Company Quick10K Filing
Quick10K
Blackrock Tcp Capital
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
TCPC 2019-06-30
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 tcpc6302019exhibit311.htm
EX-31.2 tcpc6302019exhibit312.htm
EX-32.1 tcpc6302019exhibit321.htm

Blackrock Tcp Capital Earnings 2019-06-30

TCPC 10Q Quarterly Report

Balance SheetIncome StatementCash 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 28th 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
 
 
 
 
 
 
 
 
 
 
 
 
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 
 
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.

2





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
 %
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 

 

 


 

 

 

 

 

 

 


 

 

 

 


 

 

 

 

 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

3





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


4





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
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5





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