Blackrock Tcp Capital Earnings 2019-06-30

TCPC 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

10-Q 1 tcpc630201910-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 June 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)

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

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 August 7, 2019 was 58,766,000.

BLACKROCK TCP CAPITAL CORP.

FORM 10-Q

FOR THE SIX MONTHS ENDED JUNE 30, 2019

TABLE OF CONTENTS



Part I.	Financial Information

Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of June 30, 2019 (unaudited) and December 31, 2018	2
	Consolidated Schedule of Investments as of June 30, 2019 (unaudited) and December 31, 2018	3
	Consolidated Statements of Operations for the three and six months ended June 30, 2019 (unaudited) and June 30, 2018 (unaudited)	22
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2019 (unaudited) and June 30, 2018 (unaudited)	23
	Consolidated Statements of Cash Flows for the six months ended June 30, 2019 (unaudited) and June 30, 2018 (unaudited)	24
	Notes to Consolidated Financial Statements (unaudited)	25
	Consolidated Schedule of Changes in Investments in Affiliates for the six months ended June 30, 2019 (unaudited) and year ended December 31, 2018	51
	Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of June 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	73

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



	June 30, 2019			December 31, 2018
	(unaudited)
Assets
Investments, at fair value:
Companies less than 5% owned (cost of $1,576,176,528 and $1,460,936,257, respectively)	$	1,549,241,885		$	1,463,800,744
Companies 5% to 25% owned (cost of $94,022,360 and $78,353,253, respectively)	73,909,982			63,193,357
Companies more than 25% owned (cost of $104,824,283 and $110,258,458, respectively)	66,030,402			70,291,689
Total investments (cost of $1,775,023,171 and $1,649,547,968, respectively)	1,689,182,269			1,597,285,790

Cash and cash equivalents	21,857,502			27,920,402
Accrued interest income:
Companies less than 5% owned	19,087,851			20,898,838
Companies 5% to 25% owned	1,039,655			678,057
Companies more than 25% owned	212,221			124,009
Deferred debt issuance costs	5,947,161			4,843,985
Receivable for investments sold	433,969			—
Prepaid expenses and other assets	4,716,366			7,784,608
Total assets	1,742,476,994			1,659,535,689

Liabilities
Debt, net of unamortized issuance costs of $6,232,536 and $6,805,196, respectively	907,390,166			805,202,192
Payable for investments purchased	12,001,815			908,759
Interest payable	8,730,757			8,747,872
Management and advisory fees payable	5,313,570			5,247,344
Incentive compensation payable	4,830,994			5,840,346
Payable to the Advisor	898,196			1,226,372
Accrued expenses and other liabilities	1,970,236			1,888,077
Total liabilities	941,135,734			829,060,962

Commitments and contingencies (Note 5)

Net assets applicable to common shareholders	$	801,341,260		$	830,474,727

Composition of net assets applicable to common shareholders
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,766,000 and 58,774,607 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	$	58,766		$	58,775
Paid-in capital in excess of par	999,953,094			1,000,073,183
Distributable earnings (loss)	(198,670,600		)	(169,657,231		)
Net assets applicable to common shareholders	$	801,341,260		$	830,474,727

Net assets per share	$	13.64		$	14.13

See accompanying notes to the consolidated financial statements.

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2019



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost			Fair Value		% of Total Cash and Investments		Notes
Debt Investments (A)
Advertising, Public Relations and Marketing
Foursquare Labs, Inc.	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	LIBOR (Q)	—		8.81	%	11.38	%	6/1/2020	$	22,500,000	$	22,368,601		$	22,365,000	1.31	%	L/N
InMobi, Inc. (Singapore)	First Lien Term Loan	LIBOR (Q)	1.37	%	8.13	%	10.69	%	9/30/2021	$	37,775,057	37,502,461			37,134,770		2.17	%	H/N
												59,871,062			59,499,770		3.48	%
Air Transportation
Mesa Airlines, Inc.	Aircraft Acquisition Loan	LIBOR (Q)	—		5.25	%	7.69	%	6/5/2023	$	24,781,126	24,475,342			24,471,362		1.43	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N902FJ)	LIBOR (Q)	—		7.50	%	10.08	%	2/1/2022	$	917,390	911,224			917,390		0.05	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N903FJ)	LIBOR (Q)	—		7.50	%	10.08	%	2/1/2022	$	1,089,767	1,082,443			1,089,767		0.06	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N904FJ)	LIBOR (Q)	—		7.50	%	10.08	%	2/1/2022	$	1,240,730	1,232,392			1,240,730		0.07	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N905FJ)	LIBOR (Q)	—		7.50	%	10.08	%	2/1/2022	$	876,362	870,472			876,362		0.05	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N906FJ)	LIBOR (Q)	—		7.50	%	10.08	%	5/1/2022	$	921,763	915,257			921,763		0.05	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N907FJ)	LIBOR (Q)	—		7.50	%	10.08	%	5/1/2022	$	965,175	958,363			965,175		0.06	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N908FJ)	LIBOR (Q)	—		7.50	%	10.08	%	5/1/2022	$	1,464,982	1,454,642			1,464,982		0.09	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N909FJ)	LIBOR (Q)	—		7.50	%	10.08	%	8/1/2022	$	634,089	629,539			634,089		0.04	%	N
Mesa Air Group, Inc.	Junior Loan Agreement (N910FJ)	LIBOR (Q)	—		7.50	%	10.08	%	8/1/2022	$	602,283	597,961			602,283		0.04	%	N
												33,127,635			33,183,903		1.94	%
Amusement and Recreation
Blue Star Sports Holdings, Inc.	First Lien Delayed Draw Term Loan	LIBOR (Q)	1.00	%	5.75	%	8.34	%	6/15/2024	$	55,556	41,744			53,472		—		N
Blue Star Sports Holdings, Inc.	First Lien Revolver	LIBOR (Q)	1.00	%	5.75	%	8.27	%	6/15/2024	$	111,111	108,310			104,861		0.01	%	N
Blue Star Sports Holdings, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	5.75	%	8.15	%	6/15/2024	$	1,504,611	1,478,381			1,448,188		0.08	%	N
Machine Zone, Inc.	First Lien Term Loan (10.0% Exit Fee)	LIBOR (Q)	—		13.50	%	15.99	%	2/1/2021	$	5,586,967	5,540,901			5,490,592		0.32	%	L/N
VSS-Southern Holdings, LLC (Southern Theatres)	First Lien Term Loan	LIBOR (Q)	1.00	%	6.50% Cash+2.00% PIK		10.83	%	11/3/2020	$	4,876,530	4,843,584			4,876,530		0.29	%	N
VSS-Southern Holdings, LLC (Southern Theatres)	Sr Secured Revolver	LIBOR (Q)	1.00	%	6.50% Cash+2.00% PIK		10.83	%	11/3/2020	$	—	(5,432		)	—		—		K/N
VSS-Southern Holdings, LLC (Southern Theatres)	First Lien Incremental Term Loan	LIBOR (Q)	1.00	%	6.50% Cash+2.00% PIK		10.83	%	11/2/2022	$	290,821	288,474			290,822		0.02	%	N
												12,295,962			12,264,465		0.72	%
Building Equipment Contractors
Hylan Datacom & Electrical, LLC	First Lien Incremental Term Loan	LIBOR (M)	1.00	%	7.50	%	9.94	%	7/25/2021	$	2,465,638	2,422,266			2,466,871		0.14	%	N
Hylan Datacom & Electrical, LLC	First Lien Term Loan	LIBOR (M)	1.00	%	7.50	%	9.94	%	7/25/2021	$	13,636,824	13,547,192			13,643,642		0.80	%	N
TCFI Amteck Holdings, LLC	First Lien Delayed Draw Term Loan	LIBOR (Q)	—		6.25	%	8.88	%	5/22/2023	$	481,249	473,476			469,459		0.03	%	N
TCFI Amteck Holdings, LLC	First Lien Term Loan	LIBOR (Q)	—		6.25	%	8.88	%	5/22/2023	$	15,931,362	15,672,907			15,541,044		0.91	%	N
												32,115,841			32,121,016		1.88	%
Business Support Services
GC Agile Holdings Limited (Apex) (England)	First Lien Delayed Term Loan B	LIBOR (Q)	1.00	%	7.00	%	9.32	%	6/15/2025	$	19,063,320	18,686,786			18,682,054		1.09	%	H/N
GC Agile Holdings Limited (Apex) (England)	First Lien Term Loan A	LIBOR (Q)	1.00	%	7.00	%	9.32	%	6/15/2025	$	829,146	813,275			812,563		0.05	%	H/N
STG-Fairway Acquisitions, Inc. (First Advantage)	Second Lien Term Loan	LIBOR (M)	1.00	%	9.25	%	11.65	%	6/30/2023	$	31,000,000	30,700,064			31,000,000		1.81	%	N
												50,200,125			50,494,617		2.95	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2019



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments		Notes
Debt Investments (continued)
Computer Systems Design and Related Services
Fidelis Acquisitionco, LLC	First Lien Term Loan A	LIBOR (Q)	—		4.00% PIK		6.44	%	12/31/2022	$	2,878,281	$	2,878,281		$	2,878,281		0.17	%	N
Fidelis Acquisitionco, LLC	First Lien Term Loan B	LIBOR (Q)	—		8.00% PIK		10.63	%	12/31/2022	$	25,904,525	25,904,525			18,964,730			1.11	%	C/N
Fidelis Acquisitionco, LLC	First Lien Term Loan C	LIBOR (Q)	—		10.00% PIK		12.63	%	12/31/2022	$	26,765,575	27,804,525			—			—		C/N
Snow Software AB	First Lien Term Loan	LIBOR (Q)	2.00	%	6.00	%	8.38	%	4/17/2024	$	13,081,645	12,827,963			12,820,012			0.75	%	N
Snow Software AB	Sr Secured Revolver	LIBOR (Q)	2.00	%	6.00	%	8.38	%	4/17/2024	$	—	(83,660		)	(87,211		)	(0.01	)%	K/N
												69,331,634			34,575,812			2.02	%
Construction
Brannan Sand Gravel Company, LLC	First Lien Term Loan	LIBOR (Q)	—		5.25	%	7.63	%	7/3/2023	$	7,323,673	7,234,818			7,290,716			0.43	%	N

Credit (Nondepository)
Auto Trakk SPV, LLC	First Lien Delayed Draw Term Loan	LIBOR (M)	0.50	%	6.50	%	8.89	%	12/21/2021	$	23,971,792	23,767,318			23,951,418			1.40	%	N
CFG Investments Limited (Caribbean Financial Group) (Cayman Islands)	Subordinated Class B Notes	Fixed	—		9.42	%	9.42	%	11/15/2026	$	28,314,000	27,466,270			28,314,000			1.65	%	E/G/H/N
RSB-160, LLC (Lat20)	First Lien Delayed Draw Term Loan	LIBOR (Q)	1.00	%	6.00	%	8.40	%	7/20/2022	$	3,833,333	3,770,885			3,767,975			0.22	%	N
RSB-160, LLC (Lat20)	First Lien Incremental Delayed Draw Term Loan	LIBOR (Q)	1.00	%	6.00	%	8.40	%	7/20/2022	$	—	—			(75,632		)	—		K/N
												55,004,473			55,957,761			3.27	%
Credit Related Activities
Pegasus Business Intelligence, LP (Onyx Centersource)	First Lien Incremental Term Loan	LIBOR (Q)	1.00	%	6.25	%	8.58	%	12/20/2021	$	5,707,706	5,707,706			5,799,030			0.34	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	First Lien Term Loan	LIBOR (Q)	1.00	%	6.25	%	8.58	%	12/20/2021	$	13,656,861	13,585,132			13,875,371			0.81	%	N
Pegasus Business Intelligence, LP (Onyx Centersource)	Revolver	LIBOR (Q)	1.00	%	6.25	%	8.58	%	12/20/2021	$	—	(3,371		)	—			—		K/N
												19,289,467			19,674,401			1.15	%
Data Processing and Hosting Services
Applause App Quality, Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	5.00	%	7.59	%	9/20/2022	$	20,772,306	20,480,808			20,724,530			1.21	%	N
Applause App Quality, Inc.	Sr Secured Revolver	LIBOR (Q)	1.00	%	5.00	%	7.59	%	9/20/2022	$	—	(19,513		)	(3,473		)	—		K/N
DigiCert Holdings, Inc.	Second Lien Term Loan	LIBOR (M)	1.00	%	8.00	%	10.40	%	10/31/2025	$	9,590,821	9,565,616			9,542,867			0.56	%	G
Domo, Inc.	First Lien Delayed Draw Term Loan (7.0% Exit Fee)	LIBOR (M)	—		5.63% Cash+2.50% PIK		10.56	%	10/1/2022	$	51,473,500	51,078,926			51,167,233			2.99	%	L/N
Donuts Inc.	First Lien Revolver	LIBOR (Q)	1.00	%	6.25	%	8.65	%	9/17/2023	$	373,849	347,395			359,366			0.02	%	N
Donuts Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	6.25	%	8.58	%	9/17/2023	$	10,965,517	10,679,937			10,812,000			0.63	%	N
Pulse Secure, LLC	First Lien Term Loan	LIBOR (M)	1.00	%	7.00	%	9.44	%	5/1/2022	$	11,263,705	11,167,150			11,267,084			0.66	%	N
Pulse Secure, LLC	Sr Secured Revolver	LIBOR (M)	1.00	%	7.00	%	9.44	%	5/1/2022	$	—	(11,461		)	—			—		K/N
SnapLogic, Inc.	First Lien Term Loan	LIBOR (Q)	—		7.81% Cash+2.00% PIK		12.38	%	3/1/2022	$	31,631,420	31,110,053			30,625,541			1.79	%	N
TierPoint, LLC	Second Lien Term Loan	LIBOR (M)	1.00	%	7.25	%	9.65	%	5/5/2025	$	4,275,000	4,237,006			3,982,868			0.23	%
Web.com Group Inc.	Second Lien Term Loan	LIBOR (M)	—		7.75	%	10.16	%	10/11/2026	$	18,280,678	18,152,304			18,006,468			1.05	%	J
												156,788,221			156,484,484			9.14	%
Diversified Software
Acronis International GmbH (Switzerland)	First Lien Term Loan	LIBOR (Q)	1.00	%	11.5% Cash+2.00% PIK		16.13	%	7/16/2020	$	14,881,496	14,885,844			14,933,581			0.87	%	H/N
Apptio, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	7.25	%	9.67	%	1/10/2025	$	11,812,993	11,588,066			11,781,098			0.69	%	N
Apptio, Inc.	Sr Secured Revolver	LIBOR (M)	1.00	%	7.25	%	9.67	%	1/10/2025	$	—	(14,178		)	(2,077		)	—		K/N
Autoalert, LLC	First Lien Incremental Term Loan	LIBOR (Q)	0.25	%	5.75% Cash+3.00% PIK		11.38	%	12/31/2020	$	38,379,156	38,218,436			38,954,844			2.28	%	N
Autoalert, LLC	First Lien Term Loan	LIBOR (Q)	0.25	%	5.75% Cash+3.00% PIK		11.38	%	12/31/2020	$	15,188,522	15,038,538			15,416,350			0.90	%	N
Bond International Software, Inc. (United Kingdom)	First Lien Term Loan	LIBOR (Q)	1.00	%	10.50	%	13.10	%	11/4/2021	$	26,358,696	26,023,011			26,555,068			1.55	%	H/N

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2019



Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments		Notes
Debt Investments (continued)
Diversified Software (continued)
Certify, Inc.	First Lien Delayed Draw Term Loan	LIBOR (M)	1.00	%	5.75	%	8.15	%	2/28/2024	$	531,438	$	483,615		$	485,522		0.03	%	N
Certify, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	5.75	%	8.15	%	2/28/2024	$	23,383,293	23,285,407			23,046,573			1.35	%	N
Certify, Inc.	Sr Secured Revolver	LIBOR (M)	1.00	%	5.75	%	8.15	%	2/28/2024	$	—	(15,943		)	(15,305		)	—		K/N
DealerFX, Inc.	First Lien Term Loan	LIBOR (Q)	—		6.25% Cash+2.00% PIK		10.63	%	2/1/2023	$	16,096,320	15,855,682			16,292,695			0.95	%	N
Dude Solutions Holdings, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	7.00	%	9.40	%	6/14/2025	$	16,927,201	16,547,284			16,546,339			0.97	%	N
Dude Solutions Holdings, Inc.	Sr Secured Revolver	LIBOR (M)	1.00	%	7.00	%	9.40	%	6/14/2025	$	618,211	568,843			568,533			0.03	%	N
ECI Macola/Max Holding, LLC	Second Lien Term Loan	LIBOR (Q)	1.00	%	8.00	%	10.33	%	9/19/2025	$	24,840,563	24,648,574			24,623,208			1.44	%
FinancialForce.com	First Lien Delayed Draw Term Loan (3.0% Exit Fee)	LIBOR (Q)	—		6.75	%	9.31	%	2/1/2024	$	21,000,000	20,483,575			21,196,000			1.24	%	L/N
Fishbowl, Inc.	First Lien Term Loan	LIBOR (Q)	—		2.80% Cash+8.45% PIK		15.63	%	1/26/2022	$	23,304,557	22,936,853			21,471,653			1.25	%	N
iCIMS, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	6.50	%	8.90	%	9/12/2024	$	9,482,016	9,305,976			9,293,324			0.54	%	N
iCIMS, Inc.	Sr Secured Revolver	LIBOR (M)	1.00	%	6.50	%	8.90	%	9/12/2024	$	—	(8,513		)	(9,766		)	—		K/N
JAMF Holdings, Inc.	First Lien Term Loan	LIBOR (Q)	1.00	%	7.00	%	9.53	%	11/13/2022	$	14,160,797	13,954,203			14,160,797			0.83	%	N
JAMF Holdings, Inc.	Sr Secured Revolver	LIBOR (M)	1.00	%	7.00	%	9.41	%	11/13/2022	$	809,368	792,840			809,368			0.05	%	N
JAMF Holdings, Inc.	First Lien Incremental Term Loan	LIBOR (Q)	1.00	%	7.00	%	9.53	%	11/13/2022	$	3,606,829	3,558,243			3,606,829			0.21	%	N
Khoros, LLC (Lithium)	First Lien Term Loan	LIBOR (Q)	1.00	%	8.00	%	10.46	%	10/3/2022	$	20,884,731	20,571,230			20,627,849			1.21	%	N
Khoros, LLC (Lithium)	Sr Secured Revolver	LIBOR (Q)	1.00	%	8.00	%	10.46	%	10/3/2022	$	—	(22,476		)	(18,796		)	—		K/N
Khoros, LLC (Lithium)	First Lien Incremental Term Loan	LIBOR (Q)	1.00	%	8.00	%	10.46	%	10/3/2022	$	7,131,905	6,997,747			7,044,183			0.41	%	N
Khoros, LLC (Lithium)	Sr Secured Revolver	LIBOR (Q)	1.00	%	8.00	%	10.46	%	10/3/2022	$	—	(8,342		)	(5,599		)	—		K/N
Quartz Holding Company (Quick Base)	Second Lien Term Loan	LIBOR (M)	—		8.00	%	10.44	%	4/2/2027	$	9,903,019	9,707,918			9,952,534			0.58	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Delayed Draw Term Loan	LIBOR (M)	1.00	%	6.50	%	8.94	%	5/3/2025	$	—	(33,547		)	(34,463		)	—		K/N
Rhode Holdings, Inc. (Kaseya)	First Lien Term Loan	LIBOR (M)	1.00	%	5.50% Cash+1.00% PIK		8.94	%	5/3/2025	$	14,314,408	14,033,860			14,028,120			0.82	%	N
Rhode Holdings, Inc. (Kaseya)	Sr Secured Revolver	LIBOR (M)	1.00	%	6.50	%	8.94	%	5/3/2025	$	—	(23,483		)	(24,124		)	—		K/N
Space Midco, Inc. (Archibus)	First Lien Term Loan	LIBOR (Q)	—		6.25	%	8.69	%	12/5/2023	$	4,444,444	4,364,679			4,337,333			0.25	%	N
Space Midco, Inc. (Archibus)	Sr Secured Revolver	LIBOR (Q)	—		6.25	%	8.69	%	12/5/2023	$	—	(4,927		)	(6,694		)	—		K/N
Sphera Solutions, Inc. (Diamondback)	First Lien FILO Term Loan B	LIBOR (Q)	1.00	%	8.52	%	10.72	%	6/14/2021	$	21,229,624	20,830,056			21,047,049			1.23	%	N
Team Software, Inc.	First Lien Revolver	LIBOR (Q)	—		5.50	%	7.88	%	9/17/2023	$	1,404,484	1,359,747			1,357,785			0.08	%	N
Team Software, Inc.	First Lien Term Loan	LIBOR (Q)	—		5.50	%	7.88	%	9/17/2023	$	13,167,038	12,996,904			12,991,917			0.76	%	N
Telarix, Inc.	First Lien Term Loan	LIBOR (M)	1.00	%	6.00	%	8.41	%	11/19/2023	$	7,481,250	7,379,659			7,411,674			0.43	%	N
Telarix, Inc.	Sr Secured Revolver	LIBOR (M)	1.00	%	6.00	%	8.41	%	11/19/2023	$	—	(4,701		)	(3,321		)	—		K/N
Tradeshift Holdings, Inc.	First Lien Delayed Draw Term Loan (7.0% Exit Fee)	LIBOR (Q)	—		8.88	%	11.44	%	9/1/2020	$	19,117,528	18,821,496			18,748,025			1.10	%	L/N
Unanet, Inc.	First Lien Delayed Draw Term Loan	LIBOR (M)	—		6.25	%	8.69	%	5/31/2021	$	—	—			(76,531		)	—		K/N
Unanet, Inc.	Sr Secured Revolver	LIBOR (M)	—		6.25	%	8.69	%	5/31/2024	$	—	(24,071		)	(24,490		)	—		K/N
Unanet, Inc.	First Lien Term Loan	LIBOR (M)	—		6.25	%	8.69	%	5/31/2024	$	19,897,959	19,701,856			19,698,980			1.15	%	N
Utilidata, Inc.	First Lien Delayed Draw Term Loan (4.0% Exit Fee)	LIBOR (Q)	—		9.88	%	12.50	%	12/31/2019	$	1,393,398	1,382,016			1,187,384			0.07	%	L/N
Xactly Corporation	First Lien Incremental Term Loan	LIBOR (M)	1.00	%	7.25	%	9.66	%	7/31/2022	$	2,726,918	2,687,452			2,700,603			0.16	%	N
Xactly Corporation	First Lien Incremental Term Loan B	LIBOR (M)	1.00	%	7.25	%	9.66	%	7/31/2022	$	4,996,644	4,900,901			4,948,426			0.29	%	N
Xactly Corporation	First Lien Term Loan	LIBOR (M)	1.00	%	7.25	%	9.66	%	7/31/2022	$	16,397,517	16,184,666			16,239,281			0.95	%	N
Xactly Corporation	Sr Secured Revolver	LIBOR (M)	1.00	%	7.25	%	9.66	%	7/31/2022	$	—	(17,387		)	(13,563		)	—		K/N
												419,917,609			421,828,196			24.67	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2019



Issuer	Instrument	Ref	Floor	Spread		Total Coupon		Maturity	Principal		Cost		Fair Value		% of Total Cash and Investments		Notes
Debt Investments (continued)
Educational Support Services
Edmentum, Inc.	Jr Revolving Facility	Fixed	—	5.00	%	5.00	%	6/9/2020	$	5,320,228	$	5,320,228	$	5,320,233	0.31	%	B/N
Edmentum, Inc.	Sr Unsecured Promissory Note	Fixed	—	10.00	%	10.00	%	9/30/2019	$	3,644,068	3,623,080		3,644,068		0.21	%	B/N
Edmentum, Inc.	First Lien Term Loan B	Fixed	—	8.50	%	8.50	%	6/9/2021	$	8,924,677	7,769,444		8,924,677		0.52	%	B/N
Edmentum, Inc.	Second Lien Term Loan	Fixed	—	7.00% PIK		7.00	%	12/8/2021	$	7,993,119	7,993,119		7,993,127		0.47	%	B/N
Edmentum Ultimate Holdings, LLC	Sr PIK Notes	Fixed	—	8.50% PIK		8.50	%	6/9/2020	$	3,521,248	3,521,248		3,521,248		0.21	%	B/N
Edmentum Ultimate Holdings, LLC	Jr PIK Notes	Fixed	—	10.00% PIK		10.00	%	6/9/2020	$	16,742,608	16,588,829		13,394,086		0.78	%	B/N
Educationcity Limited (Edmentum)	Sr Unsecured Promissory Note	Fixed	—	10.00	%	10.00	%	9/30/2019	$	1,457,627	1,449,232		1,457,627		0.09	%	B/N

10-Q	2019-06-30	Quarter: 2019-06-30
10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30
10-Q	2014-06-30	Quarter: 2014-06-30
10-Q	2014-03-31	Quarter: 2014-03-31
10-K	2013-12-31	Annual: 2013-12-31

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	2018-04-17	Other Events, Exhibits

EFR	Energy Fuels	1,218
AMRX	Amneal Pharmaceuticals	308
AQB	Aquabounty Technologies	63
CACG	Chart Acquisition	0
BCSF	Bain Capital Specialty Finance	0
MVC	MVC Capital	0
AIQ	Alliance Healthcare Services	0
ARCC	Ares Capital	0
GBDC	Golub Capital BDC	0
STK	Storage Technology	0

EX-31.1	tcpc6302019exhibit311.htm
EX-31.2	tcpc6302019exhibit312.htm
EX-32.1	tcpc6302019exhibit321.htm