BlackRock TCP Capital Earnings 2019-09-30

TCPC 10Q Quarterly Report

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10-Q 1 tcpc930201910-q.htm 10-Q Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________

FORM 10-Q



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

	For the Quarter Ended September 30, 2019

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

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

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



Large accelerated filer x	Accelerated filer ¨
Non-accelerated filer ¨	Smaller Reporting company ¨

Emerging growth company ¨

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

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

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of November 5, 2019 was 58,766,215.

BLACKROCK TCP CAPITAL CORP.

FORM 10-Q

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019

TABLE OF CONTENTS



Part I.	Financial Information

Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of September 30, 2019 (unaudited) and December 31, 2018	2
	Consolidated Schedule of Investments as of September 30, 2019 (unaudited) and December 31, 2018	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2019 (unaudited) and September 30, 2018 (unaudited)	22
	Consolidated Statements of Changes in Net Assets for the nine months ended September 30, 2019 (unaudited) and September 30, 2018 (unaudited)	23
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 (unaudited) and September 30, 2018 (unaudited)	24
	Notes to Consolidated Financial Statements (unaudited)	25
	Consolidated Schedule of Changes in Investments in Affiliates for the nine months ended September 30, 2019 (unaudited) and year ended December 31, 2018	51
	Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of September 30, 2019 (unaudited) and December 31, 2018	55

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	57

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	74

Item 4.	Controls and Procedures	75

Part II.	Other Information

Item 1.	Legal Proceedings	76

Item 1A.	Risk Factors	76

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	76

Item 3.	Defaults upon Senior Securities	76

Item 4.	Mine Safety Disclosures	76

Item 5.	Other Information	76

Item 6.	Exhibits	76

BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities



	September 30, 2019			December 31, 2018
	(unaudited)
Assets
Investments, at fair value:
Companies less than 5% owned (cost of $1,557,184,865 and $1,460,936,257, respectively)	$	1,519,866,072		$	1,463,800,744
Companies 5% to 25% owned (cost of $88,523,218 and $78,353,253, respectively)	71,180,241			63,193,357
Companies more than 25% owned (cost of $128,059,216 and $110,258,458, respectively)	90,228,801			70,291,689
Total investments (cost of $1,773,767,299 and $1,649,547,968, respectively)	1,681,275,114			1,597,285,790

Cash and cash equivalents	80,069,184			27,920,402
Accrued interest income:
Companies less than 5% owned	19,004,733			20,898,838
Companies 5% to 25% owned	652,121			678,057
Companies more than 25% owned	260,540			124,009
Receivable for investments sold	7,433,969			—
Deferred debt issuance costs	6,070,455			4,843,985
Prepaid expenses and other assets	5,952,549			7,784,608
Total assets	1,800,718,665			1,659,535,689

Liabilities
Debt, net of unamortized issuance costs of $7,566,146 and $6,805,196, respectively	985,042,515			805,202,192
Interest payable	6,621,542			8,747,872
Incentive compensation payable	5,369,678			5,840,346
Payable for investments purchased	1,859,746			908,759
Payable to the Advisor	759,032			1,226,372
Management and advisory fees payable	—			5,247,344
Accrued expenses and other liabilities	2,439,688			1,888,077
Total liabilities	1,002,092,201			829,060,962

Commitments and contingencies (Note 5)

Net assets	$	798,626,464		$	830,474,727

Composition of net assets
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,766,215 and 58,774,607 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively	$	58,766		$	58,775
Paid-in capital in excess of par	999,956,007			1,000,073,183
Distributable earnings (loss)	(201,388,309		)	(169,657,231		)
Net assets	$	798,626,464		$	830,474,727

Net assets per share	$	13.59		$	14.13

See accompanying notes to the consolidated financial statements.

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2019



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments		Notes
Debt Investments (A)
Aerospace and Defense
Unanet, Inc.	First Lien Delayed Draw Term Loan	LIBOR(M)	—		6.25	%	8.31	%	5/31/2021	$	—	$	(63,621	)	$	(70,408	)	—		K/N
Unanet, Inc.	First Lien Term Loan	LIBOR(M)	—		6.25	%	8.31	%	5/31/2024	$	19,897,959	19,706,916			19,714,898			1.12	%	N
Unanet, Inc.	Sr Secured Revolver	LIBOR(M)	—		6.25	%	8.31	%	5/31/2024	$	—	(22,852		)	(22,531		)	—		K/N
												19,620,443			19,621,959			1.12	%
Airlines
Mesa Air Group, Inc.	Junior Loan Agreement (N902FJ)	LIBOR(Q)	—		7.50	%	9.75	%	2/1/2022	$	860,288	855,052			860,288			0.05	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N903FJ)	LIBOR(Q)	—		7.50	%	9.75	%	2/1/2022	$	1,017,247	1,011,056			1,017,247			0.06	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N904FJ)	LIBOR(Q)	—		7.50	%	9.75	%	2/1/2022	$	1,154,708	1,147,680			1,154,708			0.07	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N905FJ)	LIBOR(Q)	—		7.50	%	9.75	%	2/1/2022	$	822,930	817,921			822,930			0.05	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N906FJ)	LIBOR(Q)	—		7.50	%	9.75	%	5/1/2022	$	870,153	864,490			870,153			0.05	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N907FJ)	LIBOR(Q)	—		7.50	%	9.75	%	5/1/2022	$	910,080	904,157			910,080			0.05	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N908FJ)	LIBOR(Q)	—		7.50	%	9.75	%	5/1/2022	$	1,369,758	1,360,844			1,369,758			0.08	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N909FJ)	LIBOR(Q)	—		7.50	%	9.75	%	8/1/2022	$	608,282	604,235			608,282			0.03	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N910FJ)	LIBOR(Q)	—		7.50	%	9.75	%	8/1/2022	$	578,787	574,936			578,787			0.03	%	N
Mesa Airlines, Inc.	Aircraft Acquisition Incremental Loan	LIBOR(M)	—		5.25	%	7.31	%	9/27/2023	$	2,832,129	2,796,842			2,796,727			0.16	%	N
Mesa Airlines, Inc.	Aircraft Acquisition Loan	LIBOR(M)	—		5.25	%	7.31	%	6/5/2023	$	23,232,306	22,958,409			23,106,851			1.31	%	N
												33,895,622			34,095,811			1.94	%
Automobiles
Autoalert, LLC	First Lien Incremental Term Loan	LIBOR(Q)	0.25	%	5.75% Cash+3.00% PIK		11.13	%	12/31/2020	$	38,768,193	38,626,986			39,155,875			2.22	%	N
Autoalert, LLC	First Lien Term Loan	LIBOR(Q)	0.25	%	5.75% Cash+3.00% PIK		11.13	%	12/31/2020	$	15,342,483	15,213,583			15,495,908			0.88	%	N
DealerFX, Inc.	First Lien Term Loan	LIBOR(Q)	—		6.25% Cash +2.00% PIK		10.38	%	2/1/2023	$	16,140,777	15,911,307			16,463,593			0.93	%	N
												69,751,876			71,115,376			4.03	%
Building Products
Dodge Data & Analytics, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)	1.00	%	7.00	%	9.13	%	5/1/2020	$	886,647	885,875			886,647			0.05	%	N
Dodge Data & Analytics, LLC	First Lien Term Loan	LIBOR(Q)	1.00	%	7.00	%	9.13	%	5/1/2020	$	35,866,162	35,833,369			35,866,162			2.04	%	N
												36,719,244			36,752,809			2.09	%
Capital Markets
HighTower Holding, LLC	Second Lien Term Loan	LIBOR(M)	1.00	%	8.25	%	10.29	%	1/31/2026	$	15,080,645	14,726,024			15,008,258			0.85	%	N
HighTower Holding, LLC	Second Lien Delayed Draw Term Loan	LIBOR(M)	1.00	%	8.25	%	10.29	%	1/31/2026	$	6,169,355	6,057,341			6,139,742			0.35	%	N
												20,783,365			21,148,000			1.20	%
Chemicals
AGY Holding Corp.	Second Lien Notes	Fixed	—		11.00	%	11.00	%	11/15/2020	$	10,315,515	8,778,822			7,314,732			0.42	%	B/C/E/N
AGY Holding Corp.	Delayed Draw Term Loan	Fixed	—		12.00	%	12.00	%	5/18/2020	$	1,080,971	1,080,971			1,080,971			0.06	%	B/N
AGY Holding Corp.	Sr Secured Term Loan	Fixed	—		12.00	%	12.00	%	5/18/2020	$	5,017,287	5,017,287			5,017,287			0.28	%	B/N
												14,877,080			13,412,990			0.76	%
Commercial Services and Supplies
Team Software, Inc.	First Lien Revolver	LIBOR(Q)	—		5.50	%	7.63	%	9/17/2023	$	1,053,363	1,011,041			1,015,091			0.06	%	N
Team Software, Inc.	First Lien Term Loan	LIBOR(Q)	—		5.50	%	7.63	%	9/17/2023	$	13,167,038	13,003,864			13,023,517			0.74	%	N
												14,014,905			14,038,608			0.80	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2019



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments		Notes
Debt Investments (continued)
Communications Equipment
Avanti Communications Jersey Limited	1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee)	Fixed	—		12.50	%	12.50	%	5/24/2021	$	1,181,177	$	1,181,177		$	1,181,177		0.07	%	L/N
Avanti Communications Jersey Limited	1.5 Lien Term Loan (2.5% Exit Fee)	Fixed	—		12.50	%	12.50	%	5/24/2021	$	274,181	229,584			274,181			0.02	%	L/N
Avanti Communications Group, PLC (United Kingdom)	Sr New Money Initial Note	Fixed	—		9.00% PIK		9.00	%	10/1/2022	$	1,592,934	1,591,586			1,068,699			0.06	%	C/E/G/H/N
Avanti Communications Group, PLC (United Kingdom)	Sr Second-Priority PIK Toggle Note	Fixed	—		9.00% PIK		9.00	%	10/1/2022	$	4,064,721	4,064,219			2,727,021			0.15	%	C/E/G/H/N
												7,066,566			5,251,078			0.30	%
Construction and Engineering
Hylan Datacom & Electrical, LLC	Bridge Term Loan	LIBOR(M)	—		2.75	%	4.80	%	9/10/2019	$	501,058	500,557			501,058			0.03	%	N
Hylan Datacom & Electrical, LLC	First Lien Incremental Term Loan	LIBOR(Q)	1.00	%	9.50	%	11.62	%	7/25/2021	$	2,504,655	2,465,527			2,024,262			0.11	%	N
Hylan Datacom & Electrical, LLC	First Lien Term Loan	LIBOR(Q)	1.00	%	9.50	%	11.62	%	7/25/2021	$	13,855,960	13,773,520			11,198,387			0.64	%	N
												16,739,604			13,723,707			0.78	%
Construction Materials
Brannan Sand and Gravel Company, LLC	First Lien Term Loan	LIBOR(Q)	—		5.25	%	7.38	%	7/3/2023	$	7,053,114	6,973,320			7,019,259			0.40	%	N
Construction Supply Acquisition, LLC	First Lien Term Loan	Prime	—		5.00	%	10.00	%	6/30/2023	$	11,536,549	11,481,423			11,507,708			0.65	%	N
												18,454,743			18,526,967			1.05	%
Consumer Finance
Auto Trakk SPV, LLC	First Lien Delayed Draw Term Loan	LIBOR(M)	0.50	%	6.50	%	8.53	%	12/21/2021	$	23,971,792	23,782,337			23,732,740			1.35	%	N

Diversified Consumer Services
Edmentum, Inc.	Jr Revolving Facility	Fixed	—		5.00	%	5.00	%	6/9/2020	$	4,445,004	4,445,004			4,445,009			0.25	%	B/N
Edmentum, Inc.	First Lien Term Loan B	LIBOR(Q)	—		8.50	%	10.76	%	6/9/2021	$	10,679,470	9,362,455			10,679,470			0.61	%	B/N
Edmentum, Inc.	Second Lien Term Loan	Fixed	—		7.00% PIK		7.00	%	12/8/2021	$	7,639,817	7,639,817			7,639,825			0.43	%	B/N
Edmentum Ultimate Holdings, LLC	Jr PIK Notes	Fixed	—		10.00% PIK		10.00	%	6/9/2020	$	17,170,475	17,055,460			17,170,475			0.97	%	B/N
Edmentum Ultimate Holdings, LLC	Sr PIK Notes	Fixed	—		8.50% PIK		8.50	%	6/9/2020	$	3,597,737	3,597,737			3,597,737			0.20	%	B/N
Spark Networks, Inc.	Sr Secured Revolver	LIBOR(Q)	1.50	%	8.00	%	10.11	%	7/1/2023	$	—	(33,042		)	(35,206		)	—		K/N
Spark Networks, Inc.	First Lien Term Loan	LIBOR(Q)	1.50	%	8.00	%	10.11	%	7/1/2023	$	23,537,761	22,750,362			22,713,940			1.29	%	N
												64,817,793			66,211,250			3.75	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Senior Note	Fixed	—		12.00	%	12.00	%	11/1/2020	$	39,418,169	39,418,169			39,418,169			2.24	%	E/F/N
Aretec Group, Inc. (Cetera)	Second Lien Term Loan	LIBOR(M)	—		8.25	%	10.29	%	10/1/2026	$	27,105,263	26,844,698			26,563,158			1.51	%	G
Credit Suisse AG (Cayman Islands)	Asset-Backed Credit Linked Notes	LIBOR(Q)	—		9.50	%	11.88	%	4/12/2025	$	38,000,000	38,000,000			37,506,000			2.13	%	H/I/N
FreePoint Commodities, LLC	Second Lien Term Loan	LIBOR(M)	1.00	%	8.25	%	10.30	%	6/13/2023	$	15,000,000	14,878,844			14,898,000			0.85	%	N
GC Agile Holdings Limited (Apex) (England)	First Lien Delayed Term Loan B	LIBOR(Q)	1.00	%	7.00	%	9.11	%	6/15/2025	$	19,027,218	18,660,316			18,737,716			1.06	%	H/N
GC Agile Holdings Limited (Apex) (England)	First Lien Term Loan A	LIBOR(Q)	1.00	%	7.00	%	9.11	%	6/15/2025	$	827,052	811,593			812,413			0.05	%	H/N
RSB-160, LLC (Lat20)	First Lien Delayed Draw Term Loan	LIBOR(Q)	1.00	%	6.00	%	8.15	%	7/20/2022	$	3,833,333	3,774,401			3,694,410			0.21	%	N
												142,388,021			141,629,866			8.05	%
Diversified Telecommunication Services
American Broadband Holding Company	First Lien Term Loan	LIBOR(M)	1.25	%	7.25	%	9.29	%	10/25/2022	$	15,570,413	15,309,673			15,870,921			0.90	%	N
ECI Macola/Max Holding, LLC	Second Lien Term Loan	LIBOR(Q)	1.00	%	8.00	%	10.10	%	9/19/2025	$	24,840,563	24,653,628			24,064,296			1.37	%
Securus Technologies, Inc.	Second Lien Term Loan	LIBOR(M)	1.00	%	8.25	%	10.29	%	11/1/2025	$	25,846,154	25,649,466			22,901,502			1.30	%
TPC Intermediate Holdings, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)	1.00	%	6.00	%	8.10	%	5/15/2023	$	801,618	789,062			798,091			0.05	%	N
TPC Intermediate Holdings, LLC	First Lien Incremental Delayed Draw Term Loan	LIBOR(Q)	1.00	%	6.00	%	8.10	%	5/15/2020	$	262,843	253,078			259,373			0.01	%	N
Telarix, Inc.	First Lien Term Loan	LIBOR(M)	1.00	%	6.00	%	8.05	%	11/19/2023	$	7,462,500	7,363,950			7,395,338			0.42	%	N
Telarix, Inc.	Sr Secured Revolver	LIBOR(M)	1.00	%	6.00	%	8.05	%	11/19/2023	$	89,286	84,832			86,071			—		N
												74,103,689			71,375,592			4.05	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2019



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments		Notes
Debt Investments (continued)
Electronic Equipment, Instruments and Components
Soraa, Inc.	Tranche A Term Loan (4.33% Exit Fee)	LIBOR(Q)	0.44	%	9.33	%	11.65	%	12/31/2019	$	1,493,765	$	1,487,756		$	1,476,288		0.08	%	L/N

Electric Utilities
Conergy Asia & ME Pte. Ltd (Singapore)	First Lien Term Loan	Fixed	—		10.00	%	10.00	%	5/26/2020	$	1,773,807	1,773,807			1,608,666			0.09	%	F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Bank Guarantee Credit Facility	Fixed	—		—		—		5/26/2020	$	6,578,877	6,578,877			3,289,438			0.19	%	C/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Revolving Credit Facility	Fixed	—		—		—		5/26/2020	$	8,668,850	8,668,850			2,515,700			0.14	%	C/F/H/N
Utilidata, Inc.	First Lien Delayed Draw Term Loan (4.0% Exit Fee)	LIBOR(Q)	—		9.88	%	12.06	%	12/31/2019	$	1,213,398	1,206,939			1,042,916			0.06	%	L/N
												18,228,473			8,456,720			0.48	%
Electrical Equipment
TCFI Amteck Holdings, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)	—		7.75	%	9.88	%	5/22/2023	$	484,906	477,510			473,365			0.03	%	N
TCFI Amteck Holdings, LLC	First Lien Term Loan	LIBOR(Q)	—		7.75	%	9.88	%	5/22/2023	$	15,837,439	15,592,966			15,460,508			0.88	%	N
												16,070,476			15,933,873			0.91	%
Energy Equipment and Services
GlassPoint Solar, Inc.	First Lien Term Loan (4.0% Exit Fee)	LIBOR(Q)	—		8.50	%	10.69	%	12/31/2020	$	4,167,831	4,143,866			3,967,358			0.23	%	L/N
GlassPoint Solar, Inc.	First Lien Term Loan (5.0% Exit Fee)	LIBOR(Q)	—		11.44	%	13.63	%	12/31/2020	$	2,276,123	2,189,584			2,216,034			0.13	%	L/N
Sphera Solutions, Inc. (Diamondback)	First Lien FILO Term Loan B	LIBOR(Q)	1.00	%	8.02	%	10.14	%	6/14/2021	$	28,382,085	27,885,947			27,845,663			1.58	%	N
												34,219,397			34,029,055			1.94	%
Health Care Technology
CAREATC, Inc.	First Lien Term Loan	LIBOR(Q)	—		7.25	%	9.37	%	3/14/2024	$	8,502,033	8,343,690			8,420,413			0.48	%	N
CAREATC, Inc.	Sr Secured Revolver	LIBOR(Q)	—		7.25	%	9.37	%	3/14/2024	$	—	(10,828		)	(5,830		)	—		K/N
Patient Point Network Solutions, LLC	Sr Secured Revolver	Prime	1.00	%	6.50	%	12.00	%	6/26/2022	$	—	(3,157		)	(308		)	—		K/N
Patient Point Network Solutions, LLC	First Lien Incremental Term Loan	LIBOR(Q)	1.00	%	7.50	%	9.60	%	6/26/2022	$	1,256,705	1,245,148			1,255,825			0.07	%	N
Patient Point Network Solutions, LLC	First Lien Term Loan	LIBOR(Q)	1.00	%	7.50	%	9.60	%	6/26/2022	$	6,520,360	6,471,930			6,515,796			0.37	%	N
Sandata Technologies, LLC	First Lien Term Loan	LIBOR(Q)	—		6.00	%	8.13	%	7/23/2024	$	20,250,000	19,952,308			19,946,250			1.13	%	N
Sandata Technologies, LLC	Sr Secured Revolver	LIBOR(Q)	—		6.00	%	8.13	%	7/23/2024	$	—	(32,484		)	(33,750		)	—		K/N
												35,966,607			36,098,396			2.05	%
Healthcare Equipment and Supplies
Pacific Coast Holdings Investment, LLC (KPC Healthcare)	First Lien Term Loan	LIBOR(M)	1.00	%	7.50	%	9.54	%	2/14/2021	$	29,288,064	29,126,324			29,727,385			1.69	%	N

Hotels, Restaurants and Leisure
Fishbowl, Inc.	First Lien Term Loan	LIBOR(Q)	—		2.80%Cash+10.45%PIK		15.38	%	1/26/2022	$	24,017,652	23,676,243			22,108,249			1.26	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	First Lien Incremental Term Loan	LIBOR(Q)	1.00	%	6.25	%	8.36	%	12/20/2021	$	5,692,985	5,692,985			5,765,856			0.33	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	First Lien Term Loan	LIBOR(Q)	1.00	%	6.25	%	8.36	%	12/20/2021	$	13,620,220	13,553,441			13,794,559			0.78	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	Revolver	LIBOR(Q)	1.00	%	6.25	%	8.36	%	12/20/2021	$	—	(3,030		)	—			—		K/N
VSS-Southern Holdings, LLC (Southern Theatres)	First Lien Term Loan	LIBOR(Q)	1.00	%	6.50% Cash +2.00% PIK		10.60	%	11/3/2020	$	4,876,530	4,848,784			4,876,530			0.28	%	N
VSS-Southern Holdings, LLC (Southern Theatres)	First Lien Incremental Term Loan	LIBOR(Q)	1.00	%	6.50% Cash +2.00% PIK		10.60	%	11/2/2022	$	290,821	288,568			290,821			0.02	%	N
VSS-Southern Holdings, LLC (Southern Theatres)	Sr Secured Revolver	LIBOR(Q)	1.00	%	6.50% Cash +2.00% PIK		10.60	%	11/3/2020	$	856,164	851,949			856,165			0.05	%	N
												48,908,940			47,692,180			2.72	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2019



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments		Notes
Debt Investments (continued)
Insurance
2-10 Holdco, Inc.	First Lien Term Loan	LIBOR(M)	—		6.00	%	8.04	%	10/31/2024	$	4,548,958	$	4,469,981		$	4,511,202		0.26	%	N
2-10 Holdco, Inc.	Sr Secured Revolver	LIBOR(M)	—		6.00	%	8.04	%	10/31/2024	$	—	(7,069		)	(3,458		)	—		K/N
Higginbotham Insurance Agency, Inc.	Second Lien Term Loan	LIBOR(M)	1.00	%	7.50	%	9.54	%	12/19/2025	$	28,000,000	27,802,075			27,860,000			1.58	%	N
IAS Investco, Inc.	First Lien Delayed Draw Term Loan A	LIBOR(M)	1.00	%	5.50	%	7.54	%	1/24/2021	$	5,391,429	5,365,242			5,371,480			0.30	%	N
IAS Investco, Inc.	First Lien Delayed Draw Term Loan B	LIBOR(M)	1.00	%	5.50	%	7.54	%	1/24/2021	$	1,714,286	1,706,762			1,707,943			0.10	%	N
IAS Investco, Inc.	First Lien Incremental Term Loan	LIBOR(M)	1.00	%	5.50	%	7.54	%	1/24/2021	$	6,105,219	6,083,209			6,082,629			0.35	%	N
IAS Investco, Inc.	First Lien Term Loan	LIBOR(M)	1.00	%	5.50	%	7.54	%	1/24/2021	$	3,989,884	3,970,462			3,975,121			0.23	%	N
												49,390,662			49,504,917			2.82	%

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$0.00	0	$0

10-Q	2019-11-06	Quarter: 2019-09-30
10-Q	2019-08-08	Quarter: 2019-06-30
10-Q	2019-05-08	Quarter: 2019-03-31
10-K	2019-02-28	Annual: 2018-12-31
10-Q	2018-11-08	Quarter: 2018-09-30
10-Q	2018-08-08	Quarter: 2018-06-30
10-Q	2018-05-09	Quarter: 2018-03-31
10-K	2018-02-27	Annual: 2017-12-31
10-Q	2017-11-07	Quarter: 2017-09-30
10-Q	2017-08-03	Quarter: 2017-06-30
10-Q	2017-05-09	Quarter: 2017-03-31
10-K	2017-02-28	Annual: 2016-12-31
10-Q	2016-11-08	Quarter: 2016-09-30
10-Q	2016-08-09	Quarter: 2016-06-30
10-Q	2016-05-10	Quarter: 2016-03-31
10-K	2016-02-29	Annual: 2015-12-31
10-Q	2015-11-05	Quarter: 2015-09-30
10-Q	2015-08-06	Quarter: 2015-06-30
10-Q	2015-05-07	Quarter: 2015-03-31
10-K	2015-03-10	Annual: 2014-12-31
10-Q	2014-11-06	Quarter: 2014-09-30
10-Q	2014-08-07	Quarter: 2014-06-30
10-Q	2014-05-08	Quarter: 2014-03-31
10-K	2014-03-06	Annual: 2013-12-31
10-Q	2013-11-07	Quarter: 2013-09-30
10-Q	2013-08-08	Quarter: 2013-06-30
10-Q	2013-05-08	Quarter: 2013-03-31
10-K	2013-03-07	Annual: 2012-12-31
10-Q	2012-11-08	Quarter: 2012-09-30
10-Q	2012-08-09	Quarter: 2012-06-30

8-K	2019-11-26	Other Events, Exhibits
8-K	2019-11-20	Enter Agreement, Exhibits
8-K	2019-11-06	Earnings, Regulation FD, Exhibits
8-K	2019-08-23	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2019-08-16	Enter Agreement, Exhibits
8-K	2019-08-08	Earnings, Regulation FD, Exhibits
8-K	2019-05-30	Shareholder Vote
8-K	2019-05-08	Earnings, Off-BS Arrangement, Regulation FD, Exhibits
8-K	2019-02-28	Earnings, Regulation FD, Exhibits
8-K	2019-02-09	Enter Agreement, Exhibits
8-K	2019-02-08	Shareholder Vote
8-K	2018-11-08	Earnings, Regulation FD, Other Events, Exhibits
8-K	2018-08-08	Earnings, Regulation FD, Exhibits
8-K	2018-07-31	Enter Agreement, Leave Agreement, Officers, Amend Bylaw, Regulation FD, Other Events, Exhibits
8-K	2018-06-19	Shareholder Vote
8-K	2018-05-09	Earnings, Regulation FD, Exhibits
8-K	2018-04-17	Other Events, Exhibits
8-K	2018-02-27	Enter Agreement, Earnings, Off-BS Arrangement, Regulation FD, Exhibits

EX-31.1	tcpc9302019exhibit311.htm
EX-31.2	tcpc9302019exhibit312.htm
EX-32.1	tcpc9302019exhibit321.htm