOR(M)		1.50	%		7.00	%		8.50	%	3/1/2024	$	29,000,000		28,596,414			29,638,000			1.61	%	L/N
																133,372,009			133,005,823			7.21	%

9

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2021

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal			Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Real Estate Management and Development
Space Midco, Inc. (Archibus)	First Lien Term Loan	LIBOR(M)		—			6.25	%		6.38	%	12/5/2023	$	4,444,444		$	4,397,529		$	4,444,444			0.24	%	N
Space Midco, Inc. (Archibus)	Sr Secured Revolver	LIBOR(M)		—			6.25	%		6.38	%	12/5/2023	$	—			(2,821	)		—			—		K/N
																	4,394,708			4,444,444			0.24	%
Road and Rail
GlobalTranz Enterprises LLC	Second Lien Term Loan	LIBOR(M)		—			8.25	%		8.35	%	5/15/2027	$	19,382,324			19,067,600			19,033,443			1.03	%	N
Keep Truckin, Inc.	First Lien Incremental Term Loan	LIBOR(M)		1.00	%		7.25	%		8.25	%	4/8/2025	$	20,000,000			19,711,734			19,960,000			1.08	%	N
																	38,779,334			38,993,443			2.11	%
Software
Aras Corporation	First Lien Term Loan	LIBOR(Q)		1.00	%	3.25%Cash + 3.75%PIK				8.00	%	4/13/2027	$	8,723,326			8,554,305			8,601,199			0.47	%	N
Aras Corporation	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	3.25%Cash + 3.75%PIK				8.00	%	4/13/2027	$	—			(22,429	)		(16,284	)		—		K/N
Aras Corporation	First Lien Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	4/13/2027	$	—			(16,822	)		(12,213	)		—		K/N
Certify, Inc.	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		5.75	%		6.75	%	2/28/2024	$	3,188,631			3,156,637			3,188,631			0.17	%	N
Certify, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		5.75	%		6.75	%	2/28/2024	$	23,383,293			23,328,429			23,383,293			1.27	%	N
Certify, Inc.	Sr Secured Revolver	LIBOR(M)		1.00	%		5.75	%		6.75	%	2/28/2024	$	265,719			250,843			265,719			0.01	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	4.00%Cash +3.00%PIK				8.00	%	5/2/2025	$	1,745,061			1,722,586			1,753,786			0.10	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Term Loan	LIBOR(Q)		1.00	%	4.00%Cash +3.00%PIK				8.00	%	5/2/2025	$	14,835,302			14,638,042			14,909,478			0.81	%	N
Rhode Holdings, Inc. (Kaseya)	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	5/2/2025	$	590,882			574,913			590,882			0.03	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Incremental Delayed Draw Term Loan	LIBOR(Q)		1.00	%	4.00%Cash +3.00%PIK				8.00	%	5/2/2025	$	815,728			804,980			819,806			0.04	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%	4.00%Cash +3.00%PIK				8.00	%	5/2/2025	$	1,281,602			1,265,034			1,288,010			0.07	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Incremental Delayed Draw Term Loan	LIBOR(Q)		1.00	%	4.00%Cash +3.00%PIK				8.00	%	5/2/2025	$	280,293			272,530			283,802			0.02	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%	4.00%Cash +3.00%PIK				8.00	%	5/2/2025	$	388,213			381,440			390,154			0.02	%	N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/31/2027	$	10,469,484			10,267,617			10,406,667			0.56	%	H/N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/31/2027	$	—			(22,295	)		(6,980	)		—		H/K/N
SEP Vulcan Acquisition, Inc (Canada)	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/16/2027	$	7,836,483			7,684,262			7,820,810			0.42	%	H/N
SEP Vulcan Acquisition, Inc (Canada)	First Lien Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/16/2027	$	—			(21,312	)		(2,239	)		—		H/K/N
Snow Software AB	First Lien Term Loan	LIBOR(Q)		2.00	%		6.00	%		8.00	%	4/17/2024	$	10,373,317			10,247,124			10,477,050			0.57	%	N
Snow Software AB	First Lien Incremental Term Loan	LIBOR(Q)		2.00	%		6.00	%		8.00	%	4/17/2024	$	11,543,865			11,388,836			11,774,743			0.64	%	N
Snow Software AB	First Lien Term Loan	LIBOR(Q)		2.00	%		6.00	%		8.00	%	7/21/2021	$	4,477,328			4,472,424			4,477,328			0.24	%	N
Snow Software AB	Sr Secured Revolver	LIBOR(Q)		2.00	%		6.00	%		8.00	%	4/17/2024	$	—			(50,473	)		—			—		K/N
Superman Holdings, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		5.39	%		6.39	%	8/31/2027	$	8,776,103			8,583,985			8,951,626			0.49	%	N
Superman Holdings, LLC	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		5.39	%		6.39	%	8/31/2027	$	1,555,975			1,517,786			1,587,094			0.09	%	N
Superman Holdings, LLC	Sr Secured Revolver	LIBOR(Q)		1.00	%		5.39	%		6.39	%	8/31/2026	$	—			(27,073	)		—			—		K/N
Syntellis Performance Solutions, Inc	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	8/2/2027	$	21,295,019			20,722,787			21,720,920			1.18	%	N
Backoffice Associates Holdings, LLC	First Lien Revolver	LIBOR(Q)		1.00	%		7.50	%		8.50	%	4/30/2026	$	—			(49,730	)		(41,150	)		—		K/N
Backoffice Associates Holdings, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	4/30/2026	$	12,859,398			12,483,060			12,550,773			0.68	%	N
Winshuttle, LLC	First Lien FILO Term Loan	LIBOR(M)		1.00	%		8.42	%		9.42	%	8/9/2024	$	13,496,557			13,257,002			13,564,040			0.74	%	N
																	155,364,488			158,726,945			8.62	%
Specialty Retail
Calceus Acquisition, Inc. (Cole Haan)	First Lien Term Loan B	LIBOR(Q)		—			5.50	%		5.50	%	2/12/2025	$	436,634			417,075			425,719			0.02	%	N
Calceus Acquisition, Inc. (Cole Haan)	First Lien Sr Secured Notes	Fixed		—			9.75	%		9.75	%	2/19/2025	$	20,000,000			19,506,641			20,994,000			1.15	%	N
USR Parent, Inc. (Staples)	First Lien FILO Term Loan	LIBOR(M)		1.00	%		8.84	%		9.84	%	9/12/2022	$	3,752,765			3,726,237			3,752,765			0.20	%	N
																	23,649,953			25,172,484			1.37	%
Textiles, Apparel and Luxury Goods
WH Buyer, LLC (Anne Klein)	Senior Secured Incremental FILO Lien Term Loan	LIBOR(Q)		1.00	%		6.75	%		7.75	%	12/31/2025	$	4,123,779			4,083,085			4,206,254			0.23	%	N
WH Buyer, LLC (Anne Klein)	First Lien Incremental FILO Term Loan	LIBOR(Q)		1.00	%		6.75	%		7.75	%	12/31/2025	$	7,903,889			7,829,479			8,061,967			0.44	%	N
WH Buyer, LLC (Anne Klein)	First Lien FILO Term Loan	LIBOR(Q)		1.00	%		7.45	%		8.45	%	12/31/2025	$	27,664,640			27,454,886			28,217,933			1.54	%	N
WH Buyer, LLC (Anne Klein)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.45	%		8.45	%	12/31/2025	$	5,307,692			5,265,232			5,413,846			0.29	%	N
Kenneth Cole Productions, Inc.	First Lien FILO Term Loan	LIBOR(M)		1.00	%		9.50	%		10.50	%	12/28/2023	$	17,504,750			17,438,121			17,399,722			0.94	%	N
PSEB, LLC (Eddie Bauer)	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	10/12/2023	$	17,989,003			17,736,319			18,312,805			0.99	%	N
																	79,807,122			81,612,527			4.43	%
Thrifts and Mortgage Finance
Home Partners of America, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		6.25	%		7.25	%	10/13/2022	$	2,857,143			2,842,726			2,857,143			0.15	%	N
Tobacco Related
Juul Labs, Inc.	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	8/2/2023	$	26,277,995			26,133,970			26,120,327			1.42	%	N
Trading Companies & Distributors
Whele LLC	First Lien Incremental Term Loan	LIBOR(M)		1.00	%		7.00	%		8.00	%	10/15/2025	$	13,953,759			14,092,213			14,093,293			0.76	%	N
Total Debt Investments - 195.9% of Net Assets																	1,635,447,066			1,607,949,318			87.20	%
															��

10

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2021

Issuer	Instrument	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities
Automobiles
Autoalert Acquisition Co, LLC	Warrants to Purchase LLC Interest	6/28/2030		7	$	2,910,423	$	2,353,211		0.13	%	D/E/N
Capital Markets
Pico Quantitative Trading, LLC	Warrants to Purchase Membership Units (144A)	2/7/2030		287		645,121		1,047,692		0.06	%	D/E/N
Chemicals
AGY Equity, LLC	Class A Preferred Stock			1,786,785		485,322		242,825		0.01	%	D/E/N
AGY Equity, LLC	Class B Preferred Stock			1,250,749		—		—		—		D/E/N
AGY Equity, LLC	Class C Common Stock			982,732		—		—		—		D/E/N
						485,322		242,825		0.01	%
Communications Equipment
Avanti Communications Group, PLC (United Kingdom)	Common Stock			26,576,710		4,902,674		—		—		D/H/N/O
Diversified Consumer Services
Razor Group GmbH (Germany)	Warrants to Purchase Preferred Stock	4/28/2028		516		—		541,369		0.03	%	D/E/H/N
TVG-Edmentum Holdings, LLC	Series A Preferred Stock			29,142,690		29,142,690		52,435,658		2.85	%	B/E/N
TVG-Edmentum Holdings, LLC	Series B-1 Common Stock			14,321,453		14,321,453		25,494,730		1.38	%	B/E/N
TVG-Edmentum Holdings, LLC	Series B-2 Common Stock			13,421,162		13,421,162		25,494,730		1.38	%	B/D/E/N
						56,885,305		103,966,487		5.64	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Membership Units			22,199,416		22,199,416		31,639,000		1.72	%	E/F/N
Conventional Lending TCP Holdings, LLC	Membership Units			19,045,869		19,045,869		18,500,000		1.00	%	E/F/I/N
GACP I, LP (Great American Capital)	Membership Units			460,486		460,486		1,052,170		0.06	%	E/I/N
GACP II, LP (Great American Capital)	Membership Units			13,524,031		13,524,031		13,623,790		0.74	%	E/I/N
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series D Stock	2/11/2031		34,820		—		807,476		0.04	%	D/E/N/H
						55,229,802		65,622,436		3.56	%
Electric Utilities
Conergy Asia Holdings Limited (United Kingdom)	Class B Shares			1,000,000		1,000,000		—		—		D/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom)	Ordinary Shares			3,333		7,833,333		—		—		D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Ordinary Shares			2,332,594		—		—		—		D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Series B Preferred Shares			93,023		1,395,349		—		—		D/E/F/H/N
Utilidata, Inc.	Common Stock			29,094		216,336		—		—		D/E/N
Utilidata, Inc.	Series C Preferred Stock			257,369		153,398		210,000		0.01	%	D/E/N
Utilidata, Inc.	Series CC Preferred Stock			500,000		500,000		10,000		—		D/E/N
						11,098,416		220,000		0.01	%
Electrical Equipment
TCFI Amteck Holdings, LLC	Series A Preferred Units			9,018,947		8,509,514		9,107,770		0.49	%	N
TCFI Amteck Holdings, LLC	Common Units			362,513		395,336		2,887,497		0.16	%	D/N
						8,904,850		11,995,267		0.65	%
Electronic Equipment, Instruments and Components
Soraa, Inc.	Warrants to Purchase Preferred Stock	8/29/2024		3,071,860		478,899		—		—		D/E/N
Energy Equipment and Services
GlassPoint, Inc.	Warrants to Purchase Common Stock	9/12/2029		16		275,200		275,000		0.01	%	D/E/N

11

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2021

Issuer	Instrument	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities (continued)
Internet Software and Services
Domo, Inc.	Common Stock			49,792	$	1,543,054	$	4,024,687		0.23	%	D
FinancialForce.com, Inc.	Warrants to Purchase Series C Preferred Stock	1/30/2029		1,125,000		287,985		579,264		0.03	%	D/E/N
Foursquare Labs, Inc.	Warrants to Purchase Series E Preferred Stock	5/4/2027		2,062,500		508,805		1,101,571		0.06	%	D/E/N
InMobi, Inc. (Singapore)	Warrants to Purchase Common Stock	8/15/2027		1,327,869		212,360		1,690,819		0.09	%	D/E/H/N
InMobi, Inc. (Singapore)	Warrants to Purchase Series E Preferred  Stock (Strike Price $20.01)	9/18/2025		1,049,996		276,492		1,450,327		0.08	%	D/E/H/N
InMobi, Inc. (Singapore)	Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)	10/3/2028		1,511,002		93,407		431,322		0.02	%	D/E/H/N
ResearchGate Corporation (Germany)	Warrants to Purchase Series D Preferred Stock	10/30/2029		333,370		202,001		115,000		0.01	%	D/E/H/N/O
Snaplogic, Inc.	Warrants to Purchase Series Preferred Stock	3/19/2028		1,860,000		377,722		5,400,000		0.29	%	D/E/N
						3,501,826		14,792,990		0.81	%
IT Services
Fidelis (SVC), LLC	Preferred Units			657,932		2,001,384		70,890		—		D/E/N
Life Sciences Tools and Services
Envigo RMS Holdings Corp.	Common Stock			36		—		493,259		0.03	%	D/E/N
Media
NEG Parent, LLC (Core Entertainment, Inc.)	Class A Units			2,720,392		2,772,807		8,699,274		0.48	%	B/D/E/N
NEG Parent, LLC (Core Entertainment, Inc.)	Class A Warrants to Purchase Class A Units	10/17/2026		343,387		196,086		602,555		0.03	%	B/D/E/N
NEG Parent, LLC (Core Entertainment, Inc.)	Class B Warrants to Purchase Class A Units	10/17/2026		346,794		198,032		608,534		0.03	%	B/D/E/N
Quora, Inc.	Warrants to Purchase Series D Preferred Stock	4/11/2029		507,704		65,245		141,649		0.01	%	D/E/N
SoundCloud, Ltd. (United Kingdom)	Warrants to Purchase Preferred Stock	4/29/2025		946,498		79,082		45,143		—		D/E/H/N
						3,311,252		10,097,155		0.55	%
Oil, Gas and Consumable Fuels
Iracore Investments Holdings, Inc.	Class A Common Stock			16,207		4,177,710		5,248,735		0.28	%	B/D/E/N
Professional Services
Anacomp, Inc.	Class A Common Stock			1,255,527		26,711,048		213,440		0.01	%	D/E/F/N
Semiconductors and Semiconductor Equipment
Nanosys, Inc.	Warrants to Purchase Preferred Stock	3/29/2023		800,000		605,266		962,482		0.05	%	D/E/N
Software
Tradeshift, Inc.	Warrants to Purchase Series D Preferred Stock	3/26/2027		1,712,930		577,843		505,435		0.03	%	D/E/N
Total Equity Securities - 26.6% of Net Assets						182,702,341		218,107,304		11.83	%
Total Investments - 222.5% of Net Assets					$	1,818,149,407	$	1,826,056,622		99.03	%
Cash and Cash Equivalents - 2.2% of Net Assets							$	17,881,467		0.97	%
Total Cash and Investments  - 224.7% of Net Assets							$	1,843,938,089		100.00	%	M

12

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2021

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-accruing debt investment.

(D) Other non-income producing investment.

(E) Restricted security. (See Note 2)

(F) Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary.  See Consolidated Schedule of Changes in Investments in Affiliates.

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

(H) Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(I) Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act.  Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(J) Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

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

(L) In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(M) All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.

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

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

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

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $418,251,961 and $280,320,010, respectively, for the six months ended June 30, 2021. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments.  The total value of restricted securities and bank debt as of June 30, 2021 was $1,751,426,809 or 95.0% of total cash and investments of the Company. As of June 30, 2021, approximately 11.3% 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.

13

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments

December 31, 2020

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

14

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2020

% of Tota