10-Q 1 tcpc-10q_20220331.htm TCPC Q1 2022 tcpc-10q_20220331.htm

 

 

 

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, 2022

 

 

 

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

 

Commission File Number: 814-00899

______________________

 

BLACKROCK TCP CAPITAL CORP.

(Exact Name of Registrant as Specified in Charter)

______________________

 

Delaware

56-2594706

(State or Other Jurisdiction of Incorporation)

(IRS Employer Identification No.)

 

 

2951 28th Street, Suite 1000

 

Santa Monica, California

90405

(Address of Principal Executive Offices)

(Zip Code)

 

(310) 566-1000

 

(Registrant’s telephone number, including area code)

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

 

Common Stock, par value $0.001 per share

TCPC

NASDAQ Global Select Market

(Title of each class)

(Trading Symbol(s) )

(Name of each exchange where registered)

 

Securities registered pursuant to Section 12(g) of the Act: None

______________________

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes No

 

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

 

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

 

 

 


 

 

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

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller Reporting company

Emerging growth company

 

 

 

 

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

 

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

 

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of May 4, 2022 was 57,767,264.

 

 

 

 

 


 

 

 

BLACKROCK TCP CAPITAL CORP.

 

FORM 10-Q

 

FOR THE THREE MONTHS ENDED MARCH 31, 2022

 

TABLE OF CONTENTS

Part I.

Financial Information

 

 

 

 

 

Item 1.

Financial Statements

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2022 (unaudited) and December 31, 2021

2

 

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2022 (unaudited) and March 31, 2021 (unaudited)

3

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2022 (unaudited) and March 31, 2021 (unaudited)

4

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2022 (unaudited) and March 31, 2021 (unaudited)

5

 

 

 

 

Consolidated Schedule of Investments as of March 31, 2022 (unaudited) and December 31, 2021

6

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

24

 

 

 

 

Consolidated Schedule of Changes in Investments in Affiliates for the three months ended March 31, 2022 (unaudited) and year ended December 31, 2021

48

 

 

 

 

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of March 31, 2022 (unaudited) and December 31, 2021

52

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

54

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

67

 

 

 

Item 4.

Controls and Procedures

68

 

 

 

Part II.

Other Information

 

 

 

 

Item 1.

Legal Proceedings

69

 

 

 

Item 1A.

Risk Factors

69

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

70

 

 

 

Item 3.

Defaults upon Senior Securities

70

 

 

 

Item 4.

Mine Safety Disclosures

70

 

 

 

Item 5.

Other Information

70

 

 

 

Item 6.

Exhibits

71

 

1

 


 

 

BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities

 

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments, at fair value:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $1,610,252,588 and $1,637,897,868, respectively)

 

$

1,601,553,609

 

 

$

1,638,843,507

 

Non-controlled, affiliated investments (cost of $38,020,928 and $37,457,524, respectively)

 

 

94,931,232

 

 

 

97,207,404

 

Controlled investments (cost of $135,233,889 and $146,247,518, respectively)

 

 

99,266,004

 

 

 

105,087,211

 

Total investments (cost of $1,783,507,405 and $1,821,602,910, respectively)

 

 

1,795,750,845

 

 

 

1,841,138,122

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

43,651,392

 

 

 

19,552,273

 

Interest, dividends and fees receivable

 

 

21,458,518

 

 

 

20,061,104

 

Deferred debt issuance costs

 

 

4,493,408

 

 

 

4,786,736

 

Receivable for investments sold

 

 

234,473

 

 

 

6,024,981

 

Prepaid expenses and other assets

 

 

3,326,404

 

 

 

2,666,111

 

Total assets

 

 

1,868,915,040

 

 

 

1,894,229,327

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred issuance costs of $6,338,159 and $6,878,110, respectively)

 

 

1,027,911,497

 

 

 

1,012,461,340

 

Management fees payable

 

 

6,388,710

 

 

 

6,304,176

 

Incentive fees payable

 

 

4,190,230

 

 

 

3,742,443

 

Interest and debt related payables

 

 

3,209,435

 

 

 

10,863,683

 

Reimbursements due to the Advisor

 

 

1,056,851

 

 

 

942,094

 

Payable for investments purchased

 

 

 

 

 

28,994,390

 

Accrued expenses and other liabilities

 

 

1,695,989

 

 

 

1,464,565

 

Total liabilities

 

 

1,044,452,712

 

 

 

1,064,772,691

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

$

824,462,328

 

 

$

829,456,636

 

 

 

 

 

 

 

 

 

 

Composition of net assets applicable to common shareholders

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 200,000,000 shares authorized, 57,767,264 and

    57,767,264 shares issued and outstanding as of March 31, 2022 and

    December 31, 2021, respectively

 

$

57,767

 

 

$

57,767

 

Paid-in capital in excess of par

 

 

963,100,315

 

 

 

966,409,911

 

Distributable earnings (loss)

 

 

(138,695,754

)

 

 

(137,011,042

)

Total net assets

 

 

824,462,328

 

 

 

829,456,636

 

Total liabilities and net assets

 

$

1,868,915,040

 

 

$

1,894,229,327

 

 

 

 

 

 

 

 

 

 

Net assets per share

 

$

14.27

 

 

$

14.36

 

 

See accompanying notes to the consolidated financial statements.

 


2

 


 

 

BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Investment income

 

 

 

 

 

 

 

 

Interest income (excluding PIK):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

37,427,955

 

 

$

33,853,312

 

Non-controlled, affiliated investments

 

 

33,108

 

 

 

26,097

 

Controlled investments

 

 

1,912,504

 

 

 

1,650,033

 

PIK income:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

1,080,205

 

 

 

1,304,701

 

Dividend income:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

261,229

 

 

 

819,355

 

Non-controlled, affiliated investments

 

 

563,404

 

 

 

1,696,660

 

Controlled investments

 

 

713,825

 

 

 

892,050

 

Other income:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

152,477

 

 

 

47,118

 

Non-controlled, affiliated investments

 

 

6,202

 

 

 

874,576

 

Total investment income

 

 

42,150,909

 

 

 

41,163,902

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

 

9,345,204

 

 

 

10,105,887

 

Management fees

 

 

6,667,727

 

 

 

5,943,362

 

Incentive fees

 

 

4,190,230

 

 

 

4,691,458

 

Professional fees

 

 

570,395

 

 

 

290,334

 

Administrative expenses

 

 

477,059

 

 

 

539,947

 

Director fees

 

 

223,000

 

 

 

250,000

 

Insurance expense

 

 

181,061

 

 

 

135,000

 

Custody fees

 

 

83,929

 

 

 

59,183

 

Other operating expenses

 

 

658,364

 

 

 

707,345

 

Total operating expenses

 

 

22,396,969

 

 

 

22,722,516

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

19,753,940

 

 

 

18,441,386

 

 

 

 

 

 

 

 

 

 

Realized and unrealized gain (loss) on investments and foreign currency

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

46,267

 

 

 

2,079,315

 

Non-controlled, affiliated investments

 

 

 

 

 

1,028,057

 

Controlled investments

 

 

(124,801

)

 

 

 

Net realized gain (loss)

 

 

(78,534

)

 

 

3,107,372

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(9,579,291

)

 

 

(6,577,847

)

Non-controlled, affiliated investments

 

 

(2,839,577

)

 

 

7,790,576

 

Controlled investments

 

 

5,192,422

 

 

 

(1,212,729

)

Net change in unrealized appreciation (depreciation)

 

 

(7,226,446

)

 

 

13,936,064

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

(7,304,980

)

 

 

17,043,436

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

12,448,960

 

 

$

35,484,822

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per share

 

$

0.22

 

 

$

0.61

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average common shares outstanding

 

 

57,767,264

 

 

 

57,767,264

 

 

See accompanying notes to the consolidated financial statements.

 

 

 

 

 

 

 

 

 

3

 


 

 

BlackRock TCP Capital Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital

in Excess of Par

 

 

Distributable

earnings (loss)

 

 

Total Net

Assets

 

Balance at December 31, 2021

 

 

57,767,264

 

 

$

57,767

 

 

$

966,409,911

 

 

$

(137,011,042

)

 

$

829,456,636

 

Cumulative effect adjustment for the adoption of ASU 2020-06 (1)

 

 

 

 

 

 

 

 

(3,309,596

)

 

 

3,196,507

 

 

 

(113,089

)

Net investment income

 

 

 

 

 

 

 

 

 

 

 

19,753,940

 

 

 

19,753,940

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

(7,304,980

)

 

 

(7,304,980

)

Dividends paid to shareholders

 

 

 

 

 

 

 

 

 

 

 

(17,330,179

)

 

 

(17,330,179

)

Balance at March 31, 2022

 

 

57,767,264

 

 

$

57,767

 

 

$

963,100,315

 

 

$

(138,695,754

)

 

$

824,462,328

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital

in Excess of Par

 

 

Distributable

earnings (loss)

 

 

Total Net

Assets

 

Balance at December 31, 2020

 

 

57,767,264

 

 

$

57,767

 

 

$

979,973,202

 

 

$

(215,044,391

)

 

$

764,986,578

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

18,441,386

 

 

 

18,441,386

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

17,043,436

 

 

 

17,043,436

 

Dividends paid to shareholders

 

 

 

 

 

 

 

 

 

 

 

(17,330,179

)

 

 

(17,330,179

)

Balance at March 31, 2021

 

 

57,767,264

 

 

$

57,767

 

 

$

979,973,202

 

 

$

(196,889,748

)

 

$

783,141,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

See Note 2 and Note 4 for further information related to the adoption of ASU 2020-06.

 

 

See accompanying notes to the consolidated financial statements.

 

4

 


 

 

BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Operating activities

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

12,448,960

 

 

$

35,484,822

 

Adjustments to reconcile net increase (decrease) in net assets resulting

   from operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Net realized (gain) loss

 

 

78,534

 

 

 

(3,107,372

)

Change in net unrealized (appreciation) depreciation of investments

 

 

7,291,773

 

 

 

(13,830,631

)

Net amortization of investment discounts and premiums

 

 

(3,070,677

)

 

 

(2,036,023

)

Amortization of original issue discount on debt

 

 

48,211

 

 

 

351,555

 

Interest and dividend income paid in kind

 

 

(1,080,205

)

 

 

(1,304,701

)

Amortization of deferred debt issuance costs

 

 

833,279

 

 

 

896,969

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(111,273,535

)

 

 

(181,280,389

)

Proceeds from disposition of investments

 

 

153,441,388

 

 

 

95,732,133

 

Decrease (increase) in interest, dividends and fees receivable

 

 

(1,397,414

)

 

 

(1,929,655

)

Decrease (increase) in receivable for investments sold

 

 

5,790,508

 

 

 

(27,735,111

)

Decrease (increase) in prepaid expenses and other assets

 

 

(660,293

)

 

 

(434,350

)

Increase (decrease) in payable for investments purchased

 

 

(28,994,390

)

 

 

(14,789,794

)

Increase (decrease) in incentive fees payable

 

 

447,787

 

 

 

(329,339

)

Increase (decrease) in interest and debt related payables

 

 

(7,654,248

)

 

 

(6,201,242

)

Increase (decrease) in reimbursements due to the Advisor

 

 

114,757

 

 

 

(31,893

)

Increase (decrease) in management fees payable

 

 

84,534

 

 

 

117,583

 

Increase (decrease) in accrued expenses and other liabilities

 

 

231,424

 

 

 

(735

)

Net cash provided by (used in) operating activities

 

 

26,680,393

 

 

 

(120,428,173

)

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

Draws on credit facilities

 

 

314,017,741

 

 

 

218,761,859

 

Repayments of credit facility draws

 

 

(159,268,836

)

 

 

(259,120,608

)

Payments of debt issuance costs

 

 

 

 

 

(1,924,136

)

Dividends paid to shareholders

 

 

(17,330,179

)

 

 

(17,330,179

)

Repayment of convertible notes

 

 

(140,000,000

)

 

 

 

Proceeds from issuance of unsecured notes

 

 

 

 

 

174,289,500

 

Net cash provided by (used in) financing activities

 

 

(2,581,274

)

 

 

114,676,436

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents (including restricted cash)

 

 

24,099,119

 

 

 

(5,751,737

)

Cash and cash equivalents (including restricted cash) at beginning of period

 

 

19,552,273

 

 

 

20,006,580

 

Cash and cash equivalents (including restricted cash) at end of period

 

$

43,651,392

 

 

$

14,254,843

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

 

 

Interest payments

 

$

15,859,911

 

 

$

14,655,137

 

 

 

See accompanying notes to the consolidated financial statements

5

 


 

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2022

 

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total

Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair

Value

 

 

% of Total

Cash and

Investments

 

 

Notes

Debt Investments (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unanet, Inc.

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

 

 

 

6.25

%

 

 

6.75

%

 

5/31/2024

 

$

5,127,551

 

 

$

5,101,416

 

 

$

5,127,551

 

 

 

0.28

%

 

N

Unanet, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

6.25

%

 

 

6.75

%

 

5/31/2024

 

$

19,897,959

 

 

 

19,802,389

 

 

 

19,897,959

 

 

 

1.08

%

 

N

Unanet, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

 

 

 

6.25

%

 

 

6.75

%

 

5/31/2024

 

$

2,448,980

 

 

 

2,437,912

 

 

 

2,448,980

 

 

 

0.13

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,341,717

 

 

 

27,474,490

 

 

 

1.49

%

 

 

Airlines

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Epic Aero, Inc.

 

Unsecured Notes

 

Fixed

 

 

 

 

 

 

 

 

2.00

%

 

12/31/2022

 

$

3,233,572

 

 

 

3,233,572

 

 

 

3,162,433

 

 

 

0.17

%

 

E/N

Mesa Airlines, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

2.00

%

 

 

5.00

%

 

 

7.00

%

 

9/27/2023

 

$

1,062,048

 

 

 

1,056,850

 

 

 

1,057,800

 

 

 

0.06

%

 

N

Mesa Airlines, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

2.00

%

 

 

5.00

%

 

 

7.00

%

 

6/5/2023

 

$

7,744,102

 

 

 

7,712,632

 

 

 

7,736,358

 

 

 

0.42

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,003,054

 

 

 

11,956,591

 

 

 

0.65

%

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

7.75

%

 

4/15/2026

 

$

7,387,424

 

 

 

7,295,370

 

 

 

7,387,424

 

 

 

0.40

%

 

G/N

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

7.75

%

 

4/15/2026

 

$

 

 

 

(8,073

)

 

 

 

 

 

 

 

G/K/N

Autoalert, LLC

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.25

%

 

 

9.00

%

 

 

10.25

%

 

1/1/2023

 

$

58,395,451

 

 

 

58,337,564

 

 

 

57,052,356

 

 

 

3.10

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65,624,861

 

 

 

64,439,780

 

 

 

3.50

%

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porcelain Acquisition Corporation (Paramount)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

6.76

%

 

4/30/2027

 

$

6,222,642

 

 

 

6,113,448

 

 

 

6,272,423

 

 

 

0.34

%

 

N

Porcelain Acquisition Corporation (Paramount)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

6.76

%

 

4/30/2027

 

$

967,320

 

 

 

921,734

 

 

 

988,816

 

 

 

0.05

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,035,182

 

 

 

7,261,239

 

 

 

0.39

%

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Term Loan

 

LIBOR(S)

 

 

1.50

%

 

 

7.25

%

 

 

8.75

%

 

2/7/2025

 

$

21,791,007

 

 

 

21,190,921

 

 

 

22,008,917

 

 

 

1.20

%

 

N

Pico Quantitative Trading, LLC

 

First Lien Incremental Term Loan

 

LIBOR(S)

 

 

1.50

%

 

 

7.25

%

 

 

8.75

%

 

2/7/2025

 

$

24,415,870

 

 

 

23,286,452

 

 

 

24,415,870

 

 

 

1.32