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, 2021~~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 28^th28th 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 ~~August 2, 2021~~May 4, 2022 was 57,767,264.

BLACKROCK TCP CAPITAL CORP.

FORM 10-Q

FOR THE ~~SIX~~THREE MONTHS ENDED ~~JUNE 30, 2021~~MARCH 31, 2022

TABLE OF CONTENTS


Part I.	Financial Information


Item 1.		Financial Statements
		Consolidated Statements of Assets and Liabilities as of ~~June 30, 2021~~March 31, 2022 (unaudited) and December 31, ~~2020~~2021	2

		Consolidated Statements of Operations for the three ~~and six~~ months ended ~~June 30, 2021~~March 31, 2022 (unaudited) and ~~June 30, 2020~~March 31, 2021 (unaudited)	3

		Consolidated Statements of Changes in Net Assets for the three ~~and six~~ months ended ~~June 30, 2021~~March 31, 2022 (unaudited) and ~~June 30, 2020~~March 31, 2021 (unaudited)	4

		Consolidated Statements of Cash Flows for the ~~six~~three months ended ~~June 30, 2021~~March 31, 2022 (unaudited) and ~~June 30, 2020~~March 31, 2021 (unaudited)	5

		Consolidated Schedule of Investments as of ~~June 30, 2021~~March 31, 2022 (unaudited) and December 31, ~~2020~~2021	6

		Notes to Consolidated Financial Statements (unaudited)	2324

		Consolidated Schedule of Changes in Investments in Affiliates for the ~~six~~three months ended ~~June 30, 2021~~March 31, 2022 (unaudited) and year ended December 31, ~~2020~~2021	4748

		Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of ~~June 30, 2021~~March 31, 2022 (unaudited) and December 31, ~~2020~~2021	5152

Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations	5354

Item 3.		Quantitative and Qualitative Disclosures About Market Risk	6667

Item 4.		Controls and Procedures	6768

Part II.		Other Information

Item 1.		Legal Proceedings	6869

Item 1A.		Risk Factors	6869

Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds	6970

Item 3.		Defaults upon Senior Securities	6970

Item 4.		Mine Safety Disclosures	6970

Item 5.		Other Information	6970

Item 6.		Exhibits	7071

BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities

	June 30, 2021			December 31, 2020			March 31, 2022			December 31, 2021
	(unaudited)						(unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (cost of $1,619,351,358 and $1,473,322,720, respectively)	$	1,611,819,393		$	1,461,610,769
Non-controlled, affiliated investments (cost of $65,554,080 and $63,114,875, respectively)		119,908,356			68,927,182
Controlled investments (cost of $133,243,969 and $136,332,302, respectively)		94,328,873			99,026,531
Total investments (cost of $1,818,149,407 and $1,672,769,897, respectively)		1,826,056,622			1,629,564,482
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		17,881,467			20,006,580			43,651,392			19,552,273
Interest, dividends and fees receivable		20,471,329			15,571,648			21,458,518			20,061,104
Deferred debt issuance costs								4,493,408			4,786,736
Receivable for investments sold		12,419,141			278,737			234,473			6,024,981
Deferred debt issuance costs		5,243,761			4,984,388
Prepaid expenses and other assets		914,094			1,581,320			3,326,404			2,666,111
Total assets		1,882,986,414			1,671,987,155			1,868,915,040			1,894,229,327

Liabilities
Debt (net of deferred issuance costs of $7,003,641 and $6,308,172, respectively)		991,086,002			850,016,199
Payable for investments purchased		45,894,977			33,275,348
Interest and debt related payables		11,886,381			9,886,085
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		6,286,786			5,753,347			6,388,710			6,304,176
Incentive fees payable		4,548,443			5,020,794			4,190,230			3,742,443
Interest and debt related payables								3,209,435			10,863,683
Reimbursements due to the Advisor		977,345			1,344,756			1,056,851			942,094
Payable for investments purchased								—			28,994,390
Accrued expenses and other liabilities		1,668,887			1,704,048			1,695,989			1,464,565
Total liabilities		1,062,348,821			907,000,577			1,044,452,712			1,064,772,691

Commitments and contingencies (Note 5)

Net assets	$	820,637,593		$	764,986,578		$	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 June 30, 2021 and December 31, 2020, respectively	$	57,767		$	57,767
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		979,973,202			979,973,202			963,100,315			966,409,911
Distributable earnings (loss)		(159,393,376	)		(215,044,391	)		(138,695,754	)		(137,011,042	)
Total net assets		820,637,593			764,986,578			824,462,328			829,456,636
Total liabilities and net assets	$	1,882,986,414		$	1,671,987,155		$	1,868,915,040		$	1,894,229,327

Net assets per share	$	14.21		$	13.24		$	14.27		$	14.36

See accompanying notes to the consolidated financial statements.

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.

BlackRock TCP Capital Corp.

Consolidated Statements of ~~Operations~~ Changes in Net Assets (Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2021

2020

2021

2020

Investment income

Interest income (excluding PIK):

Non-controlled, non-affiliated investments

$
37,070,947

$
34,939,196

$
70,924,259

$
70,928,532

Non-controlled, affiliated investments

33,471

451,965

59,568

1,004,241

Controlled investments

1,674,786

1,518,141

3,324,819

3,194,397

PIK income:

Non-controlled, non-affiliated investments

989,930

2,557,814

2,294,631

3,969,445

Non-controlled, affiliated investments

—

863,826

—

1,865,956

Dividend income:

Non-controlled, non-affiliated investments

178,767

—

998,122

—

Non-controlled, affiliated investments

1,127,927

—

2,824,587

—

Controlled investments

252,851

301,725

1,144,901

730,145

Lease income:

Controlled investments

—

—

—

38,136

Other income:

Non-controlled, non-affiliated investments

164,036

3,832,958

211,154

3,985,972

Non-controlled, affiliated investments

151,968

648,799

1,026,544

648,799

Total investment income

41,644,683

45,114,424

82,808,585

86,365,623

Operating expenses

Interest and other debt expenses

10,712,356

10,645,437

20,818,243

21,601,082

Management fees

6,425,571

5,804,143

12,368,933

11,921,185

Incentive fees

4,548,446

5,245,304

9,239,904

5,245,304

Professional fees

579,926

502,658

870,260

1,001,068

Administrative expenses

428,857

539,947

968,804

1,079,894

Director fees

295,200

208,000

545,200

440,232

Insurance expense

150,000

175,080

285,000

350,161

Custody fees

85,008

111,773

144,191

223,440

Other operating expenses

652,133

829,709

1,359,478

1,397,958

Total operating expenses

23,877,497

24,062,051

46,600,013

43,260,324

Net investment income

17,767,186

21,052,373

36,208,572

43,105,299

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

Net realized gain (loss):

Non-controlled, non-affiliated investments

(236,632
)

(383,875
)

1,842,683

4,410,583

Non-controlled, affiliated investments

—

—

1,028,057

—

Controlled investments

—

(32,062
)

—

129,950

Net realized gain (loss)

(236,632
)

(415,937
)

2,870,740

4,540,533

Net change in unrealized appreciation (depreciation):

Non-controlled, non-affiliated investments

(3,058,802
)

21,775,179

4,299,422

(51,041,046
)
Non-controlled, affiliated investments

40,751,395

1,477,294

48,541,962

(16,956,732
)
Controlled investments

(396,596
)

2,462,358

(1,609,324
)

(2,778,197
)
Net change in unrealized appreciation (depreciation)

37,295,997

25,714,831

51,232,060

(70,775,975
)

Net realized and unrealized gain (loss)

37,059,365

25,298,894

54,102,800

(66,235,442
)

Net increase (decrease) in net assets resulting from operations

$
54,826,551

$
46,351,267

$
90,311,372

$
(23,130,143
)

Basic and diluted earnings (loss) per share

$
0.95

$
0.80

$
1.56

$
(0.40
)

Basic and diluted weighted average common shares outstanding

57,767,264

57,766,916

57,767,264

58,217,663

	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.

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, 2019

58,766,426

$
58,766

$
997,379,362

$
(221,119,742
)

$
776,318,386

Issuance of common stock from dividend reinvestment plan

486

1

3,038

—

3,039

Repurchase of common stock

(1,000,000
)

(1,000
)

(6,099,190
)

—

(6,100,190
)
Net investment income

—

—

—

22,052,924

22,052,924

Net realized and unrealized loss

—

—

—

(91,534,335
)

(91,534,335
)
Dividends paid to shareholders

—

—

—

(21,155,913
)

(21,155,913
)
Balance at March 31, 2020

57,766,912

$
57,767

$
991,283,210

$
(311,757,066
)

$
679,583,911

Issuance of common stock from dividend reinvestment plan

352

—

3,214

—

3,214

Net investment income

—

—

—

21,052,373

21,052,373

Net realized and unrealized gain

—

—

—

25,298,894

25,298,894

Dividends paid to shareholders

—

—

—

(20,796,088
)

(20,796,088
)
Balance at June 30, 2020

57,767,264

$
57,767

$
991,286,424

$
(286,201,887
)

$
705,142,304

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

—

—

—

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

Net investment income

—

—

—

17,767,186

17,767,186

Net realized and unrealized gain

—

—

—

37,059,365

37,059,365

Dividends paid to shareholders

—

—

—

(17,330,179
)

(17,330,179
)
Balance at June 30, 2021

57,767,264

$
57,767

$
979,973,202

$
(159,393,376
)

$
820,637,593

~~See accompanying notes to the consolidated financial statements.~~

~~BlackRock TCP Capital Corp.~~

~~Consolidated Statements of~~ Cash Flows (Unaudited)

	Six Months Ended June 30,						Three Months Ended March 31,
	2021			2020			2022			2021
Operating activities
Net increase (decrease) in net assets resulting from operations	$	90,311,372		$	(23,130,143	)	$	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		(2,870,740	)		(4,540,533	)		78,534			(3,107,372	)
Change in net unrealized (appreciation) depreciation of investments		(51,112,627	)		70,744,059			7,291,773			(13,830,631	)
Net amortization of investment discounts and premiums		(4,576,820	)		(3,956,764	)		(3,070,677	)		(2,036,023	)
Amortization of original issue discount on debt		721,798			596,162			48,211			351,555
Interest and dividend income paid in kind		(2,294,631	)		(5,835,401	)		(1,080,205	)		(1,304,701	)
Amortization of deferred debt issuance costs		1,843,293			1,779,300			833,279			896,969
Changes in assets and liabilities:
Purchases of investments		(415,957,330	)		(193,182,052	)		(111,273,535	)		(181,280,389	)
Proceeds from sales, maturities and pay downs of investments		280,320,010			178,695,161
Proceeds from disposition of investments								153,441,388			95,732,133
Decrease (increase) in interest, dividends and fees receivable		(4,899,681	)		137,425			(1,397,414	)		(1,929,655	)
Decrease (increase) in receivable for investments sold		(12,140,404	)		1,316,667			5,790,508			(27,735,111	)
Decrease (increase) in prepaid expenses and other assets		667,226			(1,399,574	)		(660,293	)		(434,350	)
Increase (decrease) in payable for investments purchased		12,619,629			(12,463,402	)		(28,994,390	)		(14,789,794	)
Increase (decrease) in incentive fees payable		(472,351	)		491,633			447,787			(329,339	)
Increase (decrease) in interest and debt related payables		2,000,296			(118,106	)		(7,654,248	)		(6,201,242	)
Increase (decrease) in reimbursements due to the Advisor		(367,411	)		(172,813	)		114,757			(31,893	)
Increase (decrease) in management fees payable		533,439			(641,770	)		84,534			117,583
Increase (decrease) in accrued expenses and other liabilities		(35,161	)		(686,492	)		231,424			(735	)
Net cash provided by (used in) operating activities		(105,710,093	)		7,633,357			26,680,393			(120,428,173	)

Financing activities
Draws on credit facilities		414,801,114			169,446,940			314,017,741			218,761,859
Repayments of credit facility draws		(448,047,140	)		(152,220,304	)		(159,268,836	)		(259,120,608	)
Payments of debt issuance costs		(2,798,136	)		(1,014,766	)		—			(1,924,136	)
Dividends paid to shareholders		(34,660,358	)		(41,952,001	)		(17,330,179	)		(17,330,179	)
Repurchase of shares		—			(6,100,190	)
Repayment of convertible notes								(140,000,000	)		—
Proceeds from issuance of unsecured notes		174,289,500			—			—			174,289,500
Proceeds from shares issued in connection with dividend reinvestment plan		—			6,253
Net cash provided by (used in) financing activities		103,584,980			(31,834,068	)		(2,581,274	)		114,676,436

Net increase (decrease) in cash and cash equivalents (including restricted cash)		(2,125,113	)		(24,200,711	)		24,099,119			(5,751,737	)
Cash and cash equivalents (including restricted cash) at beginning of period		20,006,580			44,848,539			19,552,273			20,006,580
Cash and cash equivalents (including restricted cash) at end of period	$	17,881,467		$	20,647,828		$	43,651,392		$	14,254,843

Supplemental cash flow information
Interest payments	$	15,448,562		$	18,731,345		$	15,859,911		$	14,655,137

See accompanying notes to the consolidated financial ~~statements.~~statements

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

~~June 30, 2021~~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
%

6.38
%

5/31/2024

$
5,127,551

$
5,079,130

$
5,173,469

0.28
%

N
Unanet, Inc.

First Lien Term Loan

LIBOR(M)

—

6.25
%

6.38
%

5/31/2024

$
19,897,959

19,771,366

20,017,347

1.09
%

N
Unanet, Inc.

Sr Secured Revolver

LIBOR(M)

—

6.25
%

6.38
%

5/31/2024

$
2,448,980

2,434,259

2,448,980

0.13
%

N

27,284,755

27,639,796

1.50
%

Airlines

Epic Aero, Inc

Unsecured Note

Fixed

—

2.00
%

2.00
%

12/31/2022

$
6,467,143

6,467,143

6,227,859

0.34
%

N
Mesa Airlines, Inc.

Aircraft Acquisition Incremental Loan

LIBOR(M)

2.00
%

5.00
%

7.00
%

9/27/2023

$
1,593,072

1,581,317

1,591,479

0.09
%

N
Mesa Airlines, Inc.

Aircraft Acquisition Loan

LIBOR(M)

2.00
%

5.00
%

7.00
%

6/5/2023

$
12,390,563

12,308,805

12,390,563

0.67
%

N
One Sky Flight, LLC

First Lien Term Loan

LIBOR(S)

1.00
%

7.50
%

8.50
%

12/27/2024

$
17,508,982

17,245,956

17,684,072

0.96
%

N

37,603,221

37,893,973

2.06
%

Automobiles

ALCV Purchaser, Inc.

First Lien Term Loan

LIBOR(M)

1.00
%

6.75
%

7.75
%

2/25/2026

$
9,092,214

8,959,951

9,037,661

0.49
%

N
ALCV Purchaser, Inc.

First Lien Revolver

LIBOR(M)

1.00
%

6.75
%

7.75
%

2/25/2026

$
—

(9,620
)

(3,978
)

—

K/N
Autoalert Acquisition Co, LLC

First Lien Incremental Term Loan

LIBOR(Q)

1.25
%

8.75
%

10.00
%

1/1/2023

$
41,207,522

41,170,967

39,353,183

2.13
%

N
Autoalert Acquisition Co, LLC

First Lien Incremental Term Loan

LIBOR(Q)

1.25
%

8.75
%

10.00
%

1/1/2023

$
16,307,846

16,274,523

15,573,993

0.85
%

N

66,395,821

63,960,859

3.47
%

Building Products

Porcelain Acquisition Corporation

First Lien Term Loan

LIBOR(Q)

1.00
%

6.00
%

7.00
%

4/30/2027

$
6,269,665

6,145,383

6,181,889

0.33
%

N
Porcelain Acquisition Corporation

First Lien Delayed Draw Term Loan

LIBOR(Q)

1.00
%

6.00
%

7.00
%

4/30/2027

$
—

(52,246
)

(37,618
)

—

K/N

6,093,137

6,144,271

0.33
%

Capital Markets

Pico Quantitative Trading, LLC

First Lien Term Loan (1.0% Exit Fee)

LIBOR(S)

1.50
%

7.25
%

8.75
%

2/7/2025

$
21,791,007

21,059,081

22,008,917

1.19
%

L/N

Commercial Services and Supplies

Kellermeyer Bergensons Services, LLC

First Lien Delayed Draw Term Loan A

LIBOR(S)

1.00
%

6.50
%

7.50
%

11/7/2026

$
1,416,340

1,405,300

1,388,013

0.08
%

N
Kellermeyer Bergensons Services, LLC

First Lien Delayed Draw Term Loan B

LIBOR(S)

1.00
%

6.50
%

7.50
%

11/7/2026

$
597,435

582,466

558,296

0.03
%

N
Kellermeyer Bergensons Services, LLC

First Lien Term Loan

LIBOR(S)

1.00
%

6.50
%

7.50
%

11/7/2026

$
6,437,908

6,391,520

6,309,150

0.34
%

N
Team Software, Inc.

First Lien Incremental Term Loan

LIBOR(Q)

—

5.50
%

5.69
%

9/17/2023

$
7,220,080

7,157,837

7,220,080

0.39
%

N
Team Software, Inc.

First Lien Revolver

LIBOR(Q)

—

5.50
%

5.69
%

9/17/2023

$
1,404,484

1,380,859

1,404,484

0.08
%

N
Team Software, Inc.

First Lien Term Loan

LIBOR(Q)

—

5.50
%

5.69
%

9/17/2023

$
13,167,038

13,071,888

13,167,038

0.71
%

N

29,989,870

30,047,061

1.63
%

Communications Equipment

Avanti Communications Jersey Limited (United Kingdom)

1.25 Lien Term Loan

Fixed

—

12.50% PIK

12.50
%

6/30/2022

$
247,419

247,419

247,419

0.01
%

H/N
Avanti Communications Jersey Limited (United Kingdom)

1.5 Lien Delayed Draw Term Loan

Fixed

—

12.50% PIK

12.50
%

6/30/2022

$
1,426,067

1,426,067

1,426,067

0.08
%

H/N
Avanti Communications Jersey Limited (United Kingdom)

1.5 Lien Term Loan

Fixed

—

12.50% PIK

12.50
%

6/30/2022

$
339,979

339,979

339,979

0.02
%

H/N
Avanti Communications Jersey Limited (United Kingdom)

1.125 Lien Term Loan

Fixed

—

12.50% PIK

12.50
%

6/30/2022

$
845,843

845,843

845,843

0.05
%

H/N
Avanti Communications Group, PLC (United Kingdom)

Sr New Money Initial Note

Fixed

—

9.00% PIK

—

10/1/2022

$
1,592,934

1,591,586

589,386

0.03
%

C/E/G/H/N
Avanti Communications Group, PLC (United Kingdom)

Sr Second-Priority PIK Toggle Note

Fixed

—

9.00% PIK

—

10/1/2022

$
4,064,721

4,064,219

1,503,947

0.08
%

C/E/G/H/N

8,515,113

4,952,641

0.27
%

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	%	N
																44,477,373			46,424,787			2.52	%
Commercial Services & Supplies
Thermostat Purchaser III, Inc. (Reedy Industries)	Second Lien Term Loan	LIBOR(Q)		0.75	%		7.25	%		8.00	%	8/31/2029	$	7,767,802		7,658,766			7,666,821			0.42	%	N
Thermostat Purchaser III, Inc. (Reedy Industries)	Second Lien Delayed Draw Term Loan	LIBOR(Q)		0.75	%		7.25	%		8.00	%	8/31/2029	$	—		(9,242	)		(17,280	)		—		K/N
																7,649,524			7,649,541			0.42	%
Communications Equipment
Avanti Communications Jersey Limited (United Kingdom)	1.25 Lien Term Loan	Fixed		—		12.50% PIK				12.50	%	6/30/2022	$	1,194,735		1,194,735			410,840			0.02	%	C/H/N
Avanti Communications Jersey Limited (United Kingdom)	1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee)	Fixed		—		12.50% PIK				12.50	%	6/30/2022	$	1,602,266		1,602,266			26,598			—		C/H/L/N
Avanti Communications Jersey Limited (United Kingdom)	1.5 Lien Term Loan (2.5% Exit Fee)	Fixed		—		12.50% PIK				12.50	%	6/30/2022	$	373,158		362,025			6,194			—		C/H/L/N
Avanti Communications Jersey Limited (United Kingdom)	1.0625 Lien Term Loan	Fixed		—		12.50% PIK				12.50	%	9/20/2022	$	320,085		287,514			320,085			0.02	%	H/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			—			—		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			—			—		C/E/G/H/N
																9,102,345			763,717			0.04	%
Construction and Engineering
Homerenew Buyer, Inc. (Project Dream)	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.51	%	8/10/2027	$	1,334,499		1,303,412			1,298,467			0.07	%	N
Homerenew Buyer, Inc. (Project Dream)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	8/10/2027	$	285,548		266,402			263,520			0.01	%	N
Homerenew Buyer, Inc. (Project Dream)	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.51	%	11/23/2027	$	—		(8,232	)		(9,441	)		—		K/N
Hylan Intermediate Holding II, LLC	Second Lien Term Loan	SOFR(M)		1.00	%		10.00	%		11.00	%	3/11/2027	$	4,384,251		4,330,384			4,384,251			0.24	%	N
Hylan Intermediate Holding II, LLC	First Lien Term Loan	SOFR(M)		1.00	%		8.00	%		9.00	%	2/22/2026	$	4,983,707		4,983,707			4,983,707			0.27	%	N
PHRG Intermediate, LLC (Power Home)	First Lien Term Loan	LIBOR(M)		0.75	%		6.00	%		6.75	%	12/16/2026	$	2,500,000		2,440,242			2,481,250			0.13	%	N
Sunland Asphalt & Construction, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.01	%	1/13/2026	$	2,178,533		2,144,361			2,143,677			0.12	%	N
Sunland Asphalt & Construction, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.01	%	1/13/2026	$	6,478,909		6,378,510			6,375,247			0.35	%	N
																21,838,786			21,920,678			1.19	%
Consumer Finance
Barri Financial Group, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		7.75	%		8.75	%	6/30/2026	$	25,548,204		25,041,208			25,803,686			1.40	%	N

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

~~June 30, 2021~~

March 31, 2022

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes	Instrument		Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Construction and Engineering
Hylan Datacom & Electrical, LLC	First Lien Incremental Term Loan	LIBOR(M)		1.00	%	5.50% Cash + 4.50% PIK				11.00	%	7/25/2022	$	2,688,396	$	2,687,015		$	2,326,269			0.13	%	N
Hylan Datacom & Electrical, LLC	First Lien Term Loan (3.15% Exit Fee)	LIBOR(M)		1.00	%	5.50% Cash + 4.50% PIK				11.00	%	7/25/2022	$	14,880,410		14,878,034			12,876,019			0.69	%	L/N
Sunland Asphalt & Construction, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	1/13/2026	$	2,195,079		2,154,878			2,184,104			0.12	%	N
Sunland Asphalt & Construction, LLC	First Lien Revolver	LIBOR(Q)		1.00	%		6.00	%		7.00	%	1/13/2022	$	1,098,954		1,084,058			1,092,188			0.06	%	N
Sunland Asphalt & Construction, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	1/13/2026	$	6,528,116		6,409,918			6,495,476			0.35	%	N
																27,213,903			24,974,056			1.35	%
Consumer Finance
Barri Financial Group, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		7.75	%		8.75	%	6/30/2026	$	15,129,090		14,830,208			15,280,381			0.83	%	N
Barri Financial Group, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		7.75	%		8.75	%	6/30/2026	$	13,339,472		13,006,104			13,472,866			0.73	%	N
Containers & Packaging
BW Holding, Inc. (Brook & Whittle)																									Second Lien Term Loan		LIBOR(M)		0.75	%		7.50	%		8.25	%	12/14/2029	$	6,395,163	$	6,255,369		$	6,228,889			0.34	%	N
BW Holding, Inc. (Brook & Whittle)																									Second Lien Delayed Draw Term Loan		LIBOR(M)		0.75	%		7.50	%		8.25	%	12/14/2029	$	—		(24,237	)		(28,867	)		—		K/N
																27,836,312			28,753,247			1.56	%																		6,231,132			6,200,022			0.34	%
Distributors
Colony Display LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	6/30/2026	$	7,076,507		6,934,977			6,934,977			0.37	%	N
Colony Display LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	6/30/2026	$	—		(70,765	)		(70,765	)		—		K/N
Colony Display, LLC																									First Lien Term Loan		LIBOR(Q)		1.00	%		6.50	%		7.51	%	6/30/2026	$	7,023,433		6,903,155			6,798,683			0.37	%	N
Colony Display, LLC																									First Lien Delayed Draw Term Loan	��	LIBOR(Q)		1.00	%		6.50	%		7.51	%	6/30/2026	$	—		(60,235	)		(113,224	)		-0.01	%	K/N
																6,864,212			6,864,212			0.37	%																		6,842,920			6,685,459			0.36	%
Diversified Consumer Services
Elevate Brands OpCo, LLC																									First Lien Delayed Draw Term Loan		SOFR(Q)		1.00	%		8.50	%		9.50	%	3/15/2027	$	20,800,000		20,402,729			20,400,000			1.11	%	N
Razor Group GmbH (Germany)	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		9.00	%		10.00	%	4/30/2025	$	13,468,066		13,786,916			12,933,522			0.70	%	H/N	First Lien Delayed Draw Term Loan		LIBOR(M)		1.00	%		9.00	%		10.00	%	9/30/2025	$	38,498,405		38,773,592			38,680,943			2.10	%	H/N
Spark Networks, Inc.	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	17,405,390		17,072,005			17,220,893			0.94	%	N
Spark Networks, Inc.	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	1,073,092		1,047,901			1,061,718			0.06	%	N
Spark Networks, Inc.	Sr Secured Revolver	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	—		(17,760	)		(7,846	)		—		K/N
Razor Group GmbH (Germany)																									First Lien Sr Secured Convertible Term Loan		Fixed		—		3.50% Cash + 3.50% PIK				7.00	%	10/2/2023	$	4,532,140		4,532,140			8,230,366			0.45	%	H/N
SellerX Germany Gmbh & Co. Kg (Germany)																									First Lien Delayed Draw Term Loan		LIBOR(Q)		1.00	%		8.00	%		9.01	%	11/23/2025	$	16,217,937		15,829,706			15,367,937			0.84	%	H/N
Thras.io, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	12/18/2026	$	3,012,048		2,780,707			3,210,843			0.17	%	N	First Lien Delayed Draw Term Loan		LIBOR(Q)		1.00	%		7.00	%		8.01	%	12/18/2026	$	9,864,836		9,622,627			9,585,049			0.52	%
Thras.io, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	12/18/2026	$	14,984,940		14,633,237			15,284,639			0.83	%	N	First Lien Term Loan		LIBOR(Q)		1.00	%		7.00	%		8.01	%	12/18/2026	$	23,593,400		23,246,176			23,239,499			1.26	%
Whele, LLC (Perch)																									First Lien Incremental Term Loan		LIBOR(M)		1.00	%		7.50	%		8.50	%	10/15/2025	$	20,323,258		20,473,108			20,302,935			1.10	%	N
																49,303,006			49,703,769			2.70	%																		132,880,078			135,806,729			7.38	%
Diversified Financial Services
2-10 Holdco, Inc.	First Lien Incremental Term Loan	LIBOR(M)		0.75	%		6.00	%		6.75	%	3/26/2026	$	8,334,394		8,290,967			8,286,888			0.45	%	N	First Lien Term Loan		LIBOR(Q)		0.75	%		6.00	%		6.75	%	3/26/2026	$	8,271,729		8,238,562			8,208,864			0.45	%	N
2-10 Holdco, Inc.	Sr Secured Revolver	LIBOR(M)		0.75	%		6.00	%		6.75	%	3/26/2026	$	—		(1,776	)		(4,125	)		—		K/N	Sr Secured Revolver		LIBOR(Q)		0.75	%		6.00	%		6.75	%	3/26/2026	$	—		(1,496	)		(5,500	)		—		K/N
36th Street Capital Partners Holdings, LLC	Senior Note	Fixed		—			12.00	%		12.00	%	11/30/2025	$	40,834,419		40,834,419			40,834,419			2.21	%	E/F/N	Senior Note		Fixed		—			—			12.00	%	11/30/2025	$	41,381,437		41,381,437			41,381,437			2.24	%	E/F/N
Credit Suisse AG (Cayman Islands)	Asset-Backed Credit Linked Notes	LIBOR(Q)		—			9.50	%		9.69	%	4/12/2025	$	38,000,000		38,000,000			31,388,000			1.70	%	H/I/N	Asset-Backed Credit Linked Notes		LIBOR(Q)		—			9.50	%		9.50	%	4/12/2025	$	1,573,042		1,573,042			1,415,738			0.08	%	E/H/I/N
GC Agile Holdings Limited (Apex) (England)	First Lien Delayed Term Loan B	LIBOR(Q)		1.25	%		7.00	%		8.25	%	6/15/2025	$	18,692,978		18,427,405			18,692,978			1.01	%	H/N
GC Agile Holdings Limited (Apex) (England)	First Lien Term Loan A	LIBOR(Q)		1.25	%		7.00	%		8.25	%	6/15/2025	$	812,395		801,164			812,395			0.04	%	H/N
Oasis Financial, LLC	Second Lien Term Loan	LIBOR(M)		1.00	%		8.50	%		9.50	%	7/5/2026	$	17,633,544		17,311,078			17,386,674			0.94	%	N	Second Lien Term Loan		LIBOR(M)		1.00	%		8.50	%		9.50	%	7/5/2026	$	17,633,544		17,350,168			17,333,774			0.94	%	N
Worldremit Group Limited (United Kingdom)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		9.25	%		10.25	%	2/11/2025	$	43,629,951		42,836,787			41,889,116			2.29	%	H/N	First Lien Term Loan (3.0% Exit Fee)		LIBOR(Q)		1.00	%		9.25	%		10.25	%	2/11/2025	$	43,629,951		42,983,550			42,582,832			2.32	%	H/L/N
																166,500,044			159,286,345			8.64	%																		111,525,263			110,917,145			6.03	%
Diversified Telecommunication Services
Aventiv Technologies, Inc. (Securus)	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.25	%		9.25	%	11/1/2025	$	25,846,154		25,692,148			22,720,449			1.23	%		Second Lien Term Loan		LIBOR(Q)		1.00	%		8.25	%		9.25	%	11/1/2025	$	25,846,154		25,713,016			24,556,560			1.34	%
MetroNet Systems Holdings, LLC	Second Lien Term Loan	LIBOR(M)		0.75	%		7.00	%		7.75	%	6/2/2029	$	4,016,257		3,956,317			3,949,587			0.21	%	N	Second Lien Term Loan		LIBOR(M)		0.75	%		7.00	%		7.75	%	6/2/2029	$	4,016,257		3,961,243			4,033,527			0.22	%	N
MetroNet Systems Holdings, LLC	Second Lien Delayed Draw Term Loan	LIBOR(M)		0.75	%		7.00	%		7.75	%	6/2/2029	$	—		(163,727	)		(137,261	)		-0.01	%	K/N	Second Lien Delayed Draw Term Loan		LIBOR(M)		0.75	%		7.00	%		7.75	%	6/2/2029	$	8,268,764		8,117,494			8,304,320			0.45	%	N
Telarix, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	11/19/2023	$	7,331,250		7,272,426			6,221,299			0.34	%	N	First Lien Term Loan		LIBOR(Q)		1.00	%	1.00% Cash + 5.00% PIK				7.00	%	11/17/2023	$	7,469,216		7,428,896			4,956,572			0.27	%	N
Telarix, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.00	%		7.00	%	11/19/2023	$	—		(2,652	)		(54,071	)		—		K/N	Sr Secured Revolver		LIBOR(Q)		1.00	%	1.00% Cash + 5.00% PIK				7.00	%	11/17/2023	$	—		(1,818	)		(120,143	)		-0.01	%	K/N
																36,754,512			32,700,003			1.77	%																		45,218,831			41,730,836			2.27	%
Electric Utilities
Conergy Asia & ME Pte. Ltd (Singapore)	First Lien Term Loan	Fixed		—			—			—		12/31/2021	$	2,110,141		2,110,141			993,665			0.05	%	D/F/H/N
Conergy Asia & ME Pte. Ltd. (Singapore)																									First Lien Term Loan		Fixed		—			—			—		12/31/2022	$	2,110,141		2,110,141			116,691			0.01	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Bank Guarantee Credit Facility	Fixed		—			—			—		12/31/2021	$	6,578,877		6,578,877			101,315			0.01	%	D/F/H/N	Bank Guarantee Credit Facility		Fixed		—			—			—		12/31/2022	$	6,578,877		6,578,877			101,315			0.01	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Revolving Credit Facility	Fixed		—			—			—		12/31/2021	$	5,535,517		5,535,517			2,047,034			0.11	%	D/F/H/N	Revolving Credit Facility		Fixed		—			—			—		12/31/2022	$	5,535,517		5,535,517			1,981,715			0.10	%	D/F/H/N
																14,224,535			3,142,014			0.17	%																		14,224,535			2,199,721			0.12	%
Electrical Equipment
TCFI Amteck Holdings, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		—			6.25	%		6.44	%	12/31/2024	$	516,307		511,367			516,307			0.03	%	N
TCFI Amteck Holdings, LLC	First Lien Term Loan	LIBOR(Q)		—			6.25	%		6.44	%	12/31/2024	$	8,559,213		8,476,323			8,559,213			0.46	%	N
Health Care Technology
Appriss Health, LLC (PatientPing)																									First Lien Term Loan		LIBOR(Q)		1.00	%		7.25	%		8.25	%	5/6/2027	$	8,167,961		8,036,085			7,922,922			0.43	%	N
Appriss Health, LLC (PatientPing)																									First Lien Revolver		LIBOR(Q)		1.00	%		7.25	%		8.25	%	5/6/2027	$	—		(9,265	)		(16,336	)		—		K/N
CareATC, Inc.																									First Lien Term Loan		LIBOR(Q)		1.00	%		7.25	%		8.25	%	3/14/2024	$	14,314,835		14,140,472			14,457,984			0.79	%	N
CareATC, Inc.																									Sr Secured Revolver		LIBOR(Q)		1.00	%		7.25	%		8.25	%	3/14/2024	$	—		(4,851	)		—			—		K/N
ESO Solutions, Inc.																									First Lien Term Loan		SOFR(S)		1.00	%		7.00	%		8.00	%	5/3/2027	$	23,802,071		23,366,411			23,825,873			1.29	%	N
ESO Solutions, Inc.																									First Lien Revolver		SOFR(S)		1.00	%		7.00	%		8.00	%	5/3/2027	$	—		(29,741	)		—			—		K/N
Edifecs, Inc.																									First Lien Term Loan		LIBOR(Q)		1.00	%		7.00	%		8.00	%	9/21/2026	$	1,371,528		1,344,866			1,412,674			0.08	%	N
Gainwell Acquisition Corp.																									Second Lien Term Loan		LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/2/2028	$	5,727,820		5,702,129			5,790,826			0.31	%	N
Sandata Technologies, LLC																									First Lien Term Loan		LIBOR(Q)		—			6.00	%		7.06	%	7/23/2024	$	20,250,000		20,094,920			20,452,500			1.11	%	N
Sandata Technologies, LLC																									Sr Secured Revolver		LIBOR(Q)		—			6.00	%		6.56	%	7/23/2024	$	900,000		883,921			900,000			0.05	%	N
																8,987,690			9,075,520			0.49	%																		73,524,947			74,746,443			4.06	%
Energy Equipment and Services
Sphera Solutions, Inc. (Diamondback)	First Lien FILO Term Loan B	LIBOR(Q)		1.00	%		9.76	%		10.76	%	6/14/2023	$	23,258,656		23,049,248			23,723,830			1.29	%	N

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

Issuer

Instrument

Ref

Floor

Spread

Total
Coupon

Maturity

Principal

Cost

Fair
Value

% of Total
Cash and
Investments

Notes
Debt Investments (continued)

Health Care Technology

Appriss Health, LLC

First Lien Term Loan

LIBOR(Q)

1.00
%

7.25
%

8.25
%

5/6/2027

$
8,167,961

$
8,010,014

$
8,037,273

0.44
%

N
Appriss Health, LLC

First Lien Revolver

LIBOR(Q)

1.00
%

7.25
%

8.25
%

5/6/2027

$
—

(10,616
)

(8,712
)

—

K/N
CAREATC, Inc.

First Lien Term Loan

LIBOR(Q)

1.00
%

7.25
%

8.25
%

3/14/2024

$
8,395,757

8,294,615

8,479,715

0.46
%

N
CAREATC, Inc.

Sr Secured Revolver

LIBOR(Q)

1.00
%

7.25
%

8.25
%

3/14/2024

$
—

(6,708
)

—

—

K/N
ESO Solutions, Inc.

First Lien Term Loan

LIBOR(Q)

1.00
%

7.00
%

8.00
%

5/3/2027

$
14,702,329

14,414,408

14,555,306

0.79
%

N
ESO Solutions, Inc.

First Lien Revolver

LIBOR(Q)

1.00
%

7.00
%

8.00
%

5/3/2027

$
—

(34,079
)

(17,503
)

—

K/N
Edifecs, Inc.

First Lien Term Loan

LIBOR(Q)

1.00
%

7.00
%

8.00
%

9/21/2026

$
1,381,944

1,351,291

1,434,458

0.08
%

N
Gainwell Acquisition Corp.

Second Lien Term Loan

LIBOR(Q)

1.00
%

8.00
%

9.00
%

10/2/2028

$
5,727,820

5,699,181

5,756,459

0.31
%

N
Sandata Technologies, LLC

First Lien Term Loan

LIBOR(Q)

—

6.00
%

6.19
%

7/23/2024

$
20,250,000

20,050,692

20,391,750

1.10
%

N
Sandata Technologies, LLC

Sr Secured Revolver

LIBOR(Q)

—

6.00
%

6.19
%

7/23/2024

$
—

(21,333
)

—

—

K/N

57,747,465

58,628,746

3.18
%

Healthcare Providers and Services

INH Buyer, Inc.

First Lien Term Loan

LIBOR(Q)

1.00
%

6.00
%

7.00
%

6/28/2028

$
4,500,000

4,410,000

4,410,000

0.24
%

N
TEAM Services Group

Second Lien Term Loan

LIBOR(S)

1.00
%

9.00
%

10.00
%

11/13/2028

$
25,000,000

24,241,001

24,937,500

1.36
%

N
Tempus (Epic Staffing)

First Lien Term Loan

LIBOR(Q)

1.00
%

6.25
%

7.25
%

2/5/2027

$
4,074,248

3,996,174

4,119,065

0.22
%

N
Tempus (Epic Staffing)

First Lien Delayed Draw Term Loan

LIBOR(Q)

1.00
%

6.25
%

7.25
%

2/5/2027

$
—

(15,090
)

8,696

—

K/N

32,632,085

33,475,261

1.82
%

Hotels, Restaurants and Leisure

Fishbowl, Inc.

First Lien Term Loan

LIBOR(Q)

—

9.75
%

9.94
%

1/26/2022

$
26,536,125

26,453,659

10,614,450

0.58
%

N
Pegasus Business Intelligence, LP (Onyx Centersource)

First Lien Incremental Term Loan

LIBOR(Q)

1.00
%

8.25
%

9.25
%

12/20/2021

$
5,648,822

5,753,482

4,931,422

0.27
%

N
Pegasus Business Intelligence, LP (Onyx Centersource)

First Lien Term Loan

LIBOR(Q)

1.00
%

8.25
%

9.25
%

12/20/2021

$
13,510,298

13,748,891

11,794,490

0.63
%

N
Pegasus Business Intelligence, LP (Onyx Centersource)

Revolver

LIBOR(Q)

1.00
%

8.25
%

9.25
%

12/20/2021

$
671,356

683,439

586,093

0.03
%

N

46,639,471

27,926,455

1.51
%

Insurance

AmeriLife Holdings, LLC

Second Lien Term Loan

LIBOR(S)

1.00
%

8.50
%

9.50
%

3/18/2028

$
21,356,400

20,973,644

21,399,113

1.16
%

N
AmeriLife Holdings, LLC

Second Lien Incremental Term Loan

LIBOR(S)

1.00
%

8.50
%

9.50
%

3/18/2028

$
7,454,593

7,332,125

7,469,502

0.41
%

N
IT Parent, LLC

First Lien Term Loan

LIBOR(M)

1.00
%

6.25
%

7.25
%

10/1/2026

$
4,353,125

4,277,047

4,440,188

0.24
%

N
IT Parent, LLC

First Lien Incremental Term Loan

LIBOR(M)

1.00
%

6.25
%

7.25
%

10/1/2026

$
554,993

544,372

566,093

0.03
%

N
IT Parent, LLC

Sr Secured Revolver

LIBOR(M)

1.00
%

6.25
%

7.25
%

10/1/2026

$
—

(11,014
)

—

—

K/N
Peter C. Foy & Associates Insurance Services, LLC

First Lien Delayed Draw Term Loan

LIBOR(S)

1.00
%

6.25
%

7.25
%

3/31/2026

$
1,521,628

1,446,370

1,485,642

0.08
%

N

34,562,544

35,360,538

1.92
%

Internet and Catalog Retail

Live Auctioneers LLC

First Lien Last Out B-2 Term Loan

LIBOR(Q)

1.00
%

6.76
%

7.76
%

5/21/2025

$
13,749,904

13,553,203

13,887,403

0.75
%

N
Live Auctioneers LLC

First Lien Incremental Term Loan

LIBOR(Q)

1.00
%

6.76
%

7.76
%

5/21/2025

$
5,371,140

5,275,870

5,424,851

0.29
%

N
Syndigo, LLC

Second Lien Term Loan

LIBOR(S)

0.75
%

8.00
%

8.75
%

12/14/2028

$
12,141,870

11,968,435

12,081,161

0.66
%

N

30,797,508

31,393,415

1.70
%

Internet Software and Services

Acquia Inc.

First Lien Term Loan

LIBOR(Q)

1.00
%

7.00
%

8.00
%

11/1/2025

$
16,648,997

16,394,543

16,898,731

0.92
%

N
Acquia Inc.

Sr Secured Revolver

LIBOR(Q)

1.00
%

7.00
%

8.00
%

11/1/2025

$
144,303

118,135

144,303

0.01
%

N
Domo, Inc.

First Lien Delayed Draw Term Loan (7.0% Exit Fee)

LIBOR(M)

1.50
%

5.50% Cash + 2.50% PIK

9.50
%

4/1/2025

$
54,143,537

53,888,399

54,793,259

2.96
%

L/N
Domo, Inc.

First Lien PIK Term Loan

Fixed

—

9.50% PIK

9.50
%

4/1/2025

$
2,692,749

202,871

2,716,984

0.15
%

N
FinancialForce.com, Inc.

First Lien Delayed Draw Term Loan (3.0% Exit Fee)

LIBOR(M)

2.75
%

6.75
%

9.50
%

2/1/2024

$
28,000,000

27,688,142

28,252,000

1.53
%

L/N
FinancialForce.com, Inc.

First Lien Incremental Delayed Draw Term Loan (3.0% Exit Fee)

LIBOR(M)

2.75
%

6.75
%

9.50
%

2/1/2024

$
—

(80,640
)

85,500

—

L/K/N
Foursquare Labs, Inc.

First Lien Term Loan (5.0% Exit Fee)

LIBOR(M)

2.19
%

7.25
%

9.44
%

10/1/2022

$
33,750,000

33,614,328

33,918,750

1.84
%

L/N
Foursquare Labs, Inc.

First Lien Incremental Term Loan

LIBOR(M)

2.19
%

7.25
%

9.44
%

10/1/2022

$
7,500,000

7,345,291

7,507,500

0.41
%

N
Foursquare Labs, Inc.

First Lien Incremental Term Loan

LIBOR(M)

2.19
%

7.25
%

9.44
%

5/1/2023

$
2,500,000

2,481,225

2,547,500

0.14
%

N
McAfee, LLC

Second Lien Term Loan

LIBOR(M)

0.75
%

8.25
%

9.00
%

5/3/2029

$
20,000,000

19,700,000

19,850,000

1.08
%

N
Metricstream, Inc

First Lien Term Loan

LIBOR(Q)

1.00
%

8.00
%

9.00
%

9/28/2024

$
23,104,483

22,724,035

22,688,603

1.23
%

N
Metricstream, Inc.

First Lien Incremental Term Loan

LIBOR(Q)

1.00
%

8.00
%

9.00
%

9/28/2024

$
3,554,536

3,488,115

3,490,554

0.19
%

N
Persado, Inc.

First Lien Delayed Term Loan (4.25% Exit Fee)

LIBOR(M)

1.80
%

7.00
%

8.80
%

2/1/2025

$
8,782,078

8,719,337

8,694,258

0.47
%

L/N
Pluralsight, Inc.

First Lien Term Loan

LIBOR(S)

1.00
%

8.00
%

9.00
%

4/6/2027

$
28,401,250

27,852,055

28,316,047

1.54
%

N
Pluralsight, Inc.

First Lien Revolver

LIBOR(S)

1.00
%

8.00
%

9.00
%

4/6/2027

$
—

(46,457
)

(7,251
)

—

K/N
Quartz Holding Company (Quick Base)

Second Lien Term Loan

LIBOR(M)

—

8.00
%

8.09
%

4/2/2027

$
9,903,019

9,742,209

9,816,367

0.53
%

N
ResearchGate GmBH (Germany)

First Lien Term Loan (4.0% Exit Fee)

EURIBOR(Q)

—

8.55
%

8.55
%

10/1/2022

$
6,714,000

8,103,655

8,696,018

0.47
%

H/L/N/O

241,935,243

248,409,123

13.47
%

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Healthcare Providers and Services
INH Buyer, Inc. (IMS Health)	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.01	%	6/28/2028	$	4,477,500	$	4,394,773		$	4,164,075			0.23	%	N
Team Services Group, LLC	Second Lien Term Loan	LIBOR(S)		1.00	%		9.00	%		10.00	%	11/13/2028	$	27,855,847		27,117,303			27,716,568			1.51	%	G/N
Tempus, LLC (Epic Staffing)	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.01	%	2/5/2027	$	4,039,823		3,970,880			4,080,221			0.22	%	N
Tempus, LLC (Epic Staffing)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.01	%	2/5/2027	$	2,050,238		2,007,401			2,091,031			0.11	%	N
																37,490,357			38,051,895			2.07	%
Hotels, Restaurants and Leisure
Fishbowl, Inc.	First Lien Term Loan	LIBOR(Q)		—			9.75	%		10.00	%	6/30/2022	$	27,077,989		27,059,312			12,293,407			0.67	%	N

Insurance
AmeriLife Holdings, LLC	Second Lien Term Loan	LIBOR(S)		1.00	%		8.50	%		9.50	%	3/18/2028	$	28,810,993		28,353,383			28,407,639			1.54	%	N
IT Parent, LLC (Insurance Technologies)	First Lien Term Loan	LIBOR(Q)		1.00	%		6.25	%		7.25	%	10/1/2026	$	4,871,123		4,795,881			4,720,118			0.26	%	N
IT Parent, LLC (Insurance Technologies)	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.25	%		7.25	%	10/1/2026	$	166,667		157,167			147,292			0.01	%	N
																33,306,431			33,275,049			1.81	%
Internet and Catalog Retail
Syndigo, LLC	Second Lien Term Loan	LIBOR(S)		0.75	%		8.00	%		8.75	%	12/14/2028	$	12,141,870		11,983,468			12,050,806			0.66	%	G/N

Internet Software and Services
Acquia, Inc.	First Lien Term Loan	LIBOR(S)		1.00	%		7.00	%		8.00	%	10/31/2025	$	25,299,735		24,936,954			25,489,484			1.39	%	N
Acquia, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	10/31/2025	$	—		(22,502	)		—			—		K/N
Astra Acquisition Corp. (Anthology)	Second Lien Term Loan	LIBOR(M)		0.75	%		8.88	%		9.63	%	10/25/2029	$	20,720,019		20,316,428			20,409,219			1.11	%
Domo, Inc.	First Lien Delayed Draw Term Loan (7.0% Exit Fee)	LIBOR(M)		1.50	%	5.50% Cash + 2.50% PIK				9.50	%	4/1/2025	$	55,178,696		55,001,020			55,178,696			2.99	%	L/N
Domo, Inc.	First Lien PIK Term Loan	Fixed		—		9.50% PIK				9.50	%	4/1/2025	$	2,893,065		403,187			2,858,348			0.16	%	N
Foursquare Labs, Inc.	First Lien Term Loan (5.0% Exit Fee)	LIBOR(M)		2.19	%		7.25	%		9.44	%	10/1/2022	$	33,750,000		33,699,152			33,750,000			1.83	%	L/N
Foursquare Labs, Inc.	First Lien Incremental Term Loan	LIBOR(M)		2.19	%		7.25	%		9.44	%	10/1/2022	$	7,500,000		7,434,935			7,492,500			0.41	%	N
Foursquare Labs, Inc.	First Lien Incremental Term Loan	LIBOR(M)		2.19	%		7.25	%		9.44	%	5/1/2023	$	2,500,000		2,493,129			2,515,000			0.14	%	N
Magenta Buyer, LLC (McAfee)	Second Lien Term Loan	LIBOR(Q)		0.75	%		8.25	%		9.00	%	7/27/2029	$	20,000,000		19,732,006			19,875,000			1.08	%	G
MetricStream, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	9/28/2024	$	23,104,483		22,807,847			22,457,558			1.22	%	N
MetricStream, Inc.	First Lien Incremental Term Loan (3.25% Exit Fee)	LIBOR(Q)		1.00	%		8.00	%		9.00	%	9/28/2024	$	7,109,072		6,985,130			6,885,136			0.37	%	L/N
Persado, Inc.	First Lien Delayed Draw Term Loan (4.25% Exit Fee)	LIBOR(M)		1.80	%		7.00	%		8.80	%	2/1/2025	$	8,782,078		8,731,185			8,676,693			0.47	%	L/N
Pluralsight, Inc.	First Lien Term Loan	LIBOR(S)		1.00	%		8.00	%		9.00	%	4/6/2027	$	32,582,872		32,014,701			31,833,467			1.73	%	N
Pluralsight, Inc.	First Lien Revolver	LIBOR(S)		1.00	%		8.00	%		9.00	%	4/6/2027	$	—		(40,464	)		(55,594	)		—		K/N
Quartz Holding Company (Quick Base)	Second Lien Term Loan	LIBOR(M)		—			8.00	%		8.46	%	4/2/2027	$	9,903,019		9,759,498			9,903,019			0.54	%	N
ResearchGate GmBH (Germany)	First Lien Term Loan (4.0% Exit Fee)	EURIBOR(Q)		—			8.55	%		8.55	%	10/1/2022	€	7,500,000		8,244,588			8,119,563			0.44	%	H/L/N/O
Reveal Data Corp., Brainspace Corp., Nexlp, Inc.	First Lien Term Loan	SOFR(S)		1.00	%		6.50	%		7.50	%	3/9/2028	$	7,476,672		7,291,378			7,289,755			0.40	%	N
Suited Connector, LLC	Sr Secured Revolver	LIBOR(M)		1.00	%		6.00	%		7.00	%	12/1/2027	$	113,637		102,838			105,114			0.01	%	N
Suited Connector, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		6.00	%		7.00	%	12/1/2027	$	3,579,545		3,510,686			3,525,852			0.19	%	N
Suited Connector, LLC	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		6.00	%		7.00	%	12/1/2027	$	—		(16,105	)		(12,784	)		—		K/N
																263,385,591			266,296,026			14.48	%
IT Services
Ensono, Inc.	Second Lien Term Loan B	LIBOR(S)		—			8.00	%		8.35	%	5/28/2029	$	15,000,000		14,865,797			15,150,000			0.82	%	N
Puppet, Inc.	First Lien Term Loan (3.0% Exit Fee)	LIBOR(Q)		1.00	%		8.50	%		9.50	%	6/19/2023	$	13,930,936		13,765,367			13,680,179			0.74	%	L/N
Xactly Corporation	First Lien Term Loan	LIBOR(S)		1.00	%		7.25	%		8.25	%	7/31/2022	$	14,671,682		14,645,138			14,671,682			0.80	%	N
Xactly Corporation	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	—		(1,141	)		—			—		K/N
																43,275,161			43,501,861			2.36	%
Leisure Products
Blue Star Sports Holdings, Inc.	First Lien Delayed Draw Term Loan	LIBOR(S)		1.00	%	5.75% cash + 3.50% PIK				10.25	%	6/15/2024	$	61,885		61,413			59,706			—		N
Blue Star Sports Holdings, Inc.	First Lien Revolver	LIBOR(S)		1.00	%	5.75% cash + 3.50% PIK				10.25	%	6/15/2024	$	123,867		123,002			119,507			0.01	%	N
Blue Star Sports Holdings, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 3.50% PIK				10.25	%	6/15/2024	$	1,724,201		1,710,930			1,663,509			0.09	%	N
																1,895,345			1,842,722			0.10	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes		Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
IT Services
Ensono, Inc.	Second Lien Term Loan B	LIBOR(S)		—			8.00	%		8.17	%	6/2/2029	$	15,000,000	$	14,850,000		$	14,850,000			0.80	%	N
Puppet, Inc.	First Lien Term Loan (3.0% Exit Fee)	LIBOR(Q)		1.00	%		8.50	%		9.50	%	6/19/2023	$	13,930,936		13,669,271			13,749,834			0.75	%	L/N
Xactly Corporation	First Lien Incremental Term Loan B	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	4,996,644		4,960,915			4,996,644			0.27	%	N
Xactly Corporation	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	2,726,918		2,712,335			2,726,918			0.15	%	N
Xactly Corporation	First Lien Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	6,948,120		6,914,941			6,948,120			0.38	%	N
Xactly Corporation	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	—		(3,725	)		—			—		K/N
																43,103,737			43,271,516			2.35	%
Leisure Products
Blue Star Sports Holdings, Inc.	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 3.50% PIK				10.25	%	6/15/2024	$	58,413		57,792			56,520			—		N
Blue Star Sports Holdings, Inc.	First Lien Revolver	LIBOR(Q)		1.00	%	5.75% cash + 3.50% PIK				10.25	%	6/15/2024	$	116,975		115,786			113,185			0.01	%	N
Blue Star Sports Holdings, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 3.50% PIK				10.25	%	6/15/2024	$	1,628,799		1,611,435			1,576,026			0.08	%	N
																1,785,013			1,745,731			0.09	%
Machinery
Sonny's Enterprises, LLC	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		6.75	%		7.75	%	8/5/2026	$	3,772,595		3,700,664			3,761,278			0.20	%	N
Sonny's Enterprises, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.75	%		7.75	%	8/5/2026	$	7,303,948		7,134,216			7,276,411			0.39	%	N		First Lien Term Loan	LIBOR(M)		1.00	%		6.75	%		7.75	%	8/5/2026	$	3,744,159	$	3,681,105		$	3,819,042			0.21	%	N
Sonny's Enterprises, LLC	First Lien Incremental Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.75	%		7.75	%	8/5/2026	$	304,344		285,128			301,372			0.02	%	N		First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		6.75	%		7.75	%	8/5/2026	$	10,093,229		9,929,976			10,295,094			0.56	%	N
																11,120,008			11,339,061			0.61	%																		13,611,081			14,114,136			0.77	%
Media
Khoros, LLC (Lithium)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	7,131,905		7,076,613			7,089,114			0.38	%	N		First Lien Term Loan	LIBOR(S)		1.00	%		8.00	%		9.03	%	10/3/2022	$	28,016,636		27,942,063			27,960,602			1.52	%	N
Khoros, LLC (Lithium)	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	20,884,731		20,756,637			20,759,423			1.13	%	N		Sr Secured Revolver	LIBOR(S)		1.00	%		8.00	%		9.00	%	10/3/2022	$	661,122		656,310			657,154			0.04	%	N
Khoros, LLC (Lithium)	Sr Secured Revolver	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	—		(8,977	)		(9,169	)		—		K/N
Khoros, LLC (Lithium)	Sr Secured Revolver	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	—		(3,326	)		(2,731	)		—		K/N
NEP II, Inc.	Second Lien Term Loan	LIBOR(M)		—			7.00	%		7.10	%	10/19/2026	$	14,500,000		14,022,451			14,282,500			0.77	%	G/N		Second Lien Term Loan	LIBOR(M)		—			7.00	%		7.46	%	10/19/2026	$	14,500,000		14,048,669			14,068,625			0.76	%	G
Quora, Inc.	First Lien Term Loan (4.0% Exit Fee)	Fixed		—		10.10% PIK				10.10	%	5/1/2024	$	126,926		126,926			126,418			0.01	%	L/N		First Lien Term Loan (4.0% Exit Fee)	Fixed		—			—			10.10	%	5/1/2024	$	12,819,528		12,709,336			12,570,754			0.68	%	L/N
Quora, Inc.	First Lien Term Loan (4.0% Exit Fee)	Fixed		—		10.10% PIK				10.10	%	5/1/2024	$	12,692,602		12,554,567			12,692,602			0.69	%	L/N
																54,524,891			54,938,157			2.98	%
Metal and Mining
Neenah Foundry Company	First Lien Term Loan B	LIBOR(Q)		1.00	%		9.00	%		10.00	%	12/13/2022	$	6,067,194		5,837,397			6,067,194			0.33	%	N
Terraboost Media Operating Company, LLC																										First Lien Term Loan	SOFR(Q)		1.00	%		6.50	%		7.50	%	8/23/2026	$	10,654,740		10,448,008			10,441,646			0.57	%	N
																																									65,804,386			65,698,781			3.57	%
Oil, Gas and Consumable Fuels
Iracore International, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		9.00	%		10.00	%	4/12/2024	$	1,324,140		1,324,140			1,324,140			0.07	%	B/N
Iracore International Holdings, Inc.																										First Lien Term Loan	LIBOR(Q)		1.00	%		9.00	%		10.00	%	4/12/2024	$	1,324,140		1,324,140			1,324,140			0.07	%	B/N

Personal Products
Olaplex, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		6.50	%		7.50	%	1/8/2026	$	13,233,109		13,025,087			13,365,440			0.72	%	N
Olaplex, Inc.	First Lien Incremental Term Loan	LIBOR(M)		1.00	%		6.50	%		7.50	%	1/8/2026	$	5,105,295		5,060,323			5,156,348			0.28	%	N
Olaplex, Inc.	Sr Secured Revolver	LIBOR(M)		1.00	%		6.50	%		7.50	%	1/8/2025	$	—		(19,354	)		—			—		K/N
Paula's Choice Holdings, Inc.	First Lien Incremental Term Loan	LIBOR(M)		1.00	%		6.25	%		7.25	%	11/17/2025	$	19,750,000		19,260,525			19,651,250			1.07	%	N
Paper and Forest Products
Alpine Acquisition Corp II (48Forty)																										First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		7.00	%	11/30/2026	$	20,286,424		19,879,815			19,873,533			1.08	%	N
Alpine Acquisition Corp II (48Forty)																										Sr Secured Revolver	SOFR(Q)		1.00	%		6.00	%		7.00	%	11/30/2026	$	—		(5,309	)		(5,372	)		—		K/N
Alpine Acquisition Corp II (48Forty)																										First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		6.00	%		7.00	%	11/30/2026	$	—		(5,309	)		(5,372	)		—		K/N
																37,326,581			38,173,038			2.07	%																		19,869,197			19,862,789			1.08	%
Professional Services
Applause App Quality, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		5.00	%		6.00	%	9/20/2022	$	20,668,444		20,556,522			20,668,444			1.12	%	N		First Lien Term Loan	LIBOR(S)		1.00	%		5.00	%		6.00	%	9/20/2022	$	15,400,385		15,373,155			15,400,385			0.84	%	N
Applause App Quality, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		5.00	%		6.00	%	9/20/2022	$	—		(7,421	)		—			—		K/N		Sr Secured Revolver	LIBOR(Q)		1.00	%		5.00	%		6.00	%	9/20/2022	$	—		(2,140	)		—			—		K/N
CIBT Solutions, Inc.	Second Lien Term Loan	LIBOR(Q)		1.00	%		7.75	%		—		6/1/2025	$	7,875,338		7,607,370			4,095,176			0.22	%	C/G		Second Lien Term Loan	LIBOR(Q)		1.00	%	1.00% Cash + 6.75% PIK				8.75	%	6/1/2025	$	8,146,376		7,567,314			4,315,543			0.23	%	C/G
GI Consilio Parent, LLC	Second Lien Term Loan	LIBOR(M)		0.50	%		7.50	%		8.00	%	5/14/2029	$	10,000,000		9,901,936			9,960,000			0.54	%	N		Second Lien Term Loan	LIBOR(M)		0.50	%		7.50	%		8.00	%	5/14/2029	$	10,000,000		9,912,025			10,040,000			0.55	%	N
Dude Solutions Holdings, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	16,842,565		16,569,403			17,010,991			0.92	%	N		First Lien Term Loan	LIBOR(Q)		1.00	%		6.25	%		7.26	%	6/13/2025	$	25,496,742		25,098,278			25,394,756			1.38	%	N
Dude Solutions Holdings, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	2,221,925		2,182,463			2,244,144			0.12	%	N		Sr Secured Revolver	LIBOR(Q)		1.00	%		6.25	%		7.26	%	6/13/2025	$	883,158		856,058			874,327			0.05	%	N
Dude Solutions Holdings, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	3,618,193		3,512,215			3,726,739			0.20	%	N
Dude Solutions Holdings, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.50	%		8.50	%	6/13/2025	$	—		(33,336	)		—			—		K/N
iCIMS, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	9/12/2024	$	121,678		120,345			121,520			0.01	%	N		Sr Secured Revolver	LIBOR(S)		1.00	%		6.50	%		7.50	%	9/12/2024	$	121,678		120,647			121,216			0.01	%	N
iCIMS, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	9/12/2024	$	2,351,073		2,320,070			2,348,017			0.13	%	N		First Lien Term Loan	LIBOR(S)		1.00	%		6.50	%		7.50	%	9/12/2024	$	2,704,323		2,675,051			2,694,047			0.15	%	N
iCIMS, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	9/12/2024	$	353,250		347,210			352,791			0.02	%	N
Jobandtalent USA, Inc (United Kingdom)	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		8.75	%		9.75	%	2/17/2025	$	7,969,804		7,820,336			8,033,563			0.44	%	N/H
Jobandtalent USA, Inc (United Kingdom)	First Lien Term Loan	LIBOR(M)		1.00	%		8.75	%		9.75	%	2/17/2025	$	23,909,413		23,464,480			24,100,689			1.30	%	N/H
Jobandtalent USA, Inc (United Kingdom)	First Lien Incremental Delayed Draw Term Loan	LIBOR(M)		1.00	%		8.75	%		9.75	%	2/17/2025	$	10,620,782		10,414,002			10,705,749			0.58	%	H/N
JobandTalent USA, Inc. (United Kingdom)																										First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		8.75	%		9.75	%	2/17/2025	$	18,590,586		18,294,571			18,683,539			1.02	%	H/N
JobandTalent USA, Inc. (United Kingdom)																										First Lien Term Loan	LIBOR(M)		1.00	%		8.75	%		9.75	%	2/17/2025	$	26,409,413		25,984,020			26,541,460			1.43	%	H/N
RigUp, Inc.	First Delayed Draw Term Loan (3.5% Exit Fee)	LIBOR(M)		1.50	%		7.00	%		8.50	%	3/1/2024	$	29,000,000		28,596,414			29,638,000			1.61	%	L/N		First Lien Delayed Draw Term Loan (3.5% Exit Fee)	LIBOR(M)		1.50	%		7.00	%		8.50	%	3/1/2024	$	29,000,000		28,699,541			28,507,000			1.55	%	L/N
VT TopCo, Inc. (Veritext)																										Second Lien Term Loan	LIBOR(Q)		0.75	%		6.75	%		7.76	%	8/4/2026	$	2,666,667		2,651,156			2,640,000			0.14	%	N
																133,372,009			133,005,823			7.21	%																		137,229,676			135,212,273			7.35	%
Real Estate Management and Development																									Real Estate Management and Development
Greystone Affordable Housing Initiatives, LLC																										First Lien Delayed Draw Term Loan	LIBOR(S)		1.25	%		6.00	%		7.25	%	3/2/2026	$	4,666,667		4,666,667			4,638,667			0.25	%	N
Greystone Select Company II, LLC (Passco)																										First Lien Term Loan	SOFR(M)		1.50	%		6.50	%		8.00	%	3/21/2027	$	8,181,818		8,018,992			8,018,182			0.44	%	N
Greystone Select Company II, LLC (Passco)																										First Lien Delayed Draw Term Loan	SOFR(M)		1.50	%		6.50	%		8.00	%	3/21/2027	$	—		(234,980	)		(236,364	)		-0.01	%	K/N
																																									12,450,679			12,420,485			0.68	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

Issuer

Instrument

Ref

Floor

Spread

Total
Coupon

Maturity

Principal

Cost

Fair
Value

% of Total
Cash and
Investments

Notes
Debt Investments (continued)

Real Estate Management and Development

Space Midco, Inc. (Archibus)

First Lien Term Loan

LIBOR(M)

—

6.25
%

6.38
%

12/5/2023

$
4,444,444

$
4,397,529

$
4,444,444

0.24
%

N
Space Midco, Inc. (Archibus)

Sr Secured Revolver

LIBOR(M)

—

6.25
%

6.38
%

12/5/2023

$
—

(2,821
)

—

—

K/N

4,394,708

4,444,444

0.24
%

Road and Rail

GlobalTranz Enterprises LLC

Second Lien Term Loan

LIBOR(M)

—

8.25
%

8.35
%

5/15/2027

$
19,382,324

19,067,600

19,033,443

1.03
%

N
Keep Truckin, Inc.

First Lien Incremental Term Loan

LIBOR(M)

1.00
%

7.25
%

8.25
%

4/8/2025

$
20,000,000

19,711,734

19,960,000

1.08
%

N

38,779,334

38,993,443

2.11
%

Software

Aras Corporation

First Lien Term Loan

LIBOR(Q)

1.00
%

3.25%Cash + 3.75%PIK

8.00
%

4/13/2027

$
8,723,326

8,554,305

8,601,199

0.47
%

N
Aras Corporation

First Lien Delayed Draw Term Loan

LIBOR(Q)

1.00
%

3.25%Cash + 3.75%PIK

8.00
%

4/13/2027

$
—

(22,429
)

(16,284
)

—

K/N
Aras Corporation

First Lien Revolver

LIBOR(Q)

1.00
%

6.50
%

7.50
%

4/13/2027

$
—

(16,822
)

(12,213
)

—

K/N
Certify, Inc.

First Lien Delayed Draw Term Loan

LIBOR(M)

1.00
%

5.75
%

6.75
%

2/28/2024

$
3,188,631

3,156,637

3,188,631

0.17
%

N
Certify, Inc.

First Lien Term Loan

LIBOR(M)

1.00
%

5.75
%

6.75
%

2/28/2024

$
23,383,293

23,328,429

23,383,293

1.27
%

N
Certify, Inc.

Sr Secured Revolver

LIBOR(M)

1.00
%

5.75
%

6.75
%

2/28/2024

$
265,719

250,843

265,719

0.01
%

N
Rhode Holdings, Inc. (Kaseya)

First Lien Delayed Draw Term Loan

LIBOR(Q)

1.00
%

4.00%Cash +3.00%PIK

8.00
%

5/2/2025

$
1,745,061

1,722,586

1,753,786

0.10
%

N
Rhode Holdings, Inc. (Kaseya)

First Lien Term Loan

LIBOR(Q)

1.00
%

4.00%Cash +3.00%PIK

8.00
%

5/2/2025

$
14,835,302

14,638,042

14,909,478

0.81
%

N
Rhode Holdings, Inc. (Kaseya)

Sr Secured Revolver

LIBOR(Q)

1.00
%

6.50
%

7.50
%

5/2/2025

$
590,882

574,913

590,882

0.03
%

N
Rhode Holdings, Inc. (Kaseya)

First Lien Incremental Delayed Draw Term Loan

LIBOR(Q)

1.00
%

4.00%Cash +3.00%PIK

8.00
%

5/2/2025

$
815,728

804,980

819,806

0.04
%

N
Rhode Holdings, Inc. (Kaseya)

First Lien Incremental Term Loan

LIBOR(Q)

1.00
%

4.00%Cash +3.00%PIK

8.00
%

5/2/2025

$
1,281,602

1,265,034

1,288,010

0.07
%

N
Rhode Holdings, Inc. (Kaseya)

First Lien Incremental Delayed Draw Term Loan

LIBOR(Q)

1.00
%

4.00%Cash +3.00%PIK

8.00
%

5/2/2025

$
280,293

272,530

283,802

0.02
%

N
Rhode Holdings, Inc. (Kaseya)

First Lien Incremental Term Loan

LIBOR(Q)

1.00
%

4.00%Cash +3.00%PIK

8.00
%

5/2/2025

$
388,213

381,440

390,154

0.02
%

N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)

First Lien Term Loan

LIBOR(Q)

1.00
%

7.00
%

8.00
%

3/31/2027

$
10,469,484

10,267,617

10,406,667

0.56
%

H/N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)

First Lien Revolver

LIBOR(Q)

1.00
%

7.00
%

8.00
%

3/31/2027

$
—

(22,295
)

(6,980
)

—

H/K/N
SEP Vulcan Acquisition, Inc (Canada)

First Lien Term Loan

LIBOR(Q)

1.00
%

7.00
%

8.00
%

3/16/2027

$
7,836,483

7,684,262

7,820,810

0.42
%

H/N
SEP Vulcan Acquisition, Inc (Canada)

First Lien Revolver

LIBOR(Q)

1.00
%

7.00
%

8.00
%

3/16/2027

$
—

(21,312
)

(2,239
)

—

H/K/N
Snow Software AB

First Lien Term Loan

LIBOR(Q)

2.00
%

6.00
%

8.00
%

4/17/2024

$
10,373,317

10,247,124

10,477,050

0.57
%

N
Snow Software AB

First Lien Incremental Term Loan

LIBOR(Q)

2.00
%

6.00
%

8.00
%

4/17/2024

$
11,543,865

11,388,836

11,774,743

0.64
%

N
Snow Software AB

First Lien Term Loan

LIBOR(Q)

2.00
%

6.00
%

8.00
%

7/21/2021

$
4,477,328

4,472,424

4,477,328

0.24
%

N
Snow Software AB

Sr Secured Revolver

LIBOR(Q)

2.00
%

6.00
%

8.00
%

4/17/2024

$
—

(50,473
)

—

—

K/N
Superman Holdings, LLC

First Lien Term Loan

LIBOR(Q)

1.00
%

5.39
%

6.39
%

8/31/2027

$
8,776,103

8,583,985

8,951,626

0.49
%

N
Superman Holdings, LLC

First Lien Incremental Term Loan

LIBOR(Q)

1.00
%

5.39
%

6.39
%

8/31/2027

$
1,555,975

1,517,786

1,587,094

0.09
%

N
Superman Holdings, LLC

Sr Secured Revolver

LIBOR(Q)

1.00
%

5.39
%

6.39
%

8/31/2026

$
—

(27,073
)

—

—

K/N
Syntellis Performance Solutions, Inc

First Lien Term Loan

LIBOR(Q)

1.00
%

8.00
%

9.00
%

8/2/2027

$
21,295,019

20,722,787

21,720,920

1.18
%

N
Backoffice Associates Holdings, LLC

First Lien Revolver

LIBOR(Q)

1.00
%

7.50
%

8.50
%

4/30/2026

$
—

(49,730
)

(41,150
)

—

K/N
Backoffice Associates Holdings, LLC

First Lien Term Loan

LIBOR(Q)

1.00
%

7.50
%

8.50
%

4/30/2026

$
12,859,398

12,483,060

12,550,773

0.68
%

N
Winshuttle, LLC

First Lien FILO Term Loan

LIBOR(M)

1.00
%

8.42
%

9.42
%

8/9/2024

$
13,496,557

13,257,002

13,564,040

0.74
%

N

155,364,488

158,726,945

8.62
%

Specialty Retail

Calceus Acquisition, Inc. (Cole Haan)

First Lien Term Loan B

LIBOR(Q)

—

5.50
%

5.50
%

2/12/2025

$
436,634

417,075

425,719

0.02
%

N
Calceus Acquisition, Inc. (Cole Haan)

First Lien Sr Secured Notes

Fixed

—

9.75
%

9.75
%

2/19/2025

$
20,000,000

19,506,641

20,994,000

1.15
%

N
USR Parent, Inc. (Staples)

First Lien FILO Term Loan

LIBOR(M)

1.00
%

8.84
%

9.84
%

9/12/2022

$
3,752,765

3,726,237

3,752,765

0.20
%

N

23,649,953

25,172,484

1.37
%

Textiles, Apparel and Luxury Goods

WH Buyer, LLC (Anne Klein)

Senior Secured Incremental FILO Lien Term Loan

LIBOR(Q)

1.00
%

6.75
%

7.75
%

12/31/2025

$
4,123,779

4,083,085

4,206,254

0.23
%

N
WH Buyer, LLC (Anne Klein)

First Lien Incremental FILO Term Loan

LIBOR(Q)

1.00
%

6.75
%

7.75
%

12/31/2025

$
7,903,889

7,829,479

8,061,967

0.44
%

N
WH Buyer, LLC (Anne Klein)

First Lien FILO Term Loan

LIBOR(Q)

1.00
%

7.45
%

8.45
%

12/31/2025

$
27,664,640

27,454,886

28,217,933

1.54
%

N
WH Buyer, LLC (Anne Klein)

First Lien Incremental Term Loan

LIBOR(Q)

1.00
%

7.45
%

8.45
%

12/31/2025

$
5,307,692

5,265,232

5,413,846

0.29
%

N
Kenneth Cole Productions, Inc.

First Lien FILO Term Loan

LIBOR(M)

1.00
%

9.50
%

10.50
%

12/28/2023

$
17,504,750

17,438,121

17,399,722

0.94
%

N
PSEB, LLC (Eddie Bauer)

First Lien Term Loan

LIBOR(Q)

1.50
%

8.00
%

9.50
%

10/12/2023

$
17,989,003

17,736,319

18,312,805

0.99
%

N

79,807,122

81,612,527

4.43
%

Thrifts and Mortgage Finance

Home Partners of America, Inc.

First Lien Term Loan

LIBOR(M)

1.00
%

6.25
%

7.25
%

10/13/2022

$
2,857,143

2,842,726

2,857,143

0.15
%

N

Tobacco Related

Juul Labs, Inc.

First Lien Term Loan

LIBOR(Q)

1.50
%

8.00
%

9.50
%

8/2/2023

$
26,277,995

26,133,970

26,120,327

1.42
%

N

Trading Companies & Distributors

Whele LLC

First Lien Incremental Term Loan

LIBOR(M)

1.00
%

7.00
%

8.00
%

10/15/2025

$
13,953,759

14,092,213

14,093,293

0.76
%

N

Total Debt Investments - 195.9% of Net Assets

1,635,447,066

1,607,949,318

87.20
%

��

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Road and Rail
Keep Truckin, Inc.	First Lien Term Loan	SOFR(S)		1.00	%		7.25	%		8.37	%	4/8/2025	$	29,880,937	$	29,527,282		$	29,552,247			1.61	%	N
Keep Truckin, Inc.	First Lien Incremental Term Loan	LIBOR(S)		1.00	%		7.25	%		8.25	%	4/8/2025	$	10,119,063		9,981,057			10,007,753			0.54	%	N
																39,508,339			39,560,000			2.15	%
Semiconductors and Semiconductor Equipment
Emerald Technologies (U.S.) AcquisitionCo, Inc.	First Lien Term Loan	SOFR(S)		1.00	%		6.25	%		7.25	%	12/29/2027	$	5,599,914		5,488,957			5,515,915			0.30	%	N
Emerald Technologies (U.S.) AcquisitionCo, Inc.	Sr Secured Revolver	SOFR(S)		1.00	%		6.25	%		7.25	%	12/29/2026	$	—		(234,473	)		(90,409	)		—		K/N
																5,254,484			5,425,506			0.30	%
Software
Aerospike, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		7.50	%		8.50	%	12/29/2025	$	6,933,486		6,868,503			6,837,804			0.37	%	N
AlphaSense, Inc.	First Lien Term Loan	SOFR(M)		1.00	%		7.00	%		8.00	%	3/11/2027	$	8,030,596		7,950,348			7,950,290			0.43	%	N
Aras Corporation	First Lien Term Loan	LIBOR(Q)		1.00	%	3.25% Cash + 3.75% PIK				8.00	%	4/13/2027	$	12,265,507		12,075,831			11,983,401			0.65	%	N
Aras Corporation	First Lien Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	4/13/2027	$	—		(14,660	)		(20,064	)		—		K/N
Backoffice Associates Holdings, LLC (Syniti)	First Lien Revolver	PRIME		—			6.75	%		10.25	%	4/30/2026	$	428,646		386,531			428,647			0.02	%	N
Backoffice Associates Holdings, LLC (Syniti)	First Lien Term Loan	LIBOR(S)		1.00	%		7.75	%		8.75	%	4/30/2026	$	13,114,701		12,787,458			13,154,045			0.72	%	N
Certify, Inc.	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		5.50	%		6.50	%	2/28/2024	$	3,188,631		3,165,330			3,178,108			0.17	%	N
Certify, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		5.50	%		6.50	%	2/28/2024	$	23,383,293		23,349,156			23,306,128			1.29	%	N
Certify, Inc.	Sr Secured Revolver	LIBOR(M)		1.00	%		5.50	%		6.50	%	2/28/2024	$	265,719		251,707			262,212			0.01	%	N
CyberGrants Holdings, LLC	First Lien Term Loan	LIBOR(M)		0.75	%		6.50	%		7.25	%	9/8/2027	$	2,833,333		2,794,085			2,804,433			0.15	%	N
CyberGrants Holdings, LLC	First Lien Delayed Draw Term Loan	LIBOR(M)		0.75	%		6.50	%		7.25	%	9/8/2027	$	—		(3,777	)		(2,833	)		—		K/N
CyberGrants Holdings, LLC	First Lien Revolver	LIBOR(Q)		0.75	%		6.50	%		7.39	%	9/8/2027	$	194,445		190,649			191,611			0.01	%	N
Elastic Path Software, Inc. (Canada)	First Lien Term Loan	SOFR(Q)		1.00	%		7.50	%		8.50	%	1/6/2026	$	5,432,783		5,382,725			5,368,676			0.29	%	H/I/N
Integrate.com, Inc. (Infinity Data, Inc.)	First Lien Term Loan	LIBOR(Q)		—		4.00% Cash + 3.00% PIK				7.00	%	12/17/2027	$	3,766,667		3,693,683			3,678,527			0.20	%	N
Integrate.com, Inc. (Infinity Data, Inc.)	First Lien Delayed Draw Term Loan	LIBOR(Q)		—		4.00% Cash + 3.00% PIK				7.00	%	12/17/2027	$	—		(12,693	)		(15,600	)		—		K/N
Integrate.com, Inc. (Infinity Data, Inc.)	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.00	%		7.00	%	12/17/2027	$	—		(6,347	)		(7,800	)		—		K/N
Nvest, Inc. (SigFig)	First Lien Term Loan	SOFR(S)		1.00	%		7.50	%		8.50	%	9/15/2025	$	6,798,242		6,680,241			6,679,273			0.36	%	N
Oversight Systems, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		7.00	%		8.00	%	9/24/2026	$	4,558,783		4,476,399			4,426,122			0.24	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Term Loan	LIBOR(Q)		1.00	%	5.50% Cash + 1.00% PIK				7.50	%	5/2/2025	$	21,360,062		20,932,584			21,360,062			1.16	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	5.50% Cash + 1.00% PIK				7.50	%	5/2/2025	$	4,402,977		4,333,313			4,402,977			0.24	%	N
Rhode Holdings, Inc. (Kaseya)	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	5/2/2025	$	—		(12,960	)		—			—		K/N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Term Loan	LIBOR(Q)		1.00	%	4.50% Cash + 3.00% PIK				8.56	%	3/31/2027	$	10,548,005		10,367,141			10,516,361			0.57	%	H/N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Revolver	LIBOR(Q)		1.00	%	4.50% Cash + 3.00% PIK				8.56	%	3/31/2027	$	—		(19,410	)		(3,490	)		—		H/K/N
SEP Vulcan Acquisition, Inc. (Tasktop) (Canada)	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/16/2027	$	7,836,483		7,701,729			7,867,829			0.43	%	H/N
SEP Vulcan Acquisition, Inc. (Tasktop) (Canada)	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/16/2027	$	—		(18,530	)		—			—		H/K/N
Superman Holdings, LLC (Foundation Software)	First Lien Term Loan	LIBOR(M)		1.00	%		5.75	%		6.75	%	8/31/2027	$	10,254,002		10,052,952			10,182,224			0.55	%	N
Superman Holdings, LLC (Foundation Software)	Sr Secured Revolver	LIBOR(Q)		1.00	%		5.75	%		6.75	%	8/31/2026	$	—		(23,177	)		(8,792	)		—		K/N
Syntellis Performance Solutions, Inc. (Axiom Software)	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	8/2/2027	$	21,134,100		20,622,501			21,556,782			1.17	%	N
Zilliant Incorporated	First Lien Term Loan	LIBOR(Q)		0.75	%	6.50% PIK				7.25	%	12/21/2027	$	1,508,333		1,480,163			1,472,133			0.08	%	N
Zilliant Incorporated	First Lien Delayed Draw Term Loan	LIBOR(Q)		0.75	%	6.50% PIK				7.25	%	12/21/2027	$	—		(7,065	)		(8,889	)		—		K/N
Zilliant Incorporated	Sr Secured Revolver	LIBOR(Q)		0.75	%		6.00	%		6.75	%	12/21/2027	$	—		(2,826	)		(3,556	)		—		K/N
																165,421,584			167,536,621			9.11	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

Issuer

Instrument

Expiration

Shares

Cost

Fair
Value

% of Total
Cash and
Investments

Notes
Equity Securities

Automobiles

Autoalert Acquisition Co, LLC

Warrants to Purchase LLC Interest

6/28/2030

7

$
2,910,423

$
2,353,211

0.13
%

D/E/N

Capital Markets

Pico Quantitative Trading, LLC

Warrants to Purchase Membership Units (144A)

2/7/2030

287

645,121

1,047,692

0.06
%

D/E/N

Chemicals

AGY Equity, LLC

Class A Preferred Stock

1,786,785

485,322

242,825

0.01
%

D/E/N
AGY Equity, LLC

Class B Preferred Stock

1,250,749

—

—

—

D/E/N
AGY Equity, LLC

Class C Common Stock

982,732

—

—

—

D/E/N

485,322

242,825

0.01
%

Communications Equipment

Avanti Communications Group, PLC (United Kingdom)

Common Stock

26,576,710

4,902,674

—

—

D/H/N/O

Diversified Consumer Services

Razor Group GmbH (Germany)

Warrants to Purchase Preferred Stock

4/28/2028

516

—

541,369

0.03
%

D/E/H/N
TVG-Edmentum Holdings, LLC

Series A Preferred Stock

29,142,690

29,142,690

52,435,658

2.85
%

B/E/N
TVG-Edmentum Holdings, LLC

Series B-1 Common Stock

14,321,453

14,321,453

25,494,730

1.38
%

B/E/N
TVG-Edmentum Holdings, LLC

Series B-2 Common Stock

13,421,162

13,421,162

25,494,730

1.38
%

B/D/E/N

56,885,305

103,966,487

5.64
%

Diversified Financial Services

36th Street Capital Partners Holdings, LLC

Membership Units

22,199,416

22,199,416

31,639,000

1.72
%

E/F/N
Conventional Lending TCP Holdings, LLC

Membership Units

19,045,869

19,045,869

18,500,000

1.00
%

E/F/I/N
GACP I, LP (Great American Capital)

Membership Units

460,486

460,486

1,052,170

0.06
%

E/I/N
GACP II, LP (Great American Capital)

Membership Units

13,524,031

13,524,031

13,623,790

0.74
%

E/I/N
Worldremit Group Limited (United Kingdom)

Warrants to Purchase Series D Stock

2/11/2031

34,820

—

807,476

0.04
%

D/E/N/H

55,229,802

65,622,436

3.56
%

Electric Utilities

Conergy Asia Holdings Limited (United Kingdom)

Class B Shares

1,000,000

1,000,000

—

—

D/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom)

Ordinary Shares

3,333

7,833,333

—

—

D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

Ordinary Shares

2,332,594

—

—

—

D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

Series B Preferred Shares

93,023

1,395,349

—

—

D/E/F/H/N
Utilidata, Inc.

Common Stock

29,094

216,336

—

—

D/E/N
Utilidata, Inc.

Series C Preferred Stock

257,369

153,398

210,000

0.01
%

D/E/N
Utilidata, Inc.

Series CC Preferred Stock

500,000

500,000

10,000

—

D/E/N

11,098,416

220,000

0.01
%

Electrical Equipment

TCFI Amteck Holdings, LLC

Series A Preferred Units

9,018,947

8,509,514

9,107,770

0.49
%

N
TCFI Amteck Holdings, LLC

Common Units

362,513

395,336

2,887,497

0.16
%

D/N

8,904,850

11,995,267

0.65
%

Electronic Equipment, Instruments and Components

Soraa, Inc.

Warrants to Purchase Preferred Stock

8/29/2024

3,071,860

478,899

—

—

D/E/N

Energy Equipment and Services

GlassPoint, Inc.

Warrants to Purchase Common Stock

9/12/2029

16

275,200

275,000

0.01
%

D/E/N

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Specialty Retail
Calceus Acquisition, Inc. (Cole Haan)	First Lien Term Loan B	LIBOR(Q)		—			5.50	%		6.01	%	2/12/2025	$	427,960	$	412,452		$	376,604			0.02	%	G
Calceus Acquisition, Inc. (Cole Haan)	First Lien Sr Secured Notes	Fixed		—			9.75	%		9.75	%	2/19/2025	$	20,000,000		19,598,331			18,440,000			1.00	%	E/G/N
Hanna Andersson, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		6.25	%		7.25	%	7/2/2026	$	4,937,500		4,852,427			5,036,250			0.27	%	N
USR Parent, Inc. (Staples)	First Lien FILO Term Loan	LIBOR(Q)		1.00	%		8.84	%		9.84	%	9/12/2022	$	2,891,090		2,884,141			2,891,090			0.16	%	N
																27,747,351			26,743,944			1.45	%
Technology Hardware, Storage & Peripherals
SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	2/17/2026	$	15,504,547		14,918,694			14,446,661			0.79	%	H/N

Textiles, Apparel and Luxury Goods
James Perse Enterprises, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		6.25	%		7.26	%	9/8/2027	$	15,555,556		15,340,035			15,658,222			0.85	%	N
James Perse Enterprises, Inc.	First Lien Revolver	LIBOR(Q)		1.00	%		6.25	%		7.26	%	9/8/2027	$	—		(26,441	)		—			—		K/N
PSEB, LLC (Eddie Bauer)	First Lien Term Loan	LIBOR(M)		1.00	%		6.50	%		7.50	%	10/12/2023	$	25,000,000		24,772,364			25,000,000			1.36	%	N
																40,085,958			40,658,222			2.21	%
Tobacco Related
Juul Labs, Inc.	First Lien Term Loan	LIBOR(Q)		1.50	%		7.00	%		8.50	%	8/2/2023	$	26,015,495		25,922,961			25,703,309			1.40	%	N

Trading Companies & Distributors
Blackbird Purchaser, Inc. (Ohio Transmission Corp.)	Second Lien Term Loan	LIBOR(M)		0.75	%		7.50	%		8.25	%	4/8/2027	$	10,153,647		9,962,766			9,940,420			0.54	%	N
Blackbird Purchaser, Inc. (Ohio Transmission Corp.)	Second Lien Delayed Draw Term Loan	LIBOR(M)		0.75	%		7.50	%		8.25	%	4/8/2027	$	—		(63,928	)		(71,076	)		—		K/N
																9,898,838			9,869,344			0.54	%
Wireless Telecommunication Services
OpenMarket, Inc. (Infobip) (United Kingdom)	First Lien Term Loan	LIBOR(Q)		0.75	%		6.25	%		7.26	%	9/17/2026	$	9,950,000		9,722,962			9,659,456			0.53	%	H/N

Total Debt Investments - 192.5% of Net Assets																1,617,727,751			1,587,528,297			86.31	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

Issuer

Instrument

Expiration

Shares

Cost

Fair
Value

% of Total
Cash and
Investments

Notes
Equity Securities (continued)

Internet Software and Services

Domo, Inc.

Common Stock

49,792

$
1,543,054

$
4,024,687

0.23
%

D
FinancialForce.com, Inc.

Warrants to Purchase Series C Preferred Stock

1/30/2029

1,125,000

287,985

579,264

0.03
%

D/E/N
Foursquare Labs, Inc.

Warrants to Purchase Series E Preferred Stock

5/4/2027

2,062,500

508,805

1,101,571

0.06
%

D/E/N
InMobi, Inc. (Singapore)

Warrants to Purchase Common Stock

8/15/2027

1,327,869

212,360

1,690,819

0.09
%

D/E/H/N
InMobi, Inc. (Singapore)

Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)

9/18/2025

1,049,996

276,492

1,450,327

0.08
%

D/E/H/N
InMobi, Inc. (Singapore)

Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)

10/3/2028

1,511,002

93,407

431,322

0.02
%

D/E/H/N
ResearchGate Corporation (Germany)

Warrants to Purchase Series D Preferred Stock

10/30/2029

333,370

202,001

115,000

0.01
%

D/E/H/N/O
Snaplogic, Inc.

Warrants to Purchase Series Preferred Stock

3/19/2028

1,860,000

377,722

5,400,000

0.29
%

D/E/N

3,501,826

14,792,990

0.81
%

IT Services

Fidelis (SVC), LLC

Preferred Units

657,932

2,001,384

70,890

—

D/E/N

Life Sciences Tools and Services

Envigo RMS Holdings Corp.

Common Stock

36

—

493,259

0.03
%

D/E/N

Media

NEG Parent, LLC (Core Entertainment, Inc.)

Class A Units

2,720,392

2,772,807

8,699,274

0.48
%

B/D/E/N
NEG Parent, LLC (Core Entertainment, Inc.)

Class A Warrants to Purchase Class A Units

10/17/2026

343,387

196,086

602,555

0.03
%

B/D/E/N
NEG Parent, LLC (Core Entertainment, Inc.)

Class B Warrants to Purchase Class A Units

10/17/2026

346,794

198,032

608,534

0.03
%

B/D/E/N
Quora, Inc.

Warrants to Purchase Series D Preferred Stock

4/11/2029

507,704

65,245

141,649

0.01
%

D/E/N
SoundCloud, Ltd. (United Kingdom)

Warrants to Purchase Preferred Stock

4/29/2025

946,498

79,082

45,143

—

D/E/H/N

3,311,252

10,097,155

0.55
%

Oil, Gas and Consumable Fuels

Iracore Investments Holdings, Inc.

Class A Common Stock

16,207

4,177,710

5,248,735

0.28
%

B/D/E/N

Professional Services

Anacomp, Inc.

Class A Common Stock

1,255,527

26,711,048

213,440

0.01
%

D/E/F/N

Semiconductors and Semiconductor Equipment

Nanosys, Inc.

Warrants to Purchase Preferred Stock

3/29/2023

800,000

605,266

962,482

0.05
%

D/E/N

Software

Tradeshift, Inc.

Warrants to Purchase Series D Preferred Stock

3/26/2027

1,712,930

577,843

505,435

0.03
%

D/E/N

Total Equity Securities - 26.6% of Net Assets

182,702,341

218,107,304

11.83
%

Total Investments - 222.5% of Net Assets

$
1,818,149,407

$
1,826,056,622

99.03
%

Cash and Cash Equivalents - 2.2% of Net Assets

$
17,881,467

0.97
%

Total Cash and Investments - 224.7% of Net Assets

$
1,843,938,089

100.00
%

M

Issuer	Instrument	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities
Automobiles
Autoalert Acquisition Co, LLC	Warrants to Purchase LLC Interest	6/28/2030		7	$	2,910,423	$	2,007,670		0.11	%	D/E/N

Capital Markets
Pico Quantitative Trading Holdings, LLC	Warrants to Purchase Membership Units	2/7/2030		287		645,121		2,015,501		0.11	%	D/E/N

Chemicals
AGY Equity, LLC	Class A Preferred Stock			1,786,785		485,322		53,604		—		D/E/N
AGY Equity, LLC	Class B Preferred Stock			1,250,749		—		—		—		D/E/N
AGY Equity, LLC	Class C Common Stock			982,732		—		—		—		D/E/N
						485,322		53,604		—
Communications Equipment
Avanti Communications Group, PLC (United Kingdom)	Common Stock			26,576,710		4,902,674		—		—		D/H/N/O

Construction and Engineering
Hylan Datacom & Electrical, LLC	Class A Units			117,124		13,069,866		8,712,854		0.47	%	D/E/N

Diversified Consumer Services
Razor Group GmbH (Germany)	Warrants to Purchase Preferred Series A1 Shares	4/28/2028		516		—		6,633,646		0.36	%	D/E/H/N
MXP Prime Platform GmbH (SellerX) (Germany)	Warrants to Purchase Preferred Series B Shares	11/23/2028		135		—		458,615		0.02	%	D/E/H/N
TVG-Edmentum Holdings, LLC	Series B-1 Common Units			17,858,122		15,930,991		37,381,313		2.04	%	B/E/N
TVG-Edmentum Holdings, LLC	Series B-2 Common Units			17,858,122		13,421,162		37,381,313		2.03	%	B/D/E/N
						29,352,153		81,854,887		4.45	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Membership Units			25,652,397		25,652,397		37,683,000		2.04	%	E/F/N
Conventional Lending TCP Holdings, LLC	Membership Units			17,160,591		17,035,790		17,675,409		0.96	%	E/F/I/N
GACP I, LP (Great American Capital)	Membership Units			460,486		460,486		1,013,330		0.06	%	E/I/N
GACP II, LP (Great American Capital)	Membership Units			11,299,235		11,299,235		11,181,700		0.61	%	E/I/N
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series D Stock	2/11/2031		34,820		—		866,322		0.05	%	D/E/H/N
						54,447,908		68,419,761		3.72	%

Ecommerce Consumer Sales
Elevate Brands Holdco, Inc.	Warrants to Purchase Common Stock	3/14/2032		174,897		—		—		—		E/N
Elevate Brands Holdco, Inc.	Warrants to Purchase Preferred Stock	3/14/2032		87,449		—		—		—		E/N
						—		—		—

Electric Utilities
Conergy Asia Holdings Limited (United Kingdom)	Class B Shares			1,000,000		1,000,000		—		—		D/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom)	Ordinary Shares			5,318,860		7,833,333		—		—		D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Ordinary Shares			2,332,594		—		—		—		D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Series B Preferred Shares			93,023		1,395,349		—		—		D/E/F/H/N
Utilidata, Inc.	Common Stock			29,094		216,336		14,000		—		D/E/N
Utilidata, Inc.	Series C Preferred Stock			257,369		153,398		255,000		0.01	%	D/E/N
Utilidata, Inc.	Series CC Preferred Stock			500,000		500,000		275,000		0.02	%	D/E/N
						11,098,416		544,000		0.03	%
Electronic Equipment, Instruments and Components
Soraa, Inc.	Warrants to Purchase Preferred Stock	8/29/2024		3,071,860		478,899		—		—		D/E/N

Energy Equipment and Services
GlassPoint, Inc.	Warrants to Purchase Common Stock	9/12/2029		16		275,200		271,030		0.01	%	D/E/N

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

Issuer	Instrument		Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities (continued)
Internet Software and Services
Domo, Inc.	Common Stock				49,792	$	1,543,054	$	2,517,981		0.14	%	D
FinancialForce.com, Inc.	Warrants to Purchase Series C Preferred Stock		1/30/2029		1,125,000		287,985		605,625		0.03	%	D/E/N
Foursquare Labs, Inc.	Warrants to Purchase Series E Preferred Stock		5/4/2027		2,062,500		508,805		1,117,286		0.06	%	D/E/N
InMobi, Inc. (Singapore)	Warrants to Purchase Common Stock		8/15/2027		1,327,869		212,360		2,275,082		0.12	%	D/E/H/N
InMobi, Inc. (Singapore)	Warrants to Purchase Series E Preferred Stock		9/18/2025		1,049,996		276,492		1,850,900		0.10	%	D/E/H/N
InMobi, Inc. (Singapore)	Warrants to Purchase Series E Preferred Stock		10/3/2028		1,511,002		93,407		1,893,560		0.10	%	D/E/H/N
ResearchGate Corporation (Germany)	Warrants to Purchase Series D Preferred Stock		10/30/2029		333,370		202,001		108,200		0.01	%	D/E/H/N/O
SnapLogic, Inc.	Warrants to Purchase Series Preferred Stock		3/19/2028		1,860,000		377,722		5,050,000		0.28	%	D/E/N
							3,501,826		15,418,634		0.84	%

IT Services
Fidelis (SVC), LLC	Preferred Unit-C				657,932		2,001,384		74,742		—		D/E/N

Media
NEG Parent, LLC (CORE Entertainment, Inc.)	Class A Units				2,720,392		2,772,807		12,301,660		0.66	%	B/D/E/N
NEG Parent, LLC (CORE Entertainment, Inc.)	Class A Warrants to Purchase Class A Units		10/17/2026		343,387		196,086		1,016,424		0.06	%	B/D/E/N
NEG Parent, LLC (CORE Entertainment, Inc.)	Class B Warrants to Purchase Class A Units		10/17/2026		346,794		198,032		1,026,509		0.06	%	B/D/E/N
Quora, Inc.	Warrants to Purchase Series D Preferred Stock		4/11/2029		507,704		65,245		103,572		0.01	%	D/E/N
SoundCloud, Ltd. (United Kingdom)	Warrants to Purchase Preferred Stock		4/29/2025		946,498		79,082		45,143		—		D/E/H/N
							3,311,252		14,493,308		0.79	%
Oil, Gas and Consumable Fuels
Iracore Investments Holdings, Inc.	Class A Common Stock				16,207		4,177,710		4,499,873		0.24	%	B/D/E/N

Pharmaceuticals
Inotiv, Inc.	Common Stock				14,578		—		381,652		0.02	%	D/E

Professional Services
Anacomp, Inc.	Class A Common Stock				1,255,527		26,711,048		326,437		0.02	%	D/E/F/N

Semiconductors and Semiconductor Equipment
Nanosys, Inc.	Warrants to Purchase Preferred Stock		3/29/2023		800,000		605,266		962,482		0.05	%	D/E/N

Software
Tradeshift, Inc.	Warrants to Purchase Series D Preferred Stock		3/26/2027		1,712,930		577,843		1,216,293		0.07	%	D/E/N

Trading Companies & Distributors
Blackbird Holdco, Inc. (Ohio Transmission Corp.)	Preferred Stock	12.50% PIK			7,108		7,227,343		6,969,820		0.38	%	E/N

Total Equity Securities - 25.3% of Net Assets							165,779,654		208,222,548		11.32	%

Total Investments - 217.8% of Net Assets						$	1,783,507,405	$	1,795,750,845		97.62	%

Cash and Cash Equivalents - 5.3% of Net Assets								$	43,651,392		2.37	%

Total Cash and Investments - 223.1% of Net Assets								$	1,839,402,237		100.00	%	M

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2022

Notes to Consolidated Schedule of Investments:

(A)

Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.

(B)	Non-controlled affiliate – as defined under the Investment Company Act of 1940 (“the 1940 Act”) (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.

(C)	Non-accruing debt investment.

(D)	Other non-income producing investment.

(E)	Restricted security. (See Note 2)

(F)

Controlled issuer – as defined under the ~~Investment Company~~1940 Act ~~of 1940~~ (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates.

(G)	Investment has been segregated to collateralize certain unfunded commitments.

(H)

Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the ~~Investment Company~~1940 Act. Under the ~~Investment Company~~1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(I)

Deemed an investment company under Section 3(c) of the ~~Investment Company~~1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the ~~Investment Company~~1940 Act. Under the ~~Investment Company~~1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(J)

Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the ~~Investment Company~~1940 Act. Under the ~~Investment Company~~1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(K)	Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

(L)	In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(M)	All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.

(N)	Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

(O)	Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure.

LIBOR or EURIBOR resets monthly (M), quarterly (Q), semiannually (S), or annually (A).

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled ~~$418,251,961~~$112,353,740 and ~~$280,320,010,~~$153,441,388, respectively, for the ~~six~~three months ended ~~June 30, 2021.~~March 31, 2022. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of ~~June 30, 2021~~March 31, 2022 was ~~$1,751,426,809~~$1,793,232,864 or ~~95.0%~~97.5% of total cash and investments of the Company. As of ~~June 30, 2021,~~March 31, 2022, approximately ~~11.3%~~14.0% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments

December 31, ~~2020~~2021

																			% of Total
									Total								Fair		Cash and
Issuer	Instrument	Ref	Floor			Spread			Coupon			Maturity	Principal		Cost		Value		Investments			Notes	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	%		6.44	%	5/31/2024	$	5,127,551	$	5,072,277	$	5,005,102		0.30	%	N	First Lien Delayed Draw Term Loan	LIBOR(M)		—			6.25	%		6.38	%	5/31/2024	$	5,127,551	$	5,098,572		$	5,127,551			0.28	%	N
Unanet, Inc.	First Lien Term Loan	LIBOR(M)		—			6.25	%		6.44	%	5/31/2024	$	19,897,959	19,747,253		19,579,592			1.19	%	N	First Lien Term Loan	LIBOR(M)		—			6.25	%		6.38	%	5/31/2024	$	19,897,959		19,787,503			19,897,959			1.07	%	N
Unanet, Inc.	Sr Secured Revolver	LIBOR(M)		—			6.25	%		6.44	%	5/31/2024	$	2,448,980	2,431,281		2,409,796			0.15	%	N	Sr Secured Revolver	LIBOR(M)		—			6.25	%		6.38	%	5/31/2024	$	2,448,980		2,436,130			2,448,980			0.13	%	N
															27,250,811		26,994,490			1.64	%																	27,322,205			27,474,490			1.48	%
Airlines
Epic Aero, Inc.																							Unsecured Notes	Fixed		—			—			2.00	%	12/31/2022	$	3,233,572		3,233,572			3,155,966			0.17	%	N
Mesa Airlines, Inc.	Aircraft Acquisition Incremental Loan	LIBOR(M)		2.00	%		5.00	%		7.00	%	9/27/2023	$	1,947,089	1,929,445		1,888,676			0.11	%	N	First Lien Incremental Term Loan	LIBOR(M)		2.00	%		5.00	%		7.00	%	9/27/2023	$	1,239,056		1,231,663			1,239,056			0.07	%	N
Mesa Airlines, Inc.	Aircraft Acquisition Loan	LIBOR(M)		2.00	%		5.00	%		7.00	%	6/5/2023	$	15,488,204	15,358,100		15,116,487			0.92	%	N	First Lien Term Loan	LIBOR(M)		2.00	%		5.00	%		7.00	%	6/5/2023	$	9,292,922		9,244,217			9,292,922			0.50	%	N
One Sky Flight, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.50	%		8.50	%	12/27/2024	$	19,000,000	18,679,830		19,190,000			1.16	%	N
															35,967,375		36,195,163			2.19	%																	13,709,452			13,687,944			0.74	%
Automobiles
AutoAlert, LLC	First Lien Incremental Term Loan	LIBOR(Q)		0.25	%		10.75	%		11.00	%	1/1/2022	$	41,207,522	41,207,522		38,776,278			2.35	%	N
AutoAlert, LLC	First Lien Term Loan	LIBOR(Q)		0.25	%		10.75	%		11.00	%	1/1/2022	$	16,307,846	16,307,846		15,345,683			0.93	%	N
DealerFX, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%	6.25% Cash + 2.00% PIK				9.25	%	2/1/2023	$	16,520,125	16,365,326		16,404,484			0.99	%	N
ALCV Purchaser, Inc. (AutoLenders)																							First Lien Term Loan	LIBOR(M)		1.00	%		6.75	%		7.75	%	2/25/2026	$	7,955,687		7,848,773			8,131,508			0.44	%	G/N
ALCV Purchaser, Inc. (AutoLenders)																							First Lien Revolver	LIBOR(M)		1.00	%		6.75	%		7.75	%	2/25/2026	$	—		(8,587	)		—			—		G/K/N
Autoalert, LLC																							First Lien Incremental Term Loan	LIBOR(Q)		1.25	%		8.75	%		10.00	%	1/1/2023	$	58,243,371		58,125,245			56,670,800			3.04	%	N
															73,880,694		70,526,445			4.27	%																	65,965,431			64,802,308			3.48	%
Building Products
Dodge Data & Analytics, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/31/2021	$	819,552	819,552		819,552			0.05	%	N
Dodge Data & Analytics, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/31/2021	$	33,152,046	33,152,046		33,152,046			2.01	%	N
Porcelain Acquisition Corporation (Paramount)																							First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	4/30/2027	$	6,238,316		6,122,071			6,250,793			0.34	%	N
Porcelain Acquisition Corporation (Paramount)																							First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	4/30/2027	$	—		(47,806	)		5,374			—		K/N
															33,971,598		33,971,598			2.06	%																	6,074,265			6,256,167			0.34	%
Capital Markets
HighTower Holding, LLC	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.75	%		9.75	%	1/31/2026	$	15,080,645	14,774,280		15,080,645			0.91	%	N
HighTower Holding, LLC	Second Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		8.75	%		9.75	%	1/31/2026	$	6,169,355	6,073,309		6,169,355			0.37	%	N
HighTower Holdings	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.75	%		9.75	%	1/31/2026	$	6,249,999	6,128,534		6,249,999			0.38	%	N
Pico Quantitative Trading, LLC																							First Lien Term Loan (1.0% Exit Fee)	LIBOR(S)		1.50	%		7.25	%		8.75	%	2/7/2025	$	21,791,007		21,142,617			22,008,917			1.18	%	L/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	20,969,685		21,594,888			1.31	%	L/N	First Lien Incremental Term Loan	LIBOR(M)		1.50	%		7.25	%		8.75	%	2/7/2025	$	24,415,870		23,196,998			24,928,604			1.34	%	N
															47,945,808		49,094,887			2.97	%																	44,339,615			46,937,521			2.52	%
Commercial Services and Supplies
Kellermeyer Bergensons Services, LLC	First Lien Delayed Draw Term Loan A	LIBOR(Q)		1.00	%		6.50	%		7.50	%	11/7/2026	$	1,423,529	1,411,012		1,437,765			0.09	%	N
Kellermeyer Bergensons Services, LLC	First Lien Delayed Draw Term Loan B	LIBOR(Q)		1.00	%		6.50	%		7.50	%	11/7/2026	$	371,111	354,609		390,705			0.02	%	N
Kellermeyer Bergensons Services, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	11/7/2026	$	6,470,588	6,419,832		6,535,294			0.40	%	N
Team Software, Inc.	First Lien Incremental Term Loan	LIBOR(Q)		—			5.50	%		5.81	%	9/17/2023	$	7,220,080	7,142,178		7,183,980			0.44	%	N
Team Software, Inc.	First Lien Revolver	LIBOR(Q)		—			5.50	%		5.81	%	9/17/2023	$	1,053,363	1,024,123		1,035,807			0.06	%	N
Team Software, Inc.	First Lien Term Loan	LIBOR(Q)		—			5.50	%		5.81	%	9/17/2023	$	13,167,038	13,050,648		13,101,203			0.79	%	N
Commercial Services & Supplies
Thermostat Purchaser III, Inc. (Reedy Industries)																							Second Lien Term Loan	LIBOR(M)		0.75	%		7.25	%		8.00	%	8/31/2029	$	7,767,802		7,655,744			7,713,428			0.41	%	N
Thermostat Purchaser III, Inc. (Reedy Industries)																							Second Lien Delayed Draw Term Loan	LIBOR(M)		0.75	%		7.25	%		8.00	%	8/31/2029	$	—		(9,552	)		(9,305	)		—		K/N
															29,402,402		29,684,754			1.80	%																	7,646,192			7,704,123			0.41	%
Communications Equipment
Avanti Communications Jersey Limited (United Kingdom)																							1.25 Lien Term Loan	Fixed		—		12.50% PIK				12.50	%	6/30/2022	$	1,157,473		1,157,473			578,737			0.03	%	H/N
Avanti Communications Jersey Limited (United Kingdom)	1.25 Lien Term Loan	Fixed		—		12.5% PIK				12.50	%	5/24/2021	$	232,780	232,780		232,780			0.01	%	H/N	1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee)	Fixed		—		12.50% PIK				12.50	%	6/30/2022	$	1,552,295		1,552,295			539,423			0.04	%	H/L/N
Avanti Communications Jersey Limited (United Kingdom)	1.5 Lien Delayed Draw Term Loan	Fixed		—		12.5% PIK				12.50	%	5/24/2021	$	1,373,054	1,373,054		1,373,054			0.08	%	H/N	1.5 Lien Term Loan (2.5% Exit Fee)	Fixed		—		12.50% PIK				12.50	%	6/30/2022	$	361,520		341,296			125,628			0.01	%	H/L/N
Avanti Communications Jersey Limited (United Kingdom)	1.5 Lien Term Loan	Fixed		—		12.5% PIK				12.50	%	5/24/2021	$	319,776	294,921		319,776			0.02	%	H/N	1.0625 Lien Term Loan	Fixed		—		12.50% PIK				12.50	%	9/20/2022	$	320,085		271,330			276,985			0.01	%	H/N
Avanti Communications Group, PLC (United Kingdom)	Sr New Money Initial Note	Fixed		—		9% PIK				—		10/1/2022	$	1,592,934	1,591,586		637,174			0.04	%	C/E/G/H/N	Sr New Money Initial Note	Fixed		—		9.00% PIK				9.00	%	10/1/2022	$	1,592,934		1,591,586			26,283			—		C/E/G/H/N
Avanti Communications Group, PLC (United Kingdom)	Sr Second-Priority PIK Toggle Note	Fixed		—		9% PIK				—		10/1/2022	$	4,064,721	4,064,219		1,625,888			0.10	%	C/E/G/H/N	Sr Second-Priority PIK Toggle Note	Fixed		—		9.00% PIK				9.00	%	10/1/2022	$	4,064,721		4,064,220			67,068			—		C/E/G/H/N
															7,556,560		4,188,672			0.25	%																	8,978,200			1,614,124			0.09	%
Construction and Engineering
Homerenew Buyer, Inc. (Project Dream)																							First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	8/10/2027	$	1,334,499		1,301,616			1,299,802			0.07	%	N
Homerenew Buyer, Inc. (Project Dream)																							First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	8/10/2027	$	—		(20,023	)		(21,212	)		—		K/N
Homerenew Buyer, Inc. (Project Dream)																							Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	11/23/2027	$	—		(8,589	)		(9,091	)		—		K/N
Hylan Datacom & Electrical, LLC																							First Lien Incremental Term Loan	LIBOR(M)		1.00	%	5.50% Cash + 4.50% PIK				11.00	%	7/25/2022	$	2,718,976		2,703,044			1,721,384			0.09	%	C/N
Hylan Datacom & Electrical, LLC																							First Lien Term Loan (3.15% Exit Fee)	LIBOR(M)		1.00	%	5.50% Cash + 4.50% PIK				11.00	%	7/25/2022	$	15,049,675		15,017,887			9,527,949			0.51	%	C/L/N
Hylan Datacom & Electrical, LLC																							First Lien Term Loan	LIBOR(M)		1.00	%		10.00	%		11.00	%	7/25/2022	$	368,944		359,513			368,944			0.02	%	N
PHRG Intermediate, LLC (Power Home)																							First Lien Term Loan	LIBOR(Q)		0.75	%		6.00	%		6.75	%	12/16/2026	$	2,500,000		2,437,500			2,475,000			0.13	%	N
Sunland Asphalt & Construction, LLC																							First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	1/13/2026	$	2,184,049		2,146,335			2,173,436			0.12	%	N
Sunland Asphalt & Construction, LLC																							First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	1/13/2026	$	6,495,312		6,387,253			6,475,826			0.35	%	N
																																						30,324,536			24,012,038			1.29	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

																						% of Total
										Total									Fair			Cash and
Issuer		Instrument	Ref	Floor			Spread			Coupon			Maturity	Principal		Cost			Value			Investments			Notes	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Construction and Engineering
Hylan Datacom & Electrical, LLC		First Lien Incremental Term Loan	LIBOR(Q)		1.00	%	5.50% Cash + 4.50% PIK				11.00	%	7/25/2021	$	2,658,374	$	2,645,763		$	2,261,479			0.14	%	N
Hylan Datacom & Electrical, LLC		First Lien Term Loan (3.15% Exit Fee)	LIBOR(Q)		1.00	%	5.50% Cash + 4.50% PIK				11.00	%	7/25/2021	$	14,714,236	14,689,002			12,517,400				0.76	%	L/N
Consumer Finance
Barri Financial Group, LLC																										First Lien Term Loan	LIBOR(M)		1.00	%		7.75	%		8.75	%	6/30/2026	$	26,160,090	$	25,612,565		$	26,421,691			1.42	%	N
																17,334,765			14,778,879				0.90	%
Consumer Finance
Auto Trakk SPV, LLC		First Lien Delayed Draw Term Loan	LIBOR(M)		0.50	%		6.50	%		7.00	%	12/21/2021	$	21,708,042	21,627,288			21,708,042				1.32	%	N
Barri Financial Group, LLC		First Lien Term Loan	LIBOR(Q)		1.00	%		7.75	%		8.75	%	10/23/2024	$	16,386,623	16,058,193			16,550,489				1.00	%	N
Open Lending, LLC		First Lien Term Loan	LIBOR(M)		1.00	%		6.50	%		7.50	%	3/11/2027	$	4,906,250	4,766,726			4,893,984				0.30	%	N
Containers & Packaging
BW Holding, Inc. (Brook & Whittle)																										Second Lien Term Loan	LIBOR(Q)		0.75	%		7.50	%		8.25	%	12/14/2029	$	6,395,163		6,251,272			6,251,272			0.33	%	N
BW Holding, Inc. (Brook & Whittle)																										Second Lien Delayed Draw Term Loan	LIBOR(Q)		0.75	%		7.50	%		8.25	%	12/14/2029	$	—		(24,981	)		(24,981	)		—		K/N
																																									6,226,291			6,226,291			0.33	%
Distributors
Colony Display, LLC																										First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	6/30/2026	$	7,041,125		6,912,785			6,815,809			0.37	%	N
Colony Display, LLC																										First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	6/30/2026	$	—		(63,748	)		(113,224	)		-0.01	%	K/N
																42,452,207			43,152,515				2.62	%																	6,849,037			6,702,585			0.36	%
Diversified Consumer Services
Spark Networks, Inc.		Sr Secured Revolver	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	—		(22,151	)		(12,272	)		—		K/N
Razor Group GmbH (Germany)																										First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		9.00	%		10.00	%	9/30/2025	$	33,409,032		33,692,181			33,317,764			1.79	%	H/N
Razor Group GmbH (Germany)																										First Lien Sr Secured Convertible Term Loan	Fixed		—		3.50% Cash + 3.50% PIK				7.00	%	10/2/2023	$	4,493,251		4,493,251	��		6,910,620			0.37	%	H/N
SellerX Germany Gmbh & Co. Kg (Germany)																										First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	11/23/2025	$	15,491,895		15,343,906			15,417,534			0.83	%	H/N
SellerX Germany Gmbh & Co. Kg (Germany)																										First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	11/23/2025	$	—		(262,960	)		(129,639	)		-0.01	%	H/K/N
Spark Networks, Inc.		First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	19,848,972	19,372,272			19,551,237				1.19	%	N	First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	17,211,064		16,947,598			16,958,062			0.91	%	N
Spark Networks, Inc.		First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	1,207,065	1,171,712			1,188,959				0.07	%	N	Sr Secured Revolver	LIBOR(Q)		1.50	%		8.00	%		9.50	%	7/1/2023	$	—		(13,349	)		(13,378	)		—		K/N
Thras.io, LLC		First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	12/18/2026	$	—		(248,494	)		(248,494	)		(0.02	)%	K/N	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	12/18/2026	$	9,889,811		9,605,566			9,808,097			0.53	%
Thras.io, LLC		First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	12/18/2026	$	15,060,241	14,683,735			14,683,735				0.89	%	K/N	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	12/18/2026	$	23,653,131		23,286,889			23,549,648			1.27	%
Whele, LLC (Perch)																										First Lien Incremental Term Loan	LIBOR(M)		1.00	%		7.50	%		8.50	%	10/15/2025	$	20,323,258		20,479,696			20,384,228			1.10	%	N
																34,957,074			35,163,165				1.19	%																	123,572,778			126,202,936			6.79	%
Diversified Financial Services
2-10 Holdco, Inc.																										First Lien Term Loan	LIBOR(Q)		0.75	%		6.00	%		6.75	%	3/26/2026	$	8,292,617		8,256,363			8,247,008			0.44	%	N
2-10 Holdco, Inc.																										Sr Secured Revolver	LIBOR(Q)		0.75	%		6.00	%		6.75	%	3/26/2026	$	—		(1,589	)		(3,980	)		—		K/N
36th Street Capital Partners Holdings, LLC		Senior Note	Fixed	—				12.00	%		12.00	%	11/30/2025	$	40,834,419	40,834,419			40,834,419				2.48	%	E/F/N	Senior Note	Fixed		—			—			12.00	%	11/30/2025	$	41,381,437		41,381,437			41,381,437			2.22	%	E/F/N
Aretec Group, Inc. (Cetera)		Second Lien Term Loan	LIBOR(M)	—				8.25	%		8.40	%	10/1/2026	$	27,105,263	26,876,000			25,478,947				1.54	%	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			30,856,000				1.87	%	H/I/N	Asset-Backed Credit Linked Notes	LIBOR(Q)		—			9.50	%		9.50	%	4/12/2025	$	3,040,000		3,040,000			2,888,000			0.16	%	H/I/N
GC Agile Holdings Limited (Apex) (England)		First Lien Delayed Term Loan B	LIBOR(Q)		1.25	%		7.00	%		8.25	%	6/15/2025	$	18,788,475	18,490,655			18,675,561				1.13	%	H/N
GC Agile Holdings Limited (Apex) (England)		First Lien Term Loan A	LIBOR(Q)		1.25	%		7.00	%		8.25	%	6/15/2025	$	816,583	803,983			809,070				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	$	1,533,333	1,518,675			1,533,333				0.09	%	N
Oasis Financial, LLC																										Second Lien Term Loan	LIBOR(M)		1.00	%		8.50	%		9.50	%	7/5/2026	$	17,633,544		17,330,740			17,404,308			0.94	%	N
Worldremit Group Limited (United Kingdom)																										First Lien Term Loan (3.0% Exit Fee)	LIBOR(Q)		1.00	%		9.25	%		10.25	%	2/11/2025	$	43,629,951		42,915,854			42,582,832			2.29	%	H/L/N
																126,523,732			118,187,330				7.16	%																	112,922,805			112,499,605			6.05	%
Diversified Telecommunication Services	Diversified Telecommunication Services
Aventiv Technologies, Inc. (Securus)		Second Lien Term Loan	LIBOR(Q)		1.00	%		8.25	%		9.25	%	11/1/2025	$	25,846,154	25,679,341			21,237,009				1.30	%		Second Lien Term Loan	LIBOR(Q)		1.00	%		8.25	%		9.25	%	11/1/2025	$	25,846,154		25,698,391			24,676,615			1.33	%
MetroNet Systems Holdings, LLC																										Second Lien Term Loan	LIBOR(M)		0.75	%		7.00	%		7.75	%	6/2/2029	$	4,016,257		3,959,856			4,015,052			0.22	%	N
MetroNet Systems Holdings, LLC																										Second Lien Delayed Draw Term Loan	LIBOR(M)		0.75	%		7.00	%		7.75	%	6/2/2029	$	8,268,764		8,113,994			8,266,284			0.44	%	N
Telarix, Inc.		First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	11/19/2023	$	7,368,750	7,295,192			7,242,008				0.44	%	N	First Lien Term Loan	LIBOR(Q)		1.00	%	1.00% Cash + 5.00% PIK				7.00	%	11/19/2023	$	7,389,483		7,340,823			6,004,694			0.32	%	N
Telarix, Inc.		Sr Secured Revolver	LIBOR(Q)		1.00	%		6.00	%		7.00	%	11/19/2023	$	—		(3,204	)		(6,143	)		—		N	Sr Secured Revolver	LIBOR(Q)		1.00	%	1.00% Cash + 5.00% PIK				7.00	%	11/19/2023	$	—		(2,096	)		(66,929	)		—		K/N
																32,971,329			28,472,874				1.74	%																	45,110,968			42,895,716			2.31	%
Electric Utilities
Conergy Asia & ME Pte. Ltd (Singapore)		First Lien Term Loan	Fixed		—			—			—		6/30/2021	$	2,110,141	2,110,141			1,154,036				0.07	%	D/F/H/N
Conergy Asia & ME Pte. Ltd. (Singapore)																										First Lien Term Loan	Fixed		—			—			—		12/31/2021	$	2,110,141		2,110,141			339,100			0.02	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)		Bank Guarantee Credit Facility	Fixed		—			—			—		12/31/2021	$	6,578,877	6,578,877			3,336,148				0.20	%	D/F/H/N	Bank Guarantee Credit Facility	Fixed		—			—			—		12/31/2022	$	6,578,877		6,578,877			101,315			0.01	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)		Revolving Credit Facility	Fixed		—			—			—		12/31/2021	$	8,668,850	8,668,850			2,114,333				0.13	%	D/F/H/N	Revolving Credit Facility	Fixed		—			—			—		12/31/2022	$	5,535,517		5,535,517			1,955,145			0.10	%	D/F/H/N
																17,357,868			6,604,517				0.40	%																	14,224,535			2,395,560			0.13	%
Electrical Equipment
TCFI Amteck Holdings, LLC		First Lien Delayed Draw Term Loan	LIBOR(Q)		—			6.25	%		6.56	%	12/31/2024	$	526,131	520,301			526,131				0.03	%	N
TCFI Amteck Holdings, LLC		First Lien Term Loan	LIBOR(Q)		—			6.25	%		6.56	%	12/31/2024	$	8,722,052	8,624,256			8,722,052				0.53	%	N
																9,144,557			9,248,183				0.56	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

Issuer

Instrument

Ref

Floor

Spread

Total Coupon

Maturity

Principal

Cost

Fair
Value

% of Total
Cash and
Investments

Notes
Debt Investments (continued)

Energy Equipment and Services

GlassPoint Solar, Inc.

First Lien Incremental Term Loan (4.0% Exit Fee)

LIBOR(M)

2.00
%

8.50
%

—

8/31/2021

$
4,245,365

$
4,234,930

$
1,018,888

0.06
%

C/L/N
GlassPoint Solar, Inc.

First Lien Incremental Term Loan A

LIBOR(M)

2.00
%

8.50
%

10.50
%

8/31/2021

$
210,986

210,986

210,986

0.01
%

N
GlassPoint Solar, Inc.

First Lien Term Loan (5.0% Exit Fee)

LIBOR(M)

—

11.44
%

—

8/31/2021

$
2,324,588

2,283,788

557,901

0.03
%

C/L/N
Sphera Solutions, Inc. (Diamondback)

First Lien FILO Term Loan B

LIBOR(Q)

1.00
%

7.75
%

10.76
%

6/14/2023

$
23,377,259

23,115,634

23,073,355

1.40
%

N

29,845,338

24,861,130

1.50
%

Health Care Technology

CAREATC, Inc.

First Lien Term Loan

LIBOR(Q)

1.00
%

7.25
%

8.25
%

3/14/2024

$
8,502,033

8,381,928

8,587,053

0.52
%

N
CAREATC, Inc.

Sr Secured Revolver

LIBOR(Q)

1.00
%

7.25
%

8.25
%

3/14/2024

$
-

(7,938
)

—

—

K/N
Edifecs, Inc.

First Lien Term Loan

LIBOR(Q)

1.00
%

7.50
%

8.50
%

9/21/2026

$
1,388,889

1,355,499

1,397,222

0.08
%

N
Patient Point Network Solutions, LLC

Sr Secured Revolver

LIBOR(Q)

1.00
%

8.50
%

9.50
%

6/26/2022

$
-

(1,824
)

—

—

K/N
Patient Point Network Solutions, LLC

First Lien Incremental Term Loan

LIBOR(Q)

1.00
%

7.50
%

8.50
%

6/26/2022

$
1,172,178

1,166,548

1,172,178

0.07
%

N
Patient Point Network Solutions, LLC

First Lien Term Loan

LIBOR(Q)

1.00
%

7.50
%

8.50
%

6/26/2022

$
6,081,798

6,058,408

6,081,798

0.37
%

N
Sandata Technologies, LLC

First Lien Term Loan

LIBOR(Q)

—

6.00
%

6.31
%

7/23/2024

$
20,250,000

20,016,127

19,723,500

1.20
%

N
Sandata Technologies, LLC

Sr Secured Revolver

LIBOR(Q)

—

6.00
%

6.31
%

7/23/2024

$
-

(24,784
)

(58,500
)

—

K/N

36,943,964

36,903,251

2.24
%

Healthcare Providers and Services

TEAM Services Group

Second Lien Term Loan

LIBOR(Q)

1.00
%

9.00
%

10.00
%

11/13/2028

$
25,000,000

24,190,557

24,812,500

1.50
%

N

Hotels, Restaurants and Leisure

Fishbowl, Inc.

First Lien Term Loan

LIBOR(Q)

—

9.75
%

10.06
%

1/26/2022

$
25,990,088

25,818,817

14,944,301

0.91
%

N
Pegasus Business Intelligence, LP (Onyx Centersource)

First Lien Incremental Term Loan

LIBOR(Q)

1.00
%

6.25
%

9.25
%

12/20/2021

$
5,648,822

5,753,482

4,818,445

0.29
%

N
Pegasus Business Intelligence, LP (Onyx Centersource)

First Lien Term Loan

LIBOR(Q)

1.00
%

6.25
%

9.25
%

12/20/2021

$
13,510,298

13,732,711

11,524,284

0.70
%

N
Pegasus Business Intelligence, LP (Onyx Centersource)

Revolver

LIBOR(Q)

1.00
%

6.25
%

9.25
%

12/20/2021

$
671,356

682,522

572,666

0.03
%

N

45,987,532

31,859,696

1.93
%

Insurance

2-10 Holdco, Inc.

First Lien Term Loan

LIBOR(M)

1.00
%

6.00
%

7.00
%

10/31/2024

$
3,741,667

3,689,786

3,741,667

0.23
%

N
2-10 Holdco, Inc.

Sr Secured Revolver

LIBOR(M)

1.00
%

6.00
%

7.00
%

10/31/2024

$
-

(5,341
)

—

—

K/N
AmeriLife Holdings, LLC

Second Lien Term Loan

LIBOR(Q)

1.00
%

8.50
%

9.50
%

3/18/2028

$
21,356,400

20,952,696

21,228,262

1.29
%

N
AmeriLife Holdings, LLC

Second Lien Incremental Term Loan

LIBOR(Q)

1.00
%

8.50
%

9.50
%

3/18/2028

$
7,454,593

7,324,604

7,409,865

0.45
%

N
IT Parent

First Lien Term Loan

LIBOR(Q)

1.00
%

6.25
%

7.25
%

10/1/2026

$
4,375,000

4,290,457

4,353,125

0.26
%

N
IT Parent

Sr Secured Revolver

LIBOR(Q)

1.00
%

6.25
%

7.25
%

10/1/2026

$
500,000

488,014

496,875

0.03
%

N

36,740,216

37,229,794

1.97
%

Internet and Catalog Retail

Live Auctioneers LLC

First Lien Last Out B-2 Term Loan

LIBOR(Q)

1.00
%

6.76
%

7.76
%

5/21/2025

$
13,820,056

13,598,260

13,571,295

0.82
%

N
Live Auctioneers LLC

First Lien Term Loan

LIBOR(Q)

1.00
%

6.76
%

7.76
%

5/21/2025

$
5,398,131

5,290,496

5,300,964

0.32
%

N
Syndigo, LLC

Second Lien Term Loan

LIBOR(Q)

0.75
%

8.00
%

8.75
%

12/14/2028

$
12,141,870

11,959,742

11,959,742

0.73
%

N

30,848,498

30,832,001

3.08
%

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Healthcare Technology
Appriss Health, LLC (PatientPing)	First Lien Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	5/6/2027	$	8,167,961	$	8,027,851		$	8,020,937			0.43	%	N
Appriss Health, LLC (PatientPing)	First Lien Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%	5/6/2027	$	—		(9,716	)		(9,802	)		—		K/N
CareATC, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	3/14/2024	$	14,497,190		14,298,850			14,642,161			0.79	%	N
CareATC, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%	3/14/2024	$	—		(5,470	)		—			—		K/N
ESO Solutions, Inc.	First Lien Term Loan	LIBOR(S)		1.00	%		7.00	%		8.00	%	5/3/2027	$	19,296,807		18,934,837			19,296,807			1.04	%	N
ESO Solutions, Inc.	First Lien Revolver	LIBOR(S)		1.00	%		7.00	%		8.00	%	5/3/2027	$	—		(31,188	)		—			—		K/N
Edifecs, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	9/21/2026	$	1,375,000		1,346,714			1,416,250			0.08	%	N
Gainwell Acquisition Corp.	Second Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/2/2028	$	5,727,820		5,700,399			5,836,648			0.31	%	N
Sandata Technologies, LLC	First Lien Term Loan	LIBOR(Q)		—			6.00	%		6.25	%	7/23/2024	$	20,250,000		20,076,707			20,452,500			1.09	%	N
Sandata Technologies, LLC	Sr Secured Revolver	LIBOR(Q)		—			6.00	%		6.25	%	7/23/2024	$	—		(17,848	)		—			—		K/N
																68,321,136			69,655,501			3.74	%
Healthcare Providers and Services
INH Buyer, Inc. (IMS Health)	First Lien Term Loan	LIBOR(S)		1.00	%		6.00	%		7.00	%	6/28/2028	$	4,488,750		4,403,197			4,219,425			0.23	%	N
Team Services Group, LLC	Second Lien Term Loan	LIBOR(S)		1.00	%		9.00	%		10.00	%	11/13/2028	$	27,855,847		27,091,622			27,855,847			1.50	%	G/N
Tempus, LLC (Epic Staffing)	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	2/5/2027	$	4,050,005		3,977,043			4,090,505			0.22	%	N
Tempus, LLC (Epic Staffing)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	2/5/2027	$	1,528,379		1,482,798			1,569,223			0.08	%	N
																36,954,660			37,735,000			2.03	%
Hotels, Restaurants and Leisure
Fishbowl, Inc.	First Lien Term Loan	LIBOR(Q)		—			9.75	%		10.00	%	1/26/2022	$	27,077,989		27,069,602			12,943,279			0.70	%	N

Insurance
AmeriLife Holdings, LLC	Second Lien Term Loan	LIBOR(S)		1.00	%		8.50	%		9.50	%	3/18/2028	$	28,810,993		28,333,623			28,810,993			1.54	%	N
IT Parent, LLC (Insurance Technologies)	First Lien Term Loan	LIBOR(Q)		1.00	%		6.25	%		7.25	%	10/1/2026	$	4,883,454		4,803,141			4,795,553			0.26	%	N
IT Parent, LLC (Insurance Technologies)	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.25	%		7.25	%	10/1/2026	$	166,667		156,647			155,417			0.01	%	N
																33,293,411			33,761,963			1.81	%
Internet and Catalog Retail
Syndigo, LLC	Second Lien Term Loan	LIBOR(S)		0.01			8.00	%		8.75	%	12/14/2028	$	12,141,870		11,976,548			12,157,047			0.65	%	G/N

Internet Software and Services
Acquia, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	11/1/2025	$	25,299,735		24,911,165			25,489,484			1.37	%	N
Acquia, Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	11/1/2025	$	—		(24,062	)		—			—		K/N
Astra Acquisition Corp. (Anthology)	Second Lien Term Loan	LIBOR(M)		0.75	%		8.88	%		9.63	%	10/25/2029	$	20,720,019		20,305,618			20,461,019			1.10	%
Domo, Inc.	First Lien Delayed Draw Term Loan (7.0% Exit Fee)	LIBOR(M)		1.50	%	5.50% Cash + 2.50% PIK				9.50	%	4/1/2025	$	54,835,264		54,612,329			55,054,604			2.96	%	L/N
Domo, Inc.	First Lien PIK Term Loan	Fixed		—		9.50% PIK				9.50	%	4/1/2025	$	2,825,431		335,553			2,828,256			0.15	%	N
FinancialForce.com, Inc.	First Lien Delayed Draw Term Loan (3.0% Exit Fee)	LIBOR(M)		2.75	%		6.75	%		9.50	%	2/1/2024	$	37,500,000		37,166,130			37,837,500			2.03	%	L/N
Foursquare Labs, Inc.	First Lien Term Loan (5.0% Exit Fee)	LIBOR(M)		2.19	%		7.25	%		9.44	%	10/1/2022	$	33,750,000		33,658,960			33,885,000			1.81	%	L/N
Foursquare Labs, Inc.	First Lien Incremental Term Loan	LIBOR(M)		2.19	%		7.25	%		9.44	%	10/1/2022	$	7,500,000		7,401,772			7,507,500			0.40	%	N
Foursquare Labs, Inc.	First Lien Incremental Term Loan	LIBOR(M)		2.19	%		7.25	%		9.44	%	5/1/2023	$	2,500,000		2,484,779			2,530,000			0.14	%	N
Magenta Buyer, LLC (McAfee)	Second Lien Term Loan	LIBOR(Q)		0.75	%		8.25	%		9.00	%	7/27/2029	$	20,000,000		19,722,168			19,918,800			1.07	%	G
MetricStream, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	9/28/2024	$	23,104,483		22,774,165			22,434,453			1.21	%	N
MetricStream, Inc.	First Lien Incremental Term Loan (3.25% Exit Fee)	LIBOR(Q)		1.00	%		8.00	%		9.00	%	9/28/2024	$	7,109,072		6,980,402			6,934,899			0.37	%	L/N
Persado, Inc.	First Lien Delayed Draw Term Loan (4.25% Exit Fee)	LIBOR(M)		1.80	%		7.00	%		8.80	%	2/1/2025	$	8,782,078		8,724,372			8,694,258			0.47	%	L/N
Pluralsight, Inc.	First Lien Term Loan	LIBOR(S)		1.00	%		8.00	%		9.00	%	4/6/2027	$	32,582,872		31,983,327			32,517,707			1.75	%	N
Pluralsight, Inc.	First Lien Revolver	LIBOR(S)		1.00	%		8.00	%		9.00	%	4/6/2027	$	—		(42,462	)		(4,834	)		—		K/N
Quartz Holding Company (Quick Base)	Second Lien Term Loan	LIBOR(M)		—			8.00	%		8.10	%	4/2/2027	$	9,903,019		9,751,011			9,903,019			0.53	%	N
ResearchGate GmBH (Germany)	First Lien Term Loan (4.0% Exit Fee)	EURIBOR(Q)		—			8.55	%		8.55	%	10/1/2022	€	7,500,000		8,222,250			8,326,940			0.45	%	H/L/N/O
Suited Connector, LLC	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.00	%		7.00	%	12/1/2027	$	170,455		159,233			159,091			0.01	%	N
Suited Connector, LLC	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	12/1/2027	$	3,579,545		3,508,565			3,507,955			0.19	%	N
Suited Connector, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	12/1/2027	$	—		(16,803	)		(17,045	)		—		K/N
																292,618,472			297,968,606			16.01	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes	Instrument	Ref	Floor			Spread			Total Coupon				Maturity	Principal		Cost			Fair Value		% of Total Cash and Investments			Notes
Debt Investments (continued)
Internet Software and Services
Acquia Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	11/1/2025	$	16,648,997	$	16,366,935		$	16,898,731			1.02	%	N
Acquia Inc.	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	11/1/2025	$	-		(29,118	)		—			—		K/N
Domo, Inc.	First Lien Delayed Draw Term Loan (7.0% Exit Fee)	LIBOR(M)		1.50	%	5.50% Cash + 2.50% PIK				9.50	%	4/1/2025	$	53,464,245	53,435,610			54,640,458				3.31	%	L/N
Domo, Inc.	First Lien Term Loan	LIBOR(M)		—		9.5% PIK				9.50	%	4/1/2025	$	2,566,973	77,095			2,618,312				0.16	%	N
FinancialForce.com, Inc.	First Lien Delayed Draw Term Loan (3.0% Exit Fee)	LIBOR(M)		2.75	%		6.75	%		9.50	%	2/1/2024	$	28,000,000	27,623,116			28,336,000				1.72	%	L/N
Foursquare Labs, Inc.	First Lien Term Loan (5.0% Exit Fee)	LIBOR(M)	2.19%				7.25	%		9.44	%	10/1/2022	$	33,750,000	33,546,196			33,817,500				2.05	%	L/N
Foursquare Labs, Inc.	First Lien Incremental Term Loan	LIBOR(M)		2.19	%		7.25	%		9.44	%	10/1/2022	$	7,500,000	7,286,941			7,477,500				0.45	%	N
Foursquare	First Lien Term Loan	LIBOR(M)	2.19%				7.25	%		9.44	%	5/1/2023	$	2,500,000	2,475,000			2,555,000				0.15	%	N
Metricstream, Inc	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	9/28/2024	$	23,104,483	22,670,625			22,642,394				1.37	%	N
Persado, Inc.	First Lien Delayed Term Loan (4.25% Exit Fee)	LIBOR(M)	1.80%				7.00	%		8.80	%	2/1/2025	$	8,782,078	8,708,373			8,694,258				0.53	%	L/N
Quartz Holding Company (Quick Base)	Second Lien Term Loan	LIBOR(M)		—			8.00	%		8.15	%	4/2/2027	$	9,903,019	9,729,081			9,816,367				0.60	%	N
ResearchGate GmBH (Germany)	First Lien Term Loan (4.0% Exit Fee)	EURIBOR (Q)		—			8.55	%		8.55	%	10/1/2022	$	6,714,000	8,020,121			8,882,973				0.54	%	H/L/N/O
															189,909,975			196,379,493				11.90	%
IT Services
Ensono, Inc.																									Second Lien Term Loan B	LIBOR(S)		—			8.00	%		8.35	%		5/28/2029	$	15,000,000	$	14,856,134		$	15,300,000		0.82	%	N
Puppet, Inc.	First Lien Term Loan (3.0% Exit Fee)	LIBOR(Q)		1.00	%		8.50	%		9.50	%	6/19/2023	$	13,930,936	13,609,649			13,680,179				0.83	%	L/N	First Lien Term Loan (3.0% Exit Fee)	LIBOR(Q)		1.00	%		8.50	%		9.50	%		6/19/2023	$	13,930,936		13,730,349			13,694,110		0.74	%	L/N
Web.com Group Inc.	Second Lien Term Loan	LIBOR(M)		—			7.75	%		7.90	%	10/11/2026	$	19,277,823	19,075,749			18,498,710				1.12	%	G/J
Xactly Corporation	First Lien Incremental Term Loan B	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	4,996,644	4,943,694			4,986,650				0.30	%	N
Xactly Corporation	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	2,726,918	2,705,045			2,721,464				0.16	%	N
Xactly Corporation	First Lien Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	6,948,120	6,898,077			6,934,224				0.42	%	N	First Lien Term Loan	LIBOR(Q)		1.00	%		7.25	%		8.25	%		7/31/2022	$	14,671,682		14,621,300			14,671,682		0.79	%	N
Xactly Corporation	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%	7/31/2022	$	-		(5,443	)		(1,710	)		—		K/N	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.25	%		8.25	%		7/31/2022	$	—		(2,003	)		—		—		K/N
															47,226,771			46,819,517				2.83	%																		43,205,780			43,665,792		2.35	%
Leisure Products
Blue Star Sports Holdings, Inc.	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 2.00% PIK				8.75	%	6/15/2024	$	57,122	56,426			53,397				—		N	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 3.50% PIK				10.25	%		6/15/2024	$	60,713		60,198			58,868		—		N
Blue Star Sports Holdings, Inc.	First Lien Revolver	LIBOR(Q)		1.00	%	5.75% cash + 2.00% PIK				8.75	%	6/15/2024	$	114,289	112,927			106,837				0.01	%	N	First Lien Revolver	LIBOR(Q)		1.00	%	5.75% cash + 3.50% PIK				10.25	%		6/15/2024	$	121,493		120,539			117,799		0.01	%	N
Blue Star Sports Holdings, Inc.	First Lien Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 2.00% PIK				8.75	%	6/15/2024	$	1,569,444	1,550,003			1,467,116				0.09	%	N	First Lien Term Loan	LIBOR(Q)		1.00	%	5.75% cash + 3.50% PIK				10.25	%		6/15/2024	$	1,692,259		1,677,866			1,640,814		0.09	%	N
															1,719,356			1,627,350				0.10	%																		1,858,603			1,817,481		0.10	%
Machinery
Sonny's Enterprises, LLC	First Lien Term Loan	LIBOR(M)		1.00	%		7.00	%		8.00	%	8/5/2026	$	3,791,553	3,715,824			3,715,722				0.23	%	K	First Lien Term Loan	LIBOR(M)		1.00	%		6.75	%		7.75	%		8/5/2026	$	3,753,638		3,686,156			3,828,710		0.21	%	N
Sonny's Enterprises, LLC	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		7.00	%		8.00	%	8/5/2026	$	-		(183,811	)		(184,161	)		(0.01	)%	K	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		6.75	%		7.75	%		8/5/2026	$	10,118,728		9,944,113			10,321,103		0.55	%	N
															3,532,013			3,531,561				0.22	%																		13,630,269			14,149,813		0.76	%
Media
Khoros, LLC (Lithium)	Sr Secured Revolver	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	509,379	496,840			474,231				0.03	%	N	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%		10/3/2022	$	28,016,636		27,898,219			28,016,636		1.49	%	N
Khoros, LLC (Lithium)	Sr Secured Revolver	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	151,743	147,099			141,272				0.01	%	N	Sr Secured Revolver	LIBOR(Q)		1.00	%		8.00	%		9.00	%		10/3/2022	$	661,122		653,776			661,122		0.04	%	N
Khoros, LLC (Lithium)	First Lien Incremental Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	7,131,905	7,054,572			6,967,871				0.42	%	N
Khoros, LLC (Lithium)	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	10/3/2022	$	20,884,731	20,704,358			20,404,382				1.24	%	N
NEP II, Inc.	Second Lien Term Loan	LIBOR(M)		—			7.00	%		7.15	%	10/19/2026	$	27,000,000	26,418,396			23,409,000				1.42	%	G	Second Lien Term Loan	LIBOR(M)		—			7.00	%		7.10	%		10/19/2026	$	14,500,000		14,025,336			14,253,500		0.77	%	G
Quora, Inc.	First Lien Term Loan (4.0% Exit Fee)	Fixed		—			10.10	%		10.10	%	5/1/2022	$	12,692,602	12,582,602			12,768,758				0.77	%	L/N	First Lien Term Loan (4.0% Exit Fee)	Fixed		—			—			10.10	%		5/1/2024	$	12,819,528		12,693,226			12,767,870		0.69	%	L/N
															67,403,867			64,165,514				3.89	%																		55,270,557			55,699,128		2.99	%
Metal and Mining
Neenah Foundry Company	First Lien Term Loan B	LIBOR(Q)		1.00	%		9.00	%		10.00	%	12/13/2022	$	6,151,857	5,905,998			5,382,875				0.33	%	N
Oil, Gas and Consumable Fuels
Iracore International Holdings, Inc.																									First Lien Term Loan	LIBOR(M)		1.00	%		9.00	%		10.00	%		4/12/2024	$	1,324,140		1,324,140			1,324,140		0.07	%	B/N

Personal Products
Olaplex, Inc.																									First Lien Term Loan	LIBOR(M)		1.00	%		6.50	%		7.50	%		1/8/2026	$	18,069,459		17,840,140			18,250,480		0.98	%	G/N
Olaplex, Inc.																									Sr Secured Revolver	LIBOR(M)		1.00	%		6.50	%		7.50	%		1/8/2025	$	—		(16,618	)		—		—		G/K/N
																																									17,823,522			18,250,480		0.98	%
Professional Services
Applause App Quality, Inc.																									First Lien Term Loan	LIBOR(Q)		1.00	%		5.00	%		6.00	%		9/20/2022	$	15,478,361		15,433,435			15,478,361		0.83	%	N
Applause App Quality, Inc.																									Sr Secured Revolver	LIBOR(Q)		1.00	%		5.00	%		6.00	%		9/20/2022	$	—		(3,283	)		—		—		K/N
CIBT Solutions, Inc.																									Second Lien Term Loan	LIBOR(Q)		1.00	%	1.00% Cash + 6.75% PIK				8.75	%		6/1/2025	$	8,146,376		7,567,314			4,317,579		0.23	%	C/G
Dude Solutions Holdings, Inc.																									First Lien Term Loan	LIBOR(Q)		1.00	%		6.25	%		7.25	%	��	6/13/2025	$	25,561,223		25,131,561			25,612,345		1.38	%	N
Dude Solutions Holdings, Inc.																									Sr Secured Revolver	LIBOR(Q)		1.00	%		6.25	%		7.25	%		6/13/2025	$	—		(29,155	)		—		—		K/N
GI Consilio Parent, LLC																									Second Lien Term Loan	LIBOR(M)		0.50	%		7.50	%		8.00	%		5/14/2029	$	10,000,000		9,905,827			10,100,000		0.54	%	N
iCIMS, Inc.																									Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%		9/12/2024	$	121,678		120,552			121,058		0.01	%	N
iCIMS, Inc.																									First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%		9/12/2024	$	2,704,323		2,672,377			2,690,532		0.14	%	N
JobandTalent USA, Inc. (United Kingdom)																									First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		8.75	%		9.75	%		2/17/2025	$	18,590,586		18,272,869			18,776,492		1.01	%	H/N
JobandTalent USA, Inc. (United Kingdom)																									First Lien Term Loan	LIBOR(M)		1.00	%		8.75	%		9.75	%		2/17/2025	$	26,409,413		25,958,500			26,673,506		1.43	%	H/N
RigUp, Inc.																									First Lien Delayed Draw Term Loan (3.5% Exit Fee)	LIBOR(M)		1.50	%		7.00	%		8.50	%		3/1/2024	$	29,000,000		28,655,522			28,971,000		1.57	%	L/N
VT TopCo, Inc. (Veritext)																									Second Lien Term Loan	LIBOR(M)		0.75	%		6.75	%		7.50	%		8/17/2026	$	2,666,667		2,649,690			2,680,000		0.14	%	N
																																									136,335,209			135,420,873		7.28	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

Issuer

Instrument

Ref

Floor

Spread

Total Coupon

Maturity

Principal

Cost

Fair
Value

% of Total
Cash and
Investments

Notes
Debt Investments (continued)

Oil, Gas and Consumable Fuels

Iracore International, Inc.

First Lien Term Loan

LIBOR(M)

1.00
%

9.00
%

10.00
%

4/13/2021

$
1,324,140

$
1,324,140

$
1,324,140

0.08
%

B/N
Personal Products

Olaplex, Inc.

Sr Secured Revolver

LIBOR(M)

1.00
%

6.50
%

7.50
%

1/8/2025

—

(22,078
)

(13,400
)

—

K/N
Olaplex, Inc.

First Lien Term Loan

LIBOR(M)

1.00
%

6.50
%

7.50
%

1/8/2026

$
13,403,873

13,168,640

13,269,835

0.80
%

N
Olaplex, Inc.

First Lien Term Loan

LIBOR(M)

1.00
%

6.50
%

7.50
%

1/8/2026

$
5,170,752

5,119,044

5,119,044

0.31
%

N
Paula's Choice Holdings, Inc.

First Lien Term Loan

LIBOR(M)

1.00
%

6.25
%

7.25
%

11/17/2025

$
20,000,000

19,452,319

19,500,000

1.18
%

N

37,717,925

37,875,479

2.30
%

Professional Services

Applause App Quality, Inc.

First Lien Term Loan

LIBOR(Q)

1.00
%

5.00
%

6.00
%

9/20/2022

$
20,772,306

20,610,750

20,772,306

1.26
%

N
Applause App Quality, Inc.

Sr Secured Revolver

LIBOR(Q)

1.00
%

5.00
%

6.00
%

9/20/2022

—

(10,443
)

—

—

K/N
CIBT Solutions, Inc.

Second Lien Term Loan

LIBOR(Q)

1.00
%

7.75
%

—

6/1/2025

$
8,011,188

7,956,586

4,099,044

0.25
%

C/G/N
Dude Solutions Holdings, Inc.

Sr Secured Revolver

LIBOR(Q)

1.00
%

7.50
%

8.50
%

6/13/2025

—

(37,510
)

—

—

K/N
Dude Solutions Holdings, Inc.

First Lien Term Loan

LIBOR(Q)

1.00
%

7.50
%

8.50
%

6/13/2025

$
16,884,883

16,579,885

17,222,581

1.04
%

N
Dude Solutions Holdings, Inc.

First Lien Incremental Term Loan

LIBOR(Q)

1.00
%

7.50
%

8.50
%

6/13/2025

$
2,227,508

2,183,489

2,272,058

0.14
%

N
Dude Solutions Holdings, Inc.

First Lien Term Loan

LIBOR(Q)

1.00
%

7.50
%

8.50
%

6/13/2025

$
3,627,272

3,510,848

3,714,327

0.23
%

N
iCIMS, Inc.

Sr Secured Revolver

LIBOR(Q)

1.00
%

6.50
%

7.50
%

9/12/2024

$
121,678

120,176

119,975

0.01
%

K/N
iCIMS, Inc.

First Lien Term Loan

LIBOR(Q)

1.00
%

6.50
%

7.50
%

9/12/2024

$
2,351,073

2,315,704

2,318,158

0.14
%

N
iCIMS, Inc.

First Lien Term Loan

LIBOR(Q)

1.00
%

6.50
%

7.50
%

9/12/2024

$
353,250

346,429

348,305

0.02
%

N
Institutional Shareholder Services, Inc.

Second Lien Term Loan

LIBOR(Q)

—

8.50
%

8.72
%

3/5/2027

$
5,820,856

5,672,120

5,791,752

0.35
%

N
RigUp, Inc.

First Delayed Draw Term Loan (3.5% Exit Fee)

LIBOR(M)

1.50%

7.00
%

8.50
%

3/1/2024

$
19,333,333

18,855,629

18,811,333

1.14
%

L/N

78,103,663

75,469,839

4.58
%

Real Estate Management and Development

Space Midco, Inc. (Archibus)

First Lien Term Loan

LIBOR(M)

—

6.25
%

6.44
%

12/5/2023

$
4,444,444

4,387,820

4,355,556

0.26
%

N
Space Midco, Inc. (Archibus)

Sr Secured Revolver

LIBOR(M)

—

6.25
%

6.44
%

12/5/2023

—

(3,393
)

(5,556
)

—

K/N

4,384,427

4,350,000

0.26
%

Road and Rail

GlobalTranz Enterprises LLC

Second Lien Term Loan

LIBOR(M)

—

8.25
%

8.40
%

5/15/2027

$
19,382,324

19,045,353

16,610,652

1.01
%

N

Software

Certify, Inc.

First Lien Delayed Draw Term Loan

LIBOR(M)

1.00
%

5.75
%

6.75
%

2/28/2024

$
3,188,631

3,150,214

3,161,527

0.19
%

N
Certify, Inc.

First Lien Term Loan

LIBOR(M)

1.00
%

5.75
%

6.75
%

2/28/2024

$
23,383,293

23,314,597

23,184,535

1.41
%

N
Certify, Inc.

Sr Secured Revolver

LIBOR(M)

1.00
%

5.75
%

6.75
%

2/28/2024

$
265,719

250,220

256,685

0.02
%

K/N
Rhode Holdings, Inc. (Kaseya)

First Lien Delayed Draw Term Loan

LIBOR(Q)

1.00
%

4% Cash+3% PIK

8.00
%

5/2/2025

$
1,732,500

1,707,152

1,744,628

0.11
%

N
Rhode Holdings, Inc. (Kaseya)

First Lien Term Loan

LIBOR(Q)

1.00
%

4% Cash+3% PIK

8.00
%

5/2/2025

$
14,616,458

14,394,168

14,719,558

0.89
%

N
Rhode Holdings, Inc. (Kaseya)

Sr Secured Revolver

LIBOR(Q)

1.00
%

6.50
%

7.50
%

5/2/2025

$
590,882

572,713

590,882

0.04
%

N
Rhode Holdings, Inc. (Kaseya)

First Lien Incremental Delayed Draw Term Loan

LIBOR(Q)

1.00
%

4% Cash+3% PIK

8.00
%

5/2/2025

—

(12,010
)

5,710

—

K/N
Rhode Holdings, Inc. (Kaseya)

First Lien Incremental Term Loan

LIBOR(Q)

1.00
%

4% Cash+3% PIK

8.00
%

5/2/2025

$
1,281,602

1,262,824

1,290,573

0.08
%

N
Rhode Holdings, Inc. (Kaseya)

First Lien Delayed Draw Term Loan

LIBOR(Q)

1.00
%

4% Cash+3% PIK

8.00
%

5/2/2025

—

(8,557
)

4,905

—

K/N
Rhode Holdings, Inc. (Kaseya)

First Lien Term Loan

LIBOR(Q)

1.00
%

4% Cash+3% PIK

8.00
%

5/2/2025

$
385,419

377,820

388,117

0.02
%

N
Snow Software AB

First Lien Term Loan

LIBOR(Q)

2.00%

6.00
%

8.00
%

4/17/2024

$
10,373,317

10,223,498

10,552,775

0.64
%

N
Snow Software AB

First Lien Incremental Term Loan

LIBOR(Q)

2.00%

6.00
%

8.00
%

4/17/2024

$
11,543,865

11,360,297

11,743,574

0.71
%

N
Snow Software AB

Sr Secured Revolver

LIBOR(Q)

2.00%

6.00
%

8.00
%

4/17/2024

$
1,308,164

1,248,629

1,308,164

0.08
%

N
Snow Software AB

First Lien Term Loan

LIBOR(Q)

2.00%

6.00
%

8.00
%

4/21/2021

$
4,477,328

4,435,255

4,554,786

0.28
%

N
Superman Holdings, LLC

Sr Secured Revolver

PRIME

—

7.00
%

10.25
%

8/31/2026

—

(29,663
)

—

—

K/N

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Real Estate Management and Development
Greystone Affordable Housing Initiatives, LLC	First Lien Delayed Draw Term Loan	LIBOR(S)		1.25	%		6.00	%		7.25	%	3/2/2026	$	4,666,667	$	4,666,667		$	4,666,667			0.25	%	H/N

Road and Rail
Keep Truckin, Inc.	First Lien Term Loan	LIBOR(S)		1.00	%		7.25	%		8.25	%	4/8/2025	$	40,000,000		39,457,337			40,000,000			2.15	%	N

Software
Aerospike, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		7.50	%		8.50	%	12/29/2025	$	6,933,486		6,864,344			6,864,151			0.37	%	N
Aras Corporation	First Lien Term Loan	LIBOR(Q)		1.00	%	3.25% Cash + 3.75%PIK				8.00	%	4/13/2027	$	11,008,636		10,806,461			10,876,532			0.58	%	N
Aras Corporation	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	3.25% Cash + 3.75%PIK				8.00	%	4/13/2027	$	1,163,110		1,142,604			1,149,153			0.06	%	N
Aras Corporation	First Lien Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	4/13/2027	$	—		(15,379	)		(10,468	)		—		K/N
Backoffice Associates Holdings, LLC (Syniti)	First Lien Revolver	PRIME		—			6.75	%		10.00	%	4/30/2026	$	428,646		383,879			428,647			0.02	%	N
Backoffice Associates Holdings, LLC (Syniti)	First Lien Term Loan	LIBOR(S)		1.00	%		7.75	%		8.75	%	4/30/2026	$	13,147,733		12,796,746			13,266,062			0.71	%	N
Certify, Inc.	First Lien Delayed Draw Term Loan	LIBOR(M)		1.00	%		5.75	%		6.75	%	2/28/2024	$	3,188,631		3,161,643			3,188,631			0.17	%	N
Certify, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		5.75	%		6.75	%	2/28/2024	$	23,383,293		23,337,968			23,383,293			1.26	%	N
Certify, Inc.	Sr Secured Revolver	LIBOR(M)		1.00	%		5.75	%		6.75	%	2/28/2024	$	265,719		251,352			265,719			0.01	%	N
CyberGrants Holdings, LLC	First Lien Term Loan	LIBOR(Q)		0.75	%		6.50	%		7.25	%	9/8/2027	$	2,833,333		2,792,694			2,809,817			0.15	%	N
CyberGrants Holdings, LLC	First Lien Delayed Draw Term Loan	LIBOR(Q)		0.75	%		6.50	%		7.25	%	9/8/2027	$	—		(3,950	)		(2,306	)		—		K/N
CyberGrants Holdings, LLC	First Lien Revolver	LIBOR(Q)		0.75	%		6.50	%		7.25	%	9/8/2027	$	—		(3,950	)		(2,306	)		—		K/N
Integrate.com, Inc. (Infinity Data, Inc.)	First Lien Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	12/17/2027	$	3,766,667		3,691,682			3,691,333			0.20	%	N
Integrate.com, Inc. (Infinity Data, Inc.)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		6.00	%		7.00	%	12/17/2027	$	—		(13,242	)		(13,333	)		—		K/N
Integrate.com, Inc. (Infinity Data, Inc.)	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.00	%		7.00	%	12/17/2027	$	—		(6,621	)		(6,667	)		—		K/N
Oversight Systems, Inc.	First Lien Term Loan	LIBOR(M)		1.00	%		5.25	%		6.25	%	9/24/2026	$	4,558,783		4,471,421			4,431,593			0.24	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Term Loan	LIBOR(Q)		1.00	%	5.50% Cash + 1.00% PIK				7.50	%	5/2/2025	$	21,303,844		20,840,953			21,410,363			1.15	%	N
Rhode Holdings, Inc. (Kaseya)	First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%	5.50% Cash + 1.00% PIK				7.50	%	5/2/2025	$	4,185,067		4,108,753			4,212,059			0.23	%	N
Rhode Holdings, Inc. (Kaseya)	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	5/2/2025	$	—		(14,004	)		—			—		K/N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/31/2027	$	10,469,484		10,278,384			10,511,362			0.56	%	H/N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/31/2027	$	—		(20,373	)		—			—		H/K/N
SEP Vulcan Acquisition, Inc. (Tasktop) (Canada)	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/16/2027	$	7,836,483		7,694,698			7,914,848			0.43	%	H/N
SEP Vulcan Acquisition, Inc. (Tasktop) (Canada)	Sr Secured Revolver	LIBOR(Q)		1.00	%		7.00	%		8.00	%	3/16/2027	$	—		(19,457	)		—			—		H/K/N
Superman Holdings, LLC (Foundation Software)	First Lien Term Loan	LIBOR(Q)		1.00	%		6.50	%		7.50	%	8/31/2027	$	10,280,027		10,069,696			10,321,148			0.55	%	N
Superman Holdings, LLC (Foundation Software)	Sr Secured Revolver	LIBOR(Q)		1.00	%		6.50	%		7.50	%	8/31/2026	$	—		(24,477	)		—			—		K/N
Syntellis Performance Solutions, Inc. (Axiom Software)	First Lien Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	8/2/2027	$	21,187,739		20,650,482			21,611,493			1.17	%	N
Zilliant Incorporated	First Lien Term Loan	LIBOR(Q)		0.75	%	6.50% PIK				7.25	%	12/21/2027	$	1,481,481		1,452,019			1,451,852			0.08	%	N
Zilliant Incorporated	First Lien Delayed Draw Term Loan	LIBOR(Q)		0.75	%	6.50% PIK				7.25	%	12/21/2027	$	—		(7,370	)		(7,407	)		—		K/N
Zilliant Incorporated	Sr Secured Revolver	LIBOR(Q)		0.75	%		6.00	%		6.75	%	12/21/2027	$	—		(2,948	)		(2,963	)		—		K/N
																144,664,008			147,742,606			7.94	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

Issuer	Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost		Fair Value		% of Total Cash and Investments			Notes		Instrument	Ref	Floor			Spread			Total Coupon			Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Superman Holdings, LLC	Sr Secured Revolver	PRIME		—			7.00	%		10.25	%	8/31/2027	$	8,820,316	$	8,608,974	$	8,855,597		0.54	%	N
Syntellis Performance Solutions, Inc	First Lien Term Loan	LIBOR(Q)		1.00	%		8.00	%		9.00	%	8/2/2027	$	21,402,299	20,783,432		21,509,310			1.30	%	N
Winshuttle, LLC	First Lien FILO Term Loan	LIBOR(M)		1.00	%		8.42	%		9.42	%	8/9/2024	$	13,867,521	13,575,211		14,075,534			0.85	%	N
															115,214,774		117,946,860			7.16	%
Specialty Retail
Calceus Acquisition, Inc. (Cole Haan)	First Lien Term Loan B	LIBOR(Q)		—			5.50	%		5.73	%	2/12/2025	$	590,021	560,513		566,420			0.03	%	N		First Lien Term Loan B	LIBOR(Q)		—			5.50	%		5.68	%	2/12/2025	$	430,851	$	413,941		$	407,872			0.02	%	G
Calceus Acquisition, Inc. (Cole Haan)	Sr Secured Notes	Fixed		—			9.75	%		9.75	%	2/19/2025	$	20,000,000	19,455,896		21,970,000			1.33	%	N		First Lien Sr Secured Notes	Fixed		—			9.75	%		9.75	%	2/19/2025	$	20,000,000		19,568,380			19,791,221			1.06	%	G/N
Hanna Andersson, LLC																								First Lien Term Loan	LIBOR(M)		1.00	%		6.25	%		7.25	%	7/2/2026	$	4,968,750		4,875,690			4,948,875			0.27	%	N
USR Parent, Inc. (Staples)	First Lien FILO Term Loan	LIBOR(M)		1.00	%		8.84	%		9.84	%	9/12/2022	$	4,588,974	4,542,337		4,634,863			0.28	%	N		First Lien FILO Term Loan	LIBOR(M)		1.00	%		8.84	%		9.84	%	9/12/2022	$	3,195,293		3,181,251			3,195,293			0.17	%	N
															24,558,746		27,171,283			1.64	%																		28,039,262			28,343,261			1.52	%
Technology Hardware, Storage & Peripherals
SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)																								First Lien Delayed Draw Term Loan	LIBOR(Q)		1.00	%		7.00	%		8.00	%	2/17/2026	$	15,504,547		14,885,514			14,882,261			0.80	%	H/N

Textiles, Apparel and Luxury Goods
James Perse Enterprises, Inc.																								First Lien Term Loan	LIBOR(S)		1.00	%		6.25	%		7.25	%	9/8/2027	$	15,555,556		15,332,439			15,566,444			0.84	%	N
James Perse Enterprises, Inc.																								First Lien Revolver	LIBOR(S)		1.00	%		6.25	%		7.25	%	9/8/2027	$	—		(27,649	)		—			—		K/N
Kenneth Cole Productions, Inc.	First Lien FILO Term Loan	LIBOR(M)		1.00	%		7.75	%		8.75	%	12/28/2023	$	17,941,278	17,855,159		17,941,278			1.09	%	N		First Lien FILO Term Loan	LIBOR(M)		1.00	%		9.50	%		10.50	%	12/28/2023	$	17,068,223		17,012,237			17,213,303			0.93	%	N
PSEB, LLC (Eddie Bauer)	First Lien FILO II Term Loan	PRIME		—			7.25	%		10.50	%	10/12/2023	$	10,793,402	10,603,924		10,793,402			0.65	%	N		First Lien Term Loan	LIBOR(Q)		1.50	%		8.00	%		9.50	%	10/12/2023	$	17,989,003		17,781,520			18,078,948			0.97	%	N
PSEB, LLC (Eddie Bauer)	First Lien Term Loan	LIBOR(Q)	1.50%				8.00	%		9.50	%	10/12/2023	$	37,237,236	36,598,542		37,795,794			2.30	%	N
PSEB, LLC, (Eddie Bauer)																								First Lien Incremental Term Loan	LIBOR(M)		1.50	%		8.00	%		9.50	%	10/12/2023	$	7,010,997		6,941,122			7,046,052			0.38	%	N
WH Buyer, LLC (Anne Klein)	First Lien Term Loan	LIBOR(Q)	1.50%				7.76	%		9.26	%	7/16/2025	$	27,664,640	27,429,571		27,498,652			1.68	%	N		First Lien Incremental FILO Term Loan	LIBOR(Q)		1.00	%		6.75	%		7.75	%	12/31/2025	$	11,845,829		11,741,424			11,964,288			0.64	%	N
WH Buyer, LLC (Anne Klein)	First Lien Incremental Term Loan	LIBOR(Q)	1.50%				7.76	%		9.26	%	7/16/2025	$	5,307,692	5,260,224		5,275,846			0.32	%	N		First Lien FILO Term Loan	LIBOR(Q)		1.00	%		7.38	%		8.38	%	12/31/2025	$	32,972,332		32,737,575			33,302,055			1.78	%	N
															97,747,420		99,304,972			6.04	%
Thrifts and Mortgage Finance
Greystone Select Holdings, LLC	First Lien Term Loan	LIBOR(Q)	1.00%				8.00	%		9.00	%	4/17/2024	$	24,579,526	24,469,428		24,825,321			1.51	%	N
Home Partners of America, Inc.	First Lien Term Loan	LIBOR(M)	1.00%				6.25	%		7.25	%	10/13/2022	$	2,857,143	2,836,813		2,857,143			0.17	%	N
															27,306,241		27,682,464			1.68	%																		101,518,668			103,171,090			5.54	%
Tobacco Related
Juul Labs, Inc.	First Lien Term Loan	LIBOR(Q)	1.50%				8.00	%		9.50	%	8/2/2023	$	26,452,995	26,264,571		26,400,089			1.60	%	N		First Lien Term Loan	LIBOR(Q)		1.50	%		7.00	%		8.50	%	8/2/2023	$	26,102,995		25,985,218			25,998,583			1.40	%	N

Total Debt Investments - 188.9% of Net Assets															1,488,638,125		1,444,803,932			87.59	%
Trading Companies & Distributors
Blackbird Purchaser, Inc. (Ohio Transmission Corp.)																								Second Lien Term Loan	LIBOR(Q)		0.75	%		7.50	%		8.25	%	4/8/2027	$	10,153,647		9,952,294			9,950,574			0.53	%	N
Blackbird Purchaser, Inc. (Ohio Transmission Corp.)																								Second Lien Delayed Draw Term Loan	LIBOR(Q)		0.75	%		7.50	%		8.25	%	4/8/2027	$	—		(67,081	)		(67,691	)		—		K/N
																																							9,885,213			9,882,883			0.53	%
Wireless Telecommunication Services
OpenMarket, Inc. (Infobip) (United Kingdom)																								First Lien Term Loan	LIBOR(Q)		0.75	%		6.25	%		7.00	%	9/17/2026	$	9,975,000		9,737,219			9,688,718			0.52	%	H/N

Total Debt Investments - 197.1% of Net Assets																							Total Debt Investments - 197.1% of Net Assets																1,657,399,890			1,634,758,271			87.86	%

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

Issuer		Instrument	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes		Instrument	Total Coupon	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities
Airlines
Epic Aero, Inc (One Sky)		Common Stock			1,842	$	855,313	$	11,346,069		0.69	%	D/N

Automobiles
AutoAlert Acquisition Co, LLC		Warrants to Purchase LLC Interest	6/28/2030		7		2,910,423		2,818,737		0.17	%	D/E/N
Autoalert Acquisition Co, LLC															Warrants to Purchase LLC Interest		6/28/2030		7	$	2,910,423	$	2,472,731		0.13	%	D/E/N

Capital Markets
Pico Quantitative Trading, LLC		Warrants to Purchase Membership Units (144A)	2/7/2030		287		645,121		697,010		0.04	%	D/E/N
Pico Quantitative Trading Holdings, LLC															Warrants to Purchase Membership Units		2/7/2030		287		645,121		2,535,001		0.14	%	D/E/N

Chemicals
AGY Holding Corp.		Series A Preferred Stock			1,786,785		485,322		663,166		0.04	%	D/N
AGY Holding Corp.		Series B Preferred Stock			1,250,749		—		—		—		D/N
AGY Holding Corp.		Common Stock			982,732		—		—		—		D/N
AGY Equity, LLC															Class A Preferred Stock				1,786,785		485,322		107,207		0.01	%	D/E/N
AGY Equity, LLC															Class B Preferred Stock				1,250,749		—		—		—		D/E/N
AGY Equity, LLC															Class C Common Stock				982,732		—		—		—		D/E/N
							485,322		663,166		0.04	%									485,322		107,207		0.01	%
Communications Equipment
Avanti Communications Group, PLC (United Kingdom)		Common Stock			26,576,710		4,902,674		—		—		D/E/H/N/O		Common Stock				26,576,710		4,902,674		—		—		D/H/N/O

Diversified Consumer Services
TVG-Edmentum Holdings, LLC		Series A Preferred Stock			27,603,779		27,603,779		27,758,980		1.68	%	B/E
Razor Group GmbH (Germany)															Warrants to Purchase Preferred Series A1 Shares		4/28/2028		516		—		4,802,192		0.26	%	D/E/H/N
MXP Prime Platform GmbH (SellerX)															Warrants to Purchase Preferred B Shares		11/23/2028		135		—		356,342		0.02	%	D/E/H/N
TVG-Edmentum Holdings, LLC		Series B-1 Common Stock			13,421,162		13,421,162	13,511,732			0.82	%	B/E		Series B-1 Common Units				17,858,122		15,367,587		36,740,019		1.98	%	B/E/N
TVG-Edmentum Holdings, LLC		Series B-2 Common Stock			13,421,162		13,421,162		12,868,247		0.78	%	B/D/E		Series B-2 Common Units				17,858,122		13,421,162		36,740,019		1.97	%	B/D/E/N
							54,446,103		54,138,959		3.28	%									28,788,749		78,638,572		4.23	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC		Membership Units			22,199,416		22,199,416		33,135,000		2.01	%	E/F/N		Membership Units				25,652,397		25,652,397		34,082,000		1.82	%	E/F/N
Conventional Lending TCP Holdings, LLC		Membership Units			19,000,869		19,000,869		18,050,826		1.09	%	E/F/I/N		Membership Units				26,901,777		28,049,419		26,901,777		1.45	%	E/F/I/N
GACP I, LP (Great American Capital)		Membership Units			1,392,896		1,392,896		1,995,210		0.12	%	E/I/N		Membership Units				460,486		460,486		973,940		0.05	%	E/I/N
GACP II, LP (Great American Capital)		Membership Units			15,980,492		15,980,492		17,341,570		1.05	%	E/I/N		Membership Units				12,603,472		12,603,472		12,623,640		0.68	%	E/I/N
Worldremit Group Limited (United Kingdom)															Warrants to Purchase Series D Stock		2/11/2031		34,820		—		856,224		0.05	%	D/E/H/N
							58,573,673		70,522,606		4.27	%									66,765,774		75,437,581		4.05	%
Electric Utilities
Conergy Asia Holdings Limited (United Kingdom)		Class B Shares			1,000,000		1,000,000		—		—		D/E/F/H/N		Class B Shares				1,000,000		1,000,000		—		—		D/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom)		Ordinary Shares			3,333		7,833,333		—		—		D/E/F/H/N		Ordinary Shares				5,318,860		7,833,333		—		—		D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)		Ordinary Shares			2,332,594		—		—		—		D/E/F/H/N		Ordinary Shares				2,332,594		—		—		—		D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)		Series B Preferred Shares			93,023		1,395,349		—		—		D/E/F/H/N		Series B Preferred Shares				93,023		1,395,349		—		—		D/E/F/H/N
Utilidata, Inc.		Common Stock			29,094		216,336		—		—		D/E		Common Stock				29,094		216,336		—		—		D/E/N
Utilidata, Inc.		Series C Preferred Stock			257,369		153,398		229,000		0.01	%	D/E		Series C Preferred Stock				257,369		153,398		151,000		0.01	%	D/E/N
Utilidata, Inc.		Series CC Preferred Stock			500,000		500,000		23,000		—		D/E		Series CC Preferred Stock				500,000		500,000		—		—		D/E/N
							11,098,416		252,000		0.01	%									11,098,416		151,000		0.01	%
Electrical Equipment
TCFI Amteck Holdings, LLC		Series A Preferred Units			8,020,824		7,511,391		8,117,074		0.50	%	N
TCFI Amteck Holdings, LLC		Common Units			362,513		395,336		8,845,317		0.55	%	D/N
							7,906,727		16,962,391		1.05	%
Electronic Equipment, Instruments and Components	Electronic Equipment, Instruments and Components													Electronic Equipment, Instruments and Components
Soraa, Inc.		Warrants to Purchase Preferred Stock	8/29/2024		3,071,860		478,899		—		—		D/E/N		Warrants to Purchase Preferred Stock		8/29/2024		3,071,860		478,899		—		—		D/E/N

Energy Equipment and Services
GlassPoint Solar, Inc.		Warrants to Purchase Series E Preferred Stock	2/7/2027		400,000		248,555		—		—		D/E/N
GlassPoint Solar, Inc.		Warrants to Purchase Series E Preferred Stock	2/7/2027		2,048,000	505,450		—		—			D/E/N
						754,005		—		—
GlassPoint, Inc.															Warrants to Purchase Common Stock		9/12/2029		16		275,200		271,030		0.01	%	D/E/N

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

Issuer		Instrument	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes		Instrument	Total Coupon	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities (continued)
Internet Software and Services
Domo, Inc.		Warrants to Purchase Class B Common Stock	8/7/2023		49,792	$	1,543,054	$	3,175,236		0.19	%	D/E		Common Stock				49,792	$	1,543,054	$	2,469,683		0.13	%	D
FinancialForce.com, Inc.		Warrants to Purchase Series C Preferred Stock	1/30/2029	840,000		287,985		385,600			0.02	%	D/E/N		Warrants to Purchase Series C Preferred Stock		1/30/2029		1,125,000		287,985		651,375		0.04	%	D/E/N
Foursquare Labs, Inc.		Warrants to Purchase Series E Preferred Stock	5/4/2027		2,062,500	508,805		1,144,786			0.07	%	D/E/N		Warrants to Purchase Series E Preferred Stock		5/4/2027		2,062,500		508,805		1,177,786		0.06	%	D/E/N
InMobi, Inc. (Singapore)		Warrants to Purchase Common Stock	8/15/2027		1,327,869	212,360		422,705			0.03	%	D/E/H/N		Warrants to Purchase Common Stock		8/15/2027		1,327,869		212,360		2,038,279		0.11	%	D/E/H/N
InMobi, Inc. (Singapore)		Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)	9/18/2025		1,049,996	276,492		514,918			0.03	%	D/E/H/N		Warrants to Purchase Series E Preferred Stock		9/18/2025		1,049,996		276,492		1,705,572		0.09	%	D/E/H/N
InMobi, Inc. (Singapore)		Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)	10/3/2028		1,511,002	93,407		541,900			0.03	%	D/E/H/N		Warrants to Purchase Series E Preferred Stock		10/3/2028		1,511,002		93,407		455,361		0.02	%	D/E/H/N
ResearchGate Corporation (Germany)		Warrants to Purchase Series D Preferred Stock	10/30/2029		333,370	202,001		110,000			0.01	%	D/E/H/N/O		Warrants to Purchase Series D Preferred Stock		10/30/2029		333,370		202,001		111,200		0.01	%	D/E/H/N/O
Snaplogic, Inc.		Warrants to Purchase Series Preferred Stock	3/19/2028		1,860,000	377,722		5,200,000			0.32	%	D/E/N
SnapLogic, Inc.															Warrants to Purchase Series Preferred Stock		3/19/2028		1,860,000		377,722		4,950,000		0.27	%	D/E/N
																					3,501,826		13,559,256		0.73	%
						3,501,826		11,495,145			0.70	%
IT Services
Fidelis (SVC), LLC		Preferred Units			657,932		2,001,384		75,613	—			D/E/N		Preferred Unit-C				657,932		2,001,384		72,618		—		D/E/N

Life Sciences Tools and Services
Envigo RMS Holdings Corp.		Common Stock			36,413	—		235,228			0.01	%	D/E/N		Common Stock				36		—		790,349		0.04	%	D/E/N

Media
NEG Parent, LLC (Core Entertainment, Inc.)		Class A Units			2,720,392	2,772,807		7,401,888			0.45	%	B/D/E/N
NEG Parent, LLC (Core Entertainment, Inc.)		Class A Warrants to Purchase Class A Units	10/17/2026		343,387	196,086		438,161			0.03	%	B/D/E/N
NEG Parent, LLC (Core Entertainment, Inc.)		Class B Warrants to Purchase Class A Units	10/17/2026		346,794	198,032		442,508			0.03	%	B/D/E/N
NEG Parent, LLC (CORE Entertainment, Inc.)															Class A Units				2,720,392		2,772,807		15,224,581		0.81	%	B/D/E/N
NEG Parent, LLC (CORE Entertainment, Inc.)															Class A Warrants to Purchase Class A Units		10/17/2026		343,387		196,086		1,409,955		0.08	%	B/D/E/N
NEG Parent, LLC (CORE Entertainment, Inc.)															Class B Warrants to Purchase Class A Units		10/17/2026		346,794		198,032		1,423,944		0.08	%	B/D/E/N
Quora, Inc.		Warrants to Purchase Series D Preferred Stock	4/11/2029	507,704		65,245		105,095			0.01	%	D/E/N		Warrants to Purchase Series D Preferred Stock		4/11/2029		507,704		65,245		154,342		0.01	%	D/E/N
SoundCloud, Ltd. (United Kingdom)		Warrants to Purchase Preferred Stock	4/29/2025	946,498		79,082		45,143		—			D/E/H/N		Warrants to Purchase Preferred Stock		4/29/2025		946,498		79,082		45,143		—		D/E/H/N
						3,311,252		8,432,795			0.52	%									3,311,252		18,257,965		0.98	%
Oil, Gas and Consumable Fuels
Iracore Investments Holdings, Inc.		Class A Common Stock		16,207		4,177,707		5,181,526			0.31	%	B/D/E/N		Class A Common Stock				16,207		4,177,710		4,344,746		0.23	%	B/D/E/N

Professional Services
Anacomp, Inc.		Class A Common Stock		1,255,527		26,711,048		401,769			0.02	%	D/E/F/N		Class A Common Stock				1,255,527		26,711,048		326,437		0.02	%	D/E/F/N

Semiconductors and Semiconductor Equipment	Semiconductors and Semiconductor Equipment													Semiconductors and Semiconductor Equipment
Nanosys, Inc.		Warrants to Purchase Preferred Stock	3/29/2023	800,000		605,266		962,482			0.06	%	D/E/N		Warrants to Purchase Preferred Stock		3/29/2023		800,000		605,266		962,482		0.05	%	D/E/N

Software
Actifio, Inc.		Warrants to Purchase Series G Preferred Stock	5/5/2027	1,052,651		188,770		71,292		—			D/E/N
Tradeshift, Inc.		Warrants to Purchase Series D Preferred Stock	3/26/2027	1,712,930		577,843		503,762			0.03	%	D/E/N		Warrants to Purchase Series D Preferred Stock		3/26/2027		1,712,930		577,843		1,486,325		0.08	%	D/E/N
						766,613		575,054			0.03	%
Trading Companies & Distributors
Blackbird Holdco, Inc. (Ohio Transmission Corp.)															Preferred Stock	12.50% PIK			7,108		6,966,113		6,966,551		0.37	%	E/N

Total Equity Securities - 24.2% of Net Assets						184,131,772		184,760,550			11.20	%
Total Equity Securities - 24.9% of Net Assets														Total Equity Securities - 24.9% of Net Assets							164,203,020		206,379,851		11.09	%

Total Investments - 213.0% of Net Assets						$	1,672,769,897	$	1,629,564,482
Total Investments - 222.0% of Net Assets														Total Investments - 222.0% of Net Assets						$	1,821,602,910	$	1,841,138,122		98.95	%

Cash and Cash Equivalents - 2.6% of Net Assets								20,006,580			1.21	%
Cash and Cash Equivalents - 2.3% of Net Assets														Cash and Cash Equivalents - 2.3% of Net Assets								$	19,552,273		1.05	%

Total Cash and Investments - 215.6% of Net Assets								$	1,649,571,062		100.00	%	M
Total Cash and Investments - 224.3% of Net Assets														Total Cash and Investments - 224.3% of Net Assets								$	1,860,690,395		100.00	%	M

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, ~~2020~~2021

Notes to Consolidated Schedule of Investments:

(A)

(B)	Non-controlled affiliate – as defined under the Investment Company Act of 1940 (“the 1940 Act”) (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.

(C)	Non-accruing debt ~~investment~~investment.

(D)	Other non-income producing investment.

(E)	Restricted security. (See Note 2)

(F)

(G)	Investment has been segregated to collateralize certain unfunded commitments.

(H)

(I)

(J)

(K)	Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

(L)	In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(M)	All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.

(N)	Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

(O)	Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure.

LIBOR or EURIBOR resets monthly (M), quarterly (Q), semiannually (S), or annually (A).

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled ~~$460,153,100~~$757,139,390 and ~~$480,719,625,~~$622,557,619, respectively, for the year ended December 31, ~~2020.~~2021. Aggregate acquisitions ~~includes~~include investment assets received as payment in kind. Aggregate dispositions ~~includes~~include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of December 31, ~~2020~~2021 was ~~$1,548,430,022~~$1,838,668,439 or ~~93.9%~~98.8% of total cash and investments of the Company. As of December 31, ~~2020,~~2021, approximately ~~7.7%~~13.7% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)

~~June 30, 2021~~March 31, 2022

1. Organization and Nature of Operations

BlackRock TCP Capital Corp. (the “Company”), formerly known as TCP Capital Corp., is a Delaware corporation formed on April 2, 2012 as an externally managed, closed-end, non-diversified management investment company. The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. The Company invests primarily in the debt of middle-market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. Such investments may include an equity component, and, to a lesser extent, the Company may make equity investments directly. The Company was formed through the conversion on April 2, 2012 of the Company’s predecessor, Special Value Continuation Fund, LLC, from a limited liability company to a corporation in a non-taxable transaction, leaving the Company as the surviving entity. On April 3, 2012, the Company completed its initial public offering.

Investment operations are conducted through the Company's wholly-owned subsidiaries, Special Value Continuation Partners LLC, a Delaware limited liability company ("SVCP"), TCPC Funding I, LLC, a Delaware limited liability company (“TCPC Funding”), TCPC Funding II, LLC, a Delaware limited liability company ("TCPC Funding II") and TCPC SBIC, LP, a Delaware limited partnership (the “SBIC”). SVCP was organized as a limited partnership and had elected to be regulated as a BDC under the 1940 Act through July 31, 2018. On August 1, 2018, SVCP withdrew its election to be regulated as a BDC under the 1940 Act and withdrew the registration of its common limited partner interests under Section 12(g) of the Securities Exchange Act of 1934 and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. The SBIC was organized in June 2013, and, on April 22, 2014, received a license from the United States Small Business Administration (the “SBA”) to operate as a small business investment company under the provisions of Section 301(c) of the Small Business Investment Act of 1958. These consolidated financial statements include the accounts of the Company, SVCP, TCPC Funding, TCPC Funding II and the SBIC. All significant intercompany transactions and balances have been eliminated in the consolidation.

The Company has elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. TCPC Funding, TCPC Funding II and the SBIC have elected to be treated as partnerships for U.S. federal income tax purposes. SVCP was treated as a partnership for U.S. federal income tax purposes through August 1, 2018 and upon its conversion to a limited liability company on August 2, 2018 and thereafter is and will be treated as a disregarded entity.

Series H of SVOF/MM, LLC serves as the administrator of the Company (the “Administrator”). The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II and the SBIC. On August 1, 2018, the Advisor merged with and into a wholly owned subsidiary of BlackRock Capital Investment Advisors, LLC, an indirect wholly owned subsidiary of BlackRock, Inc., with the Advisor as the surviving entity.

Company management consists of the Advisor and the Company’s board of directors. The Advisor directs and executes the day-to-day operations of the Company, subject to oversight from the board of directors, which sets the broad policies of the Company. The board of directors of the Company has delegated investment management of SVCP’s assets to the Advisor. The board of directors consists of ~~eight~~six persons, ~~six~~five of whom are independent.

2324

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Company has consolidated the results of its wholly owned subsidiaries in its consolidated financial statements in accordance with ASC Topic 946. The following is a summary of the significant accounting policies of the Company.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material.

Investment Valuation

The Company’s investments are generally held by SVCP, TCPC Funding I, TCPC Funding II or the SBIC. Management values investments at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in policies adopted by the board of directors. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date.

All investments are valued at least quarterly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Advisor which in the aggregate comprise less than 5% of the capitalization of the Company. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation.

Investments not listed on a recognized exchange or market quotation system, but for which reliable market quotations are readily available are valued using prices provided by a nationally recognized pricing service or by using quotations from broker-dealers.

Investments for which market quotations are either not readily available or are determined to be unreliable are priced at fair value using affirmative valuations performed by independent valuation services approved by the board of directors or, for investments aggregating less than 5% of the total capitalization of the Company, using valuations determined directly by the Advisor. Such valuations are determined under a documented valuation policy that has been reviewed and approved by the board of directors.

Generally, to increase objectivity in valuing the investments, the Advisor will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Advisor’s valuation is not based on long-term work-out value, immediate liquidation value, nor incremental value for potential changes that may take place in the future. The values assigned to investments are based on available information and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, geopolitical and other events and conditions such as the current COVID-19 pandemic that may significantly impact the profitability or viability of businesses in which the Company is invested, and therefore may significantly impact the return on and realizability of the Company’s investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5% of the Company’s assets.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2022

2. Summary of Significant Accounting Policies — (continued)

Fair valuations of investments in each asset class are determined using one or more methodologies including market quotations, the market approach, income approach, or, in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Such information may include observed multiples of earnings and/or revenues at which transactions in securities of comparable companies occur, with appropriate adjustments for differences in company size, operations or other factors affecting comparability.

The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The discount rates used for such analyses reflect market yields for comparable investments, considering such factors as relative credit quality, capital structure, and other factors.

~~BlackRock TCP Capital Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) (Continued)~~

~~June 30, 2021~~

~~2. Summary of Significant Accounting Policies — (continued)~~

In following these approaches, the types of factors that may be taken into account also include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, comparable costs of capital, the principal market in which the investment trades and enterprise values, among other factors.

Investments may be categorized based on the types of inputs used in valuing such investments. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Transfers between levels are recognized as of the beginning of the reporting period.

At ~~June 30, 2021,~~March 31, 2022, the Company’s investments were categorized as follows:

Level	Basis for Determining Fair Value	Bank Debt ⁽¹⁾		Other Corporate Debt ⁽²⁾		Equity Securities		Total		Basis for Determining Fair Value	Bank Debt ⁽¹⁾		Other Corporate Debt ⁽²⁾		Equity Securities		Total
1	Quoted prices in active markets for identical assets	$	—	$	—	$	4,024,687	$	4,024,687	Quoted prices in active markets for identical assets	$	—	$	—	$	2,899,633	$	2,899,633
2	Other direct and indirect observable market inputs ⁽³⁾		26,815,625		—		—		26,815,625	Other direct and indirect observable market inputs ⁽³⁾		116,426,099		—		—		116,426,099
3	Independent third-party valuation sources that employ significant unobservable inputs		1,485,823,942		95,309,751		212,285,228		1,793,418,921	Independent third-party valuation sources that employ significant unobservable inputs		1,409,865,022		59,821,437		203,914,110		1,673,600,569
3	Advisor valuations with significant unobservable inputs		—		—		1,797,389		1,797,389	Advisor valuations with significant unobservable inputs		—		1,415,739		1,408,805		2,824,544
Total		$	1,512,639,567	$	95,309,751	$	218,107,304	$	1,826,056,622		$	1,526,291,121	$	61,237,176	$	208,222,548	$	1,795,750,845

(1)

Includes senior secured loans

(2)

Includes senior secured notes, unsecured debt and subordinated debt

(3)

For example, quoted prices in inactive markets or quotes for comparable investments

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2022

2. Summary of Significant Accounting Policies — (continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of ~~June 30, 2021~~March 31, 2022 included the following:

Asset Type

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Avg.) ⁽¹⁾

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Avg.) ⁽¹⁾

Bank Debt

1,322,269,374

Income approach

Discount rate

4.6% - 18.3% (9.1%)

1,306,232,542

Income approach

Discount rate

5.9% - 15.3% (9.4%)

81,020,851

Market quotations

Indicative bid/ask quotes

1 (1)

13,057,123

Market comparable companies

Revenue multiples

1.3x - 2.9x (1.4x)

1,324,140

Market comparable companies

EBITDA multiples

5.8x (5.8x)

117,672,031

Market quotations

Indicative bid/ask quotes

1 (1)

8,230,366

Option Pricing Model

EBITDA/Revenue multiples

4.5x (4.5x)

29,356,109

Market comparable companies

Revenue multiples

1.3x - 4.3x (3.0x)

Implied volatility

65.0% (65.0%)

16,526,428

Market comparable companies

EBITDA multiples

6.5x - 6.8x (6.7x)

Term

3.0 years (3.0 years)

Other Corporate Debt

53,428,665

Income approach

Discount rate

7.6% - 18.3% (9.3%)

41,381,437

Market comparable companies

Book value multiples

1.4x (1.4x)

40,834,419

Market comparable companies

Book value multiples

1.4x (1.4x)

18,440,000

Income approach

Discount rate

13.8% (13.8%)

1,046,667

Market comparable companies

Revenue multiples

4.3x (4.3x)

1,415,738

Market quotations

Indicative bid/ask quotes

1 (1)

Equity

30,841,156

Market quotations

Indicative bid/ask quotes

1 (1)

6,969,820

Income approach

Discount rate

13.6% (13.6%)

18,383,850

Option Pricing Model

EBITDA/Revenue multiples

3.0x - 8.0x (6.0x)

271,030

Market quotations

Indicative bid/ask quotes

1 (1)

Implied volatility

35.0% - 70.0% (53.0%)

29,925,175

Option Pricing Model

EBITDA/Revenue multiples

0.7x - 12.0x (5.8x)

Term

0.8 years - 4.0 years (1.7 years)

Implied volatility

30.0% - 70.0% (57.7%)

676,265

Market comparable companies

Revenue multiples

0.7x - 1.9x (1.2x)

Term

0.5 years - 4.0 years (2.2 years)

117,866,386

Market comparable companies

EBITDA multiples

6.5x - 15.5x (14.4x)

326,437

Market comparable companies

Revenue multiples

1.1x (1.1x)

31,639,000

Market comparable companies

Book value multiples

1.4x (1.4x)

100,277,014

Market comparable companies

EBITDA multiples

5.8x - 14.0x (12.7x)

14,675,960

Other ⁽²⁾

N/A

55,358,409

Market comparable companies

Book value multiples

1.0x - 1.4x (1.2x)

1,795,216,310

12,195,030

Other ⁽²⁾

N/A

1,676,425,112

(1)

Weighted by fair value

(2)

Fair value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date.

2527

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

2. Summary of Significant Accounting Policies — (continued)

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:


Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Discount rate	Decrease	Increase
Revenue multiples	Increase	Decrease
EBITDA multiples	Increase	Decrease
Book value multiples	Increase	Decrease
Implied volatility	Increase	Decrease
Term	Increase	Decrease
Yield	Increase	Decrease

Changes in investments categorized as Level 3 during the three months ended ~~June 30, 2021~~March 31, 2022 were as follows:

	Independent Third-Party Valuation												Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities			Total			Bank Debt			Other Corporate Debt			Equity Securities		Total
Beginning balance	$	1,381,849,863		$	95,586,670		$	175,789,101		$	1,653,225,634		$	1,453,211,129		$	61,266,010		$	201,713,142	$	1,716,190,281
Net realized and unrealized gains (losses)		(736,375	)		(300,682	)		35,839,795			34,802,738			(5,268,842	)		(1,474,524	)		499,533		(6,243,833	)
Acquisitions ⁽¹⁾		236,614,750			13,011			1,351,695			237,979,456			114,307,153			29,951			949,633		115,286,737
Dispositions		(156,890,501	)		10,752			(695,363	)		(157,575,112	)		(152,384,418	)		—			751,802		(151,632,616	)
Transfers into Level 3		24,986,205			—			—			24,986,205
Transfers out of Level 3 ⁽²⁾		—			—			—			—
Ending balance	$	1,485,823,942		$	95,309,751		$	212,285,228		$	1,793,418,921		$	1,409,865,022		$	59,821,437		$	203,914,110	$	1,673,600,569

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	178,088		$	(300,682	)	$	35,834,779		$	35,712,185		$	(9,356,124	)	$	(1,689,951	)	$	624,336	$	(10,421,738	)

(1)	Includes payments received in kind and accretion of original issue and market discounts

~~(2)~~

~~Comprised of one investment that was transferred to Level 2 due to increased observable market activity~~

Advisor Valuation

Bank Debt

Other
Corporate Debt

Equity
Securities

Total

Beginning balance
$
—

$
—

$
1,798,587

$
1,798,587

Net realized and unrealized gains (losses)

—

—

(1,198
)

(1,198
)
Dispositions

—

—

—

—

Ending balance
$
—

$
—

$
1,797,389

$
1,797,389

Net change in unrealized appreciation/depreciation during
the period on investments still held at period end (included
in net realized and unrealized gains/losses, above)
$
—

$
—

$
(1,198
)

$
(1,198
)

~~(1)~~

~~Includes payments received in kind and accretion of original issue and market discounts~~

~~(2)~~

~~Comprised of one investment that was transferred to Level 2 due to increased observable market activity~~

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

2. Summary of Significant Accounting Policies — (continued)

	Advisor Valuation
	Bank Debt		Other Corporate Debt			Equity Securities			Total
Beginning balance	$	—	$	2,888,000		$	2,197,030		$	5,085,030
Net realized and unrealized gains (losses)		—		(15,341	)		(599,819	)		(615,160	)
Dispositions		—		(1,456,920	)		(188,406	)		(1,645,326	)
Ending balance	$	—	$	1,415,739		$	1,408,805		$	2,824,544

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	(5,304	)	$	2,124		$	(3,180	)

~~Changes in~~

At December 31, 2021, the Company’s investments were categorized ~~as Level 3 during the six months ended June 30, 2021 were~~ as follows:

Independent Third-Party Valuation

Bank Debt

Other
Corporate Debt

Equity
Securities

Total

Beginning balance

$
1,281,636,688

$
95,923,481

$
179,525,253

$
1,557,085,422

Net realized and unrealized gains (losses)

5,164,269

(664,476
)

42,097,051

46,596,844

Acquisitions ⁽¹⁾

410,500,700

29,360

3,757,525

414,287,585

Dispositions

(210,984,973
)

21,386

(13,094,601
)

(224,058,188
)
Transfers into Level 3

24,986,205

-

-

24,986,205

Transfers out of Level 3 ⁽²⁾

(25,478,947
)

-

-

(25,478,947
)
Ending balance

$
1,485,823,942

$
95,309,751

$
212,285,228

$
1,793,418,921

Net change in unrealized appreciation/depreciation during
the period on investments still held at period end (included
in net realized and unrealized gains/losses, above)

$
7,805,030

$
(664,475
)

$
43,737,380

$
50,877,935

Level	Basis for Determining Fair Value	Bank Debt ⁽¹⁾		Other Corporate Debt ⁽²⁾		Equity Securities		Total
1	Quoted prices in active markets for identical assets	$	—	$	—	$	2,469,679	$	2,469,679
2	Other direct and indirect observable market inputs ⁽³⁾		117,393,132		—		—		117,393,132
3	Independent third-party valuation sources that employ significant unobservable inputs		1,453,211,129		61,266,010		201,713,142		1,716,190,281
3	Advisor valuations with significant unobservable inputs		—		2,888,000		2,197,030		5,085,030
Total		$	1,570,604,261	$	64,154,010	$	206,379,851	$	1,841,138,122

(1)	Includes ~~payments received in kind and accretion of original issue and market discounts~~senior secured loans

(2)	~~Comprised of one investment that was transferred to Level 2 due to increased observable market activity~~Includes senior secured notes, unsecured debt and subordinated debt

(3)	For example, quoted prices in inactive markets or quotes for comparable investments

Advisor Valuation

Bank Debt

Other
Corporate Debt

Equity
Securities

Total

Beginning balance

$
—

$
—

$
2,060,061

$
2,060,061

Net realized and unrealized gains (losses)

—

—

(195,546
)

(195,546
)
Dispositions

—

—

(67,126
)

(67,126
)
Ending balance

$
—

$
—

$
1,797,389

$
1,797,389

Net change in unrealized appreciation/depreciation during
the period on investments still held at period end (included
in net realized and unrealized gains/losses, above)

$
—

$
—

$
(191,379
)

$
(191,379
)

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

2. Summary of Significant Accounting Policies — (continued)

~~At December 31, 2020, the Company’s investments were categorized as follows:~~

Level

Basis for Determining Fair Value

Bank Debt ⁽¹⁾

Other
Corporate Debt ⁽²⁾

Equity
Securities

Total

1

Quoted prices in active markets for identical
   assets

$
—

$
—

$
3,175,236

$
3,175,236

2

Other direct and indirect observable market
   inputs *

67,243,763

—

—

67,243,763

3

Independent third-party valuation sources that
   employ significant unobservable inputs

1,281,636,688

95,923,481

179,525,253

1,557,085,422

3

Advisor valuations with significant unobservable
   inputs

—

—

2,060,061

2,060,061

Total

$
1,348,880,451

$
95,923,481

$
184,760,550

$
1,629,564,482

*	~~For example, quoted prices in inactive markets or quotes for comparable investments~~

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, ~~2020~~2021 included the following:

Asset Type

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Avg.) ⁽¹⁾

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Avg) ⁽¹⁾

Bank Debt

1,128,076,031

Income approach

Discount rate

5.2% - 18.0% (9.3%)

1,371,330,586

Income approach

Discount rate

4.2% - 14.0% (9.2%)

104,635,137

Market quotations

Indicative bid/ask quotes

1 (1)

47,563,454

Market quotations

Indicative bid/ask quotes

1 (1)

32,822,501

Market comparable companies

Revenue multiples

1.4x - 4.5x (3.1x)

14,464,052

Market comparable companies

Revenue multiples

1.3x - 3.7x (1.6x)

16,103,019

Market comparable companies

EBITDA multiples

6.0x - 6.9x (6.8x)

12,942,417

Market comparable companies

EBITDA multiples

5.3x - 8.3x (7.9x)

6,910,620

Option Pricing Model

EBITDA/Revenue multiples

4.8x (4.8x)

Implied volatility

65.0% (65.0%)

Term

3.3 years (3.3 years)

Other Corporate Debt

53,957,531

Income approach

Discount rate

7.1% - 18.0% (10.3%)

41,381,438

Market comparable companies

Book value multiples

1.3x (1.3x)

19,791,221

Income approach

Discount rate

10.1% (10.1%)

40,834,419

Market comparable companies

Book value multiples

1.5x (1.5x)

2,888,000

Market quotations

Indicative bid/ask quotes

1 (1)

1,131,531

Market comparable companies

Revenue multiples

4.3x (4.3x)

93,351

Market comparable companies

Revenue multiples

3.7x (3.7x)

Equity

8,117,073

Income approach

Discount rate

9.5% - 18.0% (9.5%)

7,756,900

Income approach

Discount rate

3.5% - 12.5% (11.6%)

72,336,690

Market quotations

Indicative bid/ask quotes

1 (1)

27,172,807

Market quotations

Indicative bid/ask quotes

1 (1)

14,332,807

Option Pricing Model

EBITDA/Revenue multiples

6.4x (6.4x)

43,042,457

Option Pricing Model

EBITDA/Revenue multiples

1.7x - 12.5x (9.1x)

Implied volatility

35.0% - 70.0% (49.5%)

Implied volatility

35.0% - 70.0% (49.4%)

Term

1.5 years - 3.5 years (2.3 years)

Term

0.8 years - 3.9 years (2.5 years)

1,316,936

Market comparable companies

Revenue multiples

0.7x - 4.3x (1.0x)

433,644

Market comparable companies

Revenue multiples

0.7x - 1.1x (1.0x)

33,010,028

Market comparable companies

EBITDA multiples

6.0x - 9.8x (7.0x)

77,824,784

Market comparable companies

EBITDA multiples

5.3x - 14.0x (13.5x)

33,135,000

Market comparable companies

Book value multiples

1.5x (1.5x)

34,082,000

Market comparable companies

Book value multiples

1.3x (1.3x)

19,336,780

Other ⁽²⁾

N/A

13,597,580

Other ⁽²⁾

N/A

1,559,145,483

1,721,275,311

________________

(1)	Weighted by fair value

(2)	Fair value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date.

2830

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended ~~June 30, 2020~~March 31, 2021 were as follows:

Independent Third-Party Valuation

Bank Debt

Other
Corporate Debt

Equity
Securities

Total

Beginning balance

$
1,415,719,227

$
76,453,725

$
100,870,636

$
1,593,043,588

Net realized and unrealized gains (losses)

7,518,793

2,219,230

6,019,674

15,757,697

Acquisitions ⁽¹⁾

47,332,376

19,389,483

2,274,771

68,996,630

Dispositions

(107,507,197
)

10,752

(2,248,545
)

(109,744,990
)
Ending balance

$
1,363,063,199

$
98,073,190

$
106,916,536

$
1,568,052,925

Net change in unrealized appreciation/depreciation during
   the period on investments still held at period end
   (included in net realized and unrealized gains/losses,
   above)

$
8,927,369

$
2,219,230

$
6,430,852

$
17,577,451

~~(1)~~

~~Includes payments received in kind and accretion of original issue and market discounts~~

	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities			Total
Beginning balance	$	1,281,636,688		$	95,923,481		$	179,525,253		$	1,557,085,422
Net realized and unrealized gains (losses)		5,900,644			(363,794	)		6,257,256			11,794,106
Acquisitions ⁽¹⁾		173,885,950			16,349			2,405,830			176,308,129
Dispositions		(54,094,472	)		10,634			(12,399,238	)		(66,483,076	)
Transfers out of Level 3⁽²⁾		(25,478,947	)		—			—			(25,478,947	)
Ending balance	$	1,381,849,863		$	95,586,670		$	175,789,101		$	1,653,225,634

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	7,626,942		$	(363,793	)	$	7,902,601		$	15,165,750

Advisor Valuation

Bank Debt

Other
Corporate Debt

Equity
Securities

Total

Beginning balance

$
—

$
—

$
3,013,165

$
3,013,165

Net realized and unrealized gains (losses)

—

—

(758,497
)

(758,497
)
Ending balance

$
—

$
—

$
2,254,668

$
2,254,668

Net change in unrealized appreciation/depreciation during the
period on investments still held at period end (included in
net realized and unrealized gains/losses, above)

$
—

$
—

$
(758,500
)

$
(758,500
)

~~BlackRock TCP Capital Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) (Continued)~~

~~June 30, 2021~~

~~2. Summary of Significant Accounting Policies — (continued)~~

~~Changes in investments categorized as Level 3 during the six months ended June 30, 2020 were as follows:~~

Independent Third-Party Valuation

Bank Debt

Other
Corporate Debt

Equity
Securities

Total

Beginning balance

$
1,312,492,099

$
85,962,603

$
111,994,829

$
1,510,449,531

Net realized and unrealized gains (losses)

(43,883,143
)

(7,289,648
)

(9,813,732
)

(60,986,523
)
Acquisitions ⁽¹⁾

162,770,292

19,400,235

14,792,180

196,962,707

Dispositions

(152,106,169
)

—

(10,056,741
)

(162,162,910
)
Transfers into Level 3 ⁽²⁾

83,790,120

—

—

83,790,120

Ending balance

$
1,363,063,199

$
98,073,190

$
106,916,536

$
1,568,052,925

Net change in unrealized appreciation/depreciation during
   the period on investments still held at period end
   (included in net realized and unrealized gains/losses,
   above)

$
(42,259,597
)

$
(7,289,649
)

$
(9,240,215
)

$
(58,789,461
)

_____________________________

(1)	Includes payments received in kind and accretion of original issue and market discounts

(2)	Comprised of ~~five investments~~one investment that ~~were~~was transferred ~~from~~to Level 2 due to ~~reduced trading volumes~~increased observable market activity

	Advisor Valuation										Advisor Valuation
	Bank Debt		Other Corporate Debt		Equity Securities			Total			Bank Debt		Other Corporate Debt		Equity Securities			Total
Beginning balance	$	—	$	—	$	2,318,128		$	2,318,128		$	—	$	—	$	2,060,061		$	2,060,061
Net realized and unrealized gains (losses)		—		—		60,480			60,480			—		—		(194,348	)		(194,348	)
Dispositions		—		—		(123,940	)		(123,940	)		—		—		(67,126	)		(67,126	)
Ending balance	$	—	$	—	$	2,254,668		$	2,254,668		$	—	$	—	$	1,798,587		$	1,798,587

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	—	$	60,477		$	60,477		$	—	$	—	$	(190,181	)	$	(190,181	)

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

2. Summary of Significant Accounting Policies — (continued)

Investment Transactions

Investment transactions are recorded on the trade date, except for private transactions that have conditions to closing, which are recorded on the closing date. The cost of investments purchased is based upon the purchase price plus those professional fees which are specifically identifiable to the investment transaction. Realized gains and losses on investments are recorded based on the specific identification method, which typically allocates the highest cost inventory to the basis of investments sold.

Cash and Cash Equivalents

Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally three months or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are ~~carried at amortized cost which approximates fair value. Cash equivalents are~~ classified as Level 1 in the GAAP valuation hierarchy. There was no restricted cash at ~~June 30, 2021~~March 31, 2022 or December 31, ~~2020.~~2021.

Restricted Investments

The Company may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted investments is included at the end of the Consolidated Schedule of Investments. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above.

Foreign Currency Investments

The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency denominated investments comprised approximately 0.5% and ~~0.6%~~0.5% of total investments at ~~June 30, 2021~~March 31, 2022 and December 31, ~~2020,~~2021, respectively. Such positions were converted at the respective closing foreign exchange rates in effect at ~~June 30, 2021~~March 31, 2022 and December 31, ~~2020~~2021 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. government.

3132

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

2. Summary of Significant Accounting Policies — (continued)

Derivatives

In order to mitigate certain currency exchange and interest rate risks, the Company may enter into certain derivative transactions. All derivatives are subject to a master netting agreement and are reported at their gross amounts as either assets or liabilities in the Consolidated Statements of Assets and Liabilities. Transactions entered into are accounted for using the mark-to-market method with the resulting change in fair value recognized in earnings for the current period. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in interest rates and the value of foreign currencies relative to the U.S. dollar. Certain derivatives may also require the Company to pledge assets as collateral to secure its obligations.

During the ~~six~~three months ended ~~June 30,~~March 31, 2022 and 2021, ~~and 2020,~~ the Company did not enter into any derivative transactions nor hold any derivative positions.

Valuations of derivatives are determined using observable market inputs other than quoted prices in active markets for identical assets and, accordingly, are generally classified as Level 2 in the GAAP valuation hierarchy.

Deferred Debt Issuance Costs

Certain costs incurred in connection with the issuance and/or extension of debt of the Company and its subsidiaries were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Company.

Revenue Recognition

Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.

~~BlackRock TCP Capital Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) (Continued)~~

~~June 30, 2021~~

~~2. Summary of Significant Accounting Policies — (continued)~~

Income Taxes

The Company intends to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required. The income or loss of SVCP, TCPC Funding I, TCPC Funding II and the SBIC is reported in the respective members' or partners’ income tax returns, as applicable.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2022

2. Summary of Significant Accounting Policies — (continued)

The tax returns of the Company, SVCP, TCPC Funding I, TCPC Funding II and the SBIC remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the Company as of ~~June 30, 2021,~~March 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the consolidated financial statements.

The final tax characterization of distributions is determined after the fiscal year and is reported on Form 1099 and in the Company’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. As of December 31, ~~2020,~~2021, the Company had non-expiring capital loss carryforwards in the amount of ~~$171,300,137~~$158,543,623 available to offset future realized capital gains.

As of December 31, ~~2020,~~2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	December 31, 2020			December 31, 2021
Tax basis of investments	$	1,671,848,321		$	1,818,611,255

Unrealized appreciation	$	76,459,937		$	118,437,592
Unrealized depreciation		(118,743,776	)		(95,910,725	)
Net unrealized depreciation	$	(42,283,839	)
Net unrealized appreciation (depreciation)				$	22,526,867

Recent Accounting Pronouncements

In May 2020, the SEC adopted rule amendments that will impact the requirements of investment companies, including BDCs, to disclose the financial statements of certain of their portfolio companies or certain acquired funds (the “Final Rules”). The Final Rules adopted a new definition of “significant subsidiary” set forth in Rule 1-02(w)(2) of Regulation S-X under the Securities Act. Rules 3-09 and 4-08(g) of Regulation S-X require investment companies to include separate financial statements or summary financial information, respectively, in such investment company’s periodic reports for any portfolio company that meets the definition of “significant subsidiary.” The Final Rules adopt a new definition of “significant subsidiary” applicable only to investment companies that (i) modifies the investment test and the income test, and (ii) eliminates the asset test currently in the definition of “significant subsidiary” in Rule 1-02(w) of Regulation S-X. The new Rule 1-02(w)(2) of Regulation S-X is intended to more accurately capture those portfolio companies that are more likely to materially impact the financial condition of an investment company. The Company adopted the Final Rules effective January 1, 2021 and the adoption did not have a material impact on its consolidated financial statements and related disclosures.

In March 2020 and January 2021, the FASB issued ASU No. 2020-04 and ASU No. 2021-01, respectively, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective and can be adopted by all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of adopting ASU 2020-04 on its consolidated financial statements.

33In August 2020, the FASB issued ASU No. 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, after adoption, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020 and can be adopted on either a fully retrospective or modified retrospective basis. The Company adopted ASU 2020-06 under the modified retrospective basis as of January 1, 2022. The impact of the Company’s adoption under the modified retrospective basis required a cumulative effect adjustment to opening net assets for the remaining unamortized discount on the 2022 Convertible Notes, an increase to our debt balance as a result of the recombination of the equity conversion component of the 2022 Convertible Notes, and a lower interest expense on the Consolidated Statements of Operations. The Company’s adoption of this guidance did not have a material impact on the Company’s financial position, results of operations, or cash flows.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

3. Management Fees, Incentive Fees and Other Expenses

On February 8, 2019, the stockholders of the Company approved an amended investment management agreement to be effective on February 9, 2019 between the Company and the Advisor which (i) reduced the management fee on total assets (excluding cash and cash equivalents) that exceed an amount equal to 200% of the net asset value of the Company from 1.5% to 1.0%, (ii) reduced the incentive compensation on net investment income and net realized gains (reduced by any net unrealized losses) from 20% to 17.5% and (iii) reduced the cumulative total return hurdle from 8% to 7%.

Accordingly, the Company’s management fee is calculated at an annual rate of 1.5% on total assets (excluding cash and cash equivalents) up to an amount equal to 200% of the net asset value of the Company, and 1.0% thereafter. The management fee is calculated on a consolidated basis as of the beginning of each quarter and is payable to the Advisor quarterly in arrears.

Incentive compensation is only incurred to the extent the Company’s cumulative total return (after incentive compensation) exceeds a 7% annual rate on daily weighted-average contributed common equity. Subject to that limitation, incentive compensation is calculated on ordinary income (before incentive compensation) and net realized gains (net of any unrealized depreciation) at rates of 17.5% on income since the fee reduction on February 8, 2019 and 20% previously. Incentive compensation is computed as the difference between incentive compensation earned and incentive compensation paid, subject to the total return hurdle, on a cumulative basis since January 1, 2013, and is payable quarterly in arrears. Accordingly, the incentive compensation for any period may include amounts not earned in prior periods (due to the Company’s cumulative total return falling below the total return hurdle in such period), but subsequently earned when the Company’s cumulative total return again exceeds the total return hurdle (such amount, a “Catchup Amount”). During the three months ended June 30, ~~2021,~~2020, the Company incurred a Catchup Amount of approximately $3.9 million, comprised of amounts related to net investment income for the three months ended March 31, 2020 but not paid in such period due to a temporary decline in asset valuations (the “First Quarter Catchup Amount”). However, rather than receiving all incentive compensation earned as of June 30, 2020, the Advisor voluntarily deferred 5/6 of the First Quarter Catchup Amount to subsequent quarters such that 1/6 of the First Quarter Catchup Amount ~~will be~~was paid in each subsequent quarter ~~to the extent that~~as the Company’s cumulative performance ~~exceeds~~exceeded the total return hurdle in such quarter. As of ~~June 30,~~March 31, 2021, the Company's cumulative performance continued to exceed the total return hurdle, and as such the incentive fee for the three months ended ~~June 30,~~March 31, 2021 included $0.6 million, orthe 1/6 of the First Quarter Catchup Amount. The last 1/6 of the First Quarter Catchup amount was paid on September 30, 2021.

A reserve for incentive compensation is accrued based on the amount of any additional incentive compensation that would have been payable to the Advisor assuming a hypothetical liquidation of the Company at net asset value on the balance sheet date. As of ~~June 30, 2021~~March 31, 2022 and December 31, ~~2020,~~2021, no such reserve was accrued.

Through December 31, 2017, the incentive compensation was an equity allocation to SVCP’s general partner under its limited partnership agreement (the “LPA”). On January 29, 2018, SVCP amended and restated its limited partnership agreement, effective as of January 1, 2018, to convert the existing incentive compensation structure from a profit allocation and distribution to SVCP’s general partner to a fee payable to the Advisor pursuant to the then-existing investment management agreements. The amendment had no impact on the amount of the incentive compensation paid or services received by the Company.

The Company bears all expenses incurred in connection with its business, including fees and expenses of outside contracted services, such as custodian, administrative, legal, audit and tax preparation fees, costs of valuing investments, insurance costs, brokers’ and finders’ fees relating to investments, and any other transaction costs associated with the purchase and sale of investments.

3435

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

4. Debt

Debt is comprised of ~~convertible senior unsecured notes due March 2022 issued by the Company (the “2022 Convertible Notes”), unsecured notes due August 2022 issued by the Company (the “2022 Notes”),~~ unsecured notes due August 2024 issued by the Company (the “2024 Notes”), unsecured notes due February 2026 issued by the Company (the “2026 Notes”), amounts outstanding under a senior secured revolving, multi-currency credit facility issued by SVCP (the “Operating Facility”), amounts outstanding under a senior secured revolving credit facility issued by TCPC Funding II (“Funding Facility II”) and debentures guaranteed by the SBA (the “SBA Debentures”). Prior to being ~~replaced by Funding Facility II~~repaid on ~~August 4, 2020,~~March 1, 2022, debt included ~~$300.0~~$140.0 million in ~~available debt under a senior secured revolving credit facility issued by TCPC Funding (“Funding Facility I”). Prior to its maturity on December 15, 2019, debt also included~~ convertible senior unsecured notes due ~~December 2019~~March 2022 issued by the Company (the ~~“2019~~"2022 Convertible ~~Notes”~~Notes"). Prior to being repaid on September 17, 2021, debt included $175.0 million in unsecured notes due August 2022 issued by the Company (the "2022 Notes").

Total debt outstanding and available at ~~June 30, 2021~~March 31, 2022 was as follows:

	Maturity	Rate		Carrying Value ⁽¹⁾			Available		Total Capacity			Maturity	Rate		Carrying Value ⁽¹⁾			Available		Total Capacity
Operating Facility	2026	L+1.75%	⁽²⁾	$	79,208,243		$	220,791,757	$	300,000,000	⁽³⁾	2026	L+1.75%	⁽²⁾	$	206,228,449		$	93,771,551	$	300,000,000	⁽³⁾
Funding Facility II	2025	L+2.00%	⁽⁴⁾		32,000,000			168,000,000		200,000,000	⁽⁵⁾	2025	L+2.00%	⁽⁴⁾		103,000,000			97,000,000		200,000,000	⁽⁵⁾
SBA Debentures	2024−2031	2.63%	⁽⁶⁾		150,000,000			—		150,000,000		2024−2031	2.52%	⁽⁶⁾		150,000,000			10,000,000		160,000,000
2022 Convertible Notes ($140 million par)	2022	4.625%			139,549,804			—		139,549,804
2022 Notes ($175 million par)	2022	4.125%			174,844,853			—		174,844,853
2024 Notes ($250 million par)	2024	3.900%			248,144,731			—		248,144,731		2024	3.900%			248,564,441			—		248,564,441
2026 Notes ($175 million par)	2026	2.850%			174,342,012			—		174,342,012
2026 Notes ($325 million par)												2026	2.850%			326,456,766			—		326,456,766
Total leverage					998,089,643		$	388,791,757	$	1,386,881,400						1,034,249,656		$	200,771,551	$	1,235,021,207
Unamortized issuance costs					(7,003,641	)										(6,338,159	)
Debt, net of unamortized issuance costs				$	991,086,002										$	1,027,911,497

(1)	Except for ~~the convertible notes, the 2022 Notes,~~ the 2024 Notes and the 2026 Notes, all carrying values are the same as the principal amounts outstanding.

(2)	As of ~~June 30, 2021, $8.8~~March 31, 2022, $8.2 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and ~~$19.0~~$3.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%.

(3)	Operating Facility ~~has~~includes a ~~$100~~$100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.

(4)	Subject to certain funding requirements

(5)	Funding Facility ~~has~~II includes a ~~$50 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.~~

~~(6)~~

Weighted-average interest rate on pooled loans, excluding fees of 0.35% or 0.36%. As of June 30, 2021, $12.0 million of the outstanding amount was not yet pooled, and bore interest at a temporary rate of 0.50% plus fees of 0.35% through September 21, 2021, the date of the next SBA pooling.

~~Total debt outstanding and available at December 31, 2020 was as follows:~~

Maturity

Rate

Carrying
Value ⁽¹⁾

Available

Total
Capacity

Operating Facility

2024

L+2.00%
⁽²⁾

$
120,454,270

$
179,545,730

$
300,000,000

⁽³⁾
Funding Facility II

2025

L+2.00%
⁽⁴⁾

36,000,000

164,000,000

200,000,000

⁽⁵⁾
SBA Debentures

2024−2029

2.63%
⁽⁶⁾

138,000,000

12,000,000

150,000,000

2022 Convertible Notes ($140 million par)

2022

4.625%

139,219,797

—

139,219,797

2022 Notes ($175 million par)

2022

4.125%

174,778,395

—

174,778,395

2024 Notes ($250 million par)

2024

3.900%

247,871,909

—

247,871,909

Total leverage

856,324,371

$
355,545,730

$
1,211,870,101

Unamortized issuance costs

(6,308,172
)

Debt, net of unamortized issuance costs

$
850,016,199

~~(1)~~

~~Except for the convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding.~~

~~(2)~~

~~As of December 31, 2020, $9.0 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%.~~

~~(3)~~

~~Facility has a $100 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.~~

~~BlackRock TCP Capital Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) (Continued)~~

~~June 30, 2021~~

~~4. Debt — (continued)~~

~~(4)~~

~~Subject to certain funding requirements~~

~~(5)~~

~~Facility has a $50~~$50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.

(6)	Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

Total debt outstanding and available at December 31, 2021 was as follows:

	Maturity	Rate		Carrying Value ⁽¹⁾			Available		Total Capacity
Operating Facility	2026	L+1.75%	⁽²⁾	$	154,479,544		$	145,520,456	$	300,000,000	⁽³⁾
Funding Facility II	2025	L+2.00%	⁽⁴⁾		—			200,000,000		200,000,000	⁽⁵⁾
SBA Debentures	2024−2031	2.52%	⁽⁶⁾		150,000,000			10,000,000		160,000,000
2022 Convertible Notes ($140 million par)	2022	4.625%			139,886,910			—		139,886,910
2024 Notes ($250 million par)	2024	3.900%			248,423,170			—		248,423,170
2026 Notes ($325 million par)	2026	2.850%			326,549,826			—		326,549,826
Total leverage					1,019,339,450		$	355,520,456	$	1,374,859,906
Unamortized issuance costs					(6,878,110	)
Debt, net of unamortized issuance costs				$	1,012,461,340

(1)	Except for the 2022 Convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2022

4. Debt — (continued)

(2)	As of December 31, 2021, $8.4 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $34.1 million of the outstanding amount bore interest at a rate of Prime + 1.00%

(3)	Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.

(4)	Subject to certain funding requirements

(5)	Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.

(6)	Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

The combined weighted-average interest rates on total debt outstanding at ~~June 30, 2021~~March 31, 2022 and December 31, ~~2020~~2021 were ~~3.48%~~2.91% and ~~3.54%~~3.26%, respectively.

Total expenses related to debt included the following:

	Six Months Ended June 30,				Three Months Ended March 31,
	2021		2020		2022		2021
Interest expense	$	18,170,656	$	19,209,401	$	8,253,874	$	8,805,450
Amortization of deferred debt issuance costs		1,843,293		1,779,300		833,279		896,969
Commitment fees		804,294		612,381		258,051		403,468
Total	$	20,818,243	$	21,601,082	$	9,345,204	$	10,105,887

Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of ~~June 30,~~March 31, 2022, the estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures approximated their carrying values, and the 2024 Notes and the 2026 Notes had estimated fair values of $248.6 million and $303.5 million, respectively. As of December 31, 2021, the estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures approximated their carrying values, and the 2022 Convertible Notes, the ~~2022 Notes, the~~ 2024 Notes and the 2026 Notes had estimated fair ~~values~~values of ~~$143.0~~$141.2 million, ~~$180.9 million, $265.7~~$261.8 million and ~~$177.9~~$326.7 million, ~~resp~~ectively. As of December 31, 2020, the estimated fair values of the Operating Facility, Funding Facility I and the SBA Debentures approximated their carrying values, and the 2022 Convertible Notes, the 2022 Notes and the 2024 Notes had estimated fair values ~~of $142.6 million, $180.4 million and $261.4 million,~~ respectively. The estimated fair values of the Operating Facility, ~~Funding Facility I,~~ Funding Facility II and the SBA Debentures were determined by discounting projected remaining payments using market interest rates for borrowings of the Company and entities with similar credit risks at the measurement date. The estimated fair values of the 2022 Convertible Notes, ~~2022 Notes,~~ 2024 Notes and 2026 Notes were determined using market quotations. The estimated fair values of the Operating Facility, Funding Facility ~~I, Funding Facility~~ II, the ~~convertible notes, the~~ 2022 Convertible Notes, the 2024 Notes, the 2026 Notes and the SBA Debentures as prepared for disclosure purposes were deemed to be Level 3 in the GAAP valuation hierarchy.

Convertible Unsecured Notes

On ~~June 11, 2014,~~August 30, 2016, the Company issued ~~$108.0~~$140.0 million of convertible senior unsecured notes, which matured on ~~December 15, 2019.~~March 1, 2022. The ~~2019~~2022 Convertible Notes were general unsecured obligations of the Company, and ranked structurally junior to the ~~revolving credit facilities and the SBA Debentures. The 2019 Convertible Notes bore interest at an annual rate of 5.25% and were redeemed in full at maturity.~~

On August 30, 2016, the Company issued $140.0 million of convertible senior unsecured notes that mature on March 1, 2022, unless previously converted or repurchased in accordance with their terms. The 2022 Convertible Notes are general unsecured obligations of the Company, and rank structurally junior to the Operating Facility, Funding Facility II and the SBA Debentures. The Company ~~does~~did not have the right to redeem the 2022 Convertible Notes prior to maturity. The 2022 Convertible Notes ~~bear~~bore interest at an annual rate of 4.625%, ~~payable~~paid semi-annually. In certain circumstances, the 2022 Convertible Notes ~~will be convertible~~could have been converted into cash, shares of the Company’s common stock or a combination of cash and shares of common stock (such combination to be at the Company’s election), at an initial conversion rate of 54.5019 shares of common stock per one thousand dollar principal amount of the 2022 Convertible Notes, which is equivalent to an initial conversion price of approximately $18.35 per share of common stock, subject to customary anti-dilutional adjustments. The initial conversion price was approximately 10.0% above the $16.68 per share closing price of the Company’s common stock on August 30, 2016. ~~At June 30, 2021,~~Prior to its maturity on March 1, 2022, the principal amount of the 2022 Convertible Notes exceeded the value of the conversion rate multiplied by the per share closing price of the Company’s common stock. Therefore, no additional shares ~~have been~~were added to the calculation of diluted earnings per common share and weighted average common shares outstanding.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2022

4. Debt — (continued)

The 2022 Convertible Notes were accounted for in accordance with ASC Topic 470-20 – Debt with Conversion and Other Options. Upon conversion of any of the 2022 Convertible Notes, the Company intended to pay the outstanding principal amount in cash and, to the extent that the conversion value exceeds the principal amount, had the option to pay the excess amount in cash or shares of the Company’s common stock (or a combination of cash and shares), subject to the requirements of the respective indenture. Prior to the adoption of ASU 2020-06, the Company had determined that the embedded conversion options in 2022 Convertible Notes were not required to be separately accounted for as derivatives under GAAP. At the time of issuance the estimated values of the debt and equity components of the 2022 Convertible Notes were approximately 97.6% and 2.4%, respectively. During the three months ended March 31, 2022, the Company adopted ASU 2020-06 using the modified retrospective basis. In accordance with this guidance, the Company has recombined the equity conversion component of our 2022 Convertible Notes outstanding, and now accounts for the 2022 Convertible Notes as a single liability measured at amortized cost. This resulted in a cumulative decrease to additional paid in capital of $3.3 million, partially offset by a decrease to accumulated loss of $3.2 million as of January 1, 2022 (see Note 2).

Prior to the close of business on the business day immediately preceding September 1, 2021, holders ~~may~~were permitted to convert their 2022 Convertible Notes only under certain circumstances set forth in the indenture governing the terms of the 2022 Convertible Notes. On or after September 1, 2021 until the close of business on the scheduled trading day immediately preceding March 1, 2022, holders may ~~convert~~have converted their 2022 Convertible Notes at any time. Upon conversion, the Company ~~will~~would pay or deliver, as the case may be, at its election, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, subject to the requirements of the indenture.

~~BlackRock TCP Capital Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) (Continued)~~

~~June 30, 2021~~

~~4. Debt — (continued)~~

~~The 2019 Convertible Notes and 2022 Convertible Notes~~ No notes were ~~accounted for in accordance with ASC Topic 470-20 –~~ ~~Debt with Conversion and Other Options. Upon conversion of any of the 2022 Convertible Notes, the Company intends to pay the outstanding principal amount in cash and,~~converted prior to the extent that the conversion value exceeds the principal amount, has the option to pay the excess amount in cash or shares of the Company’s common stock (or a combination of cash and shares), subject to the requirements of the respective indenture. The Company has determined that the embedded conversion options in the 2019 Convertible Notes and 2022 Convertible Notes were not required to be separately accounted for as derivatives under GAAP. At the time of issuance the estimated values of the debt and equity components of the 2019 Convertible Notes were approximately 97.7% and 2.3%, respectively. At the time of issuance the estimated values of the debt and equity components of the 2022 Convertible Notes were approximately 97.6% and 2.4%, respectively.notes maturing on March 1, 2022.

The original issue discounts equal to the equity components of the ~~2019 Convertible Notes and~~ 2022 Convertible Notes were recorded in “paid-in capital in excess of par” in the accompanying Consolidated Statements of Assets and Liabilities. As a result, the Company records interest expense comprised of both stated interest and amortization of the original issue discounts. At the time of issuance, the equity components of the ~~2019 Convertible Notes and the~~ 2022 Convertible Notes were ~~$2.5 million and~~ $3.3 ~~million, respectively.~~million. As of ~~June 30, 2021~~March 31, 2022 and December 31, ~~2020,~~2021, the components of the carrying values of the 2022 Convertible Notes were as follows:

	June 30, 2021			December 31, 2020			March 31, 2022	December 31, 2021
Principal amount of debt	$	140,000,000		$	140,000,000		NA	$	140,000,000
Original issue discount, net of accretion		(450,196	)		(780,203	)	NA		(113,090	)
Carrying value of debt	$	139,549,804		$	139,219,797		NA	$	139,886,910

For the ~~six~~three months ended ~~June 30,~~March 31, 2022 and 2021, ~~and 2020,~~ the components of interest expense for the convertible notes were as follows:

	Three Months Ended March 31,
	2022		2021
Stated interest expense	$	1,079,167	$	1,618,750
Amortization of original issue discount		—		163,618
Total interest expense	$	1,079,167	$	1,782,368

Six Months Ended June 30,

2021

2020

Stated interest expense

$
3,237,500

$
3,237,500

Amortization of original issue discount

330,007

313,723

Total interest expense

$
3,567,507

$
3,551,223

The estimated effective interest rate of the debt component of the 2022 Convertible Notes, equal to the stated interest of 4.625% plus the accretion of the original issue discount, was approximately 5.125% for the ~~six~~three months ended ~~June 30,~~March 31, 2022 and March 31, 2021.During the three months ended March 31, 2022, the Company adopted ASU 2020-06. As a result of the adoption, the Company has not recognized any amortization of original discount on the 2022 Convertible Notes during the quarter (see Note 2).

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2022

4. Debt — (continued)

Unsecured Notes

On August 4, 2017, the Company issued $125.0 million of unsecured notes that mature on August 11, 2022, unless previously repurchased or redeemed in accordance with their terms. On November 3, 2017, the Company issued an additional $50.0 million of the 2022 Notes. The 2022 Notes ~~bear~~bore interest at an annual rate of 4.125%, payable semi-annually, and all principal iswere due upon maturity. The 2022 Notes ~~are~~were general unsecured obligations of the Company and ~~rank~~ranked structurally junior to the Operating Facility, Funding Facility I, Funding Facility II and the SBA Debentures, and ~~rank~~ranked pari passu with the 2022 Convertible Notes, the 2024 Notes and the 2026 Notes. ~~The~~

On September 17, 2021 and pursuant to the indenture governing the 2022 Notes, ~~may be~~the Company redeemed ~~in whole or part~~all $175.0 million of the 2022 Notes then outstanding at ~~the Company's option at~~ a ~~redemption~~ price equal to par plus a "make whole" premium, ~~as determined pursuant to the indenture governing the 2022 Notes,~~ and ~~any~~ accrued and unpaid interest. ~~The 2022 Notes were issued at~~In connection with the redemption, the Company recognized a ~~discount to~~$6.2 million loss on extinguishment of debt as reflected in the ~~principal amount.~~ Consolidated Statement of Operations.

On August 23, 2019, the Company issued $150.0 million of unsecured notes that mature on August 23, 2024, unless previously repurchased or redeemed in accordance with their terms. On November 26, 2019, the Company issued an additional $50.0 million of the 2024 Notes and on October 2, 2020, the Company issued an additional $50.0 million of the 2024 Notes for a total outstanding aggregate principal amount of $250.0 million. The 2024 Notes bear interest at an annual rate of 3.900%, payable semi-annually, and all principal is due upon maturity. The 2024 Notes are general unsecured obligations of the Company and rank structurally junior to the Operating Facility, Funding Facility I, Funding Facility II and the SBA Debentures, and rank pari passu with the 2022 Convertible Notes and the ~~2022~~2026 Notes. The 2024 Notes may be redeemed in whole or part at the Company's option at a redemption price equal to par plus a "make whole" premium, as determined pursuant to the indenture governing the 2024 Notes, and any accrued and unpaid interest. The 2024 Notes were issued at a discount to the principal amount.

~~BlackRock TCP Capital Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) (Continued)~~

~~June 30, 2021~~

~~4. Debt — (continued)~~

On February 9, 2021, the Company issued $175.0 million of unsecured notes that mature on February 9, 2026, unless previously repurchased or redeemed in accordance with their terms. The 2026 Notes were issued at a discount to the principal amount. On August 27, 2021, the Company issued an additional $150.0 million of the 2026 Notes, at a premium to par, for a total outstanding aggregate principal amount of $325.0 million. The 2026 Notes bear interest at an annual rate of 2.850%, payable semi-annually, and all principal is due upon maturity. The 2026 Notes are general unsecured obligations of the Company and rank structurally junior to the Operating Facility, Funding Facility I, Funding Facility II and the SBA Debentures, and rank pari passu with the 2022 Convertible Notes ~~the 2024 Notes~~ and the ~~2022~~2024 Notes. The 2026 Notes may be redeemed in whole or part at the Company's option at a redemption price equal to par plus a "make whole" premium, as determined pursuant to the indenture governing the 2026 Notes, and any accrued and unpaid interest. ~~The 2026 Notes were issued at a discount to the principal amount.~~

As of ~~June 30, 2021~~March 31, 2022 and December 31, ~~2020,~~2021, the components of the carrying value of ~~the 2022 Notes,~~ 2024 Notes and 2026 Notes were as follows:

	June 30, 2021									December 31, 2020							March 31, 2022					December 31, 2021
	2022 Notes			2024 Notes			2026 Notes			2022 Notes			2024 Notes			2026 Notes	2024 Notes			2026 Notes		2024 Notes			2026 Notes
Principal amount of debt	$	175,000,000		$	250,000,000		$	175,000,000		$	175,000,000		$	250,000,000		N/A	$	250,000,000		$	325,000,000	$	250,000,000		$	325,000,000
Original issue discount, net of accretion		(155,147	)		(1,855,269	)		(657,988	)		(221,605	)		(2,128,091	)	N/A
Original issue (discount)/ premium, net of accretion																		(1,435,559	)		1,456,766		(1,576,830	)		1,549,826
Carrying value of debt	$	174,844,853		$	248,144,731		$	174,342,012		$	174,778,395		$	247,871,909		N/A	$	248,564,441		$	326,456,766	$	248,423,170		$	326,549,826

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2022

4. Debt — (continued)

For the ~~six~~three months ended ~~June 30,~~March 31, 2022 and 2021, ~~and 2020,~~ the components of interest expense for the 2022 Notes, 2024 Notes and 2026 Notes were as follows:

	Six Months Ended June 30,											Three Months Ended March 31,
	2021						2020					2022						2021
	2022 Notes		2024 Notes		2026 Notes		2022 Notes		2024 Notes		2026 Notes	2022 Notes	2024 Notes		2026 Notes			2022 Notes		2024 Notes		2026 Notes
Stated interest expense	$	3,609,375	$	4,875,000	$	1,967,292	$	3,609,375	$	3,900,000	N/A	NA	$	2,437,500	$	2,315,625		$	1,804,688	$	2,437,500	$	720,417
Amortization of original issue discount		66,456		272,824		52,511		63,743		218,696	N/A
Amortization of original issue discount/ (premium)												NA		141,271		(93,060	)		33,075		135,633		19,229
Total interest expense	$	3,675,831	$	5,147,824	$	2,019,803	$	3,673,118	$	4,118,696	N/A	NA	$	2,578,771	$	2,222,565		$	1,837,763	$	2,573,133	$	739,646

Operating Facility

The Operating Facility consists of a revolving, multi-currency credit facility which provides for amounts to be drawn up to $300.0 million, subject to certain collateral and other restrictions. The Operating Facility includes a ~~$100~~$100.0 million accordion feature which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions. Most of the cash and investments held directly by SVCP, as well as the net assets of TCPC Funding, TCPC Funding II and the SBIC, are included in the collateral for the facility.

On June 22, 2021, the Operating Facility was amended to (i) extend the maturity date by two years from May 6, 2024 to May 6, 2026, (ii) change the interest rate applicable to borrowings to (a) LIBOR plus an applicable margin equal to either 1.75% or 2.00%, or (b) in the case of ABR borrowings, generally the prime rate in effect plus an applicable margin of either 0.75% or 1.00% depending on a ratio of the borrowing base to the facility commitments in both cases, and (iii) reduce commitment fees on the undrawn portion of the Operating Facility above the minimum utilization amount from 0.50% per annum to 0.375% per annum. Undrawn portions of the Operating Facility below the minimum utilization amount ~~continue~~continued to accrue commitment fees at a rate of 0.50% per annum until ~~the earlier of (i)~~ March 1, 2022, ~~and (ii)~~ the date on which the March 2022 Convertible Notes ~~are~~were terminated in full, after which time they ~~will~~ accrue at a rate of 2.00% per annum. The Operating Facility may be terminated, and any outstanding amounts ~~thereunder~~there under may become due and payable, should SVCP fail to satisfy certain financial or other covenants. As of ~~June 30, 2021,~~March 31, 2022, SVCP was in full compliance with such covenants.

Funding Facility I

Funding Facility I was a senior secured revolving credit facility which provided for amounts to be drawn up to $300.0 million, subject to certain collateral and other restrictions and had a maturity of May 31, 2023. Borrowings under Funding Facility I bore interest at a rate of LIBOR plus either 2.00% or 2.35% per annum, subject to certain funding requirements, plus an administrative fee of 0.25% per annum. In addition to amounts due on outstanding debt, the facility accrued commitment fees of 0.25% per annum on the unused portion of the facility, or 0.50% per annum when the unused portion is greater than 33% of the total facility, plus an administrative fee of 0.25% per annum. The facility was terminated in August 2020 and replaced with Funding Facility II.

~~BlackRock TCP Capital Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) (Continued)~~

~~June 30, 2021~~

~~4. Debt — (continued)~~

Funding Facility II

Funding Facility II is a senior secured revolving credit facility which provides for amounts to be drawn up to $200.0 million, subject to certain collateral and other restrictions. The facility contains an accordion feature which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions. The cash and investments of TCPC Funding II are included in the collateral for the facility.

Borrowings under Funding Facility II bear interest at a rate of LIBOR plus 2.00% per annum, subject to certain funding requirements, plus a 0.35% fee on drawn amounts and an administrative fee of 0.15% per annum on the facility. The facility also accrues commitment fees of 0.35% per annum on the unused portion of the facility. The facility may be terminated, and any outstanding amounts thereunder may become due and payable, should TCPC Funding II fail to satisfy certain financial or other covenants. As of ~~June 30, 2021~~March 31, 2022, TCPC Funding II was in full compliance with such covenants.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2022

4. Debt — (continued)

SBA Debentures

As of ~~June 30, 2021,~~March 31, 2022, the SBIC is able to issue up to ~~$150.0~~$160.0 million in SBA Debentures, subject to funded regulatory capital and other customary regulatory requirements. As of ~~June 30, 2021,~~March 31, 2022, SVCP had committed $87.5 million of regulatory capital to the SBIC, all of which had been funded. SBA Debentures are non-recourse and may be prepaid at any time without penalty. Once drawn, the SBIC debentures bear an interim interest rate of LIBOR plus 30 basis points. The rate then becomes fixed at the time of SBA pooling, which occurs twice each year, and is set to the then-current 10-year treasury rate plus a spread and an annual SBA charge.

SBA Debentures outstanding as of ~~June 30,~~March 31, 2022 and December 31, 2021 were as follows:

Issuance Date

Maturity

Debenture
Amount

Fixed
Interest
Rate

SBA
Annual
Charge

Pooled loans:

September 24, 2014

September 1, 2024

$
18,500,000

3.02
%

0.36
%
March 25, 2015

March 1, 2025

9,500,000

2.52
%

0.36
%
September 23, 2015

September 1, 2025

10,800,000

2.83
%

0.36
%
March 23, 2016

March 1, 2026

4,000,000

2.51
%

0.36
%
September 21, 2016

September 1, 2026

18,200,000

2.05
%

0.36
%
September 20, 2017

September 1, 2027

14,000,000

2.52
%

0.36
%
March 21, 2018

March 1, 2028

8,000,000

3.19
%

0.35
%
September 19, 2018

September 1, 2028

15,000,000

3.55
%

0.35
%
September 25, 2019

September 1, 2029

40,000,000

2.28
%

0.35
%

138,000,000

2.63
%
*

Non-pooled loans:

March 12, 2021

September 21, 2021

4,000,000

0.50
%

0.35
%
March 26, 2021

September 21, 2021

8,000,000

0.50
%

0.35
%

$
150,000,000

*	~~Weighted-average interest rate on pooled loans~~

~~BlackRock TCP Capital Corp.~~

~~Notes to Consolidated Financial Statements (Unaudited) (Continued)~~

~~June 30, 2021~~

~~4. Debt — (continued)~~

~~SBA Debentures outstanding as of December 31, 2020 were as follows:~~

Issuance Date	Maturity	Debenture Amount		Fixed Interest Rate				SBA Annual Charge			Maturity	Debenture Amount		Fixed Interest Rate				SBA Annual Charge
September 24, 2014	September 1, 2024	$	18,500,000		3.02	%			0.36	%	September 1, 2024	$	18,500,000		3.02	%			0.36	%
March 25, 2015	March 1, 2025		9,500,000		2.52	%			0.36	%	March 1, 2025		9,500,000		2.52	%			0.36	%
September 23, 2015	September 1, 2025		10,800,000		2.83	%			0.36	%	September 1, 2025		10,800,000		2.83	%			0.36	%
March 23, 2016	March 1, 2026		4,000,000		2.51	%			0.36	%	March 1, 2026		4,000,000		2.51	%			0.36	%
September 21, 2016	September 1, 2026		18,200,000		2.05	%			0.36	%	September 1, 2026		18,200,000		2.05	%			0.36	%
September 20, 2017	September 1, 2027		14,000,000		2.52	%			0.36	%	September 1, 2027		14,000,000		2.52	%			0.36	%
March 21, 2018	March 1, 2028		8,000,000		3.19	%			0.35	%	March 1, 2028		8,000,000		3.19	%			0.35	%
September 19, 2018	September 1, 2028		15,000,000		3.55	%			0.35	%	September 1, 2028		15,000,000		3.55	%			0.35	%
September 25, 2019	September 1, 2029		40,000,000		2.28	%			0.35	%	September 1, 2029		40,000,000		2.28	%			0.35	%
September 22, 2021											September 1, 2031		12,000,000		1.30	%			0.35	%
		$	138,000,000		2.63	%	*					$	150,000,000		2.52	%	*

*	Weighted-average interest rate

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk

SVCP, TCPC Funding, TCPC Funding II and the SBIC conduct business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the San Francisco area.

In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the custodian. These activities may expose the Company to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Company, SVCP, TCPC Funding, TCPC Funding II and the SBIC enter into contracts that contain a variety of indemnifications, and are engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote.

4041

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)

The Consolidated Schedules of Investments include certain revolving loan facilities and other commitments with unfunded balances at ~~June 30, 2021~~March 31, 2022 and December 31, ~~2020~~2021 as follows:

		Unfunded Balances					Unfunded Balances
Issuer	Maturity	June 30, 2021		December 31, 2020		Maturity	March 31, 2022		December 31, 2021
2-10 Holdco, Inc.	10/31/2024	$	723,670	$	416,667	3/26/2026	$	723,670	$	723,670
Acquia Inc.	11/1/2025		1,659,488		1,803,792
Acquia, Inc.						10/31/2025		1,891,323		1,891,323
ALCV Purchaser, Inc. (AutoLenders)	2/25/2026		662,974	N/A		4/15/2026		662,974		662,974
Alpine Acquisition Corp II (48Forty)						11/30/2026		358,142	N/A
Applause App Quality, Inc.	9/20/2022		1,509,820		1,509,820	9/20/2022		1,133,535		1,133,535
ApprissHealth, LLC (PatientPing)	5/6/2027		544,531	N/A
Aras Corporation, Inc.	4/13/2027		2,035,443	N/A
Auto Trakk SPV, LLC	12/21/2021	N/A			3,193,208
Appriss Health, LLC (PatientPing)						5/6/2027		544,531		544,531
Aras Corporation						4/13/2027		872,333		872,333
Backoffice Associates Holdings, LLC (Syniti)	4/30/2026		1,714,586	N/A		4/30/2026		1,285,940		1,285,940
CAREATC, Inc.	3/14/2024		607,288		607,288
Blackbird Purchaser, Inc. (Ohio Transmission Corp.)						4/8/2027		3,384,549		3,384,549
BW Holding, Inc. (Brook & Whittle)						12/14/2029		1,110,271		1,110,271
Calceus Acquisition, Inc. (Cole Haan)						2/19/2025	N/A			19,298,713
CareATC, Inc.						3/14/2024		607,288		607,288
Certify, Inc.	2/28/2024		797,158		797,158	2/28/2024		797,158		797,158
Colony Display, LLC	6/30/2026		3,538,254	N/A		6/30/2026		3,538,254		3,538,254
CyberGrants Holdings, LLC						9/8/2027		361,111		555,556
Dude Solutions Holdings, Inc.	6/13/2025		2,207,896		2,207,896	6/13/2025		1,324,738		2,207,896
Elevate Brands OpCo, LLC						3/15/2027		19,200,000	N/A
Emerald Technologies (U.S.) AcqiostitionCo, Inc.						12/29/2026		1,953,944	N/A
ESO Solutions, Inc.	5/3/2027		1,750,277	N/A		5/3/2027		1,750,277		1,750,277
FinancialForce.com, Inc.	2/1/2024		9,500,000	N/A
Greystone Select Company II, LLC (Passco)						3/21/2027		11,818,182	N/A
Homerenew Buyer, Inc. (Project Dream)						8/10/2027		530,303		815,851
Homerenew Buyer, Inc. (Project Dream)						11/23/2027		349,650		349,650
Integrate.com, Inc. (Infinity Data, Inc.)						12/17/2027		1,000,000		1,000,000
IT Parent, LLC (Insurance Technologies)	10/1/2026		625,000		125,000	10/1/2026		458,333		458,333
Kellermeyer Bergensons Services, LLC	11/7/2026		1,359,477		1,588,235
Khoros LLC (Lithium)	10/3/2022		1,983,364		1,322,243
MetroNet Systems Holdings, LLC	6/2/2029		8,268,764	N/A
James Perse Enterprises, Inc.						9/8/2027		1,944,444		1,944,444
Khoros, LLC (Lithium)						10/3/2022		1,322,242		1,322,242
Olaplex, Inc.	1/8/2025		1,340,000		1,340,000	1/8/2026	N/A			1,340,000
Patient Point Network Solutions, LLC	6/26/2022	N/A			528,187
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	3/31/2026		2,476,800	N/A
Pluralsight, Inc.	4/6/2027		2,417,128	N/A		4/6/2027		2,417,128		2,417,128
Porcelain Acquisition Corporation (Paramount)	4/30/2027		2,686,999	N/A		4/30/2027		1,719,679		2,686,999
Razor Group GmbH (Germany)	4/30/2025		19,940,966	N/A		9/30/2025		7,136,032		12,225,405
ResearchGate GmBH	10/1/2022		8,286,000		8,286,000
Rhode Holdings, Inc. (Kaseya)	5/2/2025		1,036,763		2,243,838	5/2/2025		2,210,285		2,419,469
RigUp, Inc.	3/1/2024	N/A			9,666,667
Sandata Technologies, LLC	7/23/2024		2,250,000		2,250,000	7/23/2024		1,350,000		2,250,000
SEP Raptor Acquisition, Inc.	3/31/2027		1,163,276	N/A
SEP Vulcan Acquisition, Inc. (Tasktop)	3/16/2027		1,119,498	N/A
Snow Software AB	4/17/2024		4,360,548		3,052,384
Sonny’s Enterprises, LLC	8/5/2026		2,561,434		9,208,057
Space Midco, Inc. (Archibus)	12/5/2023		277,778		277,778
SellerX Germany Gmbh & Co. Kg (Germany)						11/23/2025		26,282,063		27,008,105
SEP Raptor Acquisition, Inc. (Loopio) (Canada)						3/31/2027		1,163,276		1,163,276
SEP Vulcan Acquisition, Inc. (Tasktop) (Canada)						3/16/2027		1,119,498		1,119,498
Spark Networks, Inc.	7/1/2023		1,005,887		1,005,887	7/1/2023	N/A			1,005,887
Sunland Asphalt & Construction, LLC	1/13/2022		254,236	N/A
Suited Connector, LLC						12/1/2027		1,306,818		1,250,000
SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)						2/17/2026		15,609,739		15,609,739
Superman Holdings, LLC (Foundation Software)	8/31/2026		1,256,026		1,256,026	8/31/2026		1,256,026		1,256,026
Team Software, Inc.	9/17/2023		2,106,726		2,457,847
Telarix, Inc.	11/19/2023		357,143		357,143	11/17/2023		357,143		357,143
Tempus, LLC (Epic Staffing)	2/5/2027		790,541	N/A		2/5/2027		2,029,054		2,556,081
Thermostat Purchaser III, Inc. (Reedy Industries)						8/31/2029		1,329,250		1,329,250
Thras.io, LLC	12/18/2026		6,927,711		9,939,759	12/18/2026		8,787,651		8,787,651
Unanet, Inc.	5/31/2024		2,525,510		2,525,510
Xactly Corporation	7/31/2022		854,898		854,898	7/31/2022		854,898		854,898
Zilliant Incorporated						12/21/2027		518,518		518,518

Total Unfunded Balances		$	105,483,858	$	68,821,288		$	134,370,250	$	132,409,861

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

6. Other Related Party Transactions

The Company, SVCP, TCPC Funding, TCPC Funding II, the SBIC, the Advisor and their members and affiliates may be considered related parties. From time to time, SVCP advances payments to third parties on behalf of the Company which are reimbursable through deductions from distributions to the Company. At ~~June 30, 2021~~March 31, 2022 and December 31, ~~2020,~~2021, no such amounts were outstanding. From time to time, the Advisor advances payments to third parties on behalf of the Company and SVCP and receives reimbursement from the Company. At ~~June 30, 2021~~March 31, 2022 and December 31, ~~2020,~~2021, amounts reimbursable to the Advisor totaled ~~$1.0~~$1.1 million and ~~$1.3~~$0.9 million, respectively, as reflected in the Consolidated Statements of Assets and Liabilities.

Pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement”), the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to the Company, as well as costs and expenses incurred by the Administrator or its affiliates relating to any administrative, operating, or other non-investment advisory services provided by the Administrator or its affiliates to the Company. For the ~~six~~three months ended ~~June 30,~~March 31, 2022 and 2021, ~~and 2020,~~ expenses allocated pursuant to the Administration Agreement totaled ~~$1.0~~$0.5 million and ~~$1.1~~$0.5 million, respectively.

7. Stockholders’ Equity and Dividends

Prior to its discontinuance effective July 7, 2020, the Company had offered an “opt in” dividend reinvestment plan to common stockholders, pursuant to which the dividends payable to those shareholders who so elected would be reinvested in shares of common stock. ~~The following table summarizes the total shares issued and proceeds received in connection with the Company’s dividend reinvestment plan for the six months ended June 30, 2020:~~

2020

Shares Issued

838

Average Price Per Share

$
7.46

Proceeds

$
6,253

The Company’s dividends are recorded on the ex-dividend date. The following table summarizes the Company’s dividends declared and paid for the ~~six~~three months ended ~~June 30, 2021:~~March 31, 2022:

Date Declared

Record Date

Payment Date

Type

Amount
Per
Share

Total Amount

February 25, 2021

March 17, 2021

March 31, 2021

Regular

$
0.30

$
17,330,179

May 5, 2021

June 17, 2021

June 30, 2021

Regular

0.30

17,330,179

$
0.60

$
34,660,358

Date Declared

Record Date

Payment Date

Type

Amount

Per

Total Amount

February 24, 2022

March 17, 2022

March 31, 2022

Regular

0.30

17,330,179

The following table summarizes the Company’s dividends declared and paid for the ~~six~~three months ended ~~June 30, 2020:~~March 31, 2021:

Date Declared

Record Date

Payment Date

Type

Amount
Per
Share

Total Amount

February 26, 2020

March 17, 2020

March 31, 2020

Regular

$
0.36

$
21,155,913

May 11, 2020

June 16, 2020

June 30, 2020

Regular

0.36

20,796,088

$
0.72

$
41,952,001

Date Declared

Record Date

Payment Date

Type

Amount

Per

Total Amount

February 25, 2021

March 17, 2021

March 31, 2021

Regular

0.30

17,330,179

4243

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

7. Stockholders’ Equity and Dividends — (continued)

On February 24, 2015, the Company’s board of directors approved a stock repurchase plan (the “Company Repurchase Plan”) to acquire up to $50.0 million in the aggregate of the Company’s common stock at prices at certain thresholds below the Company’s net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934. The Company Repurchase Plan is designed to allow the Company to repurchase its common stock at times when it otherwise might be prevented from doing so under insider trading laws. The Company Repurchase Plan requires an agent selected by the Company to repurchase shares of common stock on the Company’s behalf if and when the market price per share is at certain thresholds below the most recently reported net asset value per share. Under the plan, the agent will increase the volume of purchases made if the price of the Company’s common stock declines, subject to volume restrictions. The timing and amount of any stock repurchased depends on the terms and conditions of the Company Repurchase Plan, the market price of the common stock and trading volumes, and no assurance can be given that any particular amount of common stock will be repurchased. The Company Repurchase Plan was re-approved on ~~April 29, 2021,~~February 17, 2022, to be in effect through the earlier of two trading days after the Company’s ~~second~~first quarter ~~2021~~2022 earnings release unless further extended or terminated by the Company’s board of directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

~~The following table summarizes the total~~No shares were repurchased ~~and amounts paid~~ by the Company under the Company Repurchase Plan ~~including broker fees,~~ for the ~~six~~three months ended ~~June 30, 2020:~~March 31, 2022 and 2021.

Shares
Repurchased

Price Per
Share

Total Cost

Company Repurchase Plan

1,000,000

$
6.10

*
$
6,100,190

*	~~Weighted-average price per share~~

8. Earnings Per Share

In accordance with ASC 260, Earnings per Share, basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, if any, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The following information sets forth the computation of the net increase in net assets per share resulting from operations for the three ~~and six~~ months ended ~~June 30, 2021~~March 31, 2022 and ~~2020:~~2021:

	Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended March 31,
	2021		2020		2021		2020			2022		2021
Net increase (decrease) in net assets from operations	$	54,826,551	$	46,351,267	$	90,311,372	$	(23,130,143	)	$	12,448,960	$	35,484,822
Weighted average shares outstanding		57,767,264		57,766,916		57,767,264		58,217,663			57,767,264		57,767,264
Earnings (loss) per share	$	0.95	$	0.80	$	1.56	$	(0.40	)	$	0.22	$	0.61

9. Subsequent Events

On ~~July 29, 2021,~~April 28, 2022, the Company’s board of directors re-approved the Company Repurchase Plan, to be in effect through the earlier of two trading days after the Company’s ~~third~~second quarter ~~2021~~2022 earnings release or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

On ~~August 2, 2021,~~May 4, 2022, the Company’s board of directors declared a ~~third~~second quarter dividend of $0.30 per share payable on ~~September~~June 30, ~~2021~~2022 to stockholders of record as of the close of business on ~~September~~June 16, ~~2021.~~2022.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

10. Financial Highlights

	Six Months Ended June 30,						Three Months Ended March 31,
	2021			2020			2022			2021
Per Common Share
Per share NAV at beginning of period	$	13.24		$	13.21		$	14.36		$	13.24

Investment operations:
Net investment income		0.63			0.74			0.34			0.32
Net realized and unrealized gain (loss)		0.94			(1.14	)		(0.12	)		0.30
Total from investment operations		1.57			(0.40	)		0.22			0.62

Repurchase of common stock		—			0.12
Cumulative effect adjustment for the adoption of ASU 2020-06 ⁽⁵⁾								(0.01	)		—

Dividends to common shareholders		(0.60	)		(0.72	)		(0.30	)		(0.30	)

Per share NAV at end of period	$	14.21		$	12.21		$	14.27		$	13.56

Per share market price at end of period	$	13.82		$	9.14		$	14.30		$	13.83

Total return based on market value ^{(1), (2)}		28.3	%		(29.8	)%		8.1	%		25.7	%
Total return based on net asset value ^{(1), (3)}		11.9	%		(2.1	)%		1.5	%		4.7	%

Shares outstanding at end of period		57,767,264			57,767,264			57,767,264			57,767,264

Ratios to average common equity: ⁽⁴⁾
Net investment income		10.5	%		12.5	%		11.2	%		11.5	%
Expenses before incentive fee		9.6	%		10.4	%		8.9	%		9.4	%
Expenses and incentive fee		10.8	%		11.1	%		9.4	%		10.0	%

Ending common shareholder equity	$	820,637,593		$	705,142,304		$	824,462,328		$	783,141,221
Portfolio turnover rate		16.2	%		10.9	%		6.2	%		5.7	%
Weighted-average debt outstanding	$	970,475,942		$	957,335,939		$	1,032,464,544		$	928,100,849
Weighted-average interest rate on debt		3.8	%		4.0	%		3.2	%		3.9	%
Weighted-average number of common shares		57,767,264			58,217,663			57,767,264			57,767,264
Average debt per share	$	16.80		$	16.44
Weighted-average debt per share							$	17.87		$	16.07

(1)	Not annualized.

(2)	Total return based on market value equals the change in ending market value per share during share during the period plus declared dividends per share during the period, divided by the market value per share at the beginning of the period.

(3)	Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period.

(4)	Annualized, except for incentive compensation.

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

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

11. Senior Securities

Information about the Company's senior securities is shown in the following table as of the end of each of the last ten fiscal years and the period ended ~~June 30, 2021.~~ March 31, 2022.

Class and Year	Total Amount Outstanding⁽¹⁾		Asset Coverage Per Unit⁽²⁾		Involuntary Liquidating Preference Per Unit⁽³⁾		Average Market Value Per Unit⁽⁴⁾	Total Amount Outstanding⁽¹⁾		Asset Coverage Per Unit⁽²⁾		Involuntary Liquidating Preference Per Unit⁽³⁾		Average Market Value Per Unit⁽⁴⁾
Operating Facility
As of June 30, 2021 (Unaudited)	$	79,208	$	15,580		—	N/A
As of March 31, 2022 (Unaudited)								$	206,228	$	5,515		—	N/A
Fiscal Year 2021									154,480		11,020		—	N/A
Fiscal Year 2020		120,454		9,508		—	N/A		120,454		9,508		—	N/A
Fiscal Year 2019		108,498		5,812		—	N/A		108,498		5,812		—	N/A
Fiscal Year 2018		82,000		5,221		—	N/A		82,000		5,221		—	N/A
Fiscal Year 2017		57,000		6,513		—	N/A		57,000		6,513		—	N/A
Fiscal Year 2016		100,500		4,056		—	N/A		100,500		4,056		—	N/A
Fiscal Year 2015		124,500		3,076		—	N/A		124,500		3,076		—	N/A
Fiscal Year 2014		70,000		5,356		—	N/A		70,000		5,356		—	N/A
Fiscal Year 2013		45,000		8,176		—	N/A		45,000		8,176		—	N/A
Fiscal Year 2012		74,000		7,077		—	N/A		74,000		7,077		—	N/A
Fiscal Year 2011		29,000		13,803		—	N/A
Preferred Interests
As of June 30, 2021 (Unaudited)	N/A		NA		N/A		N/A
As of March 31, 2022 (Unaudited)								N/A		NA		N/A		N/A
Fiscal Year 2021								N/A		NA		N/A		N/A
Fiscal Year 2020	N/A		NA		N/A		N/A	N/A		NA		N/A		N/A
Fiscal Year 2019	N/A		N/A		N/A		N/A	N/A		N/A		N/A		N/A
Fiscal Year 2018	N/A		N/A		N/A		N/A	N/A		N/A		N/A		N/A
Fiscal Year 2017	N/A		N/A		N/A		N/A	N/A		N/A		N/A		N/A
Fiscal Year 2016	N/A		N/A		N/A		N/A	N/A		N/A		N/A		N/A
Fiscal Year 2015	N/A		N/A		N/A		N/A	N/A		N/A		N/A		N/A
Fiscal Year 2014	$	134,000	$	51,592	$	20,074	N/A	$	134,000	$	51,592	$	20,074	N/A
Fiscal Year 2013		134,000		68,125		20,075	N/A		134,000		68,125		20,075	N/A
Fiscal Year 2012		134,000		50,475		20,079	N/A		134,000		50,475		20,079	N/A
Fiscal Year 2011		134,000		49,251		20,070	N/A
Funding Facility I
As of June 30, 2021 (Unaudited)	N/A		N/A			—	N/A
As of March 31, 2022 (Unaudited)								N/A		N/A			—	N/A
Fiscal Year 2021								N/A		N/A			—	N/A
Fiscal Year 2020	N/A		N/A			—	N/A	N/A		N/A			—	N/A
Fiscal Year 2019	$	158,000	$	5,812		—	N/A	$	158,000	$	5,812		—	N/A
Fiscal Year 2018		212,000		5,221		—	N/A		212,000		5,221		—	N/A
Fiscal Year 2017		175,000		6,513		—	N/A		175,000		6,513		—	N/A
Fiscal Year 2016		175,000		4,056		—	N/A		175,000		4,056		—	N/A
Fiscal Year 2015		229,000		3,076		—	N/A		229,000		3,076		—	N/A
Fiscal Year 2014		125,000		5,356		—	N/A		125,000		5,356		—	N/A
Fiscal Year 2013		50,000		8,176		—	N/A		50,000		8,176		—	N/A
Funding Facility II
As of June 30, 2021 (Unaudited)	$	32,000	$	15,580		—	N/A
As of March 31, 2022 (Unaudited)								$	103,000	$	5,515		—	N/A
Fiscal Year 2021									-	N/A			—	N/A
Fiscal Year 2020		36,000		9,508		—	N/A		36,000		9,508		—	N/A
SBA Debentures
As of June 30, 2021 (Unaudited)	$	150,000	$	15,580		—	N/A
As of March 31, 2022 (Unaudited)								$	150,000	$	5,515		—	N/A
Fiscal Year 2021									150,000		11,020		—	N/A
Fiscal Year 2020		138,000		9,508		—	N/A		138,000		9,508		—	N/A
Fiscal Year 2019		138,000		5,812		—	N/A		138,000		5,812		—	N/A
Fiscal Year 2018		98,000		5,221		—	N/A		98,000		5,221		—	N/A
Fiscal Year 2017		83,000		6,513		—	N/A		83,000		6,513		—	N/A
Fiscal Year 2016		61,000		4,056		—	N/A		61,000		4,056		—	N/A
Fiscal Year 2015		42,800		3,076		—	N/A		42,800		3,076		—	N/A
Fiscal Year 2014		28,000		5,356		—	N/A		28,000		5,356		—	N/A
2019 Convertible Notes
As of June 30, 2021 (Unaudited)	N/A		N/A			—	N/A
As of March 31, 2022 (Unaudited)								N/A		N/A			—	N/A
Fiscal Year 2021								N/A		N/A			—	N/A
Fiscal Year 2020	N/A		N/A			—	N/A	N/A		N/A			—	N/A
Fiscal Year 2019	N/A		N/A			—	N/A	N/A		N/A			—	N/A
Fiscal Year 2018	$	108,000	$	2,157		—	N/A	$	108,000	$	2,157		—	N/A
Fiscal Year 2017		108,000		2,335		—	N/A		108,000		2,335		—	N/A
Fiscal Year 2016		108,000		2,352		—	N/A		108,000		2,352		—	N/A
Fiscal Year 2015		108,000		2,429		—	N/A		108,000		2,429		—	N/A
Fiscal Year 2014		108,000		3,617		—	N/A		108,000		3,617		—	N/A
2022 Convertible Notes
As of June 30, 2021 (Unaudited)	$	140,000	$	1,933		—	N/A
As of March 31, 2022 (Unaudited)								N/A		N/A			—	N/A
Fiscal Year 2021								$	140,000	$	1,948		—	N/A
Fiscal Year 2020		140,000		2,058		—	N/A		140,000		2,058		—	N/A
Fiscal Year 2019		140,000		1,992		—	N/A		140,000		1,992		—	N/A
Fiscal Year 2018		140,000		2,157		—	N/A		140,000		2,157		—	N/A
Fiscal Year 2017		140,000		2,335		—	N/A		140,000		2,335		—	N/A
Fiscal Year 2016		140,000		2,352		—	N/A		140,000		2,352		—	N/A
2022 Notes
As of June 30, 2021 (Unaudited)	$	175,000	$	1,933		—	N/A
As of March 31, 2022 (Unaudited)								N/A		N/A			—	N/A
Fiscal Year 2021								N/A		N/A			—	N/A
Fiscal Year 2020		175,000		2,058		—	N/A	$	175,000	$	2,058		—	N/A
Fiscal Year 2019		175,000		1,992		—	N/A		175,000		1,992		—	N/A
Fiscal Year 2018		175,000		2,157		—	N/A
Fiscal Year 2017		175,000		2,335		—	N/A
2024 Notes
As of June 30, 2021 (Unaudited)	$	250,000	$	1,933		—	N/A
Fiscal Year 2020		250,000		2,058		—	N/A
Fiscal Year 2019		200,000		1,992		—	N/A
2026 Notes
As of June 30, 2021 (Unaudited)	$	175,000	$	1,933		—	N/A

4546

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

~~June 30, 2021~~March 31, 2022

~~11. Senior Securities — (continued)~~

Fiscal Year 2018		175,000		2,157	—	N/A
Fiscal Year 2017		175,000		2,335	—	N/A
2024 Notes
As of March 31, 2022 (Unaudited)	$	250,000	$	1,936	—	N/A
Fiscal Year 2021		250,000		1,948	—	N/A
Fiscal Year 2020		250,000		2,058	—	N/A
Fiscal Year 2019		200,000		1,992	—	N/A
2026 Notes
As of March 31, 2022 (Unaudited)	$	325,000	$	1,936	—	N/A
Fiscal Year 2021		325,000		1,948	—	N/A

(1)	Total amount of each class of senior securities outstanding at the end of the period presented (in 000’s).

(2)

The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. For the Operating Facility, Funding Facility I and Funding Facility II, the asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit.

(3)

The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(4)	The Company's senior securities are not registered for public trading.

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates⁽¹⁾(Unaudited)

~~Six~~Three Months Ended ~~June 30, 2021~~March 31, 2022

Security	Dividends or Interest⁽²⁾		Fair Value at December 31, 2020		Net realized gain or loss		Net increase or decrease in unrealized appreciation or depreciation		Acquisitions⁽³⁾			Dispositions⁽⁴⁾			Fair Value at June 30, 2021		Dividends or Interest⁽²⁾		Fair Value at December 31, 2021		Net realized gain or loss		Net increase or decrease in unrealized appreciation or depreciation			Acquisitions⁽³⁾		Dispositions⁽⁴⁾		Fair Value at March 31, 2022
Edmentum Ultimate Holdings, LLC, Class A Common Units	$	867,570	$	-	$	1,028,057	$	-	$	(7,006	)	$	(1,021,051	)	$	-
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21		66,575		1,324,140		-		-		-			-			1,324,140
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/12/24																	$	33,108	$	1,324,140	$	-	$	-		$	-	$	-	$	1,324,140
Iracore Investments Holdings, Inc., Class A Common Stock		385,384		5,181,526		-		67,209		-			-			5,248,735		-		4,344,746		-		155,127			-		-		4,499,873
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units		-		7,401,888		-		1,297,386		-			-			8,699,274		-		15,224,581		-		(2,922,921	)		-		-		12,301,660
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units		-		438,161		-		164,394		-			-			602,555		-		1,409,955		-		(393,531	)		-		-		1,016,424
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units		-		442,508		-		166,026		-			-			608,534		-		1,423,944		-		(397,435	)		-		-		1,026,509
TVG-Edmentum Holdings, LLC, Series A Preferred Units		1,690,878		27,758,980		-		23,137,758		1,538,920			-			52,435,658		6,202		-		-		-			-		-		-
TVG-Edmentum Holdings, LLC, Series B-1 Common Units		900,292		13,511,732		-		11,082,706		900,292			-			25,494,730		563,404		36,740,019		-		77,889			563,405		-		37,381,313
TVG-Edmentum Holdings, LLC, Series B-2 Common Units		-		12,868,247		-		12,626,483		-			-			25,494,730		-		36,740,019		-		641,294			-		-		37,381,313
Total	$	3,910,699	$	68,927,182	$	1,028,057	$	48,541,962	$	2,432,206		$	(1,021,051	)	$	119,908,356	$	602,714	$	97,207,404	$	—	$	(2,839,577	)	$	563,405	$	—	$	94,931,232

Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:

(1)	The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% to 25% of the issuers' voting securities.

(2)	Also includes fee income as applicable.

(3)	Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.

(4)	Dispositions include decreases in the cost basis from sales and paydowns.

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Controlled Affiliates⁽¹⁾ (Unaudited)~~(Unaudited)~~

~~Six~~Three Months Ended ~~June 30, 2021~~March 31, 2022

Security	Dividends or Interest ⁽²⁾		Fair Value at December 31, 2020		Net realized gain or loss		Net increase or decrease in unrealized appreciation or depreciation			Acquisitions ⁽³⁾		Dispositions⁽⁴⁾			Fair Value at June 30, 2021		Dividends or Interest ⁽²⁾		Fair Value at December 31, 2021		Net realized gain or loss			Net increase or decrease in unrealized appreciation or depreciation			Acquisitions ⁽³⁾		Dispositions⁽⁴⁾			Fair Value at March 31, 2022
36th Street Capital Partners Holdings, LLC, Membership Units	$	1,144,901	$	33,135,000	$	-	$	(1,496,000	)	$	-	$	-		$	31,639,000	$	713,825	$	34,082,000	$	-		$	3,601,000		$	-	$	-		$	37,683,000
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/25		2,450,065		40,834,419		-		-			-		-			40,834,419		1,241,443		41,381,437		-			-			-		-			41,381,437
Anacomp, Inc., Class A Common Stock		-		401,769		-		(188,329	)		-		-			213,440		-		326,437		-			-			-		-			326,437
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 6/30/21		-		1,154,036		-		(160,371	)		-		-			993,665
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/22																		-		339,100		-			(222,409	)		-		-		��	116,691
Conergy Asia Holdings Limited, Class B Shares		-		—		-		-			-		-			-		-		-		-			-			-		-			-
Conergy Asia Holdings Limited, Ordinary Shares		-		—		-		-			-		-			-		-		-		-			-			-		-			-
Conventional Lending TCP Holdings, LLC, Membership Units		874,754		18,050,826		-		404,174			45,000		-			18,500,000		671,061		26,901,777		(124,801	)		1,787,261			125,000		(11,013,828	)		17,675,409
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/21		-		3,336,148		-		(3,234,833	)		-		-			101,315
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/22																		-		101,315		-			-			-		-			101,315
Kawa Solar Holdings Limited, Ordinary Shares		-		—		-		-			-		-			-		-		-		-			-			-		-			-
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/21		-		2,114,333		-		3,066,035			-		(3,133,334	)		2,047,034
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/22																		-		1,955,145		-			26,570			-		-			1,981,715
Kawa Solar Holdings Limited, Series B Preferred Shares		-		—		-		-			-		-			-		-		-		-			-			-		-			-
Total	$	4,469,720	$	99,026,531	$	—	$	(1,609,324	)	$	45,000	$	(3,133,334	)	$	94,328,873	$	2,626,329	$	105,087,211	$	(124,801	)	$	5,192,422		$	125,000	$	(11,013,828	)	$	99,266,004

Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates:

(1)	The issuers of the securities listed on this schedule are considered controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of more than 25% of the issuers' voting securities.

(2)	Also includes fee income as applicable.

(3)	Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.

(4)	Dispositions include decreases in the cost basis from sales and paydowns.

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates ⁽¹⁾

Year Ended December 31, ~~2020~~2021

Security

Dividends or
Interest⁽²⁾

Fair Value at
December 31,
2019

Net realized
gain or loss

Net increase
or decrease
in unrealized
appreciation
or depreciation

Acquisitions⁽³⁾

Dispositions⁽⁴⁾

Fair Value at
December 31,
2020

AGY Holding Corp., Common Stock

$
—

$
—

$
—

$
—

$
—

$
—

$
—

AGY Holding Corp., Senior Secured 2nd Lien Notes, 11%,
   due 12/15/25

—

3,708,428

(8,778,822
)

5,070,394

—

—

—

AGY Holding Corp., Senior Secured Delayed Draw Term
   Loan A, 12%, due 9/15/20

94,024

—

—

—

1,227,453

(1,227,453
)

—

AGY Holding Corp., Senior Secured Delayed Draw Term
   Loan, 12%, due 9/15/20

59,678

1,114,120

(1,174,170
)

—

60,050

—

—

AGY Holding Corp., Senior Secured Term Loan A1, 12%,
   due 9/15/20

97,185

—

—

—

721,296

(721,296
)

—

AGY Holding Corp., Senior Secured Term Loan, 12%,
   due 9/15/20

155,135

5,171,151

(4,589,653
)

—

156,858

(738,356
)

—

Edmentum Ultimate Holdings, LLC, Class A Common
   Units

2,623,729

1,433,968

4,380,041

(753,742
)

—

(5,060,267
)

—

Edmentum Ultimate Holdings, LLC, Junior PIK Notes,
   10%, due 12/9/21

1,850,985

17,609,276

—

(72,760
)

1,927,179

(19,463,695
)

—

Edmentum Ultimate Holdings, LLC, Senior PIK Notes,
   8.5%, due 6/9/20

313,061

3,675,888

—

—

327,176

(4,003,064
)

—

Edmentum Ultimate Holdings, LLC, Warrants to
   Purchase Class A Common Units

—

7,084,470

4,947,853

(7,084,469
)

—

(4,947,854
)

—

Edmentum, Inc., Junior Revolving Facility, 5%, due 6/9/20

266,556

5,235,978

—

(5
)

474,037

(5,710,010
)

—

Edmentum, Inc., Senior Secured 1st Lien Term Loan B,
   8.5%, due 6/9/21

2,194,392

10,740,023

—

(1,173,442
)

1,466,235

(11,032,816
)

—

Edmentum, Inc., Senior Secured 2nd Lien Term Loan, 7%
   PIK, due 12/8/21

576,320

8,281,661

—

(8
)

603,596

(8,885,249
)

—

Edmentum, Inc., Senior Secured 2nd Lien Revolver, 5%
   PIK, due 12/9/21

834,028

—

—

—

5,805,188

(5,805,188
)

—

Educationcity Limited (Edmentum), Senior Unsecured
   Promissory Note, 10%, due 8/31/20

329,098

—

—

—

3,707,423

(3,707,423
)

—

Iracore International Holdings, Inc., Senior Secured 1st Lien
   Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21

169,286

1,635,903

—

—

—

(311,763
)

1,324,140

Iracore Investments Holdings, Inc., Class A Common Stock

—

2,476,881

—

2,704,645

—

—

5,181,526

KAGY Holding Company, Inc., Series A Preferred Stock

—

—

(1,091,199
)

1,091,199

—

—

—

NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units

—

6,925,848

—

476,040

—

—

7,401,888

NEG Parent, LLC (CORE Entertainment, Inc.), Class A
   Warrants to Purchase Class A Units

—

391,407

—

46,754

—

—

438,161

NEG Parent, LLC (CORE Entertainment, Inc.), Class B
   Warrants to Purchase Class A Units

—

395,290

—

47,218

—

—

442,508

NEG Parent, LLC (CORE Entertainment, Inc.), Litigation
   Trust Units

—

—

45,038

—

—

(45,038
)

—

TVG-Edmentum Holdings, LLC, Series A Preferred Units

—

—

—

155,201

27,603,779

—

27,758,980

TVG-Edmentum Holdings, LLC, Series B-1 Common Units

—

—

—

90,570

13,421,162

—

13,511,732

TVG-Edmentum Holdings, LLC, Series B-2 Common Units

—

—

—

(552,915
)

13,421,162

—

12,868,247

Total

$
9,563,477

$
75,880,292

$
(6,260,912
)

$
44,680

$
70,922,594

$
(71,659,472
)

$
68,927,182

Security	Dividends or Interest⁽²⁾		Fair Value at December 31, 2020		Net realized gain or loss		Net increase or decrease in unrealized appreciation or depreciation			Acquisitions⁽³⁾			Dispositions⁽⁴⁾			Fair Value at December 31, 2021
Edmentum, Inc., Senior Unsecured Promissory Note, 10%, due 9/30/19	$	-			$	448,997	$	-		$	-		$	(448,997	)		-
Edmentum Ultimate Holdings, LLC, Class A Common Units		867,570		-		1,028,057		-			(7,006	)		(1,021,051	)		-
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/13/21		134,253		1,324,140		-		-			-			-			1,324,140
Iracore Investments Holdings, Inc., Class A Common Stock		385,384		5,181,526		-		(836,780	)		-			-			4,344,746
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Units		-		7,401,888		-		7,822,693			-			-			15,224,581
NEG Parent, LLC (CORE Entertainment, Inc.), Class A Warrants to Purchase Class A Units		-		438,161		-		971,794			-			-			1,409,955
NEG Parent, LLC (CORE Entertainment, Inc.), Class B Warrants to Purchase Class A Units		-		442,508		-		981,436			-			-			1,423,944
TVG-Edmentum Holdings, LLC, Series A Preferred Units		2,556,396		27,758,980		5,068,544		(155,210	)		2,267,487			(34,939,801	)		-
TVG-Edmentum Holdings, LLC, Series B-1 Common Units		1,946,425		13,511,732		-		21,281,861			1,946,426			-			36,740,019
TVG-Edmentum Holdings, LLC, Series B-2 Common Units		-		12,868,247		-		23,871,772			-			-			36,740,019
Total	$	5,890,028	$	68,927,182	$	6,545,598	$	53,937,566		$	4,206,907		$	(36,409,849	)	$	97,207,404

Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:

(1)	The issuers of the securities listed on this schedule are considered non-controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of 5% to 25% of the issuers' voting securities.

(2)	Also includes fee and lease income as applicable.

(3)	Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.

(4)	Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation.

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Controlled Affiliates ⁽¹⁾

Year Ended December 31, ~~2020~~2021

Security	Dividends or Interest ⁽²⁾		Fair Value at December 31, 2019		Net realized gain or loss			Net increase or decrease in unrealized appreciation or depreciation			Acquisitions ⁽³⁾		Dispositions⁽⁴⁾			Fair Value at December 31, 2020		Dividends or Interest ⁽²⁾		Fair Value at December 31, 2020		Net realized gain or loss		Net increase or decrease in unrealized appreciation or depreciation			Acquisitions ⁽³⁾		Dispositions⁽⁴⁾			Fair Value at December 31, 2021
36th Street Capital Partners Holdings, LLC, Membership Units	$	2,471,415	$	31,682,859	$	—		$	1,452,141		$	—	$	—		$	33,135,000	$	2,110,976	$	33,135,000	$	-	$	(2,505,981	)	$	4,202,981	$	(750,000	)	$	34,082,000
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/20		4,900,130		40,834,419		—			—			—		—			40,834,419
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/25																			5,081,395		40,834,419		-		-			5,797,018		(5,250,000	)		41,381,437
Anacomp, Inc., Class A Common Stock		—		1,167,640		—			(765,871	)		—		—			401,769		-		401,769		-		(75,332	)		-		-			326,437
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 10%, due 6/30/21		44,223		1,207,786		—			(390,084	)		336,334		—			1,154,036
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 6/30/21																			-		1,154,036		-		(814,936	)		-		-			339,100
Conergy Asia Holdings Limited, Class B Shares		—		—		—			—			—		—			—		-		-		-		-			-		-			-
Conergy Asia Holdings Limited, Ordinary Shares		—		—		—			—			—		—			—		-		-		-		-			-		-			-
Conventional Lending TCP Holdings, LLC, Membership Units		1,436,922		14,269,948		—			(950,043	)		4,730,921		—			18,050,826		1,597,396		18,050,826		-		(197,598	)		9,048,549		-			26,901,777
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/21		—		3,289,438		—			46,710			—		—			3,336,148		-		3,336,148		-		(3,234,833	)		-		-			101,315
Kawa Solar Holdings Limited, Ordinary Shares		—		—		—			—			—		—			—		-		-		-		-			-		-			-
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/21		—		2,208,823		—			(94,490	)		—		—			2,114,333		-		2,114,333		-		2,974,144			-		(3,133,332	)		1,955,145
Kawa Solar Holdings Limited, Series B Preferred Shares		—		—		—			—			—		—			—		-		-		-		-			-		-			-
United N659UA-767, LLC (Aircraft Trust Holding Company)		26,635		2,300,366		(32,062	)		(134,933	)		—		(2,133,371	)		—
United N661UA-767, LLC (Aircraft Trust Holding Company)		11,502		2,347,314		162,012			(121,954	)		—		(2,387,372	)		—
Total	$	8,890,827	$	99,308,593	$	129,950		$	(958,524	)	$	5,067,255	$	(4,520,743	)	$	99,026,531	$	8,789,767	$	99,026,531	$	—	$	(3,854,536	)	$	19,048,548	$	(9,133,332	)	$	105,087,211

Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates:

(1)	The issuers of the securities listed on this schedule are considered controlled affiliates under the Investment Company Act of 1940 due to the ownership by the Company of more than 25% of the issuers' voting securities.

(2)	Also includes fee and lease income as applicable.

(3)	Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.

(4)	Dispositions include decreases in the cost basis from sales, paydowns, mortgage amortizations and aircraft depreciation.

BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers (Unaudited)

~~June 30,~~March 31, 2022

Investment		Acquisition Date
AGY Equity, LLC, Class A Preferred Units		9/3/2020
AGY Equity, LLC, Class B Preferred Units		9/3/2020
AGY Equity, LLC, Class C Common Units		9/3/2020
Autoalert Acquisition Co, LLC, Warrants to Purchase LLC Interests		6/30/20
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9% PIK, due 10/1/22		1/26/17
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/22		1/26/17
Blackbird Purchaser, Inc. (OTC) Preferred Stock		12/14/21
Elevate Brands OpCo LLC, Warrants for Common Stock		03/14/22
Elevate Brands OpCo LLC, Warrants for Preferred Shares		03/14/22
Fidelis (SVC) LLC, Series C Preferred Units		12/31/19
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock		1/30/19
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock		5/4/17
GACP I, LP (Great American Capital), Membership Units		10/1/15
GACP II, LP (Great American Capital), Membership Units		1/12/18
GlassPoint, Inc., Warrants to Purchase Common Stock		2/7/17
Hylan Datacom & Electrical, LLC, Class A Units		03/30/22
InMobi, Inc., Warrants to Purchase Common Stock		8/22/17
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)		9/18/15
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)		10/1/18
Inotiv, Inc., Common Shares		03/30/22
Nanosys, Inc., Warrants to Purchase Preferred Stock		3/29/16
Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units		2/7/20
Quora, Inc., Warrants to Purchase Series D Preferred Stock		4/12/19
Razor Group GmbH, Warrants to Purchase Preferred Series A1 Shares		4/28/21
ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock		11/7/19
SellerX Germany GMBH & Co. KG,, Warrants to Purchase Preferred B Shares		11/23/21
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock		3/20/18
Soraa, Inc., Warrants to Purchase Preferred Stock		8/29/14
SoundCloud, Ltd., Warrants to Purchase Preferred Stock		4/30/15
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock		3/9/17
Utilidata, Inc., Common Stock		7/6/20
Utilidata, Inc., Series C Preferred Stock		7/6/20
Utilidata, Inc., Series CC Preferred Stock		7/6/20
WorldRemit Group Limited, Warrants to Purchase Series D Stock		2/11/21

BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers

December 31, 2021

Investment		Acquisition Date
AGY Equity, LLC, Class A Preferred Units		9/3/2020
AGY Equity, LLC, Class B Preferred Units		9/3/2020
AGY Equity, LLC, Class C Common Units		9/3/2020
Autoalert Acquisition Co, LLC, Warrants to Purchase LLC Interests		6/30/20
Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9%, due 10/1/22		1/26/17
Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/22		1/26/17
Blackbird Purchaser, Inc. (OTC) Preferred Stock		12/14/21
Envigo RMS Holding Corp., Common Stock		6/3/19
Fidelis (SVC) LLC, Series C Preferred Units		12/31/19
FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock		1/30/19
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock		5/4/17
GACP I, LP (Great American Capital), Membership Units		10/1/15
GACP II, LP (Great American Capital), Membership Units		1/12/18
GlassPoint, Inc., Warrants to Purchase Common Stock		2/7/17
InMobi, Inc., Warrants to Purchase Common Stock		8/22/17
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)		9/18/15
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)		10/1/18
Nanosys, Inc., Warrants to Purchase Preferred Stock		3/29/16
Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units		2/7/20
Quora, Inc., Warrants to Purchase Series D Preferred Stock		4/12/19
Razor Group GmbH (Germany), Warrants to Purchase Preferred Stock		4/28/21
ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock		11/7/19
SellerX Germany GMBH & Co. KG,, Warrants to Purchase Preferred B Shares		11/23/21
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock		3/20/18
Soraa, Inc., Warrants to Purchase Preferred Stock		8/29/14
SoundCloud, Ltd., Warrants to Purchase Preferred Stock		4/30/15
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock		3/9/17
Utilidata, Inc., Common Stock		7/6/20
Utilidata, Inc., Series C Preferred Stock		7/6/20
Utilidata, Inc., Series CC Preferred Stock		7/6/20
Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock		2/11/21

~~BlackRock TCP Capital Corp.~~

~~Consolidated Schedule of Restricted Securities of Unaffiliated Issuers~~

~~December 31, 2020~~

~~Investment~~		~~Acquisition Date~~
~~Actifio, Inc., Warrants to Purchase Series F Preferred Stock~~		~~5/5/17~~
~~AutoAlert Acquisition Co, LLC, Warrants to Purchase LLC Interest~~		~~6/30/20~~
~~Avanti Communications Group, PLC (144A), Senior New Money Initial Note, 9%, due 10/1/22~~		~~1/26/17~~
~~Avanti Communications Group, PLC (144A), Senior Second-Priority PIK Toggle Note, 9%, due 10/1/22~~		~~1/26/17~~
~~Domo, Inc., Warrants to Purchase Common Stock~~		~~12/5/17~~
~~Envigo RMS Holding Corp., Common Stock~~		~~6/3/19~~
~~Fidelis (SVC) LLC, Series C Preferred Units~~		~~12/31/19~~
~~FinancialForce.com, Inc., Warrants to Purchase Series C Preferred Stock~~		~~1/30/19~~
~~Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock~~		~~5/4/17~~
~~GACP I, LP (Great American Capital), Membership Units~~		~~10/1/15~~
~~GACP II, LP (Great American Capital), Membership Units~~		~~1/12/18~~
~~GlassPoint Solar, Inc., Warrants to Purchase Series C-1 Preferred Stock~~		~~2/7/17~~
~~GlassPoint Solar, Inc., Warrants to Purchase Series D Preferred Stock~~		~~3/16/18~~
~~InMobi, Inc., Warrants to Purchase Common Stock~~		~~8/22/17~~
~~InMobi, Inc., Warrants to Purchase Series E Preferred Stock~~		~~9/18/15~~
~~InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)~~		~~10/1/18~~
~~Nanosys, Inc., Warrants to Purchase Preferred Stock~~		~~3/29/16~~
~~Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units~~		~~2/7/20~~
~~Quora, Inc., Warrants to Purchase Series D Preferred Stock~~		~~4/12/19~~
~~ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock~~		~~11/7/19~~
~~SnapLogic, Inc., Warrants to Purchase Series Preferred Stock~~		~~3/20/18~~
~~Soraa, Inc., Warrants to Purchase Common Stock~~		~~8/29/14~~
~~SoundCloud, Ltd., Warrants to Purchase Preferred Stock~~		~~4/30/15~~
~~Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock~~		~~3/9/17~~
~~Utilidata, Inc., Common Stock~~		~~7/6/20~~
~~Utilidata, Inc., Series C Preferred Stock~~		~~7/6/20~~
~~Utilidata, Inc., Series CC Preferred Stock~~		~~7/6/20~~
~~V Telecom Investment S.C.A. (Vivacom), Common Shares~~		~~11/9/12~~

Item 2. Management’s ~~Discussion~~Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. Some of the statements in this report (including in the following discussion) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or the future performance or financial condition of BlackRock TCP Capital Corp. (the “Company,” “we,” “us” or “our”), formerly known as TCP Capital Corp. The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

our, or our portfolio companies’, future business, operations, operating results or prospects;

the return or impact of current and future investments;

the impact of a protracted decline in the liquidity of credit markets on our business;

the impact of fluctuations in interest rates on our business;

the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;

our contractual arrangements and relationships with third parties;

the general economy and its impact on the industries in which we invest;

the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;

our expected financings and investments;

the adequacy of our financing resources and working capital;

the ability of our investment advisor to locate suitable investments for us and to monitor and administer our investments;

the timing of cash flows, if any, from the operations of our portfolio companies;

the timing, form and amount of any dividend distributions; and

our ability to maintain our qualification as a regulated investment company and as a business development company.

We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words to identify forward-looking statements. The forward looking statements contained in this quarterly report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

The Company is a Delaware corporation formed on April 2, 2012 and is an externally managed, closed-end, non-diversified management investment company. The Company was formed through the conversion of a pre-existing closed-end investment company. The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to seek to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We invest primarily in the debt of middle-market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. Such investments may include an equity component, and, to a lesser extent, we may make equity investments directly. Certain investment operations are conducted through the Company’s wholly-owned subsidiaries, Special Value Continuation Partners LLC, a Delaware limited liability company (“SVCP”), TCPC Funding I, LLC (“TCPC Funding”), TCPC Funding II, LLC ("TCPC Funding II") and TCPC SBIC, LP (the “SBIC”). SVCP was organized as a limited partnership and had elected to be regulated as a BDC under the 1940 Act through July 31, 2018. On August 1, 2018, SVCP withdrew its election to be regulated as a BDC under the 1940 Act and withdrew the registration of its common limited partner interests under Section 12(g) of the Securities Exchange Act of 1934 and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. Series H of SVOF/MM, LLC (“SVOF/MM”)

serves as the administrator (the “Administrator”) of the Company. The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II and the

SBIC. On August 1, 2018, the Advisor merged with and into a wholly owned subsidiary of BlackRock Capital Investment Advisors, LLC, an indirect wholly owned subsidiary of BlackRock, Inc. with the Advisor as the surviving entity. The SBIC was organized as a Delaware limited partnership in June 2013. On April 22, 2014, the SBIC received a license from the United States Small Business Administration (the “SBA”) to operate as a small business investment company under the provisions of Section 301(c) of the Small Business Investment Act of 1958.

The Company has elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. TCPC Funding, TCPC Funding II and the SBIC have elected to be treated as partnerships for U.S. federal income tax purposes. SVCP was treated as a partnership for U.S. federal income tax purposes through August 1, 2018 and upon its conversion to a limited liability company on August 2, 2018, and thereafter is and will be treated as a disregarded entity.

Our leverage program is comprised of $300.0 million in available debt under a revolving, multi-currency credit facility issued by SVCP (the “Operating Facility”), $200.0 million in available debt under a senior secured revolving credit facility issued by TCPC Funding II (“Funding Facility II”), $140.0 million in convertible senior unsecured notes issued by the Company maturing in 2022 (the “2022 Convertible Notes”), $175.0 million in senior unsecured notes issued by the Company maturing in 2022 (the “2022 Notes”), $250.0 million in senior unsecured notes issued by the Company maturing in 2024 (the “2024 Notes”), ~~$175.0~~$325.0 million in senior unsecured notes issued by the Company maturing in 2026 (the “2026 Notes”) and ~~$150.0~~$160.0 million in committed leverage from the SBA (the “SBA Program” and, together with the Operating Facility, Funding Facility II, the ~~2022 Convertible Notes, the 2022~~2024 Notes and the ~~2024~~2026 Notes, the “Leverage Program”). Prior to being repaid on March 1, 2022, debt included $140.0 million in Convertible unsecured notes due March 2022 issued by the Company (the "2022 Convertible Notes"). Prior to being repaid on September 17, 2021, debt included $175.0 million in unsecured notes due August 2022 issued by the Company (the "2022 Notes"). Prior to being replaced by Funding Facility II on August 4, 2020, leverage included $300.0 million in available debt under a senior secured revolving credit facility issued by TCPC Funding (“Funding Facility I”~~). Prior to its maturity on December 15, 2019, leverage also included convertible senior unsecured notes due December 2019 issued by the Company (the “2019 Convertible Notes”~~).

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders generally at least 90% of our investment company taxable income, as defined by the Internal Revenue Code of 1986, as amended, for each year. Pursuant to this election, we generally will not have to pay corporate level taxes on any income that we distribute to our stockholders provided that we satisfy those requirements.

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies, public U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended, public domestic operating companies having a market capitalization of less than $250.0 million, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We are also permitted to make certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of ~~June 30, 2021,~~ March 31, 2022~~88.7%~~, 86.0% of our total assets were invested in qualifying assets.

Revenues

We generate revenues primarily in the form of interest on the debt we hold. We also generate revenue from dividends on our equity interests, capital gains on the disposition of investments, and certain lease, fee, and other income. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Interest on our debt investments is generally payable quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or PIK. Any outstanding principal amount of our debt investments and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of prepayment fees, commitment, origination, structuring or due diligence fees, end-of-term or exit fees, fees for providing significant managerial assistance, consulting fees and other investment related income.

Expenses

Our primary operating expenses include the payment of a base management fee and, depending on our operating results, incentive compensation, expenses reimbursable under the management agreement, administration fees and the allocable portion of

overhead under the administration agreement. The base management fee and incentive compensation remunerates the Advisor for work in identifying, evaluating, negotiating, closing and monitoring our investments. Our administration agreement with the Administrator provides that the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to us under the administration agreement, as well as any costs and expenses incurred by the Administrator or its affiliates relating to any non-investment advisory, administrative or operating services provided by the Administrator or its affiliates to us. We also bear all other costs and expenses of our operations and transactions (and the Company’s common stockholders indirectly bear all of the costs and expenses of the Company, SVCP, TCPC Funding and the SBIC), which may include those relating to:

our organization;

calculating our net asset value (including the cost and expenses of any independent valuation firms);

interest payable on debt, if any, incurred to finance our investments;

costs of future offerings of our common stock and other securities, if any;

the base management fee and any incentive compensation;

dividends and distributions on our preferred shares, if any, and common shares;

administration fees payable under the administration agreement;

fees payable to third parties relating to, or associated with, making investments;

transfer agent and custodial fees;

registration fees;

listing fees;

taxes;

director fees and expenses;

costs of preparing and filing reports or other documents with the SEC;

costs of any reports, proxy statements or other notices to our stockholders, including printing costs;

our fidelity bond;

directors and officers/errors and omissions liability insurance, and any other insurance premiums;

indemnification payments;

direct costs and expenses of administration, including audit and legal costs; and

all other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the administration agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs.

The investment management agreement provides that the base management fee be calculated at an annual rate of 1.5% of our total assets (excluding cash and cash equivalents) payable quarterly in arrears; provided, however, that, effective as of February 9, 2019, the base management fee is calculated at an annual rate of 1.0% of our total assets (excluding cash and cash equivalents) that exceed an amount equal to 200% of the net asset value of the Company. For purposes of calculating the base management fee, “total assets” is determined without deduction for any borrowings or other liabilities. The base management fee is calculated based on the value of our total assets and net asset value (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter.

Additionally, the investment management agreement provides that the Advisor or its affiliates may be entitled to incentive compensation under certain circumstances. According to the terms of such agreement, no incentive compensation was incurred prior to January 1, 2013. Under the current investment management agreement, dated February 9, 2019, the incentive compensation equals the sum of (1) 20% of all ordinary income since January 1, 2013 through February 8, 2019 and 17.5% thereafter and (2) 20% of all net

realized capital gains (net of any net unrealized capital depreciation) since January 1, 2013 through February 8, 2019 and 17.5% thereafter, less ordinary income incentive compensation and capital gains incentive compensation previously paid. However, incentive compensation will only be paid to the extent the cumulative total return of the Company after incentive compensation and including such payment would equal or exceed a 7% annual return on daily weighted-average contributed common equity. The determination of incentive compensation is subject to limitations under the 1940 Act and the Advisers Act.

Through December 31, 2017, the incentive compensation was an equity allocation to SVCP’s general partner under the LPA. Effective as of January 1, 2018, the LPA was amended to remove the incentive compensation distribution provisions therein, and the incentive compensation became payable as a fee to the Advisor pursuant to the then-existing investment management agreements. The amendment had no impact on the amount of the incentive compensation paid or services received by the Company.

Critical accounting policies and estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. Management considers the following critical accounting policies important to understanding the financial statements. In addition to the discussion below, our critical accounting policies are further described in the notes to our financial statements.

Valuation of portfolio investments

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in policies adopted by our board of directors. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (i) are independent of us, (ii) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (iii) are able to transact for the asset, and (iv) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. We generally obtain market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker-dealers or market makers. However, short term debt investments with original maturities of generally three months or less are valued at amortized cost, which approximates fair value. Debt and equity securities for which market quotations are not readily available, which is the case for many of our investments, or for which market quotations are deemed not to represent fair value, are valued at fair value using a consistently applied valuation process in accordance with our documented valuation policy that has been reviewed and approved by our board of directors, who also approve in good faith the valuation of such securities as of the end of each quarter. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of our investments than on the fair values of our investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where we believe that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security cause current market quotations to not reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently causing a quoted purchase or sale price to become stale, where there is a “forced” sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid-ask spread.

The valuation process approved by our board of directors with respect to investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value is as follows:

The investment professionals of the Advisor provide recent portfolio company financial statements and other reporting materials to independent valuation firms approved by our board of directors.

Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented and discussed with senior management of the Advisor.

The fair value of smaller investments comprising in the aggregate less than 5% of our total capitalization may be determined by the Advisor in good faith in accordance with our valuation policy without the employment of an independent valuation firm.

The audit committee of the board of directors discusses the valuations, and the board of directors approves the fair value of the investments in our portfolio in good faith based on the input of the Advisor, the respective independent valuation firms (to the extent applicable) and the audit committee of the board of directors.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing one or more methodologies, including the market approach, the income approach, or in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction ~~comparables,~~comparable, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition ~~comparables,~~comparable, our principal market (as the reporting entity) and enterprise values.

When valuing all of our investments, we strive to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

Our investments may be categorized based on the types of inputs used in their valuation. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Investments are classified by GAAP into the three broad levels as follows:

Level 1 — Investments valued using unadjusted quoted prices in active markets for identical assets.

Level 2 — Investments valued using other unadjusted observable market inputs, e.g. quoted prices in markets that are not active or quotes for comparable instruments.

Level 3 — Investments that are valued using quotes and other observable market data to the extent available, but which also take into consideration one or more unobservable inputs that are significant to the valuation taken as a whole.

As of ~~June 30, 2021, 0.2%~~March 31, 2022, 0.1% of our investments were categorized as Level 1, ~~1.5%~~6.5% were categorized as Level 2, ~~98.2%~~93.2% were Level 3 investments valued based on valuations by independent third-party sources, and ~~0.1%~~0.2% were Level 3 investments valued based on valuations by the Advisor.

As of December 31, ~~2020, 0.2%~~2021, 0.1% of our investments were categorized as Level 1, ~~4.1%~~6.4% were categorized as Level 2, ~~95.6%~~93.2% were Level 3 investments valued based on valuations by independent third-party sources, and ~~0.1%~~0.3% were Level 3 investments valued based on valuations by the Advisor.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the financial statements.

Revenue recognition

prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain of our debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.

Net realized gains or losses and net change in unrealized appreciation or depreciation

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Portfolio and investment activity

During the three months ended ~~June 30, 2021,~~March 31, 2022, we invested approximately ~~$235.7~~$112.4 million, comprised of new investments in 168 new and 3 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, ~~$234.3~~$111.4 million, or ~~99.4%~~99.2% of total acquisitions, were in senior secured ~~loans. The~~loans, the remaining ~~$1.4~~$1.0 million, ~~(0.6%~~or 0.8% of total ~~acquisitions)~~acquisitions, was comprised of equity investments~~including $1.1 million in equity interest in Edmentum~~. Additionally, we received approximately ~~$184.6~~ $153.4 million in proceeds from sales or repayments of investments during the three months ended ~~June 30, 2021.~~March 31, 2022.

During the three months ended ~~June 30, 2020,~~March 31, 2021, we invested approximately ~~$56.0~~$182.6 million, comprised of new investments in 29 new and 36 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, ~~$52.9~~$173.7 million, or ~~94.4%~~95.1% of total acquisitions, were in senior secured ~~debt comprised of senior secured~~ loans ~~($33.0~~and $6.5 million ~~or 58.9%~~(3.6% of total acquisitions) ~~and senior secured notes ($19.9 million, or 35.6% of total acquisitions).~~in unsecured notes. The remaining ~~$3.1~~$2.4 million ~~(5.6%~~(1.3% of total acquisitions) was comprised ~~primarily~~ of equity ~~investments.~~investments, including $1.3 million in equity interest in Edmentum. Additionally, we received approximately ~~$101.8~~$95.7 million in proceeds from sales or repayments of investments during the three months ended ~~June 30, 2020.~~

During the six months ended June 30, 2021, we invested approximately $418.3 million, comprised of new investments in 25 new and 9 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $408.0 million, or 97.6% of total acquisitions, were in senior secured loans and $6.5 million, or 1.5% of total acquisitions, were in unsecured notes. The remaining $3.8 million (0.9% of total acquisitions) was comprised of equity investments, including $2.4 million in equity interest in Edmentum. Additionally, we received approximately $280.3 million in proceeds from sales or repayments of investments during the six months ended June 30,March 31, 2021.

During the six months ended June 30, 2020, we invested approximately $199.0 million, comprised of new investments in 8 new and 10 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $187.1 million, or 94.0% of total acquisitions, were in senior secured debt comprised of senior secured loans ($167.2 million, or 84.0% of total acquisitions) and senior secured notes ($19.9 million, or 10.0% of total acquisitions). The remaining $7.7 million (3.9% of total acquisitions) was comprised of equity investments, including $4.0 million in equity interests in portfolios of debt and lease assets. Additionally, we received approximately $178.7 million in proceeds from sales or repayments of investments during the six months ended June 30, 2020.

At ~~June 30, 2021,~~March 31, 2022, our investment portfolio of ~~$1,826.1~~$1,795.8 million (at fair value) consisted of ~~108~~119 portfolio companies and was invested ~~88.1%~~88.4% in debt investments, primarily in senior secured debt. In aggregate, our investment portfolio was invested ~~82.5%~~84.8% in senior secured loans, ~~5.2%~~3.4% in senior secured notes, ~~0.3%~~0.2% in junior notes and ~~11.9%~~11.6% in equity investments. Our average portfolio company investment at fair value was approximately ~~$16.9~~$15.1 million. Our largest portfolio company investment by value was approximately ~~5.7%~~4.4% of our portfolio and our five largest portfolio company investments by value comprised approximately ~~18.7%~~18.2% of our portfolio at ~~June 30, 2021.~~March 31, 2022.

At December 31, ~~2020,~~2021, our investment portfolio of ~~$1,629.6~~$1,841.1 million (at fair value) consisted of 96115 portfolio companies and was invested ~~88.7%~~88.8% in debt investments, primarily in senior secured debt. In aggregate, our investment portfolio was invested ~~82.8%~~85.1% in senior secured loans, ~~5.9%~~3.5% in senior secured notes, 0.2% in junior notes and ~~11.3%~~11.2% in equity investments. Our average portfolio company investment at fair value was approximately ~~$17.0~~$16.0 million. Our largest portfolio company investment by value was

approximately ~~4.5%~~4.1% of our portfolio and our five largest portfolio company investments by value comprised approximately ~~18.0%~~17.3% of our portfolio at December 31, ~~2020.~~2021.

The industry composition of our portfolio at fair value at ~~June 30, 2021~~March 31, 2022 was as follows:

Industry	Percent of Total Investments
Internet Software and Services		~~14.4~~15.7	%
Diversified Consumer Services		12.1	%
Diversified Financial Services		~~12.3~~10.0	%
Software		~~8.7~~	%
~~Diversified Consumer Services~~		~~8.4~~9.4	%
Professional Services		~~7.3~~	%
~~Textiles, Apparel and Luxury Goods~~		~~4.5~~7.6	%
Media		~~3.6~~	%
~~Automobiles~~		~~3.6~~4.5	%
Health Care Technology		~~3.2~~4.2	%
Automobiles		3.7	%
Capital Markets		2.7	%
IT Services		2.4	%
~~Airlines~~Diversified Telecommunication Services		~~2.1~~2.3	%
~~Personal Products~~Textiles, Apparel and Luxury Goods		~~2.1~~2.3	%
Road and Rail		2.2	%
Healthcare Providers and Services		2.1	%
Insurance		1.9	%
~~Diversified Telecommunication Services~~		~~1.8~~	%
~~Healthcare Providers~~Construction and ~~Services~~		~~1.8~~	%
~~Internet and Catalog Retail~~Engineering		1.7	%
~~Consumer Finance~~		~~1.6~~	%
~~Commercial Services and Supplies~~		~~1.6~~	%
~~Hotels, Restaurants and Leisure~~		~~1.5~~	%
Aerospace and Defense		1.5	%
Specialty Retail		1.5	%
Consumer Finance		1.4	%
Tobacco Related		1.4	%
~~Construction~~Paper and ~~Engineering~~Forest Products		~~1.4~~	%
~~Capital Markets~~		~~1.3~~	%
~~Energy Equipment and Services~~		~~1.3~~	%
~~Electrical Equipment~~		~~1.2~~1.1	%
Other		~~3.9~~8.3	%
Total		100.0	%

The weighted average effective yield of our debt portfolio was ~~9.3%~~9.1% at ~~June 30, 2021~~March 31, 2022 and ~~9.6%~~9.2% at December 31, ~~2020.~~2021. The weighted average effective yield of our total portfolio was ~~9.0%~~8.7% at ~~June 30, 2021~~March 31, 2022 and ~~9.2%~~8.7% at December 31, ~~2020.~~2021. At ~~June 30,~~March 31, 2022, 94.9% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR, EURIBOR, SOFR, the Federal Funds Rate or the Prime Rate, and 5.1% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 92.1% at March 31, 2022. Debt investments in two portfolio companies were on non-accrual status as of March 31, 2022, representing 0.3% of the portfolio at fair value and 0.9% at cost. At December 31, 2021, ~~94.3%~~94.9% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR, EURIBOR, the Federal Funds Rate or the Prime Rate, and ~~5.7%~~5.1% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 87.3% at June 30, 2021. Debt investments in three portfolio companies were on non-accrual status as of June 30, 2021, representing 0.3% of the portfolio at fair value and 0.7% at cost. At December 31, 2020, 95.4% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 4.6% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 79.7%92.3% at December 31, ~~2020.~~2021. Debt investments in three portfolio companies were on non-accrual status as of December 31, ~~2020,~~2021, representing ~~0.5%~~0.9% of the portfolio at fair value and ~~1.2%~~1.7% at cost.

Results of operations

Investment income

Investment income totaled ~~$41.6~~$42.2 million and ~~$45.1~~$41.2 million, respectively, for the three months ended ~~June 30,~~March 31, 2022 and 2021, ~~and 2020,~~ of which ~~$39.8~~$40.5 million and ~~$40.3~~$36.9 million were attributable to interest and fees on our debt investments, ~~$1.6~~$1.5 million and ~~$0.3~~$3.4 million to dividend income, ~~and $0.3~~$0.2 million and ~~$4.5~~$0.9 million to other income, respectively. Included in interest and fees on our debt investments were ~~$1.8~~$2.2 million and ~~$0.8~~$0.9 million of non-recurring income related to prepayments for the three months ended ~~June 30,~~March 31, 2022 and 2021, ~~and 2020,~~ respectively. Included in other income were ~~$0.3~~$0.0 million and ~~$3.8~~$0.5 million in amendment fees during the three months ended March 31, 2022 and 2021, respectively. The ~~decrease~~increase in investment income infor the three months ended ~~June 30, 2021~~March 31, 2022 compared to the three months ended ~~June 30, 2020~~March 31, 2021 primarily reflects ~~a decrease~~an increase in interest income due to the ~~decline~~larger portfolio size and the increase in ~~LIBOR rates and lower other income received~~prepayment fees, partially offset by the ~~higher~~lower dividend income and other income during the three months ended ~~June 30, 2021.~~March 31, 2022.

Investment income totaled $82.8 million and $86.4 million, respectively, for the six months ended June 30, 2021 and 2020, of which $76.6 million and $81.0 million were attributable to interest and fees on our debt investments, $5.0 million and $0.7 million to dividend income and $1.2 million and $4.6 million to other income, respectively. Included in interest and fees on our debt investments were $2.7 million and $1.4 million of non-recurring income related to prepayments for the six months ended June 30, 2021, respectively. ~~Included in other income were $0.8 million and $3.8 million~~ in amendment fees during the six months ended June 30, 2021 and 2020, respectively. The decrease in investment income in the six months ended June 30, 2021 compared to the six months ended June 30, 2020 primarily reflects a decrease in interest income due to the decline in LIBOR rates and lower other income received partially offset by the higher dividend income during the six months ended June 30, 2021.

Expenses

Total operating expenses for the three months ended ~~June 30,~~March 31, 2022 and 2021 ~~and 2020~~ were ~~$23.9~~$22.4 million and ~~$24.1~~$22.7 million, respectively, comprised of ~~$10.7~~$9.3 million and ~~$10.7~~$10.1 million in interest expense and related fees, ~~$6.4~~$6.7 million and ~~$5.8~~$5.9 million in base management ~~and advisory~~ fees, ~~$4.5~~$4.2 million and ~~$5.2~~$4.7 million in incentive fee expense, ~~$0.4~~$0.6 million and $0.3 million in professional fees, $0.5 million and $0.5 million in administrative expenses, ~~$0.6 million and $0.5 million in professional fees, and $1.2 million and $1.4 million in other expenses, respectively.~~

Total operating expenses for the six months ended June 30, 2021 and 2020 were $46.6 million and $43.3 million, respectively, comprised of $20.8 million and $21.6 million in interest expense and related fees, $12.4 million and $11.9 million in base management and advisory fees, $9.2 million and $5.2 million in incentive fee expense, $1.0 million and $1.1 million ~~in administrative expenses, $0.9 million~~ and ~~$1.0 million in professional fees, and $1.0 million and $1.1~~$1.2 million in other expenses, respectively. The ~~increase~~decrease in expenses in the ~~six~~three months ended ~~June 30, 2021~~March 31, 2022 compared to the ~~six~~three months ended ~~June 30, 2020 primarily~~March 31, 2021 reflects the ~~deferral of incentive fees related to the first quarter of 2020, partially offset by~~ lower interest expense due to a ~~reduction in average interest rates.~~maturity of the 2022 Convertible Notes and lower incentive fees, partially offset by higher base management fees.

Net investment income

Net investment income was ~~$17.8~~$19.8 million and ~~$21.1~~$18.4 million, respectively, for the three months ended ~~June 30, 2021~~March 31, 2022 and ~~2020.~~2021. The ~~decrease~~increase in net investment income infor the three months ended ~~June 30, 2021~~March 31, 2022 compared to the three months ended ~~June 30, 2020~~March 31, 2021 primarily reflects the ~~lower~~increase in total investment income and decrease in expenses in the three months ended ~~June 30, 2021 as a result of the incentive fee deferral.~~

Net investment income was $36.2 million and $43.1 million, respectively, for the six months ended June 30, 2021 and 2020. The decrease in net investment income in the six months ended June 30, 2021 compared to the six months ended June 30, 2020 primarily reflects the lower expenses in the six months ended June 30, 2020 as a result of the incentive fee deferral.March 31, 2022.

Net realized and unrealized gain or loss

Net realized ~~loss~~gain (loss) for the three months ended June 30, 2021 and 2020 was $0.2 million and $0.4 million, respectively. For the three months ended June 30, 2021 and 2020, the change in net unrealized appreciation/depreciation was $37.3 million and $25.7 million, respectively. The change in net unrealized appreciation/depreciation for the three months ended June 30, 2021 was primarily driven by $40.7 million in unrealized gains on our investment in Edmentum in addition to overall spread tightening and continued recovery ~~related to the market impact of COVID-19, partially offset by $7.6 million in unrealized losses from Amteck and $5.3 million in unrealized losses from Fishbowl.~~ The change in net unrealized appreciation/depreciation for the three months ended June 30, 2020 was primarily driven by spread tightening and volatility during the three months ended June 30, 2020 after the dramatic spread widening and volatility during the three months ended March 31, ~~2020 related to the market impact of COVID-19.~~

~~Net realized gain for the six months ended June 30,~~2022 and 2021 ~~and 2020~~ was ~~$2.9~~$(0.1) million and ~~$4.5~~$3.1 million, respectively. Net realized gain for the ~~six~~three months ended ~~June 30,~~March 31, 2021 was comprised primarily of an $8.8 million ~~gain~~gains from the disposition of our One Sky equity position, partially offset by a $7.1 million ~~loss~~losses from the disposition of our debt investment in GlassPoint.Net realized gain for the six months ended June 30, 2020 was comprised primarily of a $4.9 million gain on the disposition of our investment in STG-Fairway (First Advantage), exclusive of prepayment income earned.

For the ~~six~~three months ended ~~June 30,~~March 31, 2022 and 2021, ~~and 2020,~~ the change in net unrealized ~~appreciation/depreciation~~appreciation (depreciation) was ~~$51.2~~$(7.2) million and ~~$(70.8)~~$13.9 million, respectively. The change in net unrealized appreciation (depreciation) for the three months ended March 31, 2022 primarily reflects mark-to-market adjustments across the portfolio as a result of wider market spreads, as well as a $3.7 million reversal of previously recognized unrealized gains on our investment in CORE Entertainment, partially offset by a $3.6 million in unrealized gains on our investment in 36^th Street, $3.4 million in unrealized gains on our investment in Razor Group and $2.2 million in unrealized gains on our investment in Hylan. The change in net unrealized appreciation/depreciation for the ~~six~~three months ended ~~June 30,~~March 31, 2021 was primarily driven by ~~$46.8~~overall spread tightening and continued recovery related to the market impact of COVID-19, as well as a $6.1 million in unrealized ~~gains~~gain on our investment in Edmentum and a $5.7 million reversal of previously recognized unrealized losses on GlassPoint, ~~and overall spread tightening and continued recovery~~ ~~related to the market impact of COVID-19,~~ partially offset by a ~~$10.7~~$10.8 million reversal of previously recognized unrealized gains on One ~~Sky, $6.0 million in unrealized losses from Amteck and $5.0 million in unrealized losses from Fishbowl. The change in net unrealized~~Sky.

~~appreciation/depreciation for the six months ended June 30, 2020 was primarily driven by spread widening and volatility across our portfolio related to the market impact of COVID-19.~~

Incentive compensation

Incentive fees for the three months ended ~~June 30,~~March 31, 2022 and 2021 ~~and 2020~~ were ~~$4.6~~$4.2 million and ~~$5.2~~$4.7 million, respectively, and ~~for the six months ended June 30, 2021 and 2020 were $9.2 million and $5.2 million, respectively. For the three and six months ended June 30, 2021 and 2020 incentive fees~~ were payable due to our performance exceeding the cumulative total return threshold. Because our incentive compensation is computed on a cumulative basis, the incentive compensation for any period may include amounts not earned in prior periods (due to our cumulative total return falling below the total return hurdle in such period), but subsequently earned when our cumulative total return again exceeds the total return hurdle (such amount, a “Catchup Amount”). Due to portfolio volatility related to the market impact of COVID-19, $3.9 million of incentive fees related to net investment income for the first quarter of 2020 were deferred (the “First Quarter 2020 Catchup Amount”) and subsequently earned when our performance again exceeded the cumulative total return hurdle during the second quarter of 2020. However, rather than receiving all incentive compensation earned as of June 30, 2020, the Advisor voluntarily deferred 5/6 of the First Quarter Catchup Amount to subsequent quarters such that 1/6 of the First Quarter Catchup Amount ~~will~~would be paid in each subsequent quarter to the extent that the Company’s cumulative performance exceeds the cumulative total return hurdle in such quarter. Accordingly, incentive fees for the three ~~and six~~ months ended ~~June 30,~~March 31, 2021 ~~and 2020~~ included $0.6 million (1/6) of the First Quarter 2020 Catchup ~~Amount and $1.2 million (2/6)~~Amount. The last 1/6 of the First Quarter ~~2020~~ Catchup ~~Amount.~~amount was paid on September 30, 2021.

Income tax expense, including excise tax

The Company has elected to be treated as a RIC under Subchapter M of the Internal Revenue Code (the "Code”) and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must, among other things, timely distribute to its stockholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. The Company has made and intends to continue to make the requisite distributions to its stockholders which will generally relieve the Company from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such

income. Any excise tax expense is recorded at year end as such amounts are known. No excise tax was incurred infor the ~~six~~three months ended ~~June 30, 2021~~March 31, 2022 and ~~2020.~~2021.

Net increase in net assets resulting from operations

The net increase in net assets applicable to common shareholders resulting from operations was ~~$54.8~~$12.4 million and ~~$46.4~~$35.5 million for the three months ended ~~June 30,~~March 31, 2022 and 2021, ~~and 2020,~~ respectively. The lower net increase in net assets resulting from operations during the three months ended ~~June 30, 2021~~March 31, 2022 was primarily due to the ~~higher~~net realized and unrealized losses compared to the net realized and unrealized gains during the three months ended ~~June 30,~~March 31, 2021, ~~compared to the same period in 2020,~~ partially offset by the ~~lower~~higher net investment income during the three months ended ~~June 30, 2021.~~

The net increase in net assets applicable to common shareholders resulting from operations was $90.3 million and $(23.1) million for the six months ended June 30, 2021 and 2020, respectively. The net increase in net assets resulting from operations during the six months ended June 30, 2021 was primarily due to the net realized and unrealized gains during the six months ended June 30, 2021 compared to the net realized and unrealized losses in the same period in 2020, partially offset by the lower net investment income during the six months ended June 30, 2021.March 31, 2022.

Liquidity and capital resources

Since our inception, our liquidity and capital resources have been generated primarily through the initial private placement of common shares of Special Value Continuation Fund, LLC (the predecessor entity) which were subsequently converted to common stock of the Company, the net proceeds from the initial and secondary public offerings of our common stock, amounts outstanding under our Leverage Program, and cash flows from operations, including investments sales and repayments and income earned from investments and cash equivalents. The primary uses of cash have been investments in portfolio companies, cash distributions to our equity holders, payments to service our Leverage Program and other general corporate purposes.

Prior to its discontinuance effective July 7, 2020, we had offered an “opt in” dividend reinvestment plan to our common stockholders, pursuant to which the dividends payable to those shareholders who so elected would be reinvested in shares of common stock.

~~stock. The following table summarizes the total shares issued and proceeds received in connection with the Company’s dividend reinvestment plan for the six months ended June 30, 2020:~~

2020

Shares Issued

838

Average Price Per Share

$
7.46

Proceeds

$
6,253

On February 24, 2015, the Company’s board of directors approved a stock repurchase plan (the “Company Repurchase Plan”) to acquire up to $50.0 million in the aggregate of the Company’s common stock at prices at certain thresholds below the Company’s net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934. The Company Repurchase Plan is designed to allow the Company to repurchase its common stock at times when it otherwise might be prevented from doing so under insider trading laws. The Company Repurchase Plan requires an agent selected by the Company to repurchase shares of common stock on the Company’s behalf if and when the market price per share is at certain thresholds below the most recently reported net asset value per share. Under the plan, the agent will increase the volume of purchases made if the price of the Company’s common stock declines, subject to volume restrictions. The timing and amount of any stock repurchased depends on the terms and conditions of the Company Repurchase Plan, the market price of the common stock and trading volumes, and no assurance can be given that any particular amount of common stock will be repurchased. The Company Repurchase Plan was re-approved on ~~July 29, 2021,~~April 28, 2022, to be in effect through the earlier of two trading days after our ~~third~~second quarter ~~2021~~2022 earnings release, unless further extended or terminated by our board of directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions. ~~The following table summarizes the total shares~~No share were repurchased ~~and amounts paid~~ by the Company under the Company Repurchase ~~Plan, including broker fees,~~ for the ~~six~~three months ended ~~June 30, 2021~~March 31, 2022 and ~~2020:~~2021.

Six months ended June 30,

2021

2020

Shares Repurchased

N/A

1,000,000

Price Per Share *

N/A

$
6.10

Total Cost

N/A

$
6,100,190

*	~~Weighted-average price per share~~

Total leverage outstanding and available under the combined Leverage Program at ~~June 30, 2021~~March 31, 2022 were as follows:

	Maturity	Rate		Carrying Value ⁽¹⁾			Available		Total Capacity			Maturity	Rate		Carrying Value ⁽¹⁾			Available		Total Capacity
Operating Facility	2026	L+1.75%	⁽²⁾	$	79,208,243		$	220,791,757	$	300,000,000	⁽³⁾	2026	L+1.75%	⁽²⁾	$	206,228,449		$	93,771,551	$	300,000,000	⁽³⁾
Funding Facility II	2025	L+2.00%	⁽⁴⁾		32,000,000			168,000,000		200,000,000	⁽⁵⁾	2025	L+2.00%	⁽⁴⁾		103,000,000			97,000,000		200,000,000	⁽⁵⁾
SBA Debentures	2024−2031	2.63%	⁽⁶⁾		150,000,000			—		150,000,000		2024−2031	2.52%	⁽⁶⁾		150,000,000			10,000,000		160,000,000
2022 Convertible Notes ($140 million par)	2022	4.625%			139,549,804			—		139,549,804
2022 Notes ($175 million par)	2022	4.125%			174,844,853			—		174,844,853
2024 Notes ($250 million par)	2024	3.900%			248,144,731			—		248,144,731		2024	3.900%			248,564,441			—		248,564,441
2026 Notes ($175 million par)	2026	2.850%			174,342,012			—		174,342,012
2026 Notes ($325 million par)												2026	2.850%			326,456,766			—		326,456,766
Total leverage					998,089,643		$	388,791,757	$	1,386,881,400						1,034,249,656		$	200,771,551	$	1,235,021,207
Unamortized issuance costs					(7,003,641	)										(6,338,159	)
Debt, net of unamortized issuance costs				$	991,086,002										$	1,027,911,497

(1)	Except for ~~the convertible notes, the 2022 Notes,~~ the 2024 Notes and the 2026 Notes, all carrying values are the same as the principal amounts outstanding.

(2)	As of ~~June 30, 2021, $8.8~~March 31, 2022, $8.2 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and ~~$19.0~~$3.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%.

(3)	Operating Facility ~~has~~includes a ~~$100~~$100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.

(4)	Subject to certain funding requirements

(5)	Funding Facility ~~has~~II includes a ~~$50~~$50.0s million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.

(6)	Weighted-average interest rate, ~~on pooled loans,~~ excluding fees of 0.35% or 0.36%. As of June 30, 2021, $12.0 million of the outstanding amount was not yet pooled, and bore interest at a temporary rate of 0.50% plus fees of 0.35% through September 21, 2021, the date of the next SBA pooling.

Under Section 61(a) of the 1940 Act, prior to March 23, 2018, a BDC was generally not permitted to issue senior securities unless after giving effect thereto the BDC met a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all borrowings of the BDC, of at least 200%. On March 23, 2018, the Small Business Credit Availability Act (“SBCAA”) was signed into law, which among other things, amended Section 61(a) of the 1940 Act to add a new Section 61(a)(2) that reduces the asset coverage requirement applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. The reduced asset coverage requirement would permit a BDC to have a ratio of total ~~consolidated assets~~outstanding indebtedness to ~~outstanding indebtedness~~equity of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement.

Effective November 7, 2018, the Company’s board of directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of our board of directors, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA (the “Asset Coverage Ratio Election”), which would have resulted (had the Company not received earlier stockholder approval) in our asset coverage requirement applicable to senior securities being reduced from 200% to 150%, effective on November 7, 2019. On February 8, 2019, the stockholders of the Company approved the Asset Coverage Ratio Election, and, as a result, effective on February 9, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of ~~June 30, 2021,~~March 31, 2022, the Company’s asset coverage ratio was ~~189%~~194%.

On July 13, 2015, we obtained exemptive relief from the SEC to permit us to exclude debt outstanding under the SBA Debentures from our asset coverage test under the 1940 Act. The exemptive relief provides us with increased flexibility under the 150% asset coverage test by permitting the SBIC to borrow up to $150.0 million more than it would otherwise be able to absent the receipt of this exemptive relief.

Net cash ~~used in~~provided by operating activities during the ~~six~~three months ended ~~June 30, 2021~~March 31, 2022 was ~~$105.7~~$26.7 million, consisting primarily of the settlement of acquisitions of investments (net of dispositions) of ~~$135.6~~$42.2 million, offset by net investment income (net of non-cash income and expenses) of approximately ~~$29.9~~$15.5 million.

Net cash ~~provided by~~used in financing activities was ~~$103.6~~$2.6 million during the ~~six~~three months ended ~~June 30, 2021,~~March 31, 2022, consisting primarily of ~~$174.3~~$140.0 million in ~~net proceeds from the issuance~~repayment of unsecured ~~debt, partially offset by $33.2 million in net repayments of credit facility draws, $34.7~~notes and $17.3 million in dividends paid to common shareholders, ~~and $2.8~~offset by $154.7 million in ~~payments~~credit facility draws (net of ~~debt issuance costs.~~repayments).

At ~~June 30, 2021,~~March 31, 2022, we had ~~$17.9~~$43.7 million in cash and cash equivalents.

The Operating Facility and Funding Facility II are secured by substantially all of the assets in our portfolio, including cash and cash equivalents, and are subject to compliance with customary affirmative and negative covenants, including the maintenance of a minimum shareholders’ equity, the maintenance of a ratio of not less than 150% of total assets (less total liabilities other than indebtedness) to total indebtedness, and restrictions on certain payments and issuance of debt. Unfavorable economic conditions may result in a decrease in the value of our investments, which would affect both the asset coverage ratios and the value of the collateral securing the Operating Facility and Funding Facility II, and may therefore impact our ability to borrow under the Operating Facility and Funding Facility II. In addition to regulatory restrictions that restrict our ability to raise capital, the Leverage Program contains various covenants which, if not complied with, could accelerate repayment of debt, thereby materially and adversely affecting our liquidity, financial condition and results of operations. At ~~June 30, 2021,~~March 31, 2022, we were in compliance with all financial and operational covenants required by the Leverage Program.

Unfavorable economic conditions, such as those caused by COVID-19, while potentially creating attractive opportunities for us, may decrease liquidity and raise the cost of capital generally, which could limit our ability to renew, extend or replace the Leverage Program on terms as favorable as are currently included therein. If we are unable to renew, extend or replace the Leverage Program upon the various dates of maturity, we expect to have sufficient funds to repay the outstanding balances in full from our net investment income and sales of, and repayments of principal from, our portfolio company investments, as well as from anticipated debt and equity capital raises, among other sources. Unfavorable economic conditions may limit our ability to raise capital or the ability of the companies in which we invest to repay our loans or engage in a liquidity event, such as a sale, recapitalization or initial public offering. The ~~2022 Convertible Notes, the 2022 Notes, the~~ Operating Facility, Funding Facility II, the 2024 Notes and the 2026 Notes, mature in ~~March 2022, August 2022,~~ May 2026, August 2025, August 2024 and February 2026, respectively. Any inability to renew, extend or replace the Leverage Program could adversely impact our liquidity and ability to find new investments or maintain distributions to our stockholders.

Challenges in the market are intensified for us by certain regulatory limitations under the Code and the 1940 Act. To maintain our qualification as a RIC, we must satisfy, among other requirements, an annual distribution requirement to pay out at least 90% of our ordinary income and short-term capital gains to our stockholders. Because we are required to distribute our income in this manner, and because the illiquidity of many of our investments may make it difficult for us to finance new investments through the sale of current investments, our ability to make new investments is highly dependent upon external financing. While we anticipate being able to continue to satisfy all covenants and repay the outstanding balances under the Leverage Program when due, there can be no assurance that we will be able to do so, which could lead to an event of default.

Contractual obligations

In addition to obligations under our Leverage Program, we have entered into several contracts under which we have future commitments. Pursuant to an investment management agreement, the Advisor manages our day-to-day operations and provides investment advisory services to us. Payments under the investment management agreement are equal to a percentage of the value of our total assets (excluding cash and cash equivalents) and an incentive compensation, plus reimbursement of certain expenses incurred by the Advisor. Under our administration agreement, the Administrator provides us with administrative services, facilities and personnel. Payments under the administration agreement are equal to an allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us and may include rent and our allocable portion of the cost of certain of our officers and their respective staffs. We are responsible for reimbursing the Advisor for due diligence and negotiation expenses, fees and expenses of custodians, administrators, transfer and distribution agents, counsel and directors, insurance, filings and registrations, proxy expenses, expenses of communications to investors, compliance expenses, interest, taxes, portfolio transaction expenses, costs of responding to regulatory inquiries and reporting to regulatory authorities, costs and expenses of preparing and maintaining our books and records, indemnification, litigation and other extraordinary expenses and such other expenses as are approved by the directors as being reasonably related to our organization, offering, capitalization, operation or administration and any portfolio investments, as applicable. The Advisor is not responsible for any of the foregoing expenses and such services are not investment advisory services under the 1940 Act. Either party may terminate each of the investment management agreement and administration agreement without penalty upon not less than 60 days’ written notice to the other.

Distributions

Our quarterly dividends and distributions to common stockholders are recorded on the ex-dividend date. Distributions are declared considering our estimate of annual taxable income available for distribution to stockholders and the amount of taxable income carried over from the prior year for distribution in the current year. We do not have a policy to pay distributions at a specific level and expect to continue to distribute substantially all of our taxable income. We cannot assure stockholders that they will receive any distributions or distributions at a particular level.

The following tables summarize dividends declared for the ~~six~~three months ended ~~June 30, 2021~~March 31, 2022 and ~~2020:~~2021:

Date Declared

Record Date

Payment Date

Type

Amount

Per

Total Amount

February 24, 2022

March 17, 2022

March 31, 2022

Regular

0.30

17,330,179

Date Declared

Record Date

Payment Date

Type

Amount

Per

Total Amount

February 25, 2021

March 17, 2021

March 31, 2021

Regular

0.30

17,330,179

We have elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain favorable RIC tax treatment, we must distribute annually to our stockholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we must distribute during each calendar year an amount at least equal to the sum of:

98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;

98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and

certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If we choose to do so, all other things being equal, this would increase expenses and reduce the amounts available to be distributed to our stockholders. We will accrue excise tax on estimated taxable income as required. In addition, although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment.

We may not be able to achieve operating results that will allow us to make dividends and distributions at a specific level or to increase the amount of these dividends and distributions from time to time. Also, we may be limited in our ability to make dividends and distributions due to the asset coverage test applicable to us as a BDC under the 1940 Act and due to provisions in our existing and future credit facilities. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable RIC tax treatment. In addition, in accordance with U.S. generally accepted accounting principles and tax regulations, we include in income certain amounts that we have not yet received in cash, such as PIK interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC and may be subject to an excise tax.

In order to satisfy the annual distribution requirement applicable to RICs, we have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes.

Related Parties

We have entered into a number of business relationships with affiliated or related parties, including the following:

Each of the Company, TCPC Funding, and the SBIC has entered into an investment management agreement with the Advisor.

The Administrator provides us with administrative services necessary to conduct our day-to-day operations. For providing these services, facilities and personnel, the Administrator may be reimbursed by us for expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our officers and the Administrator’s administrative staff and providing, at our request and on our behalf, significant managerial assistance to our portfolio companies to which we are required to provide such assistance. The Administrator is an affiliate of the Advisor and certain other series and classes of SVOF/MM, LLC serve as the general partner or managing member of certain other funds managed by the Advisor.

We have entered into a royalty-free license agreement with BlackRock and the Advisor, pursuant to which each of BlackRock and the Advisor has agreed to grant us a non-exclusive, royalty-free license to use the name "BlackRock" and "TCP."

The Advisor and its affiliates, employees and associates currently do and in the future may manage other funds and accounts. The Advisor and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds or accounts. Accordingly, conflicts may arise regarding the allocation of investments or opportunities among us and those accounts. In general, the Advisor will allocate investment opportunities pro rata among us and the other funds and accounts (assuming the investment satisfies the objectives of each) based on the amount of committed capital each then has available. The allocation of certain investment opportunities in private placements is subject to independent director approval pursuant to the terms of the co-investment exemptive order applicable to us. In certain cases, investment opportunities may be made other than on a pro rata basis. For example, we may desire to retain an asset at the same time that one or more other funds or accounts desire to sell it or we may not have additional capital to invest at a time the other funds or accounts do. If the Advisor is unable to manage our investments effectively, we may be unable to achieve our investment objective. In addition, the Advisor may face conflicts in allocating investment opportunities between us and certain other entities that could impact our investment returns. While our ability to enter into transactions with our affiliates is restricted under the 1940 Act, we have received an exemptive order from the SEC permitting certain affiliated investments subject to certain conditions. As a result, we may face conflict of interests and investments made pursuant to the exemptive order conditions which could in certain circumstances affect adversely the price paid or received by us or the availability or size of the position purchased or sold by us.

Recent Developments

OnFrom April ~~14, 2021, the Company filed a Form 8-K and issued a press release announcing that Paul L. Davis would be stepping down as Chief Financial Officer effective June~~1, 2022 through May 3, 2021. On April 13, the Company's Board of Directors appointed Erik L. Cuellar as Chief Financial Officer effective June 3, 2021. On June 1, 2021, the Company filed a Form 8-K and issued a press release announcing that Howard M. Levkowitz will be stepping down as Chief Executive Officer effective as of the close of business on August 5, 2021 and will be stepping down as a Director and Chairman of the Company's board of directors effective as of the close of business on September 30, 2021. On June 1, 2021, the Company's Board of Directors appointed Rajneesh Vig as Chief Executive Officer effective August 5, 2021 and appointed Mr. Vig as Chairman of the Board effective September 30, 2021. The Board also appointed Philip M. Tseng as Chief Operating Officer effective August 5, 2021 and as President of the Company effective September 30, 2021. On August 2, 2021, Kathleen A. Corbet retired from our board of directors.

~~From July 1, 2021 through July 30, 2021,~~2022, the Company has invested approximately ~~$61.2~~$19.1 million primarily in 5two senior secured loans with a combined effective yield of approximately ~~9.1%~~8.3%.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. At ~~June 30, 2021, 94.3%~~March 31, 2022, 94.9% of debt investments in our portfolio bore interest based on floating rates, such as LIBOR, EURIBOR, SOFR, the Federal Funds Rate or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. At ~~June 30, 2021,~~March 31, 2022, the percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was ~~87.3%~~92.1%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. We assess our portfolio companies periodically to determine whether such companies will be able to continue making interest payments in the event that interest rates increase. There can be no assurances that the portfolio companies will be able to meet their contractual obligations at any or all levels of increases in interest rates.

Based on our ~~June 30, 2021~~March 31, 2022 statement of assets and liabilities, the following table shows the annual impact on net investment income (excluding the related incentive compensation impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments and the fact that our assets and liabilities may not have the same base rate period as assumed in this table) assuming no changes in our investment and borrowing structure:

Basis Point Change	Net Investment Income			Net Investment Income Per Share			Net Investment Income		Net Investment Income Per Share
Basis Point Change ($ in millions, except per share data)
Up 300 basis points	$	33,049,022		$	0.57		$	26,887,633	$	0.47
Up 200 basis points		17,881,729			0.31			14,651,834		0.25
Up 100 basis points		4,527,902			0.08			3,026,672		0.05
Down 100 basis points		(503,389	)		(0.01	)		1,746,357		0.03
Down 200 basis points		(503,389	)		(0.01	)		1,714,899		0.03
Down 300 basis points		(503,389	)		(0.01	)		1,714,899		0.03

Item 4. Controls and Procedures

As of the period covered by this report, we, including our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting. The Company is continually monitoring and assessing the COVID-19 situation to determine any potential impact on the design and operating effectiveness of our internal control over financial reporting.

PART II - Other Information.

~~Item 1.~~

Item 1. Legal Proceedings

Although we may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise, as of ~~June 30, 2021,~~March 31, 2022, we are currently not a party to any pending material legal proceedings.

Item 1A. Risk Factors

~~There have been no material changes from~~In addition to the other information set forth in this report, you should carefully consider the risk factor discussed below and the risk factors ~~previously disclosed~~ in our ~~most recent annual report~~Annual Report on Form 10-K ~~as filed with~~for the ~~Securities~~fiscal year ended December 31, 2021 (the “Annual Report”), which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report and ~~Exchange Commission on February 25, 2021, except as below.~~discussed below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

~~A cyber-attack~~ Market disruptions and other geopolitical or macroeconomic events could create market volatility that negatively impact our business, financial condition and earnings.

Periods of market volatility remain, and may continue to occur in the future, in response to various political, social and economic events both within and outside of the U.S. These conditions have resulted in, and in many cases continue to result in, greater price volatility, less liquidity, widening credit spreads and a lack of price transparency, with many securities remaining illiquid and of uncertain value. Such market conditions may adversely affect the Company, including by making valuation of some of the Company’s securities uncertain and/or result in sudden and significant valuation increases or declines in the Company’s holdings. If there is a significant decline in the value of the Company’s portfolio, this may impact the asset coverage levels for the Company’s outstanding leverage.

Risks resulting from any future debt or other economic crisis could also have a detrimental impact on the global economic recovery, the financial condition of financial institutions and our business, financial condition and results of operation. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. Downgrades to the credit ratings of major banks could result in increased borrowing costs for such banks and negatively affect the broader economy. Moreover, Federal Reserve policy, including with respect to certain interest rates, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. Market volatility, rising interest rates and/or a ~~failure~~return to ~~implement effective information~~unfavorable economic conditions could impair the Company’s ability to achieve its investment objectives.

The occurrence of events similar to those in recent years, such as localized wars, instability, new and ~~cybersecurity policies, procedures~~ongoing pandemics (such as COVID-19), epidemics or outbreaks of infectious diseases in certain parts of the world, natural/environmental disasters, terrorist attacks in the U.S. and ~~capabilities~~around the world, social and political discord, debt crises sovereign debt downgrades, increasingly strained relations between the U.S. and a number of foreign countries, new and continued political unrest in various countries, the exit or potential exit of one or more countries from the EU or the EMU, continued changes in the balance of political power among and within the branches of the U.S. government, government shutdowns, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide. In particular, the consequences of the Russian military invasion of Ukraine, including comprehensive international sanctions, the impact on inflation and increased disruption to supply chains may impact our portfolio companies, result in an economic downturn or recession either globally or locally in the U.S. or other economies, reduce business activity, spawn additional conflicts (whether in the form of traditional military action, reignited "cold" wars or in the form of virtual warfare such as cyberattacks) with similar and perhaps wider ranging impacts and consequences and have an adverse impact on the Company's returns and net asset value. We have no way to predict the duration or outcome of the situation, as the conflict and government reactions are rapidly developing and beyond our control. Prolonged unrest, military activities, or broad-based sanctions could ~~disrupt operations and cause financial losses that may~~ have a material adverse effect on our portfolio companies. Such consequences also may increase our funding cost or limit our access to the capital markets.

The current political climate has intensified concerns about a ~~portfolio company's business, results of operations~~potential trade war between China and ~~financial condition.~~

~~We are dependent~~the U.S., as each country has imposed tariffs on the ~~effectiveness~~other country’s products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on our performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the ~~information and cybersecurity policies, procedures and capabilities maintained by our Advisor and other service providers to protect their computer and telecommunications systems~~trade tensions and the ~~data that reside on or are transmitted through them. Our portfolio companies similarly are dependent on~~potential for a trade war could cause the ~~effectiveness of~~U.S. dollar

to decline against safe haven currencies, such as the ~~information~~Japanese yen and ~~cybersecurity policies that they~~the euro. Events such as these and their ~~service providers maintain. An externally caused information security incident, such as a hacker attack, ransomware attack, virus, phishing scam or worm, or an internally caused issue, such as failure~~consequences are difficult to control access to sensitive systems, could materially interrupt business operations or cause disclosure or modification of sensitive or confidential or competitive information. Moreover, the increased use of mobilepredict and ~~cloud technologies could heighten these and other operational risks as certain aspects of the security of such technologies~~it is unclear whether further tariffs may be ~~complex and unpredictable. Reliance on mobile~~imposed or cloud technology or any failure by mobile technology and cloud service providers to adequately safeguard their systems and prevent cyber-attacks could disrupt our operations, the operations of a portfolio company or the operations of our or their service providers and result in misappropriation, corruption or loss of personal, confidential or proprietary information or the inability to conduct ordinary business operations. In addition, there is a risk that encryption and other ~~protective measures~~escalating actions may be ~~circumvented, particularly to~~taken in the ~~extent that new computing technologies increase the speed and computing power available.~~

There have been a number of recent highly publicized cases of companies reporting the unauthorized disclosure of client or customer information, as well as cyber-attacks involving the dissemination, theft and destruction of corporate information or other assets, as a result of failure to follow procedures by employees or contractors or as a result of actions by third parties, including actions by terrorist organizations and hostile foreign governments.

Our Advisor has been the target of attempted cyber-attacks, as well as the co-opting of its brand to create fraudulent websites, and must continuously monitor and develop its systems to protect its technology infrastructure and data from misappropriation or corruption, as the failure to do so could disrupt our Advisor’s operations and cause financial losses. Although our Advisor takes protective measures and endeavors to strengthen its computer systems, software, technology assets and networks to prevent and address potential cyber-attacks, there can be no assurance that anyfuture. Any of these ~~measures prove effective. Moreover, due to the complexity and interconnectedness of our Advisor’s systems, the process of upgrading or patching our Advisor’s protective measures~~effects could ~~itself create a risk of security issues or system disruptions for the Company, as well as for external stakeholders who rely upon, or have exposure to, our Advisor’s systems.~~

In addition, due to our Advisor’s and other service providers’ interconnectivity with third-party vendors, central agents, exchanges, clearing houses and other financial institutions, our Advisor and other service providers may be adversely affected if any of them are subject to a successful cyber-attack or other information security event, including those arising due to the use of mobile and cloud technologies.

Our Advisor and other service providers also routinely transmit and receive personal, confidential or proprietary information by email and other electronic means. Our Advisor and other service providers collaborate with clients, vendors and other third parties to develop secure transmission capabilities and protect against cyber-attacks. However, our Advisor or our other service providers cannot ensure that they or such third parties have all appropriate controls in place to protect the confidentiality of such information.

Our portfolio companies also have been the target of cyber-attacks, including ransomware attacks, that have affected their ability to conduct ordinary business operations or may subject them to liability to third-party suppliers, vendors or customers. Such cyber-attacks may materially and adversely affect their business results and the value of our investment in them.

Any information security incident or cyber-attack against our Advisor, our other service providers or third parties with whom they are connected or our portfolio companies, including any theft, interception, mishandling or misuse of personal, confidential or

proprietary corporate information or other assets, could result in material financial loss, loss of competitive position, regulatory fines and/or sanctions, breach of client contracts, reputational harm or legal liability, which, in turn, may have a material adverse effect on our business, financial condition and results of ~~operations and financial condition.~~operations.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

None

Item 3.

Defaults Upon Senior Securities.

None.

Item 4.

Mine Safety Disclosures.

None.

Item 5.

Other Information.

None

Item 6.Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

E~~xhibits~~


Number		Description
3.1		Certificate of Incorporation of the Registrant (1)
3.2		Certificate of Amendment to the Certificate of Incorporation of the Registrant (2)
3.3		Amended and Restated Bylaws of the Registrant (3)
~~4.1~~		~~Second Supplemental Indenture, dated as of August 23, 2019, by and between the Registrant and U.S. Bank National Association, as the Trustee (4)~~
~~4.2~~		~~Form of Global Note of 3.900% Notes due 2024 (included in Exhibit 4.1) (4)~~
~~4.3~~		~~Indenture, dated as of June 17, 2014, by and between the Registrant and U.S. Bank National Association, as the Trustee (5)~~
~~4.4~~		~~Form of Global Note of 5.25% Convertible Senior Notes Due 2019 (included in Exhibit 4.3) (5)~~
~~4.5~~		~~Indenture, dated as of September 6, 2016, by and between the Registrant and U.S. Bank National Association, as the Trustee (6)~~
~~4.6~~		~~Form of Global Note of 4.625% Convertible Senior Notes due 2022 (included in Exhibit 4.5) (6)~~
~~4.7~~		~~Indenture, dated as of August 11, 2017, by and between the Registrant and U.S. Bank National Association, as the Trustee (7)~~
~~4.8~~		~~First Supplemental Indenture, dated as of August 11, 2017, by and between the Registrant and U.S. Bank National Association, as the Trustee (8)~~
~~4.9~~		~~Form of Global Note of 4.125% Notes Due 2022 (included in Exhibit 4.8) (8)~~
~~4.10~~		~~Third Supplemental Indenture, dated as of February 9, 2021, by and between the Registrant and U.S. Bank National Association, as the Trustee (9)~~
~~4.11~~		~~Form of Global Note of 2.850% due 2026 (included in Exhibit 4.10) (9)~~
~~10.1~~		Omnibus Amendment to Loan Documents, dated June 22, 2021, by and among Special Value Continuation Partners LLC, the subsidiary guarantors party thereto, ING Capital LLC, as administrative agent, arranger and bookrunner and the lenders party thereto ~~(10)~~
31.1		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32.1		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S.C. 1350)*

______________

*Filed herewith.

(1)	Incorporated by reference to Exhibit (a)(2) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011

(2)	Incorporated by reference to Exhibit 99.2 to the Registrant’s Form 8-K, filed on August 2, 2018

(3)	Incorporated by reference to Exhibit 99.3 to the Registrant’s Form 8-K, filed on August 2, 2018

~~(4)~~

~~Incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K, filed on August 23, 2019~~

~~(5)~~

~~Incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on June 17, 2014.~~

~~(6)~~

~~Incorporated by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on September 6, 2016.~~

~~(7)~~

Incorporated by reference to Exhibit (d)(1) to Post-Effective Amendment No. 1 to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-216716), on Form N-2, filed on August 11, 2017.

~~(8)~~

Incorporated by reference to Exhibit (d)(4) to Post-Effective Amendment No. 1 to the Registrant's Registration Statement under the Securities Act of 1933 (File No. 333-216716), on Form N-2, filed on August 11, 2017.

~~(9)~~

~~Incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on February 9, 2021.~~

~~(10)~~

~~Incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on June 24, 2021.~~

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized.

BlackRock TCP Capital Corp.


Date: ~~August 2, 2021~~May 4, 2022
	By:	/s/ ~~Howard M. Levkowitz~~Rajneesh Vig
	Name:	~~Howard M. Levkowitz~~Rajneesh Vig
	Title:	Chief Executive Officer
Date: ~~August 2, 2021~~May 4, 2022
	By:	/s/ Erik L. Cuellar
	Name:	Erik L. Cuellar
	Title:	Chief Financial Officer

7172

	2020
Shares Issued		838
Average Price Per Share	$	7.46
Proceeds	$	6,253