Company Quick10K Filing
⚲
BlackRock TCP Capital
Filings
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-03-10
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-06
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-07
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
Reports
8-K 2020-05-27
8-K 2020-05-11
8-K 2020-04-25
8-K 2020-02-26
8-K 2019-11-26
8-K 2019-11-20
8-K 2019-11-06
8-K 2019-08-23
8-K 2019-08-16
8-K 2019-08-08
8-K 2019-05-30
8-K 2019-05-08
8-K 2019-02-28
8-K 2019-02-09
8-K 2019-02-08
8-K 2018-11-08
8-K 2018-08-08
8-K 2018-07-31
8-K 2018-06-19
8-K 2018-05-09
8-K 2018-04-17
8-K 2018-02-27

TCPC 10Q Quarterly Report

Content
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
Exhibits
EX-4.11 exhibit411.htm
EX-31.1 tcpc3312020exhibit311.htm
EX-31.2 tcpc3312020exhibit312.htm
EX-32.1 tcpc3312020exhibit321.htm

BlackRock TCP Capital Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10-Q 1 tcpc331202010-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 March 31, 2020
 
 
☐
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 x No ¨

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer x
Accelerated filer ¨
Non-accelerated filer ¨
Smaller Reporting company ¨
Emerging growth company ¨
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ¨ No x
    
The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of May 11, 2020 was 57,766,912.


    



BLACKROCK TCP CAPITAL CORP.

FORM 10-Q

FOR THE THREE MONTHS ENDED MARCH 31, 2020

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 
 
March 31, 2020
 
December 31, 2019
 
(unaudited)
 
 
Assets
 
 
 
Investments, at fair value:
 
 
 
Companies less than 5% owned (cost of $1,550,870,770 and $1,483,508,500, respectively)
$
1,468,734,301

 
$
1,474,318,011

Companies 5% to 25% owned (cost of $76,568,077 and $70,112,667, respectively)
63,901,597

 
75,880,291

Companies more than 25% owned (cost of $134,870,172 and $135,655,840, respectively)
93,282,976

 
99,308,593

Total investments (cost of $1,762,309,019 and $1,689,277,007, respectively)
1,625,918,874

 
1,649,506,895

 
 
 
 
Cash and cash equivalents
8,574,859

 
44,848,539

Accrued interest income:
 
 
 
Companies less than 5% owned
17,329,567

 
16,937,339

Companies 5% to 25% owned
729,805

 
665,165

Companies more than 25% owned
349,945

 
305,721

Deferred debt issuance costs
5,073,471

 
5,476,382

Receivable for investments sold
510,570

 
1,316,667

Prepaid expenses and other assets
4,917,342

 
3,012,488

Total assets
1,663,404,433

 
1,722,069,196

 
 
 
 
Liabilities
 
 
 
Debt, net of unamortized issuance costs of $7,217,414 and $7,711,684, respectively
965,458,014

 
907,802,387

Management and advisory fees payable
5,930,289

 
5,429,075

Payable for investments purchased
4,825,000

 
13,057,446

Interest payable
4,424,813

 
10,837,121

Payable to the Advisor
1,344,290

 
1,591,651

Incentive compensation payable
—

 
4,753,671

Accrued expenses and other liabilities
1,838,116

 
2,279,459

Total liabilities
983,820,522

 
945,750,810

 
 
 
 
Commitments and contingencies (Note 5)
 
 
 
 
 
 
 
Net assets
$
679,583,911

 
$
776,318,386

 
 
 
 
Composition of net assets
 
 
 
Common stock, $0.001 par value; 200,000,000 shares authorized, 57,766,912 and 58,766,426 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively
$
57,767

 
$
58,766

Paid-in capital in excess of par
991,283,210

 
997,379,362

Distributable earnings (loss)
(311,757,066
)
 
(221,119,742
)
Net assets
$
679,583,911

 
$
776,318,386

 
 
 
 
Net assets per share
$
11.76

 
$
13.21


See accompanying notes to the consolidated financial statements.

2




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2020

Issuer
 
Instrument
 
Ref
 
Floor
 
Spread
 
Total Coupon
 
Maturity
 
Principal
 
Cost
 
Fair
Value
 
% of Total
Cash and
Investments
 
Notes
Debt Investments (A)
 
 
 
 
 
 
Aerospace and Defense
 
 
 
 
 
 
Unanet, Inc.
 
First Lien Delayed Draw Term Loan
 
LIBOR(M)
 
—

 
6.25
%
 
7.25
%
 
5/31/2024
 
$
5,127,551

 
$
5,062,492

 
$
4,691,321

 
0.28
 %
 
N
Unanet, Inc.
 
First Lien Term Loan
 
LIBOR(M)
 
—

 
6.25
%
 
7.25
%
 
5/31/2024
 
$
19,897,959

 
19,719,334

 
18,763,776

 
1.15
 %
 
N
Unanet, Inc.
 
Sr Secured Revolver
 
LIBOR(M)
 
—

 
6.25
%
 
7.25
%
 
5/31/2024
 
$
2,448,980

 
2,428,534

 
2,309,388

 
0.14
 %
 
K/N

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
27,210,360

 
25,764,485

 
1.57
 %
 
 
Airlines
 

 

 

Mesa Air Group, Inc.
 
Junior Loan Agreement (N902FJ)
 
LIBOR(Q)
 
—

 
7.50
%
 
9.26
%
 
2/1/2022
 
$
741,844

 
738,535

 
737,393

 
0.05
 %
 
N
Mesa Air Group, Inc.
 
Junior Loan Agreement (N903FJ)
 
LIBOR(Q)
 
—

 
7.50
%
 
9.26
%
 
2/1/2022
 
$
866,823

 
862,956

 
861,622

 
0.05
 %
 
N
Mesa Air Group, Inc.
 
Junior Loan Agreement (N904FJ)
 
LIBOR(Q)
 
—

 
7.50
%
 
9.26
%
 
2/1/2022
 
$
976,276

 
971,922

 
970,419

 
0.06
 %
 
N
Mesa Air Group, Inc.
 
Junior Loan Agreement (N905FJ)
 
LIBOR(Q)
 
—

 
7.50
%
 
9.26
%
 
2/1/2022
 
$
712,097

 
708,921

 
707,825

 
0.04
 %
 
N
Mesa Air Group, Inc.
 
Junior Loan Agreement (N906FJ)
 
LIBOR(Q)
 
—

 
7.50
%
 
9.26
%
 
5/1/2022
 
$
763,101

 
759,247

 
758,523

 
0.05
 %
 
N
Mesa Air Group, Inc.
 
Junior Loan Agreement (N907FJ)
 
LIBOR(Q)
 
—

 
7.50
%
 
9.26
%
 
5/1/2022
 
$
795,798

 
791,779

 
791,023

 
0.05
 %
 
N
Mesa Air Group, Inc.
 
Junior Loan Agreement (N908FJ)
 
LIBOR(Q)
 
—

 
7.50
%
 
9.26
%
 
5/1/2022
 
$
1,172,238

 
1,166,318

 
1,165,205

 
0.07
 %
 
N
Mesa Air Group, Inc.
 
Junior Loan Agreement (N909FJ)
 
LIBOR(Q)
 
—

 
7.50
%
 
9.26
%
 
8/1/2022
 
$
554,752

 
551,836

 
551,423

 
0.03
 %
 
N
Mesa Air Group, Inc.
 
Junior Loan Agreement (N910FJ)
 
LIBOR(Q)
 
—

 
7.50
%
 
9.26
%
 
8/1/2022
 
$
530,051

 
527,266

 
526,871

 
0.03
 %
 
N
Mesa Airlines, Inc.
 
Aircraft Acquisition Incremental Loan
 
LIBOR(Q)
 
2.00
%
 
5.00
%
 
7.00
%
 
9/27/2023
 
$
2,478,113

 
2,450,730

 
2,366,598

 
0.14
 %
 
N
Mesa Airlines, Inc.
 
Aircraft Acquisition Loan
 
LIBOR(Q)
 
2.00
%
 
5.00
%
 
7.00
%
 
6/5/2023
 
$
20,134,665

 
19,926,465

 
19,349,413

 
1.18
 %
 
N
One Sky Flight, LLC
 
First Lien Term Loan
 
LIBOR(M)
 
1.00
%
 
7.50
%
 
8.50
%
 
12/27/2024
 
$
19,750,000

 
19,469,804

 
19,335,250

 
1.18
 %
 
N

 

 

 

 


 

 

 


 
48,925,779

 
48,121,565

 
2.93
 %
 

Automobiles
 

 

 
 
Autoalert, LLC
 
First Lien Incremental Term Loan
 
LIBOR(M)
 
0.25
%
 
5.75% Cash+3.00% PIK

 
9.69
%
 
1/1/2022
 
$
38,966,342

 
38,882,813

 
36,823,193

 
2.25
 %
 
N
Autoalert, LLC
 
First Lien Term Loan
 
LIBOR(M)
 
0.25
%
 
5.75% Cash+3.00% PIK

 
9.69
%
 
1/1/2022
 
$
15,420,901

 
15,342,948

 
14,572,751

 
0.89
 %
 
N
DealerFX, Inc.
 
First Lien Term Loan
 
LIBOR(Q)
 
1.00
%
 
6.25% Cash+2.00% PIK

 
9.75
%
 
2/1/2023
 
$
16,225,890

 
16,025,364

 
16,160,986

 
0.99
 %
 
N

 

 

 

 


 

 

 


 
70,251,125

 
67,556,930

 
4.13
 %
 

Building Products
 

 

 

Dodge Data & Analytics, LLC
 
First Lien Delayed Draw Term Loan
 
LIBOR(Q)
 
1.00
%
 
7.00
%
 
8.50
%
 
5/1/2020
 
$
864,616

 
864,450

 
852,511

 
0.05
 %
 
N
Dodge Data & Analytics, LLC
 
First Lien Term Loan
 
LIBOR(Q)
 
1.00
%
 
7.00
%
 
8.50
%
 
5/1/2020
 
$
34,974,960

 
34,968,028

 
34,485,310

 
2.11
 %
 
N

 

 

 

 


 

 

 


 
35,832,478

 
35,337,821

 
2.16
 %
 

Capital Markets
 

 

 
 
HighTower Holding, LLC
 
Second Lien Term Loan
 
LIBOR(M)
 
1.00
%
 
8.75
%
 
9.75
%
 
1/31/2026
 
$
15,080,645

 
14,746,553

 
14,503,056

 
0.89
 %
 
N
HighTower Holding, LLC
 
Second Lien Delayed Draw Term Loan
 
LIBOR(M)
 
1.00
%
 
8.75
%
 
9.75
%
 
1/31/2026
 
$
6,169,355

 
6,064,200

 
5,933,069

 
0.36
 %
 
N
Pico Quantitative Trading, LLC
 
First Lien Term Loan (1.0% Exit Fee)
 
LIBOR(Q)
 
1.50
%
 
7.25
%
 
8.75
%
 
2/7/2025
 
$
21,791,007

 
20,850,269

 
20,592,502

 
1.26
 %
 
L

 

 

 

 


 

 

 


 
41,661,022

 
41,028,627

 
2.51
 %
 

Chemicals
 

 

 

AGY Holding Corp.
 
Second Lien Notes
 
Fixed
 
—

 
11.00
%
 
11.00
%
 
11/15/2020
 
$
11,481,428

 
8,778,822

 
218,147

 
0.01
 %
 
B/C/E/N
AGY Holding Corp.
 
Delayed Draw Term Loan
 
Fixed
 
—

 
12.00
%
 
12.00
%
 
9/15/2020
 
$
1,147,915

 
1,147,915

 
1,147,915

 
0.07
 %
 
B/N
AGY Holding Corp.
 
Sr Secured Term Loan
 
Fixed
 
—

 
12.00
%
 
12.00
%
 
9/15/2020
 
$
5,328,009

 
5,328,009

 
5,328,009

 
0.33
 %
 
B/N
AGY Holding Corp.
 
Delayed Draw Term Loan A
 
Fixed
 
—

 
12.00
%
 
12.00
%
 
9/15/2020
 
$
1,191,316

 
1,144,606

 
1,191,318

 
0.07
 %
 
B/N
AGY Holding Corp.
 
Sr Secured Term Loan A1
 
Fixed
 
—

 
12.00
%
 
12.00
%
 
9/15/2020
 
$
249,123

 
224,211

 
249,123

 
0.02
 %
 
B/N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16,623,563

 
8,134,512

 
0.50
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2020


Issuer
 
Instrument
 
Ref
 
Floor
 
Spread
 
Total Coupon
 
Maturity
 
Principal
 
Cost
 
Fair
Value
 
% of Total
Cash and
Investments
 
Notes
Debt Investments (continued)               
 
 
 
 
 
 
 
 
Commercial Services and Supplies
 
 
 
 
 
 
Kellermeyer Bergensons Services, LLC
 
First Lien Delayed Draw Term Loan B
 
LIBOR(M)
 
1.00
%
 
6.50
%
 
7.50
%
 
11/7/2026
 
$
—

 
$
—

 
$
(115,686
)
 
(0.01
)%
 
K/N
Kellermeyer Bergensons Services, LLC
 
First Lien Term Loan
 
LIBOR(Q)
 
1.00
%
 
6.50
%
 
8.24
%
 
11/7/2026
 
$
6,519,608

 
6,460,124

 
6,134,951

 
0.38
 %
 
N
Kellermeyer Bergensons Services, LLC
 
First Lien Delayed Draw Term Loan A
 
LIBOR(Q)
 
1.00
%
 
6.50
%
 
8.33
%
 
11/7/2026
 
$
1,434,314

 
1,420,607

 
1,349,689

 
0.08
 %
 
N
Team Software, Inc.
 
First Lien Incremental Term Loan
 
LIBOR(Q)
 
—

 
5.50
%
 
7.00
%
 
9/17/2023
 
$
7,220,080

 
7,121,555

 
6,880,737

 
0.42
 %
 
N
Team Software, Inc.
 
First Lien Revolver
 
LIBOR(Q)
 
—

 
5.50
%
 
7.00
%
 
9/17/2023
 
$
3,160,089

 
3,122,778

 
2,995,062

 
0.18
 %
 
N
Team Software, Inc.
 
First Lien Term Loan
 
LIBOR(Q)
 
—

 
5.50
%
 
7.00
%
 
9/17/2023
 
$
13,167,038

 
13,022,266

 
12,548,187

 
0.77
 %
 
N

 

 

 

 

 

 

 

 
31,147,330

 
29,792,940

 
1.82
 %
 

Communications Equipment
 

 

 

Avanti Communications Jersey Limited
 
1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee)
 
Fixed
 
—

 
12.50
%
 
12.50
%
 
5/24/2021
 
$
1,252,632

 
1,252,632

 
1,252,632

 
0.08
 %
 
L/N
Avanti Communications Jersey Limited
 
1.5 Lien Term Loan (2.5% Exit Fee)
 
Fixed
 
—

 
12.50
%
 
12.50
%
 
5/24/2021
 
$
291,730

 
249,246

 
291,730

 
0.02
 %
 
L/N
Avanti Communications Group, PLC (United Kingdom)
 
Sr New Money Initial Note
 
Fixed
 
—

 
9.00% PIK

 
9.00
%
 
10/1/2022
 
$
1,592,934

 
1,591,586

 
1,044,328

 
0.06
 %
 
C/E/G/H/N
Avanti Communications Group, PLC (United Kingdom)
 
Sr Second-Priority PIK Toggle Note
 
Fixed
 
—

 
9.00% PIK

 
9.00
%
 
10/1/2022
 
$
4,064,721

 
4,064,219

 
2,664,831

 
0.16
 %
 
C/E/G/H/N

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7,157,683

 
5,253,521

 
0.32
 %
 
 
Construction and Engineering
 

 

 

Hylan Datacom & Electrical, LLC
 
First Lien Incremental Term Loan
 
LIBOR(Q)
 
1.00
%
 
9.50
%
 
11.11
%
 
7/25/2021
 
$
2,568,367

 
2,539,629

 
1,669,182

 
0.10
 %
 
N
Hylan Datacom & Electrical, LLC
 
First Lien Term Loan (3.15% Exit Fee)
 
LIBOR(Q)
 
1.00
%
 
9.50
%
 
11.11
%
 
7/25/2021
 
$
14,208,421

 
14,149,294

 
9,234,053

 
0.56
 %
 
L/N

 

 

 

 

 

 

 


 
16,688,923

 
10,903,235

 
0.66
 %
 

Construction Materials
 

 

 
 
Brannan Sand and Gravel Company, LLC
 
First Lien Term Loan
 
LIBOR(Q)
 
—

 
5.25
%
 
6.75
%
 
7/3/2023
 
$
6,561,998

 
6,497,633

 
6,617,775

 
0.40
 %
 
N

 

 

 

 

 

 

 


 

 

 

 

Consumer Finance
 

 

 

Auto Trakk SPV, LLC
 
First Lien Delayed Draw Term Loan
 
LIBOR(M)
 
0.50
%
 
6.50
%
 
7.20
%
 
12/21/2021
 
$
23,971,792

 
23,822,888

 
23,971,792

 
1.46
 %
 
N
Barri Financial Group, LL
 
First Lien Term Loan
 
LIBOR(M)
 
1.00
%
 
7.75
%
 
8.82
%
 
10/23/2024
 
$
19,225,745

 
18,776,612

 
18,322,135

 
1.12
 %
 
N
Open Lending, LLC
 
First Lien Term Loan
 
LIBOR(M)
 
1.00
%
 
6.50
%
 
7.50
%
 
3/11/2027
 
$
5,000,000

 
4,825,000

 
4,850,000

 
0.30
 %
 
N

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
47,424,500

 
47,143,927

 
2.88
 %
 
 
Diversified Consumer Services
 

 

 

Edmentum, Inc.
 
Jr Revolving Facility
 
Fixed
 
—

 
5.00
%
 
5.00
%
 
6/9/2020
 
$
5,498,865

 
5,498,865

 
5,498,865

 
0.34
 %
 
B/N
Edmentum, Inc.
 
First Lien Term Loan B
 
Fixed
 
—

 
8.50
%
 
8.50
%
 
6/9/2021
 
$
10,792,686

 
9,801,903

 
10,792,686

 
0.66
 %
 
B/N
Edmentum, Inc.
 
Second Lien Term Loan
 
Fixed
 
—

 
7.00% PIK

 
7.00
%
 
12/8/2021
 
$
8,429,803

 
8,429,803

 
8,429,803

 
0.52
 %
 
B/N
Edmentum Ultimate Holdings, LLC
 
Jr PIK Notes
 
Fixed
 
—

 
10.00% PIK

 
10.00
%
 
6/9/2020
 
$
18,059,291

 
18,029,203

 
11,292,474

 
0.69
 %
 
B/N
Edmentum Ultimate Holdings, LLC
 
Sr PIK Notes
 
Fixed
 
—

 
8.50% PIK

 
8.50
%
 
6/9/2020
 
$
3,755,736

 
3,755,736

 
3,755,736

 
0.23
 %
 
B/N
Educationcity Limited (Edmentum)
 
Sr Unsecured Promissory Note
 
Fixed
 
—

 
10.00
%
 
10.00
%
 
8/31/2020
 
$
3,707,423

 
3,677,040

 
3,707,423

 
0.23
 %
 
N
Spark Networks, Inc.
 
Sr Secured Revolver
 
LIBOR(Q)
 
1.50
%
 
8.00
%
 
9.50
%
 
7/1/2023
 
$
—

 
(28,700
)
 
(32,490
)
 
—

 
K/N
Spark Networks, Inc.
 
First Lien Term Loan
 
LIBOR(Q)
 
1.50
%
 
8.00
%
 
9.50
%
 
7/1/2023
 
$
22,330,697

 
21,662,773

 
21,591,551

 
1.32
 %
 
N

 

 

 

 

 

 

 


 
70,826,623

 
65,036,048

 
3.99
 %
 


 

 

 

 


 

 

 


 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

4




BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2020


Issuer
 
Instrument
 
Ref
 
Floor
 
Spread
 
Total Coupon
 
Maturity
 
Principal
 
Cost
 
Fair
Value
 
% of Total
Cash and
Investments
 
Notes
Debt Investments (continued)               
 
 
 
 
 
 
 
 
Diversified Financial Services
 
 
 
 
 
 
36th Street Capital Partners Holdings, LLC
 
Senior Note
 
Fixed
 
—

 
12.00
%
 
12.00
%
 
11/1/2020
 
$
40,834,419

 
$
40,834,418

 
$
40,834,419

 
2.50
 %
 
E/F/N
Aretec Group, Inc. (Cetera)
 
Second Lien Term Loan
 
LIBOR(M)
 
—

 
8.25
%
 
9.24
%
 
10/1/2026
 
$
27,105,263

 
26,851,602

 
20,328,947

 
1.24
 %
 
G/N
Credit Suisse AG (Cayman Islands)
 
Asset-Backed Credit Linked Notes
 
LIBOR(Q)
 
—

 
9.50
%
 
11.50
%
 
4/12/2025
 
$
38,000,000

 
38,000,000

 
31,692,000

 
1.94
 %
 
H/I/N
GC Agile Holdings Limited (Apex) (England)
 
First Lien Delayed Term Loan B
 
LIBOR(M)
 
1.00
%
 
7.00
%
 
8.25
%
 
6/15/2025
 
$
18,931,720

 
18,591,397

 
18,360,659

 
1.12
 %
 
H/N
GC Agile Holdings Limited (Apex) (England)
 
First Lien Term Loan A
 
LIBOR(M)
 
1.00
%
 
7.00
%
 
8.25
%
 
6/15/2025
 
$
822,864

 
808,526

 
795,216

 
0.05
 %
 
H/N
RSB-160, LLC (Lat20)
 
First Lien Delayed Draw Term Loan
 
LIBOR(M)
 
1.00
%
 
6.00
%
 
7.00
%
 
7/20/2022
 
$
2,333,333

 
2,302,395

 
2,366,000

 
0.14
 %
 
N

 

 

 


 


 


 

 


 
127,388,338

 
114,377,241

 
6.99
 %
 

Diversified Telecommunication Services
 


 


 

American Broadband Holding Company
 
First Lien Term Loan
 
LIBOR(Q)
 
1.25
%
 
7.25
%
 
8.70
%
 
10/25/2022
 
$
14,941,671

 
14,720,283

 
15,031,321

 
0.91
 %
 
N
American Broadband Holding Company
 
First Lien Incremental Term Loan
 
LIBOR(Q)
 
1.25
%
 
7.25
%
 
8.70
%
 
10/25/2022
 
$
1,244,358

 
1,244,358

 
1,251,824

 
0.08
 %
 
N
ECI Macola/Max Holding, LLC
 
Second Lien Term Loan
 
LIBOR(Q)
 
1.00
%
 
8.00
%
 
9.45
%
 
9/29/2025
 
$
24,840,563

 
24,664,685

 
23,673,057

 
1.45
 %
 
N
Aventiv Technologies, Inc. (Securus)
 
Second Lien Term Loan
 
LIBOR(M)
 
1.00
%
 
8.25
%
 
9.25
%
 
11/1/2025
 
$
25,846,154

 
25,653,114

 
13,569,231

 
0.83
 %
 
N
TPC Intermediate Holdings, LLC
 
First Lien Delayed Draw Term Loan
 
LIBOR(Q)
 
1.00
%
 
6.00
%
 
7.45
%
 
5/15/2023
 
$
797,559

 
786,465

 
781,687

 
0.05
 %
 
N
TPC Intermediate Holdings, LLC
 
First Lien Incremental Delayed Draw Term Loan
 
LIBOR(Q)
 
1.00
%
 
6.00
%
 
7.45
%
 
5/15/2020
 
$
788,529

 
786,516

 
774,729

 
0.05
 %
 
N
TPC Intermediate Holdings, LLC
 
First Lien Incremental Delayed Draw Term Loan A
 
LIBOR(M)
 
1.00
%
 
6.00
%
 
7.00
%
 
10/31/2020
 
$
—

 
—

 
(71,755
)
 
—

 
K/N
Telarix, Inc.
 
First Lien Term Loan
 
LIBOR(M)
 
1.00
%
 
6.00
%
 
7.00
%
 
11/19/2023
 
$
7,425,000

 
7,334,608

 
7,119,833

 
0.44
 %
 
N
Telarix, Inc.
 
Sr Secured Revolver
 
LIBOR(M)
 
1.00
%
 
6.00
%
 
7.00
%
 
11/19/2023
 
$
357,143

 
353,176

 
342,464

 
0.02
 %
 
N

 

 

 


 


 


 

 


 
75,543,205

 
62,472,391

 
3.83
 %
 

Electric Utilities
 


 


 

Conergy Asia & ME Pte. Ltd (Singapore)
 
First Lien Term Loan
 
Fixed
 
—

 
10.00
%
 
10.00
%
 
5/26/2020
 
$
1,773,807

 
1,773,807

 
1,479,533

 
0.09
 %
 
F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)
 
Bank Guarantee Credit Facility
 
Fixed
 
—

 
—

 
0.00
%
 
5/26/2020
 
$
6,578,877

 
6,578,877

 
3,289,438

 
0.20
 %
 
C/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)
 
Revolving Credit Facility
 
Fixed
 
—

 
—

 
0.00
%
 
5/26/2020
 
$
8,668,850

 
8,668,850

 
2,129,936

 
0.13
 %
 
C/F/H/N
Utilidata, Inc.
 
First Lien Delayed Draw Term Loan (4.5% Exit Fee)
 
LIBOR(Q)
 
—

 
9.88
%
 
11.38
%
 
7/1/2020
 
$
793,398

 
789,077

 
715,407

 
0.04
 %
 
L/N

 

 

 


 


 


 

 


 
17,810,611

 
7,614,314

 
0.46
 %
 

Electrical Equipment
 


 


 

TCFI Amteck Holdings, LLC
 
First Lien Delayed Draw Term Loan
 
LIBOR(Q)
 
—

 
6.25
%
 
7.75
%
 
5/22/2023
 
$
507,510

 
500,859

 
487,261

 
0.03
 %
 
N
TCFI Amteck Holdings, LLC
 
First Lien Term Loan
 
LIBOR(Q)
 
—

 
6.25
%
 
7.75
%
 
5/22/2023
 
$
8,413,638

 
8,302,037

 
8,077,934

 
0.49
 %
 
N

 

 

 


 


 


 

 


 
8,802,896

 
8,565,195

 
0.52
 %
 

Energy Equipment and Services
 


 


 
 
GlassPoint Solar, Inc.
 
First Lien Term Loan (4.0% Exit Fee)
 
LIBOR(Q)
 
1.50
%
 
8.50
%
 
10.00
%
 
8/31/2021
 
$
4,167,831

 
4,145,797

 
4,158,661

 
0.25
 %
 
L/N
GlassPoint Solar, Inc.
 
First Lien Term Loan (5.0% Exit Fee)
 
LIBOR(Q)
 
1.06
%
 
11.44
%
 
12.94
%
 
8/31/2021
 
$
2,276,123

 
2,190,099

 
2,222,407

 
0.14
 %
 
L/N
Sphera Solutions, Inc. (Diamondback)
 
First Lien FILO Term Loan B
 
LIBOR(Q)
 
2.00
%
 
8.81
%
 
10.31
%
 
6/14/2022
 
$
23,555,164

 
23,204,354

 
22,989,840

 
1.41
 %
 
N

 

 

 


 


 


 

 


 
29,540,250

 
29,370,908

 
1.80
 %