Company Quick10K Filing
BlackRock TCP Capital
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
TCPC 2019-09-30
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4: Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits
EX-31.1 tcpc9302019exhibit311.htm
EX-31.2 tcpc9302019exhibit312.htm
EX-32.1 tcpc9302019exhibit321.htm

BlackRock TCP Capital Earnings 2019-09-30

TCPC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
PLL
ACCP
MMD
HCXY
CMFNL
MCI
PBB
GAM
MKD
FSK

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 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 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
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Part II.
Other Information
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.



1






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.

2





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
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3





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
%
 
 

4





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
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5





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
%