Docoh
Loading...

TCPC BlackRock TCP Capital

Filed: 6 Aug 20, 7:45am

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, 2020
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission File Number: 814-00899
______________________
 
BLACKROCK TCP CAPITAL CORP.
(Exact Name of Registrant as Specified in Charter)
______________________
 
Delaware56-2594706
(State or Other Jurisdiction of Incorporation)(IRS Employer Identification No.)
2951 28th Street, Suite 1000
Santa Monica, California90405
(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 shareTCPCNASDAQ Global Select Market
(Title of each class)(Trading Symbol(s) )(Name of each exchange where registered)


Securities registered pursuant to Section 12(g) of the Act: None
______________________
  
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes x No ¨

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer x
Accelerated filer ¨
Non-accelerated filer ¨
Smaller Reporting company ¨
Emerging growth company ¨
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ¨ No x
        
        The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of August 5, 2020 was 57,767,264.


        




BLACKROCK TCP CAPITAL CORP.

FORM 10-Q

FOR THE SIX MONTHS ENDED JUNE 30, 2020

TABLE OF CONTENTS




1


BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities 
June 30, 2020December 31, 2019
(unaudited)
Assets
Investments, at fair value:
Companies less than 5% owned (cost of $1,501,696,480 and $1,483,508,500, respectively)$1,441,494,528  $1,474,318,011  
Companies 5% to 25% owned (cost of $83,298,735 and $70,112,667, respectively)72,109,739  75,880,291  
Companies more than 25% owned (cost of $133,101,380 and $135,655,840, respectively)93,976,682  99,308,593  
Total investments (cost of $1,718,096,595 and $1,689,277,007, respectively)1,607,580,949  1,649,506,895  
Cash and cash equivalents20,647,828  44,848,539  
Accrued interest income:
Companies less than 5% owned16,879,205  16,937,339  
Companies 5% to 25% owned877,983  665,165  
Companies more than 25% owned13,612  305,721  
Deferred debt issuance costs5,700,713  5,476,382  
Receivable for investments sold—  1,316,667  
Prepaid expenses and other assets4,412,062  3,012,488  
Total assets1,656,112,352  1,722,069,196  
Liabilities
Debt, net of unamortized issuance costs of $6,722,818 and $7,711,684, respectively926,612,575  907,802,387  
Interest payable10,719,015  10,837,121  
Incentive compensation payable5,245,304  4,753,671  
Management and advisory fees payable4,787,305  5,429,075  
Payable to the Advisor1,418,838  1,591,651  
Payable for investments purchased594,044  13,057,446  
Accrued expenses and other liabilities1,592,967  2,279,459  
Total liabilities950,970,048  945,750,810  
Commitments and contingencies (Note 5)
Net assets$705,142,304  $776,318,386  
Composition of net assets
Common stock, $0.001 par value; 200,000,000 shares authorized, 57,767,264 and 58,766,426 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively$57,767  $58,766  
Paid-in capital in excess of par991,286,424  997,379,362  
Distributable earnings (loss)(286,201,887) (221,119,742) 
Net assets$705,142,304  $776,318,386  
Net assets per share$12.21  $13.21  

See accompanying notes to the consolidated financial statements.
2

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2020
IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (A)
Aerospace and Defense
Unanet, Inc.First Lien Delayed Draw Term LoanLIBOR(M)—  6.25 %6.44 %5/31/2024$5,127,551  $5,065,332  $4,775,520  0.29 %N
Unanet, Inc.First Lien Term LoanLIBOR(M)—  6.25 %6.44 %5/31/2024$19,897,959  19,731,184  18,982,653  1.17 %N
Unanet, Inc.Sr Secured RevolverLIBOR(M)—  6.25 %7.25 %5/31/2024$2,448,980  2,429,246  2,336,327  0.14 %K/N
27,225,762  26,094,500  1.60 %
Airlines
Mesa Air Group, Inc.Junior Loan Agreement (N902FJ)LIBOR(Q)—  7.50 %8.19 %2/1/2022$680,432  677,766  651,173  0.04 %N
Mesa Air Group, Inc.Junior Loan Agreement (N903FJ)LIBOR(Q)—  7.50 %8.19 %2/1/2022$788,829  785,739  754,910  0.05 %N
Mesa Air Group, Inc.Junior Loan Agreement (N904FJ)LIBOR(Q)—  7.50 %8.19 %2/1/2022$883,761  880,299  845,759  0.05 %N
Mesa Air Group, Inc.Junior Loan Agreement (N905FJ)LIBOR(Q)—  7.50 %8.19 %2/1/2022$654,632  652,067  626,482  0.04 %N
Mesa Air Group, Inc.Junior Loan Agreement (N906FJ)LIBOR(Q)—  7.50 %8.19 %5/1/2022$707,596  704,358  677,169  0.04 %N
Mesa Air Group, Inc.Junior Loan Agreement (N907FJ)LIBOR(Q)—  7.50 %8.19 %5/1/2022$736,544  733,174  704,873  0.04 %N
Mesa Air Group, Inc.Junior Loan Agreement (N908FJ)LIBOR(Q)—  7.50 %8.19 %5/1/2022$1,069,826  1,064,930  1,023,823  0.06 %N
Mesa Air Group, Inc.Junior Loan Agreement (N909FJ)LIBOR(Q)—  7.50 %8.19 %8/1/2022$526,997  524,465  504,336  0.03 %N
Mesa Air Group, Inc.Junior Loan Agreement (N910FJ)LIBOR(Q)—  7.50 %8.19 %8/1/2022$504,782  502,357  483,076  0.03 %N
Mesa Airlines, Inc.Aircraft Acquisition Incremental LoanLIBOR(Q)2.00 %5.00 %7.00 %9/27/2023$2,301,105  2,277,261  2,094,005  0.13 %N
Mesa Airlines, Inc.Aircraft Acquisition LoanLIBOR(Q)2.00 %5.00 %7.00 %6/5/2023$18,585,845  18,406,497  17,080,391  1.05 %N
One Sky Flight, LLCFirst Lien Term LoanLIBOR(M)1.00 %7.50 %8.50 %12/27/2024$19,500,000  19,234,512  18,778,500  1.15 %N
46,443,425  44,224,497  2.71 %
Automobiles
Autoalert, LLCFirst Lien Incremental Term LoanLIBOR(M)0.25 %10.75 %11.06 %1/1/2022$40,633,155  40,585,763  37,992,000  2.33 %N
Autoalert, LLCFirst Lien Term LoanLIBOR(M)0.25 %10.75 %11.06 %1/1/2022$16,080,541  16,031,427  15,035,306  0.92 %N
DealerFX, Inc.First Lien Term LoanLIBOR(Q)1.00 %6.25% Cash + 2.00% PIK9.25 %2/1/2023$16,431,137  16,247,442  15,905,341  0.98 %N
72,864,632  68,932,647  4.23 %
Building Products
Dodge Data & Analytics, LLCFirst Lien Delayed Draw Term LoanLIBOR(Q)1.00 %7.00 %8.00 %12/31/2020$843,703  843,437  826,829  0.05 %N
Dodge Data & Analytics, LLCFirst Lien Term LoanLIBOR(Q)1.00 %7.00 %8.00 %12/31/2020$34,129,016  34,116,706  33,446,436  2.05 %N
34,960,143  34,273,265  2.10 %
Capital Markets
HighTower Holding, LLCSecond Lien Term LoanLIBOR(Q)1.00 %8.75 %9.75 %1/31/2026$15,080,645  14,754,931  14,598,065  0.90 %N
HighTower Holding, LLCSecond Lien Delayed Draw Term LoanLIBOR(Q)1.00 %8.75 %9.75 %1/31/2026$6,169,355  6,067,322  5,971,935  0.37 %N
Pico Quantitative Trading, LLCFirst Lien Term Loan (1.0% Exit Fee)LIBOR(Q)1.50 %7.25 %8.75 %2/7/2025$21,791,007  20,889,510  20,941,158  1.29 %L/N
41,711,763  41,511,158  2.56 %
Chemicals
AGY Holding Corp.Second Lien NotesFixed—  11.00 %0.00 %12/15/2025$11,481,428  8,778,822  —  —  B/C/E/N
AGY Holding Corp.Delayed Draw Term LoanFixed—  12.00 %0.00 %9/15/2020$1,147,915  1,147,915  493,602  0.03 %B/C/N
AGY Holding Corp.Delayed Draw Term Loan AFixed—  12.00 %12.00 %9/15/2020$1,227,453  1,180,742  1,227,453  0.08 %B/N
AGY Holding Corp.Sr Secured Term LoanFixed—  12.00 %0.00 %9/15/2020$5,524,445  5,328,009  2,375,512  0.15 %B/C/N
AGY Holding Corp.Sr Secured Term Loan A1Fixed—  12.00 %12.00 %9/15/2020$447,260  403,663  447,260  0.03 %B/N
16,839,151  4,543,827  0.29 %
3





BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2020

IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)               
Commercial Services and Supplies
Kellermeyer Bergensons Services, LLCFirst Lien Delayed Draw Term Loan ALIBOR(Q)1.00 %6.50 %7.73 %11/7/2026$1,430,719  $1,417,479  $1,374,921  0.08 %N
Kellermeyer Bergensons Services, LLCFirst Lien Delayed Draw Term Loan BLIBOR(Q)1.00 %6.50 %7.73 %11/7/2026$—  —  (76,471) —  K/N
Kellermeyer Bergensons Services, LLCFirst Lien Term LoanLIBOR(Q)1.00 %6.50 %7.50 %11/7/2026$6,503,268  6,446,264  6,249,641  0.38 %N
Team Software, Inc.First Lien Incremental Term LoanLIBOR(Q)—  5.50 %5.81 %9/17/2023$7,220,080  7,128,646  6,981,818  0.43 %N
Team Software, Inc.First Lien RevolverLIBOR(Q)—  5.50 %5.81 %9/17/2023$3,160,089  3,125,540  3,044,219  0.19 %N
Team Software, Inc.First Lien Term LoanLIBOR(Q)—  5.50 %5.81 %9/17/2023$13,167,038  13,030,769  12,732,526  0.78 %N
31,148,698  30,306,654  1.86 %
Communications Equipment
Avanti Communications Jersey Limited (United Kingdom)1.25 Lien Term LoanFixed—  12.50 %12.50 %5/24/2021$218,814  218,814  218,814  0.01 %H/N
Avanti Communications Jersey Limited1.5 Lien Delayed Draw Term LoanFixed—  12.50 %12.50 %5/24/2021$1,291,099  1,291,099  1,291,099  0.08 %H/L/N
Avanti Communications Jersey Limited1.5 Lien Term LoanFixed—  12.50 %12.50 %5/24/2021$300,689  261,346  300,689  0.02 %H/L/N
Avanti Communications Group, PLC (United Kingdom)Sr New Money Initial NoteFixed—  9.00% PIK9.00 %10/1/2022$1,592,934  1,591,586  982,840  0.06 %C/E/G/H/N
Avanti Communications Group, PLC (United Kingdom)Sr Second-Priority PIK Toggle NoteFixed—  9.00% PIK9.00 %10/1/2022$4,064,721  4,064,219  2,507,933  0.15 %C/E/G/H/N
7,427,064  5,301,375  0.32 %
Construction and Engineering
Hylan Datacom & Electrical, LLCFirst Lien Incremental Term LoanLIBOR(Q)1.00 %10.00 %11.00 %7/25/2021$2,618,329  2,595,301  1,882,055  0.12 %N
Hylan Datacom & Electrical, LLCFirst Lien Term Loan (3.15% Exit Fee)LIBOR(Q)1.00 %10.00 %11.00 %7/25/2021$14,492,585  14,447,238  10,417,270  0.64 %L/N
17,042,539  12,299,325  0.76 %
Consumer Finance
Auto Trakk SPV, LLCFirst Lien Delayed Draw Term LoanLIBOR(M)0.50 %6.50 %7.00 %12/21/2021$23,971,792  23,843,902  23,971,792  1.46 %N
Barri Financial Group, LLFirst Lien Term LoanLIBOR(Q)1.00 %7.75 %8.79 %10/23/2024$18,176,189  17,774,994  17,721,784  1.09 %N
Open Lending, LLCFirst Lien Term LoanLIBOR(Q)1.00 %6.50 %7.50 %3/11/2027$4,968,750  4,825,172  4,869,375  0.30 %N
46,444,068  46,562,951  2.85 %
Diversified Consumer Services
Edmentum, Inc.Jr Revolving FacilityFixed—  5.00 %5.00 %12/9/2021$5,567,601  5,567,601  5,567,601  0.34 %B/N
Edmentum, Inc.First Lien Term Loan BFixed—  9.50 %9.50 %6/9/2021$10,854,749  10,051,136  10,854,749  0.67 %B/N
Edmentum, Inc.Second Lien Term LoanFixed—  7.00% PIK7.00 %12/8/2021$8,577,324  8,577,324  8,577,324  0.53 %B/N
Edmentum, Inc.Second Lien RevolverFixed—  5.00% PIK5.00 %12/9/2021$5,662,896  5,662,896  5,662,896  0.35 %B/N
Edmentum Ultimate Holdings, LLCJr PIK NotesFixed—  10.00% PIK10.00 %12/9/2021$18,510,773  18,317,887  17,363,105  1.07 %B/N
Edmentum Ultimate Holdings, LLCSr PIK NotesFixed—  8.50% PIK8.50 %12/9/2021$3,835,546  3,835,546  3,835,546  0.24 %B/N
Educationcity Limited (Edmentum)Sr Unsecured Promissory NoteFixed—  10.00 %10.00 %8/31/2020$3,707,423  3,695,230  3,707,423  0.23 %B/N
Spark Networks, Inc.Sr Secured RevolverLIBOR(Q)1.50 %8.00 %9.50 %7/1/2023$—  (26,522) (25,248) —  K/N
Spark Networks, Inc.First Lien Term LoanLIBOR(Q)1.50 %8.00 %9.50 %7/1/2023$21,056,036  20,471,082  20,498,051  1.26 %N
76,152,180  76,041,447  4.69 %
4

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2020

IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)               
Diversified Financial Services
36th Street Capital Partners Holdings, LLCSenior NoteFixed—  12.00 %12.00 %11/1/2020$40,834,419  $40,834,418  $40,834,417  2.51 %E/F/N
Aretec Group, Inc. (Cetera)Second Lien Term LoanLIBOR(M)—  8.25 %8.43 %10/1/2026$27,105,263  26,864,225  22,361,842  1.37 %G/N
Credit Suisse AG (Cayman Islands)Asset-Backed Credit Linked NotesLIBOR(Q)—  9.50 %11.50 %4/12/2025$38,000,000  38,000,000  32,148,000  1.97 %H/I/N
GC Agile Holdings Limited (Apex) (England)First Lien Delayed Term Loan BLIBOR(Q)1.00 %7.00 %8.25 %6/15/2025$18,883,972  18,556,659  18,355,904  1.13 %H/N
GC Agile Holdings Limited (Apex) (England)First Lien Term Loan ALIBOR(Q)1.00 %7.00 %8.25 %6/15/2025$820,771  806,980  794,998  0.05 %H/N
RSB-160, LLC (Lat20)First Lien Delayed Draw Term LoanLIBOR(Q)1.00 %6.00 %7.00 %7/20/2022$2,333,333  2,305,438  2,333,333  0.14 %N
127,367,720  116,828,494  7.17 %
Diversified Telecommunication Services
American Broadband Holding CompanyFirst Lien Term LoanLIBOR(Q)1.25 %7.25 %8.50 %10/25/2022$14,767,131  14,569,010  14,855,734  0.91 %N
American Broadband Holding CompanyFirst Lien Incremental Term LoanLIBOR(Q)1.25 %7.25 %8.50 %10/25/2022$1,232,272  1,232,272  1,239,665  0.08 %N
ECI Macola/Max Holding, LLCSecond Lien Term LoanLIBOR(Q)1.00 %8.00 %9.00 %9/29/2025$24,840,563  24,668,572  24,045,665  1.48 %N
Aventiv Technologies, Inc. (Securus)Second Lien Term LoanLIBOR(Q)1.00 %8.25 %9.25 %11/1/2025$25,846,154  25,660,686  16,153,846  0.99 %N
Telarix, Inc.First Lien Term LoanLIBOR(Q)1.00 %6.00 %7.00 %11/19/2023$7,406,250  7,321,862  7,048,528  0.43 %N
Telarix, Inc.Sr Secured RevolverLIBOR(Q)1.00 %6.00 %7.00 %11/19/2023$357,143  353,441  339,893  0.02 %N
73,805,843  63,683,331  3.91 %
Electric Utilities
Conergy Asia & ME Pte. Ltd (Singapore)First Lien Term LoanFixed—  10.00 %0.00 %6/30/2021$2,110,141  2,110,141  1,622,276  0.10 %F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)Bank Guarantee Credit FacilityFixed—  —  0.00 %9/30/2020$6,578,877  6,578,877  3,140,756  0.19 %C/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)Revolving Credit FacilityFixed—  —  0.00 %9/30/2020$8,668,850  8,668,850  2,046,716  0.13 %C/F/H/N
Utilidata, Inc.First Lien Delayed Draw Term Loan (4.5% Exit Fee)LIBOR(Q)—  9.88 %10.25 %7/1/2020$793,398  791,350  832,433  0.05 %L/N
18,149,218  7,642,181  0.47 %
Electrical Equipment
TCFI Amteck Holdings, LLCFirst Lien Delayed Draw Term LoanLIBOR(Q)—  6.25 %6.56 %5/22/2023$517,453  511,201  502,757  0.03 %N
TCFI Amteck Holdings, LLCFirst Lien Term LoanLIBOR(Q)—  6.25 %6.56 %5/22/2023$8,578,188  8,473,316  8,334,568  0.51 %N
8,984,517  8,837,325  0.54 %
Energy Equipment and Services
GlassPoint Solar, Inc.First Lien Incremental Term Loan (4.0% Exit Fee)LIBOR(Q)2.00 %8.50 %0.00 %8/31/2021$4,245,365  4,226,996  1,952,868  0.12 %C/L/N
GlassPoint Solar, Inc.First Lien Incremental Term Loan ALIBOR(Q)2.00 %8.50 %10.50 %8/31/2021$200,247  200,247  200,247  0.01 %N
GlassPoint Solar, Inc.First Lien Term Loan (5.0% Exit Fee)LIBOR(Q)—  11.44 %0.00 %8/31/2021$2,324,588  2,252,665  1,069,310  0.07 %C/L/N
Sphera Solutions, Inc. (Diamondback)First Lien FILO Term Loan BLIBOR(Q)1.00 %8.81 %9.81 %6/14/2022$23,495,862  23,178,927  23,096,433  1.42 %N
29,858,835  26,318,858  1.62 %
5

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2020

IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)               
Health Care Technology
CAREATC, Inc.First Lien Term LoanLIBOR(Q)1.00 %7.25 %8.25 %3/14/2024$8,502,033  $8,365,676  $8,297,984  0.51 %N
CAREATC, Inc.Sr Secured RevolverLIBOR(Q)1.00 %7.25 %8.25 %3/14/2024$—  (9,171) (14,575) —  K/N
Patient Point Network Solutions, LLCSr Secured RevolverLIBOR(Q)1.00 %7.50 %8.50 %6/26/2022$440,474  438,111  432,986  0.03 %N
Patient Point Network Solutions, LLCFirst Lien Incremental Term LoanLIBOR(Q)1.00 %7.50 %8.50 %6/26/2022$1,205,989  1,198,151  1,185,487  0.07 %N
Patient Point Network Solutions, LLCFirst Lien Term LoanLIBOR(Q)1.00 %7.50 %8.50 %6/26/2022$6,257,223  6,224,863  6,150,850  0.38 %N
Sandata Technologies, LLCFirst Lien Term LoanLIBOR(Q)—  6.00 %6.31 %7/23/2024$20,250,000  19,990,500  19,338,750  1.19 %N
Sandata Technologies, LLCSr Secured RevolverLIBOR(Q)—  6.00 %6.31 %7/23/2024$2,250,000  2,222,275  2,148,750  0.13 %K/N
38,430,405  37,540,232  2.31 %
Hotels, Restaurants and Leisure
Fishbowl, Inc.First Lien Term LoanLIBOR(Q)—  1.30% Cash + 8.45% PIK10.06 %1/26/2022$25,336,416  25,095,894  18,698,275  1.15 %N
Pegasus Business Intelligence, LP (Onyx Centersource)First Lien Incremental Term LoanLIBOR(Q)1.00 %6.25 %7.25 %12/20/2021$5,648,822  5,648,822  4,778,904  0.29 %N
Pegasus Business Intelligence, LP (Onyx Centersource)First Lien Term LoanLIBOR(Q)1.00 %6.25 %7.25 %12/20/2021$13,510,298  13,464,653  11,429,712  0.70 %N
Pegasus Business Intelligence, LP (Onyx Centersource)RevolverLIBOR(Q)1.00 %6.25 %7.25 %12/20/2021$671,356  669,259  567,967  0.03 %K/N
VSS-Southern Holdings, LLC (Southern Theatres)First Lien Term LoanLIBOR(Q)1.00 %7.50 %8.50 %3/31/2022$2,400,518  2,382,829  2,196,474  0.13 %N
VSS-Southern Holdings, LLC (Southern Theatres)First Lien Incremental Term LoanLIBOR(Q)1.00 %7.50 %8.50 %3/31/2022$143,159  142,385  130,991  0.01 %N
VSS-Southern Holdings, LLC (Southern Theatres)First Lien Incremental Term LoanLIBOR(Q)1.00 %7.50 %8.50 %3/31/2022$551,950  551,950  505,034  0.03 %N
VSS-Southern Holdings, LLC (Southern Theatres)Sr Secured RevolverLIBOR(Q)1.00 %7.50 %8.50 %3/31/2022$1,029,338  1,024,254  941,844  0.06 %K/N
48,980,046  39,249,201  2.40 %
Insurance
2-10 Holdco, Inc.First Lien Term LoanLIBOR(Q)1.00 %6.25 %7.25 %10/31/2024$4,514,583  4,445,751  4,388,626  0.27 %N
2-10 Holdco, Inc.Sr Secured RevolverLIBOR(Q)1.00 %6.25 %7.25 %10/31/2024$—  (6,033) (11,625) —  K/N
AmeriLife Holdings, LLCSecond Lien Term LoanLIBOR(Q)1.00 %8.50 %9.50 %3/18/2028$14,636,031  14,345,706  14,196,950  0.87 %N
Higginbotham Insurance Agency, Inc.Second Lien Term LoanLIBOR(M)—  7.50 %7.68 %12/19/2025$28,000,000  27,815,259  27,160,000  1.67 %N
46,600,683  45,733,951  2.81 %
Internet and Catalog Retail
Live Auctioneers LLCFirst Lien Last Out B-2 Term LoanLIBOR(M)1.00 %6.76 %7.83 %5/20/2025$13,890,209  13,649,295  13,445,722  0.83 %N
Internet Software and Services
Acquia Inc.First Lien Term LoanLIBOR(Q)1.00 %7.00 %8.00 %11/1/2025$16,648,997  16,344,166  16,132,878  0.99 %N
Acquia Inc.Sr Secured RevolverLIBOR(Q)1.00 %7.00 %8.00 %11/1/2025$—  (32,103) (55,918) —  K/N
Domo, Inc.First Lien Delayed Draw Term Loan (7.0% Exit Fee)LIBOR(Q)1.50 %5.63% Cash + 2.50% PIK9.63 %10/1/2022$52,789,813  52,649,346  53,739,949  3.30 %L/N
FinancialForce.com, Inc.First Lien Delayed Draw Term Loan (3.0% Exit Fee)LIBOR(Q)2.75 %6.75 %9.50 %2/1/2024$28,000,000  27,578,598  28,420,000  1.75 %L/N
Foursquare Labs, Inc.First Lien Term Loan (5.0% Exit Fee)LIBOR(Q)2.19 %7.25 %9.44 %10/1/2022$33,750,000  33,502,987  33,851,250  2.08 %L/N
Foursquare Labs, Inc.First Lien Incremental Term LoanLIBOR(Q)2.19 %7.25 %9.44 %10/1/2022$7,500,000  7,235,725  7,470,000  0.46 %N
InMobi, Inc. (Singapore)First Lien Term LoanLIBOR(Q)1.38 %8.13 %9.50 %9/30/2021$29,189,817  29,064,735  30,678,497  1.88 %H/N
Persado, Inc.First Lien Delayed Term Loan (4.25% Exit Fee)LIBOR(Q)1.80 %7.00 %8.80 %2/1/2025$8,782,078  8,702,950  8,711,822  0.54 %L/N
Quartz Holding Company (Quick Base)Second Lien Term LoanLIBOR(M)—  8.00 %8.18 %4/2/2027$9,903,019  9,720,263  9,209,807  0.57 %N
ResearchGate GmBH (Germany)First Lien Term LoanEURIBOR(Q)—  8.55 %8.55 %10/1/20226,714,000  7,932,722  8,092,217  0.50 %D/H/L/N
192,699,389  196,250,502  12.07 %
6

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2020

IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)
IT Services
Donuts Inc.First Lien RevolverLIBOR(Q)1.00 %6.25 %7.25 %9/17/2023$608,276  $587,665  $592,345  0.04 %N
Donuts Inc.First Lien Term LoanLIBOR(Q)1.00 %6.25 %7.25 %9/17/2023$10,619,654  10,398,883  10,456,111  0.64 %N
Puppet, Inc.First Lien Term Loan (3.0% Exit Fee)LIBOR(Q)1.00 %8.50 %9.50 %6/19/2023$10,448,202  10,068,661  10,065,101  0.62 %L/N
Web.com Group Inc.Second Lien Term LoanLIBOR(M)—  7.75 %7.94 %10/11/2026$21,466,800  21,235,352  18,439,981  1.13 %G/J
Xactly CorporationFirst Lien Incremental Term Loan BLIBOR(Q)1.00 %7.25 %8.25 %7/31/2022$4,996,644  4,928,251  4,906,704  0.30 %N
Xactly CorporationFirst Lien Incremental Term LoanLIBOR(Q)1.00 %7.25 %8.25 %7/31/2022$2,726,918  2,698,660  2,677,833  0.16 %N
Xactly CorporationFirst Lien Term LoanLIBOR(Q)1.00 %7.25 %8.25 %7/31/2022$6,948,120  6,883,465  6,823,054  0.42 %N
Xactly CorporationSr Secured RevolverLIBOR(Q)1.00 %7.25 %8.25 %7/31/2022$—  (7,157) (15,388) —  K/N
56,793,780  53,945,741  3.31 %
Leisure Products
Blue Star Sports Holdings, Inc.First Lien Delayed Draw Term LoanLIBOR(Q)1.00 %7.75 %8.97 %6/15/2024$55,556  54,765  51,328  —  N
Blue Star Sports Holdings, Inc.First Lien RevolverLIBOR(Q)1.00 %5.75 %6.75 %6/15/2024$111,111  109,532  102,656  0.01 %N
Blue Star Sports Holdings, Inc.First Lien Term LoanLIBOR(M)1.00 %7.75 %8.82 %6/15/2024$1,521,851  1,499,755  1,406,038  0.09 %N
1,664,052  1,560,022  0.10 %
Media
Bisnow, LLCFirst Lien RevolverLIBOR(Q)—  9.00 %9.31 %9/21/2022$1,200,000  1,191,340  1,155,120  0.07 %K/N
Bisnow, LLCFirst Lien Term LoanLIBOR(Q)—  7.50 %7.81 %9/21/2022$9,500,712  9,417,565  9,145,386  0.56 %N
Khoros, LLC (Lithium)First Lien Incremental Term LoanLIBOR(Q)1.00 %8.00 %9.00 %10/3/2022$7,131,905  7,036,564  6,868,025  0.42 %K/N
Khoros, LLC (Lithium)Sr Secured RevolverLIBOR(Q)1.00 %8.00 %9.00 %10/3/2022$764,068  748,190  707,527  0.04 %N
Khoros, LLC (Lithium)Sr Secured RevolverLIBOR(Q)1.00 %8.00 %9.00 %10/3/2022$227,614  221,727  210,771  0.01 %N
Khoros, LLC (Lithium)First Lien Term LoanLIBOR(Q)1.00 %8.00 %9.00 %10/3/2022$20,884,731  20,663,360  20,111,996  1.24 %N
NEP II, Inc.Second Lien Term LoanLIBOR(M)—  7.00 %7.18 %10/19/2026$25,000,000  24,770,837  18,833,375  1.16 %G
Quora, Inc.First Lien Term Loan (4.0% Exit Fee)Fixed—  10.10 %10.10 %5/1/2022$12,692,602  12,557,106  12,768,758  0.78 %L/N
76,606,689  69,800,958  4.28 %
Metal and Mining
Neenah Foundry CompanyFirst Lien Term Loan BLIBOR(Q)—  6.50 %6.74 %12/13/2022$4,806,644  4,777,479  4,205,813  0.26 %N
Oil, Gas and Consumable Fuels
Iracore International, Inc.First Lien Term LoanLIBOR(Q)1.00 %9.00 %10.00 %4/13/2021$1,635,903  1,635,902  1,635,903  0.10 %B/N
Personal Products
Olaplex, Inc.Sr Secured RevolverLIBOR(Q)1.00 %6.50 %7.50 %1/8/2025$1,340,000  1,315,497  1,326,600  0.08 %N
Olaplex, Inc.First Lien Term LoanLIBOR(Q)1.00 %6.50 %7.50 %1/8/2026$13,574,623  13,323,130  13,438,877  0.83 %N
14,638,627  14,765,477  0.91 %
Pharmaceuticals
Cambrex CorporationSecond Lien Term LoanLIBOR(Q)1.00 %9.00 %10.00 %12/4/2027$15,441,176  15,153,309  14,746,324  0.91 %N
P&L Development, LLCFirst Lien Term LoanLIBOR(Q)2.00 %7.50 %9.50 %6/28/2024$8,601,667  8,421,953  8,580,162  0.53 %G/N
23,575,262  23,326,486  1.44 %
7

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2020

IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)
Professional Services
Applause App Quality, Inc.First Lien Term LoanLIBOR(Q)1.00 %5.00 %6.00 %9/20/2022$20,772,306  $20,562,817  $20,502,266  1.26 %N
Applause App Quality, Inc.Sr Secured RevolverLIBOR(Q)1.00 %5.00 %6.00 %9/20/2022$—  (13,479) (19,628) —  K/N
CIBT Solutions, Inc.Second Lien Term LoanLIBOR(Q)1.00 %7.75 %8.75 %6/1/2025$7,611,914  7,555,624  4,947,744  0.30 %G/N
Dude Solutions Holdings, Inc.Sr Secured RevolverLIBOR(M)1.00 %7.50 %8.57 %6/13/2025$588,772  547,275  537,991  0.03 %K/N
Dude Solutions Holdings, Inc.First Lien Term LoanLIBOR(M)1.00 %7.50 %8.57 %6/13/2025$16,927,201  16,591,133  16,537,876  1.02 %N
Dude Solutions Holdings, Inc.First Lien Incremental Term LoanLIBOR(M)1.00 %7.50 %8.57 %6/13/2025$2,233,091  2,184,954  2,181,729  0.13 %N
iCIMS, Inc.Sr Secured RevolverLIBOR(Q)1.00 %6.50 %7.50 %9/12/2024$—  (1,708) (3,967) —  K/N
iCIMS, Inc.First Lien Term LoanLIBOR(Q)1.00 %6.50 %7.50 %9/12/2024$2,351,073  2,311,446  2,274,428  0.14 %N
Institutional Shareholder Services, Inc.Second Lien Term LoanLIBOR(M)—  8.50 %8.68 %3/5/2027$5,820,856  5,663,736  5,093,249  0.31 %N
RigUp, Inc.First Delayed Draw Term Loan (3.5% Exit Fee)LIBOR(Q)1.50 %7.00 %8.50 %3/1/2024$19,333,333  18,793,280  18,869,333  1.16 %L/N
74,195,078  70,921,021  4.35 %
Real Estate Management and Development
Florida East Coast Industries, LLCFirst Lien Term Loan BLIBOR(M)—  6.75 %6.93 %12/13/2021$2,304,194  2,280,373  2,249,815  0.14 %N
Florida East Coast Industries, LLCFirst Lien Incremental Lien Term Loan BLIBOR(M)—  6.75 %6.93 %12/13/2021$869,913  865,036  849,383  0.05 %N
Space Midco, Inc. (Archibus)First Lien Term LoanLIBOR(M)—  6.25 %6.50 %12/5/2023$4,444,444  4,379,767  4,186,667  0.25 %N
Space Midco, Inc. (Archibus)Sr Secured RevolverLIBOR(M)—  6.25 %6.50 %12/5/2023$277,778  273,811  261,667  0.02 %K/N
7,798,987  7,547,532  0.46 %
Road and Rail
GlobalTranz Enterprises LLCSecond Lien Term LoanLIBOR(M)—  8.25 %8.43 %5/15/2027$19,382,324  19,027,845  15,622,153  0.95 %N
Software
Certify, Inc.First Lien Delayed Draw Term LoanLIBOR(Q)1.00 %5.75 %6.75 %2/28/2024$2,657,192  2,614,349  2,576,839  0.16 %N
Certify, Inc.First Lien Term LoanLIBOR(Q)1.00 %5.75 %6.75 %2/28/2024$23,383,293  23,304,188  22,794,034  1.40 %N
Certify, Inc.Sr Secured RevolverLIBOR(Q)1.00 %5.75 %6.75 %2/28/2024$159,432  143,762  132,647  0.01 %N
JAMF Holdings, Inc.First Lien Incremental Term LoanLIBOR(Q)—  7.00 %7.42 %11/13/2022$3,606,829  3,570,303  3,606,468  0.22 %N
JAMF Holdings, Inc.First Lien Term LoanLIBOR(Q)—  7.00 %7.42 %11/13/2022$4,800,389  4,747,818  4,799,909  0.29 %N
JAMF Holdings, Inc.Sr Secured RevolverLIBOR(Q)—  7.00 %7.42 %11/13/2022$—  (5,616) (57) —  K/N
Marketlive, LLC (Kibo)First Lien Term LoanLIBOR(M)1.00 %8.00 %9.08 %12/18/2020$5,051,069  5,005,646  4,944,997  0.30 %N
Rhode Holdings, Inc. (Kaseya)First Lien Delayed Draw Term LoanLIBOR(Q)1.00 %7.00 %8.09 %5/3/2025$226,643  198,631  185,224  0.01 %N
Rhode Holdings, Inc. (Kaseya)First Lien Term LoanLIBOR(Q)1.00 %6.00% Cash + 1.00% PIK8.09 %5/3/2025$14,506,451  14,266,161  14,158,296  0.87 %N
Rhode Holdings, Inc. (Kaseya)Sr Secured RevolverLIBOR(Q)1.00 %6.50 %7.50 %5/3/2025$1,193,822  1,173,986  1,164,873  0.07 %N
Rhode Holdings, Inc. (Kaseya)First Lien Incremental Delayed Draw Term LoanLIBOR(Q)1.00 %7.00 %8.09 %5/3/2025$—  (13,384) (19,577) —  K/N
Rhode Holdings, Inc. (Kaseya)First Lien Incremental Term LoanLIBOR(Q)1.00 %6.00% Cash + 1.00% PIK8.09 %5/3/2025$1,226,447  1,206,228  1,197,012  0.07 %N
Snow Software ABFirst Lien Term LoanLIBOR(Q)2.00 %6.50 %8.50 %4/17/2024$10,373,317  10,206,316  10,389,914  0.64 %N
Snow Software ABFirst Lien Incremental Term LoanLIBOR(Q)2.00 %6.50 %8.50 %4/17/2024$11,543,865  11,339,036  11,562,336  0.71 %N
Snow Software ABSr Secured RevolverLIBOR(Q)2.00 %6.50 %8.50 %4/17/2024$4,360,548  4,293,698  4,360,548  0.27 %N
Winshuttle, LLCFirst Lien FILO Term LoanLIBOR(Q)1.00 %8.42 %9.42 %8/9/2024$13,937,737  13,613,206  13,519,605  0.83 %N
95,664,328  95,373,068  5.85 %
Specialty Retail
Calceus Acquisition, Inc. (Cole Haan)First Lien Term Loan BLIBOR(Q)—  5.50 %5.74 %2/12/2025$628,618  594,044  590,901  0.04 %N
Calceus Acquisition, Inc. (Cole Haan)Sr Secured NotesFixed—  9.75 %9.75 %2/19/2025$20,000,000  19,400,238  21,600,000  1.33 %N
USR Parent, Inc. (Staples)First Lien FILO Term LoanLIBOR(Q)1.00 %8.84 %9.84 %9/12/2022$5,853,458  5,780,413  5,753,949  0.35 %N
25,774,695  27,944,850  1.72 %
8

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2020

IssuerInstrumentRefFloorSpreadTotal CouponMaturity/ExpirationPrincipal/SharesCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)
Technology Hardware, Storage and Peripherals
Pulse Secure, LLCSr Secured RevolverLIBOR(Q)1.00 %7.00 %8.00 %5/1/2022$—  $(7,427) $—  —  K/N
Pulse Secure, LLCFirst Lien Term LoanLIBOR(Q)1.00 %7.00 %8.00 %5/1/2022$10,986,665  10,922,753  11,041,598  0.67 %N
10,915,326  11,041,598  0.67 %
Textiles, Apparel and Luxury Goods
Kenneth Cole Productions, Inc.First Lien FILO Term LoanLIBOR(Q)1.00 %7.75 %8.75 %12/28/2023$18,552,416  18,452,062  18,645,178  1.15 %N
PSEB, LLC (Eddie Bauer)First Lien FILO II Term LoanPRIME—  7.25 %10.50 %10/12/2023$10,793,402  10,578,577  10,793,402  0.66 %N
PSEB, LLC (Eddie Bauer)First Lien Term LoanLIBOR(Q)1.50 %8.00 %9.50 %10/12/2023$39,305,971  38,532,954  39,738,337  2.44 %N
WH Buyer, LLC (Anne Klein)First Lien Term LoanLIBOR(Q)1.50 %7.76 %9.26 %7/16/2025$27,664,640  27,412,417  26,364,402  1.62 %N
WH Buyer, LLC (Anne Klein)First Lien Incremental Term LoanLIBOR(Q)1.50 %7.76 %9.26 %7/16/2025$5,307,692  5,256,937  5,058,231  0.31 %N
100,232,947  100,599,550  6.18 %
Thrifts and Mortgage Finance
Greystone Select Holdings, LLCFirst Lien Term LoanLIBOR(Q)1.00 %8.00 %9.00 %4/17/2024$24,702,886  24,575,847  24,949,915  1.53 %N
Home Partners of America, Inc.First Lien Term LoanLIBOR(Q)1.00 %6.25 %7.25 %10/13/2022$2,857,143  2,831,990  2,857,143  0.18 %N
27,407,837  27,807,058  1.71 %
Tobacco Related
Juul Labs, Inc.First Lien Term LoanLIBOR(Q)1.50 %8.00% Cash + 1.50% PIK11.00 %8/2/2023$26,452,995  26,240,878  26,691,072  1.64 %N
Total Debt Investments - 212.5% of Net Assets1,583,735,088  1,498,409,745  92.03 %
Equity Securities  
Airlines
Epic Aero, Inc (One Sky)Common Stock1,842  855,313  4,016,637  0.25 %C/N
Automobiles
Autoalert Acquisition Co, LLCWarrants to Purchase LLC Interest6/28/2030 2,910,423  2,910,354  0.18 %C/E/N
Capital Markets
Pico Quantitative Trading, LLCWarrants to Purchase Membership Units (144A)2/7/2030287  645,121  637,788  0.05 %C/E/N
Chemicals
AGY Holding Corp.Common Stock1,333,527  —  —  —  B/C/E/N
KAGY Holding Company, Inc.Series A Preferred Stock9,778  1,091,200  —  —  B/C/E/N
1,091,200  —  —  
Communications Equipment
Avanti Communications Group, PLC (United Kingdom)Common Stock26,576,710  4,902,674  327  —  C/D/H/N
Diversified Consumer Services
Edmentum Ultimate Holdings, LLCClass A Common Units159,515  680,226  —  —  B/C/E/N
Edmentum Ultimate Holdings, LLCWarrants to Purchase Class A Units2/23/2028788,112   —  —  B/C/E/N
680,227  —  —  
9

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2020

IssuerInstrumentExpirationSharesCostFair
Value
% of Total
Cash and
Investments
Notes
Equity Securities (continued)
Diversified Financial Services
36th Street Capital Partners Holdings, LLCMembership Units22,199,416  $22,199,416  $30,710,746  1.89 %E/F/N
Conventional Lending TCP Holdings, LLCMembership Units15,769,948  15,769,948  14,981,451  0.92 %E/F/I/N
GACP I, LP (Great American Capital)Membership Units1,757,364  1,757,364  2,269,250  0.14 %E/I/N
GACP II, LP (Great American Capital)Membership Units20,205,473  20,205,473  21,065,390  1.29 %E/I/N
59,932,201  69,026,837  4.24 %
Diversified Telecommunication Services
V Telecom Investment S.C.A. (Vivacom) (Luxembourg)Common Shares1,393  3,236,256  675,470  0.04 %C/D/E/H/N
Electric Utilities
Conergy Asia Holdings Limited (United Kingdom)Class B Shares1,000,000  1,000,000  —  —  C/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom)Ordinary Shares3,333  7,833,333  —  —  C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)Ordinary Shares2,332,594  —  —  —  C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)Series B Preferred Shares93,023  1,395,349  —  —  C/E/F/H/N
Utilidata, Inc.Warrants to Purchase Preferred Stock12/22/2022719,998  216,336  —  —  C/E/N
10,445,018  —  —  
Electrical Equipment
TCFI Amteck Holdings, LLCSeries A Preferred Units8,020,824  7,511,391  7,699,991  0.48 %C/N
TCFI Amteck Holdings, LLCCommon Units362,513  395,336  2,287,457  0.14 %C/N
7,906,727  9,987,448  0.62 %
Electronic Equipment, Instruments and Components
Soraa, Inc.Warrants to Purchase Preferred Stock8/29/20243,071,860  478,899  —  —  C/E/N
Energy Equipment and Services
GlassPoint Solar, Inc.Warrants to Purchase Series E Preferred Stock2/7/20272,448,000  754,005  —  —  C/E/N
Internet Software and Services
Domo, Inc.Warrants to Purchase Class B Common Stock6/28/202162,247  511,349  1,086,086  0.07 %C/E/N
FinancialForce.com, Inc.Warrants to Purchase Series C Preferred Stock1/30/2029840,000  287,985  307,600  0.02 %C/E/N
Foursquare Labs, Inc.Warrants to Purchase Series E Preferred Stock5/4/20272,062,500  508,805  1,213,929  0.07 %C/E/N
InMobi, Inc. (Singapore)Warrants to Purchase Common Stock8/15/20271,327,869  212,360  399,836  0.02 %C/E/H/N
InMobi, Inc. (Singapore)Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)9/18/20251,049,996  276,492  466,967  0.03 %C/E/H/N
InMobi, Inc. (Singapore)Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)10/3/20281,511,002  93,407  335,168  0.02 %C/E/H/N
ResearchGate Corporation (Germany)Warrants to Purchase Series D Preferred Stock10/30/2029333,370  202,001  130,000  0.01 %C/D/E/H/N
Snaplogic, Inc.Warrants to Purchase Series Preferred Stock3/19/20281,860,000  377,722  4,900,000  0.30 %C/E/N
2,470,121  8,839,586  0.54 %
IT Services
Fidelis (SVC), LLCPreferred Units657,932  2,001,384  79,524  —  C/E/N
10

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2020

IssuerInstrumentExpirationSharesCostFair
Value
% of Total
Cash and
Investments
Notes
Equity Securities (continued)
Life Sciences Tools and Services
Envigo RMS Holdings Corp.Common Stock36,413  $—  $187,163  0.02 %C/E/N
Media
NEG Parent, LLC (Core Entertainment, Inc.)Class A Units2,720,392  2,772,807  5,427,764  0.34 %B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.)Class A Warrants to Purchase Class A Units10/17/2026343,387  196,086  222,922  0.01 %B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.)Class B Warrants to Purchase Class A Units10/17/2026346,794  198,032  225,134  0.01 %B/C/E/N
Quora, Inc.Warrants to Purchase Series D Preferred Stock4/11/2029507,704  65,245  57,878  —  C/E/N
Shop Holding, LLC (Connexity)Class A Units507,167  480,049  —  —  C/E/N
SoundCloud, Ltd. (United Kingdom)Warrants to Purchase Preferred Stock4/29/2025946,498  79,082  45,143  —  C/E/H/N
3,791,301  5,978,841  0.36 %
Oil, Gas and Consumable Fuels
Iracore Investments Holdings, Inc.Class A Common Stock16,207  4,177,710  4,485,545  0.29 %B/C/E/N
Professional Services
Anacomp, Inc.Class A Common Stock1,255,527  26,711,048  640,320  0.04 %C/E/F/N
Semiconductors and Semiconductor Equipment
Nanosys, Inc.Warrants to Purchase Preferred Stock3/29/2023800,000  605,266  814,211  0.06 %C/E/N
Software
Actifio, Inc.Warrants to Purchase Series G Preferred Stock5/5/20271,052,651  188,770  386,277  0.02 %C/E/N
Tradeshift, Inc.Warrants to Purchase Series D Preferred Stock3/26/20271,712,930  577,843  504,876  0.03 %C/E/N
766,613  891,153  0.05 %
Total Equity Securities134,361,507  109,171,204  6.70 %
Total Investments$1,718,096,595  $1,607,580,949  
Cash and Cash Equivalents
Cash Held on Account at Various Institutions20,647,828  1.27 %
Cash and Cash Equivalents20,647,828  1.27 %
Total Cash and Investments - 230.9% of Net Assets$1,628,228,777  100.00 %M


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 (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-income producing.
(D)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.
(E)Restricted security. (See Note 2)
(F)Controlled issuer – as defined under the Investment Company 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.
11

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2020

(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 Act. Under the Investment Company 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 Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act. Under the Investment Company 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 Act. Under the Investment Company 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.

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 $199,017,452 and $178,695,161, respectively, for the six months ended June 30, 2020. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of June 30, 2020 was $1,539,828,537 or 94.6% of total cash and investments of the Company. As of June 30, 2020, approximately 9.8% 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.
12

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments

December 31, 2019
IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (A)
Aerospace and Defense
Unanet, Inc.First Lien Delayed Draw Term LoanLIBOR(M)—  6.25 %8.06 %5/31/2024$5,127,551  $5,059,515  $5,135,971  0.30 %N
Unanet, Inc.First Lien Term LoanLIBOR(M)—  6.25 %8.06 %5/31/2024$19,897,959  19,710,909  19,919,847  1.18 %N
Unanet, Inc.Sr Secured RevolverLIBOR(M)—  6.25 %8.06 %5/31/2024$—  (21,632) —  —  K/N
24,748,792  25,055,818  1.48 %
Airlines
Mesa Air Group, Inc.Junior Loan Agreement (N902FJ)LIBOR(Q)—  7.50 %9.41 %2/1/2022$801,784  797,527  801,784  0.05 %N
Mesa Air Group, Inc.Junior Loan Agreement (N903FJ)LIBOR(Q)—  7.50 %9.41 %2/1/2022$942,947  937,941  942,947  0.06 %N
Mesa Air Group, Inc.Junior Loan Agreement (N904FJ)LIBOR(Q)—  7.50 %9.41 %2/1/2022$1,066,574  1,060,912  1,066,574  0.06 %N
Mesa Air Group, Inc.Junior Loan Agreement (N905FJ)LIBOR(Q)—  7.50 %9.41 %2/1/2022$768,185  764,107  768,185  0.05 %N
Mesa Air Group, Inc.Junior Loan Agreement (N906FJ)LIBOR(Q)—  7.50 %9.41 %5/1/2022$817,276  812,522  817,276  0.05 %N
Mesa Air Group, Inc.Junior Loan Agreement (N907FJ)LIBOR(Q)—  7.50 %9.41 %5/1/2022$853,632  848,667  853,632  0.05 %N
Mesa Air Group, Inc.Junior Loan Agreement (N908FJ)LIBOR(Q)—  7.50 %9.41 %5/1/2022$1,272,196  1,264,796  1,272,196  0.08 %N
Mesa Air Group, Inc.Junior Loan Agreement (N909FJ)LIBOR(Q)—  7.50 %9.41 %8/1/2022$581,841  578,354  581,841  0.03 %N
Mesa Air Group, Inc.Junior Loan Agreement (N910FJ)LIBOR(Q)—  7.50 %9.41 %8/1/2022$554,715  551,390  554,715  0.03 %N
Mesa Airlines, Inc.Aircraft Acquisition Incremental LoanLIBOR(M)—  5.25 %7.00 %9/27/2023$2,655,121  2,623,792  2,620,870  0.15 %N
Mesa Airlines, Inc.Aircraft Acquisition LoanLIBOR(M)—  5.00 %6.75 %6/5/2023$21,683,485  21,440,802  21,653,129  1.28 %N
One Sky Flight, LLCFirst Lien Term LoanLIBOR(M)1.00 %7.50 %9.30 %12/27/2024$12,500,000  12,187,500  12,250,000  0.72 %N
43,868,310  44,183,149  2.61 %
Automobiles
Autoalert, LLCFirst Lien Incremental Term LoanLIBOR(Q)0.25 %5.75% Cash+3.00% PIK10.88 %1/1/2022$38,966,342  38,845,649  39,356,005  2.32 %N
Autoalert, LLCFirst Lien Term LoanLIBOR(Q)0.25 %5.75% Cash+3.00% PIK10.88 %1/1/2022$15,420,901  15,313,907  15,575,110  0.92 %N
DealerFX, Inc.First Lien Term LoanLIBOR(Q)—  6.25% Cash+2.00% PIK10.25 %2/1/2023$16,183,673  15,965,712  16,345,510  0.96 %N
70,125,268  71,276,625  4.20 %
Building Products
Dodge Data & Analytics, LLCFirst Lien Delayed Draw Term LoanLIBOR(Q)1.00 %7.00 %9.00 %5/1/2020$875,631  875,023  875,106  0.05 %N
Dodge Data & Analytics, LLCFirst Lien Term LoanLIBOR(Q)1.00 %7.00 %9.00 %5/1/2020$35,420,561  35,395,034  35,399,308  2.09 %N
36,270,057  36,274,414  2.14 %
Capital Markets
HighTower Holding, LLCSecond Lien Term LoanLIBOR(M)1.00 %8.75 %10.49 %1/31/2026$15,080,645  14,733,952  15,082,153  0.89 %N
HighTower Holding, LLCSecond Lien Delayed Draw Term LoanLIBOR(M)1.00 %8.75 %10.49 %1/31/2026$6,169,355  6,059,721  6,169,972  0.36 %N
20,793,673  21,252,125  1.25 %
Chemicals
AGY Holding Corp.Second Lien NotesFixed—  11.00 %11.00 %11/15/2020$10,315,515  8,778,822  3,708,428  0.22 %B/C/E/N
AGY Holding Corp.Delayed Draw Term LoanFixed—  12.00 %12.00 %9/15/2020$1,114,120  1,114,120  1,114,120  0.07 %B/N
AGY Holding Corp.Sr Secured Term LoanFixed—  12.00 %12.00 %9/15/2020$5,171,151  5,171,151  5,171,151  0.31 %B/N
15,064,093  9,993,699  0.60 %
13





BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019


IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)
Commercial Services and Supplies
Kellermeyer Bergensons Services, LLCFirst Lien Delayed Draw Term Loan ALIBOR(M)1.00 %6.50 %8.39 %11/7/2026$—  $—  $(13,529) —  K/N
Kellermeyer Bergensons Services, LLCFirst Lien Delayed Draw Term Loan BLIBOR(M)1.00 %6.50 %8.39 %11/7/2026$—  —  (17,647) —  K/N
Kellermeyer Bergensons Services, LLCFirst Lien Term LoanLIBOR(M)1.00 %6.50 %8.39 %11/7/2026$6,535,948  6,472,583  6,477,124  0.38 %N
Team Software, Inc.First Lien Incremental Term LoanLIBOR(Q)—  5.50 %7.50 %9/17/2023$7,220,080  7,114,156  7,172,428  0.42 %N
Team Software, Inc.First Lien RevolverLIBOR(Q)—  5.50 %7.50 %9/17/2023$1,228,924  1,189,152  1,205,750  0.07 %N
Team Software, Inc.First Lien Term LoanLIBOR(Q)—  5.50 %7.50 %9/17/2023$13,167,038  13,012,854  13,080,136  0.77 %N
27,788,745  27,904,262  1.64 %
Communications Equipment
Avanti Communications Jersey Limited1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee)Fixed—  12.50 %12.50 %5/24/2021$1,214,371  1,214,371  1,214,371  0.07 %L/N
Avanti Communications Jersey Limited1.5 Lien Term Loan (2.5% Exit Fee)Fixed—  12.50 %12.50 %5/24/2021$282,820  238,768  282,820  0.02 %L/N
Avanti Communications Group, PLC (United Kingdom)Sr New Money Initial NoteFixed—  9.00% PIK9.00 %10/1/2022$1,592,934  1,591,586  1,074,115  0.06 %C/E/G/H/N
Avanti Communications Group, PLC (United Kingdom)Sr Second-Priority PIK Toggle NoteFixed—  9.00% PIK9.00 %10/1/2022$4,064,721  4,064,219  2,740,841  0.16 %C/E/G/H/N
7,108,944  5,312,147  0.31 %
Construction and Engineering
Hylan Datacom & Electrical, LLCFirst Lien Incremental Term LoanLIBOR(Q)1.00 %9.50 %11.41 %7/25/2021$2,536,311  2,502,108  2,090,739  0.12 %N
Hylan Datacom & Electrical, LLCFirst Lien Term Loan (5.4% Exit Fee)LIBOR(Q)1.00 %9.50 %11.41 %7/25/2021$14,031,084  13,959,042  11,566,142  0.67 %L/N
16,461,150  13,656,881  0.79 %
Construction Materials
Brannan Sand and Gravel Company, LLCFirst Lien Term LoanLIBOR(Q)—  5.25 %7.25 %7/3/2023$6,682,556  6,612,301  6,652,484  0.39 %N
Consumer Finance
Auto Trakk SPV, LLCFirst Lien Delayed Draw Term LoanLIBOR(M)0.50 %6.50 %8.24 %12/21/2021$23,971,792  23,800,742  23,749,039  1.40 %N
Barri Financial Group, LLFirst Lien Term LoanLIBOR(M)1.00 %7.75 %9.54 %10/23/2024$19,346,662  18,873,298  19,031,311  1.12 %N
42,674,040  42,780,350  2.52 %
Diversified Consumer Services
Edmentum, Inc.Jr Revolving FacilityFixed—  5.00 %5.00 %6/9/2020$5,235,973  5,235,973  5,235,978  0.31 %B/N
Edmentum, Inc.First Lien Term Loan BLIBOR(Q)—  8.50 %10.43 %6/9/2021$10,740,023  9,566,580  10,740,023  0.63 %B/N
Edmentum, Inc.Second Lien Term LoanFixed—  7.00% PIK7.00 %12/8/2021$8,281,653  8,281,653  8,281,661  0.49 %B/N
Edmentum Ultimate Holdings, LLCJr PIK NotesFixed—  10.00% PIK10.00 %6/9/2020$17,609,276  17,536,516  17,609,276  1.04 %B/N
Edmentum Ultimate Holdings, LLCSr PIK NotesFixed—  8.50% PIK8.50 %6/9/2020$3,675,888  3,675,888  3,675,888  0.22 %B/N
Spark Networks, Inc.Sr Secured RevolverLIBOR(Q)1.50 %8.00 %9.95 %7/1/2023$—  (30,874) (38,827) —  K/N
Spark Networks, Inc.First Lien Term LoanLIBOR(Q)1.50 %8.00 %9.95 %7/1/2023$22,934,229  22,203,944  22,062,728  1.30 %N
66,469,680  67,566,727  3.99 %
Diversified Financial Services
36th Street Capital Partners Holdings, LLCSenior NoteFixed—  12.00 %12.00 %11/1/2020$40,834,419  40,834,418  40,834,419  2.41 %E/F/N/O
Aretec Group, Inc. (Cetera)Second Lien Term LoanLIBOR(M)—  8.25 %10.05 %10/1/2026$27,105,263  26,845,399  26,788,945  1.58 %G
Credit Suisse AG (Cayman Islands)Asset-Backed Credit Linked NotesLIBOR(Q)—  9.50 %11.45 %4/12/2025$38,000,000  38,000,000  37,604,800  2.22 %H/I/N
GC Agile Holdings Limited (Apex) (England)First Lien Delayed Term Loan BLIBOR(Q)1.00 %7.00 %9.11 %6/15/2025$18,979,469  18,625,118  18,629,867  1.10 %H/N
GC Agile Holdings Limited (Apex) (England)First Lien Term Loan ALIBOR(Q)1.00 %7.00 %9.11 %6/15/2025$824,958  810,028  809,366  0.05 %H/N
RSB-160, LLC (Lat20)First Lien Delayed Draw Term LoanLIBOR(M)1.00 %6.00 %7.90 %7/20/2022$2,333,333  2,299,659  2,335,900  0.14 %N
127,414,622  127,003,297  7.50 %
14

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019


IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)   
Diversified Telecommunication Services
American Broadband Holding CompanyFirst Lien Term LoanLIBOR(M)1.25 %7.25 %9.05 %10/25/2022$15,395,873  $15,151,000  $15,796,166  0.93 %N
ECI Macola/Max Holding, LLCSecond Lien Term LoanLIBOR(Q)1.00 %8.00 %9.94 %9/29/2025$24,840,563  24,660,905  24,571,540  1.45 %
Securus Technologies, Inc.Second Lien Term LoanLIBOR(M)1.00 %8.25 %10.05 %11/1/2025$25,846,154  25,648,456  12,509,538  0.74 %
TPC Intermediate Holdings, LLCFirst Lien Delayed Draw Term LoanLIBOR(Q)1.00 %6.00 %7.94 %5/15/2023$799,588  787,670  796,310  0.05 %N
TPC Intermediate Holdings, LLCFirst Lien Incremental Delayed Draw Term LoanLIBOR(Q)1.00 %6.00 %7.94 %5/15/2020$525,686  519,722  522,453  0.03 %N
TPC Intermediate Holdings, LLCFirst Lien Incremental Delayed Draw Term Loan ALIBOR(Q)1.00 %6.00 %7.94 %10/31/2020$—  —  (16,811) —  K/N
Telarix, Inc.First Lien Term LoanLIBOR(M)1.00 %6.00 %7.80 %11/19/2023$7,443,750  7,348,457  7,349,959  0.43 %N
Telarix, Inc.Sr Secured RevolverLIBOR(M)1.00 %6.00 %7.80 %11/19/2023$178,571  174,365  174,071  0.01 %N
74,290,575  61,703,226  3.64 %
Electric Utilities
Conergy Asia & ME Pte. Ltd (Singapore)First Lien Term LoanFixed—  10.00 %10.00 %5/26/2020$1,773,807  1,773,807  1,207,785  0.07 %F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)Bank Guarantee Credit FacilityFixed—  —  0.00 %5/26/2020$6,578,877  6,578,877  3,289,438  0.19 %C/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)Revolving Credit FacilityFixed—  —  0.00 %5/26/2020$8,668,850  8,668,850  2,208,823  0.13 %C/F/H/N
Utilidata, Inc.First Lien Delayed Draw Term Loan (4.0% Exit Fee)LIBOR(Q)—  9.88 %11.81 %7/1/2020$1,033,398  1,024,722  942,562  0.06 %L/N
18,046,256  7,648,608  0.45 %
Electrical Equipment
TCFI Amteck Holdings, LLCFirst Lien Delayed Draw Term LoanLIBOR(M)—  8.25 %9.75 %5/22/2023$497,143  490,068  497,143  0.03 %N
TCFI Amteck Holdings, LLCFirst Lien Term LoanLIBOR(M)—  8.25 %9.75 %5/22/2023$16,237,115  16,003,295  16,237,115  0.96 %N
16,493,363  16,734,258  0.99 %
Energy Equipment and Services
GlassPoint Solar, Inc.First Lien Term Loan (4.0% Exit Fee)LIBOR(Q)—  8.50 %10.44 %12/31/2020$4,167,831  4,147,728  3,999,033  0.24 %L/N
GlassPoint Solar, Inc.First Lien Term Loan (5.0% Exit Fee)LIBOR(Q)—  11.44 %13.38 %12/31/2020$2,276,123  2,204,998  2,226,731  0.13 %L/N
Sphera Solutions, Inc. (Diamondback)First Lien FILO Term Loan BLIBOR(Q)2.00 %8.81 %10.81 %6/14/2022$23,614,465  23,255,646  23,371,236  1.38 %N
29,608,372  29,597,000  1.75 %
Health Care Technology
CAREATC, Inc.First Lien Term LoanLIBOR(M)—  7.25 %9.14 %3/14/2024$8,502,033  8,351,441  8,483,328  0.50 %N
CAREATC, Inc.Sr Secured RevolverLIBOR(M)—  7.25 %9.14 %3/14/2024$—  (10,223) (1,336) —  K/N
Patient Point Network Solutions, LLCSr Secured RevolverLIBOR(Q)1.00 %7.50 %9.44 %6/26/2022$264,285  261,418  262,347  0.02 %N
Patient Point Network Solutions, LLCFirst Lien Incremental Term LoanLIBOR(Q)1.00 %7.50 %9.44 %6/26/2022$1,239,799  1,229,504  1,234,344  0.07 %N
Patient Point Network Solutions, LLCFirst Lien Term LoanLIBOR(Q)1.00 %7.50 %9.44 %6/26/2022$6,432,648  6,389,679  6,404,344  0.38 %N
Sandata Technologies, LLCFirst Lien Term LoanLIBOR(Q)—  6.00 %8.00 %7/23/2024$20,250,000  19,961,722  19,942,200  1.18 %N
Sandata Technologies, LLCSr Secured RevolverLIBOR(Q)—  6.00 %8.00 %7/23/2024$—  (30,795) (34,200) —  K/N
36,152,746  36,291,027  2.15 %
15

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019


IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)
Hotels, Restaurants and Leisure
Fishbowl, Inc.First Lien Term LoanLIBOR(Q)—  2.80% Cash+8.45% PIK13.25 %1/26/2022$24,564,304  $24,250,372  $22,591,790  1.33 %N
Pegasus Business Intelligence, LP (Onyx Centersource)First Lien Incremental Term LoanLIBOR(Q)1.00 %6.25 %8.20 %12/20/2021$5,678,264  5,678,264  5,735,615  0.34 %N
Pegasus Business Intelligence, LP (Onyx Centersource)First Lien Term LoanLIBOR(Q)1.00 %6.25 %8.20 %12/20/2021$13,583,579  13,524,243  13,720,773  0.81 %N
Pegasus Business Intelligence, LP (Onyx Centersource)RevolverLIBOR(Q)1.00 %6.25 %8.20 %12/20/2021$—  (2,686) —  —  K/N
VSS-Southern Holdings, LLC (Southern Theatres)First Lien Term LoanLIBOR(Q)1.00 %6.50% Cash+2.00% PIK10.44 %3/31/2022$2,395,992  2,373,398  2,443,913  0.14 %N
VSS-Southern Holdings, LLC (Southern Theatres)First Lien Incremental Term LoanLIBOR(Q)1.00 %6.50% Cash+2.00% PIK10.44 %3/31/2022$142,889  141,895  145,747  0.01 %N
VSS-Southern Holdings, LLC (Southern Theatres)First Lien Incremental Term LoanLIBOR(Q)1.00 %6.50 %8.44 %3/31/2022$550,909  550,909  561,927  0.03 %N
VSS-Southern Holdings, LLC (Southern Theatres)Sr Secured RevolverLIBOR(Q)1.00 %6.50% Cash+2.00% PIK10.44 %3/31/2022$—  (6,733) —  —  K/N
46,509,662  45,199,765  2.66 %
Insurance
2-10 Holdco, Inc.First Lien Term LoanLIBOR(M)—  6.25 %8.05 %10/31/2024$4,537,500  4,461,178  4,479,420  0.26 %N
2-10 Holdco, Inc.Sr Secured RevolverLIBOR(M)—  6.25 %8.05 %10/31/2024$—  (6,724) (5,333) —  K/N
Higginbotham Insurance Agency, Inc.Second Lien Term LoanLIBOR(M)1.00 %7.50 %9.30 %12/19/2025$28,000,000  27,801,191  27,860,000  1.64 %N
IAS Investco, Inc.First Lien Delayed Draw Term Loan ALIBOR(M)1.00 %5.50 %7.30 %1/24/2021$5,318,571  5,296,361  5,295,702  0.31 %N
IAS Investco, Inc.First Lien Delayed Draw Term Loan BLIBOR(M)1.00 %5.50 %7.30 %1/24/2021$1,714,286  1,708,138  1,706,914  0.10 %N
IAS Investco, Inc.First Lien Incremental Term LoanLIBOR(M)1.00 %5.50 %7.30 %1/24/2021$6,020,424  6,002,687  5,994,536  0.35 %N
IAS Investco, Inc.First Lien Term LoanLIBOR(M)1.00 %5.50 %7.30 %1/24/2021$3,934,469  3,918,004  3,917,550  0.23 %N
49,180,835  49,248,789  2.89 %
Internet and Catalog Retail
Live Auctioneers LLCFirst Lien Last Out B-2 Term LoanLIBOR(M)—  6.76 %8.56 %5/20/2025$13,960,362  13,698,968  13,635,085  0.79 %N
Internet Software and Services
Acquia Inc.First Lien Term LoanLIBOR(Q)—  7.00 %8.91 %11/1/2025$16,648,997  16,321,473  16,345,985  0.96 %N
Acquia Inc.Sr Secured RevolverLIBOR(Q)—  7.00 %8.91 %11/1/2025$—  (35,084) (32,829) —  K/N
Domo, Inc.First Lien Delayed Draw Term Loan (7.0% Exit Fee)LIBOR(M)—  5.63% Cash+2.50% PIK9.94 %10/1/2022$52,127,502  51,828,896  51,270,531  3.03 %L/N
FinancialForce.com, Inc.First Lien Delayed Draw Term Loan (3.0% Exit Fee)LIBOR(Q)2.75 %6.75 %9.50 %2/1/2024$28,000,000  27,522,676  28,464,800  1.68 %L/N
Foursquare Labs, Inc.First Lien Term Loan (5.0% Exit Fee)LIBOR(Q)—  7.25 %9.19 %10/1/2022$33,750,000  33,445,277  33,237,000  1.96 %L/N
InMobi, Inc. (Singapore)First Lien Term LoanLIBOR(Q)1.37 %8.13 %10.06 %9/30/2021$30,906,865  30,717,380  30,545,254  1.80 %H/N
Quartz Holding Company (Quick Base)Second Lien Term LoanLIBOR(M)—  8.00 %9.71 %4/2/2027$9,903,019  9,708,757  9,878,261  0.58 %N
ResearchGate GmBH (Germany)First Lien Term Loan (4.0% Exit Fee)EURIBOR (M)—  8.55 %8.55 %10/1/20227,500,000  7,856,974  7,952,439  0.47 %D/H/L/N
177,366,349  177,661,441  10.48 %
IT Services
Apptio, Inc.First Lien Term LoanLIBOR(M)1.00 %7.25 %8.96 %1/10/2025$11,812,993  11,598,319  11,567,282  0.68 %N
Apptio, Inc.Sr Secured RevolverLIBOR(M)1.00 %7.25 %8.96 %1/10/2025$—  (12,904) (16,000) —  K/N
Donuts Inc.First Lien RevolverLIBOR(M)1.00 %6.25 %8.15 %9/17/2023$373,849  350,320  364,746  0.02 %N
Donuts Inc.First Lien Term LoanLIBOR(Q)1.00 %6.25 %8.19 %9/17/2023$10,910,690  10,653,623  10,814,676  0.64 %N
Web.com Group Inc.Second Lien Term LoanLIBOR(M)—  7.75 %9.49 %10/11/2026$16,280,678  16,166,395  15,715,983  0.93 %G/J
Xactly CorporationFirst Lien Incremental Term Loan BLIBOR(M)1.00 %7.25 %9.05 %7/31/2022$4,996,644  4,913,115  4,990,148  0.29 %N
Xactly CorporationFirst Lien Incremental Term LoanLIBOR(M)1.00 %7.25 %9.05 %7/31/2022$2,726,918  2,692,315  2,723,373  0.16 %N
Xactly CorporationFirst Lien Term LoanLIBOR(M)1.00 %7.25 %9.05 %7/31/2022$16,397,517  16,210,453  16,376,200  0.97 %N
Xactly CorporationSr Secured RevolverLIBOR(M)1.00 %7.25 %9.05 %7/31/2022$—  (14,579) (1,827) —  K/N
62,557,057  62,534,581  3.69 %
16

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019


IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)
Leisure Products
Blue Star Sports Holdings, Inc.First Lien Delayed Draw Term LoanLIBOR(Q)1.00 %5.75 %7.76 %6/15/2024$55,556  $54,693  $53,556  —  N
Blue Star Sports Holdings, Inc.First Lien RevolverLIBOR(M)1.00 %5.75 %7.55 %6/15/2024$111,111  108,557  105,111  0.01 %N
Blue Star Sports Holdings, Inc.First Lien Term LoanLIBOR(M)1.00 %5.75 %7.55 %6/15/2024$1,504,611  1,480,597  1,450,445  0.09 %N
Machine Zone, Inc.First Lien Term Loan (10.0% Exit Fee)LIBOR(M)—  13.50 %15.20 %2/1/2021$5,672,712  5,637,816  5,588,188  0.33 %L/N
7,281,663  7,197,300  0.43 %
Media
Bisnow, LLCFirst Lien RevolverLIBOR(Q)—  7.50 %9.63 %9/21/2022$—  (10,270) —  —  K/N
Bisnow, LLCFirst Lien Term LoanLIBOR(Q)—  7.50 %9.63 %9/21/2022$10,557,386  10,446,491  10,628,121  0.63 %N
Khoros, LLC (Lithium)Sr Secured RevolverLIBOR(Q)1.00 %8.00 %10.04 %10/3/2022$—  (7,100) (5,736) —  K/N
Khoros, LLC (Lithium)Sr Secured RevolverLIBOR(Q)1.00 %8.00 %10.04 %10/3/2022$—  (19,127) (19,255) —  K/N
Khoros, LLC (Lithium)First Lien Incremental Term LoanLIBOR(Q)1.00 %8.00 %10.04 %10/3/2022$7,131,905  7,016,707  7,042,043  0.42 %N
Khoros, LLC (Lithium)First Lien Term LoanLIBOR(Q)1.00 %8.00 %10.04 %10/3/2022$20,884,731  20,616,273  20,621,583  1.22 %N
NEP II, Inc.Second Lien Term LoanLIBOR(M)—  7.00 %8.80 %10/19/2026$25,000,000  24,753,355  22,687,500  1.34 %G
Quora, Inc.First Lien Term Loan (4.0% Exit Fee)Fixed—  10.10 %10.10 %5/1/2022$12,692,602  12,528,197  12,709,103  0.75 %L/N
75,324,526  73,663,359  4.36 %
Metal and Mining
Neenah Foundry CompanyFirst Lien Term Loan BLIBOR(M)—  6.50 %8.35 %12/13/2022$4,943,976  4,909,287  4,845,097  0.29 %
Oil, Gas and Consumable Fuels
Iracore International, Inc.First Lien Term LoanLIBOR(M)1.00 %9.00 %10.88 %4/13/2021$1,635,903  1,635,902  1,635,903  0.10 %B/N
Pharmaceuticals
Cambrex CorporationSecond Lien Term LoanLIBOR(M)1.00 %9.00 %10.70 %12/6/2027$15,441,176  15,133,798  15,363,971  0.91 %N
P&L Development, LLCFirst Lien Term LoanLIBOR(Q)2.00 %7.50 %9.50 %6/28/2024$8,645,000  8,447,637  8,601,775  0.51 %G/N
23,581,435  23,965,746  1.42 %
Professional Services
Applause App Quality, Inc.First Lien Term LoanLIBOR(Q)1.00 %5.00 %6.93 %9/20/2022$20,772,306  20,522,294  20,851,241  1.23 %N
Applause App Quality, Inc.Sr Secured RevolverLIBOR(Q)1.00 %5.00 %6.93 %9/20/2022$—  (16,489) —  —  K/N
CIBT Solutions, Inc.Second Lien Term LoanLIBOR(Q)1.00 %7.75 %9.69 %6/1/2025$7,611,914  7,551,528  7,155,199  0.42 %G/N
Discoverorg, LLCSecond Lien Term LoanLIBOR(M)—  8.50 %10.19 %2/1/2027$15,000,000  14,795,054  15,075,000  0.89 %G
Dude Solutions Holdings, Inc.Sr Secured RevolverLIBOR(M)1.00 %7.00 %8.80 %6/13/2025$—  (45,365) (40,404) —  K/N
Dude Solutions Holdings, Inc.First Lien Term LoanLIBOR(M)1.00 %7.00 %8.80 %6/13/2025$16,927,201  16,566,086  16,617,434  0.98 %N
iCIMS, Inc.Sr Secured RevolverLIBOR(M)1.00 %6.50 %8.29 %9/12/2024$—  (7,699) (11,385) —  K/N
iCIMS, Inc.First Lien Term LoanLIBOR(M)1.00 %6.50 %8.29 %9/12/2024$9,482,016  9,315,912  9,262,034  0.55 %N
Institutional Shareholder Services, Inc.Second Lien Term LoanLIBOR(Q)—  8.50 %10.44 %3/5/2026$5,820,856  5,658,368  5,588,022  0.33 %N
STG-Fairway Acquisitions, Inc.(First Advantage)Second Lien Term LoanLIBOR(M)1.00 %9.25 %11.05 %6/30/2023$31,000,000  30,701,658  31,000,000  1.83 %N
105,041,347  105,497,141  6.23 %
Real Estate Management and Development
Florida East Coast Industries, LLCFirst Lien Term Loan BLIBOR(M)—  6.75 %8.51 %12/13/2021$2,321,694  2,289,777  2,310,086  0.14 %N
Florida East Coast Industries, LLCFirst Lien Incremental Lien Term Loan BLIBOR(M)—  6.75 %8.51 %12/13/2021$876,520  869,946  872,138  0.05 %N
Space Midco, Inc. (Archibus)First Lien Term LoanLIBOR(M)—  6.25 %8.00 %12/5/2023$4,444,444  4,371,064  4,371,111  0.26 %N
Space Midco, Inc. (Archibus)Sr Secured RevolverLIBOR(M)—  6.25 %8.00 %12/5/2023$—  (4,371) (4,583) —  K/N
7,526,416  7,548,752  0.45 %
Road and Rail
GlobalTranz Enterprises LLCSecond Lien Term LoanLIBOR(M)1.00 %8.25 %10.04 %5/15/2027$19,382,324  19,008,604  18,796,978  1.11 %N
17

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019


IssuerInstrumentRefFloorSpreadTotal CouponMaturity/ExpirationPrincipal/SharesCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)                 
    
Software
Certify, Inc.First Lien Delayed Draw Term LoanLIBOR(M)1.00%5.75%7.55%2/28/2024$1,594,315  $1,547,623  $1,537,877  0.09 %N
Certify, Inc.First Lien Term LoanLIBOR(M)1.00%5.75%7.55%2/28/2024$23,383,293  23,292,776  22,969,408  1.36 %N
Certify, Inc.Sr Secured RevolverLIBOR(M)1.00%5.75%7.55%2/28/2024$159,432  143,495  140,619  0.01 %N
JAMF Holdings, Inc.First Lien Incremental Term LoanLIBOR(Q)1.00%7.00%8.91%11/13/2022$3,606,829  3,563,940  3,606,829  0.21 %N
JAMF Holdings, Inc.First Lien Term LoanLIBOR(Q)1.00%7.00%8.91%11/13/2022$14,160,797  13,978,598  14,160,797  0.84 %N
JAMF Holdings, Inc.Sr Secured RevolverLIBOR(M)1.00%7.00%8.80%11/13/2022$—  (14,355) —  —  K/N
Marketlive, LLC (Kibo)First Lien Term LoanLIBOR(Q)—  8.00%9.91%12/18/2020$5,076,516  4,988,719  4,989,707  0.29 %N
Rhode Holdings, Inc. (Kaseya)First Lien Delayed Draw Term LoanLIBOR(Q)1.00%6.50%8.60%5/3/2025$224,401  193,557  190,964  0.01 %N
Rhode Holdings, Inc. (Kaseya)First Lien Term LoanLIBOR(Q)1.00%5.50% Cash+1.00% PIK8.72%5/3/2025$14,362,948  14,098,242  14,084,307  0.82 %N
Rhode Holdings, Inc. (Kaseya)Sr Secured RevolverLIBOR(M)1.00%6.50%8.30%5/3/2025$689,257  667,641  665,857  0.04 %N
Snow Software ABFirst Lien Term LoanLIBOR(Q)2.00%6.50%8.50%4/17/2024$13,081,645  12,846,264  12,860,565  0.76 %N
Snow Software ABFirst Lien Incremental Term LoanLIBOR(Q)2.00%6.50%8.50%4/17/2024$14,557,807  14,269,367  14,311,780  0.84 %N
Snow Software ABSr Secured RevolverLIBOR(Q)2.00%6.50%8.50%4/17/2024$1,744,219  1,668,977  1,670,526  0.10 %N
Winshuttle, LLCFirst Lien FILO Term LoanLIBOR(M)1.00%8.42%10.22%8/9/2024$14,007,952  13,649,539  13,665,177  0.81 %N
104,894,383  104,854,413  6.18 %
Specialty Retail
USR Parent, Inc. (Staples)First Lien FILO Term LoanLIBOR(M)1.00 %8.84 %10.54 %9/12/2022$6,410,930  6,314,032  6,404,519  0.38 %N
Technology Hardware, Storage and Peripherals
Pulse Secure, LLCSr Secured RevolverLIBOR(M)1.00 %7.00 %8.71 %5/1/2022$—  (9,446) (3,893) —  K/N
Pulse Secure, LLCFirst Lien Term LoanLIBOR(M)1.00 %7.00 %8.71 %5/1/2022$11,142,879  11,057,992  11,110,565  0.66 %N
TierPoint, LLCSecond Lien Term LoanLIBOR(M)1.00 %7.25 %9.05 %5/5/2025$2,880,000  2,854,404  2,558,405  0.15 %
13,902,950  13,665,077  0.81 %
Textiles, Apparel and Luxury Goods
ABG Intermediate Holdings 2, LLC (Authentic Brands)Second Lien Term LoanLIBOR(M)1.00 %7.75 %9.55 %9/29/2025$11,967,243  11,888,882  11,987,228  0.71 %
Kenneth Cole Productions, Inc.First Lien FILO Term LoanLIBOR(M)1.00 %7.75 %9.50 %12/28/2023$23,528,829  23,383,523  23,507,653  1.39 %N
PSEB, LLC (Eddie Bauer)First Lien FILO II Term LoanPRIME—  7.25 %12.00 %10/12/2023$10,793,402  10,549,564  10,793,402  0.64 %N
PSEB, LLC (Eddie Bauer)First Lien Term LoanLIBOR(Q)1.50 %8.00 %9.91 %10/12/2023$39,823,155  38,936,624  39,624,039  2.34 %N
WH Buyer, LLC (Anne Klein)First Lien Term LoanLIBOR(Q)1.50 %6.75 %8.75 %7/16/2025$27,664,640  27,395,096  27,410,125  1.62 %N
112,153,689  113,322,447  6.70 %
Thrifts and Mortgage Finance
Greystone Select Holdings, LLCFirst Lien Term LoanLIBOR(Q)1.00 %8.00 %9.93 %4/17/2024$24,826,865  24,672,974  25,571,671  1.51 %N
Home Partners of America, Inc.First Lien Delayed Draw Term LoanLIBOR(M)1.00 %6.25 %8.05 %10/13/2022$—  —  —  —  N
Home Partners of America, Inc.First Lien Term LoanLIBOR(M)1.00 %6.25 %8.05 %10/13/2022$2,857,143  2,826,874  2,857,145  0.17 %N
27,499,848  28,428,816  1.68 %
Tobacco Related
Juul Labs, Inc.First Lien Term LoanLIBOR(M)1.50 %7.00 %8.90 %8/2/2023$26,315,789  26,067,931  26,202,632  1.55 %N
Total Debt Investments1,564,445,871  1,535,193,938  90.60 %
Equity Securities           
Airlines  
Epic Aero, Inc (One Sky)Common Stock1,842  855,313  6,333,559  0.38 %C/N
United N659UA-767, LLC (N659UA)Trust Beneficial Interests683  2,165,433  2,300,366  0.14 %E/F/N
United N661UA-767, LLC (N661UA)Trust Beneficial Interests688  2,225,361  2,347,314  0.14 %E/F/N
5,246,107  10,981,239  0.66 %
18

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019


IssuerInstrumentExpirationSharesCostFair
Value
% of Total
Cash and
Investments
Notes
Equity Securities (continued)                 
Chemicals
AGY Holding Corp.Common Stock1,333,527  $—  $—  —  B/C/E/N
KAGY Holding Company, Inc.Series A Preferred Stock9,778  1,091,200  —  —  B/C/E/N
1,091,200  —  —  
Communications Equipment
Avanti Communications Group, PLC (United Kingdom)Common Stock26,576,710  4,902,674  3,523  —  C/D/H/N
Diversified Consumer Services
Edmentum Ultimate Holdings, LLCClass A Common Units159,515  680,226  1,433,968  0.08 %B/C/E/N
Edmentum Ultimate Holdings, LLCWarrants to Purchase Class A Units2/23/2028788,112   7,084,470  0.42 %B/C/E/N
680,227  8,518,438  0.50 %
Diversified Financial Services
36th Street Capital Partners Holdings, LLCMembership Units22,199,416  22,199,416  31,682,859  1.87 %E/F/N/O
Conventional Lending TCP Holdings, LLCMembership Units14,269,948  14,269,948  14,269,948  0.84 %E/F/I/N
GACP I, LP (Great American Capital)Membership Units1,772,812  1,772,812  2,384,330  0.14 %E/I/N
GACP II, LP (Great American Capital)Membership Units18,039,482  18,039,482  18,764,975  1.11 %E/I/N
56,281,658  67,102,112  3.96 %
Diversified Telecommunication Services
V Telecom Investment S.C.A. (Vivacom) (Luxembourg)Common Shares1,393  3,236,256  95,280  0.01 %C/D/E/H/N
Electric Utilities
Conergy Asia Holdings Limited (United Kingdom)Class B Shares1,000,000  1,000,000  —  —  C/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom)Ordinary Shares3,333  7,833,333  —  —  C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)Ordinary Shares2,332,594  —  —  —  C/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)Series B Preferred Shares93,023  1,395,349  —  —  C/E/F/H/N
Utilidata, Inc.Warrants to Purchase Preferred Stock12/22/2022719,998  216,336  29,070  —  C/E/N
10,445,018  29,070  —  
Electronic Equipment, Instruments and Components
Soraa, Inc.Warrants to Purchase Preferred Stock8/29/20243,071,860  478,899  —  —  C/E/N
Energy Equipment and Services
GlassPoint Solar, Inc.Warrants to Purchase Series E Preferred Stock2/7/2027400,000  248,555  113,280  0.01 %C/E/N
GlassPoint Solar, Inc.Warrants to Purchase Series E Preferred Stock2/7/20272,048,000  505,450  579,992  0.03 %C/E/N
754,005  693,272  0.04 %
19

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019


IssuerInstrumentExpirationSharesCostFair
Value
% of Total
Cash and
Investments
Notes
Equity Securities (continued)                 
Internet Software and Services
Domo, Inc.Warrants to Purchase Class B Common Stock6/28/202162,247  $511,349  $509,086  0.03 %C/E/N
FinancialForce.com, Inc.Warrants to Purchase Series C Preferred Stock1/30/2029840,000  287,985  271,044  0.02 %C/E/N
Foursquare Labs, Inc.Warrants to Purchase Series E Preferred Stock5/4/20271,687,500  297,361  347,063  0.02 %C/E/N
InMobi, Inc. (Singapore)Warrants to Purchase Common Stock8/15/20271,327,869  212,360  180,797  0.01 %C/E/H/N
InMobi, Inc. (Singapore)Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)9/18/20251,049,996  276,492  396,397  0.02 %C/E/H/N
InMobi, Inc. (Singapore)Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)10/3/20281,511,002  93,407  335,614  0.02 %C/E/H/N
ResearchGate Corporation (Germany)Warrants to Purchase Series D Preferred Stock10/30/2029333,370  202,001  205,018  0.01 %C/D/E/H/N
Snaplogic, Inc.Warrants to Purchase Series Preferred Stock3/19/20281,860,000  377,722  4,600,000  0.27 %C/E/N
2,258,677  6,845,019  0.40 %
IT Services
Fidelis (SVC), LLCPreferred Units657,932  2,001,384  47,518  —  C/E/N
Life Sciences Tools and Services
Envigo RMS Holdings Corp.Common Stock36,413  —  526,350  0.03 %C/E/N
Media
NEG Parent, LLC (Core Entertainment, Inc.)Class A Units2,720,392  2,772,807  6,925,847  0.41 %B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.)Class A Warrants to Purchase Class A Units10/17/2026343,387  196,086  391,407  0.02 %B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.)Class B Warrants to Purchase Class A Units10/17/2026346,794  198,032  395,290  0.02 %B/C/E/N
Quora, Inc.Warrants to Purchase Series D Preferred Stock4/11/2029507,704  65,245  64,803  —  C/E/N
Shop Holding, LLC (Connexity)Class A Units507,167  480,049  —  —  C/E/N
SoundCloud, Ltd. (United Kingdom)Warrants to Purchase Preferred Stock4/29/2025946,498  79,082  45,143  —  C/E/H/N
3,791,301  7,822,490  0.45 %
Oil, Gas and Consumable Fuels
Iracore Investments Holdings, Inc.Class A Common Stock16,207  4,177,710  2,476,881  0.15 %B/C/E/N
Professional Services
Anacomp, Inc.Class A Common Stock1,255,527  26,711,048  1,167,641  0.07 %C/E/F/N
Findly Talent, LLCMembership Units708,229  230,938  123,939  0.01 %C/E/N
STG-Fairway Holdings, LLC (First Advantage)Class A Units803,961  325,432  5,380,520  0.32 %C/E/N
27,267,418  6,672,100  0.40 %
Semiconductors and Semiconductor Equipment
Adesto Technologies CorporationWarrants to Purchase Common Stock5/8/2024436,320  846,724  667,570  0.04 %C/E/N
Nanosys, Inc.Warrants to Purchase Preferred Stock3/29/2023800,000  605,266  838,607  0.05 %C/E/N
1,451,990  1,506,177  0.09 %
20

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019


IssuerInstrumentExpirationSharesCostFair
Value
% of Total
Cash and
Investments
Notes
Equity Securities (continued)                 
Software
Actifio, Inc.Warrants to Purchase Series G Preferred Stock5/5/20271,052,651  $188,770  $469,687  0.03 %C/E/N
Tradeshift, Inc.Warrants to Purchase Series D Preferred Stock3/26/20271,712,930  577,842  523,801  0.03 %C/E/N
766,612  993,488  0.06 %
Total Equity Securities 124,831,136  114,312,957  6.75 %  
Total Investments$1,689,277,077  $1,649,506,895     
Cash and Cash Equivalents     
Cash Held on Account at Various Institutions           44,848,539  2.65 %  
Cash and Cash Equivalents44,848,539  2.65 %  
Total Cash and Investments $1,694,355,434  100.00 %M

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 (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-income producing.
(D)Investment denominated in foreign currency.  Cost and fair value converted from foreign currency to US dollars. Foreign currency denominated investments are generally hedged for currency exposure.
(E)Restricted security. (See Note 2)
(F)Controlled issuer – as defined under the Investment Company 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 Act. Under the Investment Company 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 Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act.  Under the Investment Company 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 Act. Under the Investment Company 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)36th Street Capital Partners Holdings, LLC holds common and preferred interests in a pool of equipment loans and leases made by 36th Street Capital Partners, LLC.

LIBOR or EURIBOR resets monthly (M), quarterly (Q), semiannually (S), or annually (A).
 
During 2019, we transitioned our industry classification system for financial reporting purposes to more closely align with the system generally used by the Advisor for portfolio management purposes. As part of this transition, we are generally classifying the industries of our portfolio companies based on the primary end market served rather than the product or service directed to those end markets. The Consolidated Schedule of Investments as of December 31, 2018 reflects the industry classification system prior to this transition.

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $700,024,114 and $596,374,086, respectively, for the twelve months ended December 31, 2019. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of December 31, 2019 was $1,605,565,013 or 94.8% of total cash and investments of the Company. As of December 31, 2019, approximately 9.3% 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.
21


BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Investment income
Interest income (excluding PIK):
Companies less than 5% owned$34,939,196  $40,843,623  $70,928,532  $83,800,277  
Companies 5% to 25% owned451,965  983,755  1,004,241  1,713,023  
Companies more than 25% owned1,518,141  902,019  3,194,397  1,798,275  
PIK interest income:
Companies less than 5% owned2,557,814  4,160,072  3,969,445  5,838,088  
Companies 5% to 25% owned863,826  741,170  1,865,956  1,457,796  
Dividend income:
Companies more than 25% owned301,725  392,198  730,145  872,602  
Lease income:
Companies more than 25% owned—  74,457  38,136  148,914  
Other income:
Companies less than 5% owned3,832,958  77,331  3,985,972  86,179  
Companies 5% to 25% owned648,799  —  648,799  —  
Total investment income45,114,424  48,174,625  86,365,623  95,715,154  
Operating expenses
Interest and other debt expenses10,645,437  11,144,631  21,601,082  21,832,263  
Management and advisory fees5,804,143  6,119,490  11,921,185  12,154,231  
Incentive fee5,245,304  4,830,994  5,245,304  10,184,410  
Administrative expenses539,947  599,559  1,079,894  1,199,118  
Legal fees, professional fees and due diligence expenses502,658  430,876  1,001,068  868,013  
Director fees208,000  202,328  440,232  391,126  
Insurance expense175,080  128,742  350,161  256,070  
Custody fees111,773  97,603  223,440  197,213  
Other operating expenses829,709  806,764  1,397,958  1,498,974  
Total operating expenses24,062,051  24,360,987  43,260,324  48,581,418  
Net investment income21,052,373  23,813,638  43,105,299  47,133,736  
Realized and unrealized gain (loss) on investments and foreign currency
Net realized gain (loss):
Investments in companies less than 5% owned(383,875) (37) 4,410,583  (300,359) 
Investments in companies 5% to 25% owned—  —  —  43,320  
Investments in companies more than 25% owned(32,062) —  129,950  —  
Net realized gain (loss)(415,937) (37) 4,540,533  (257,039) 
Change in net unrealized appreciation/depreciation25,714,831  (34,637,483) (70,775,975) (33,578,759) 
Net realized and unrealized gain (loss)25,298,894  (34,637,520) (66,235,442) (33,835,798) 
Net increase (decrease) in net assets resulting from operations$46,351,267  $(10,823,882) $(23,130,143) $13,297,938  
Basic and diluted earnings (loss) per common share$0.80  $(0.18) $(0.40) $0.23  
Basic and diluted weighted average common shares outstanding57,766,916  58,765,802  58,217,663  58,766,618  




See accompanying notes to the consolidated financial statements.
23


BlackRock TCP Capital Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

 Common StockPaid in Capital
in Excess of Par
Distributable earnings (loss)Total Net
Assets
 SharesPar Amount
Balance at December 31, 201858,774,607  $58,775  $1,000,073,183  $(169,657,231) $830,474,727  
Issuance of common stock from dividend reinvestment plan193  —  2,738  —  2,738  
Repurchase of common stock(9,000) (9) (125,670) —  (125,679) 
Net investment income—  —  —  23,320,098  23,320,098  
Net realized and unrealized gain—  —  —  801,722  801,722  
Regular dividends paid to common shareholders—  —  —  (21,155,619) (21,155,619) 
Balance at March 31, 201958,765,800  $58,766  $999,950,251  $(166,691,030) $833,317,987  
 
Issuance of common stock from dividend reinvestment plan200  —  2,843  —  2,843  
Net investment income—  —  —  23,813,638  23,813,638  
Net realized and unrealized gain—  —  —  (34,637,520) (34,637,520) 
Regular dividends paid to common shareholders—  —  —  (21,155,688) (21,155,688) 
Balance at June 30, 201958,766,000  $58,766  $999,953,094  $(198,670,600) $801,341,260  
 Common StockPaid in Capital
in Excess of Par
Distributable earnings (loss)Total Net
Assets
 SharesPar Amount
Balance at December 31, 201958,766,426  $58,766  $997,379,362  $(221,119,742) $776,318,386  
Issuance of common stock from dividend reinvestment plan486   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) 
Regular dividends paid to common shareholders—  —  —  (21,155,913) (21,155,913) 
Balance at March 31, 202057,766,912  $57,767  $991,283,210  $(311,757,066) $679,583,911  
Issuance of common stock from dividend reinvestment plan352  —  3,214  —  3,214  
Net investment income—  —  —  21,052,373  21,052,373  
Net realized and unrealized gain—  —  —  25,298,894  25,298,894  
Regular dividends paid to common shareholders—  —  —  (20,796,088) (20,796,088) 
Balance at June 30, 202057,767,264  $57,767  $991,286,424  $(286,201,887) $705,142,304  

  
















See accompanying notes to the consolidated financial statements.
24


BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)
Six Months Ended June 30,
20202019
Operating activities
Net increase (decrease) in net assets applicable to common shareholders resulting from operations$(23,130,143) $13,297,938  
Adjustments to reconcile net increase (decrease) in net assets applicable to common shareholders resulting from operations to net cash provided by (used in) operating activities:
Net realized gain (loss)(4,540,533) 257,039  
Change in net unrealized appreciation/depreciation of investments70,744,059  33,578,725  
Net amortization of investment discounts and premiums(3,956,764) (6,821,574) 
Amortization of original issue discount on convertible debt596,162  615,313  
Interest and dividend income paid in kind(5,835,401) (7,295,884) 
Amortization of deferred debt issuance costs1,779,300  1,837,576  
Changes in assets and liabilities:
Purchases of investment securities(193,182,052) (375,078,270) 
Proceeds from sales, maturities and pay downs of investments178,695,161  263,463,486  
Decrease (increase) in accrued interest income - companies less than 5% owned58,134  1,810,987  
Increase in accrued interest income - companies 5% to 25% owned(212,818) (361,598) 
Decrease (increase) in accrued interest income - companies more than 25% owned292,109  (88,212) 
Decrease (increase) in receivable for investments sold1,316,667  (433,969) 
Decrease (increase) in prepaid expenses and other assets(1,399,574) 3,068,242  
Increase (decrease) in payable for investments purchased(12,463,402) 11,093,056  
Increase (decrease) in incentive compensation payable491,633  (1,009,352) 
Decrease in interest payable(118,106) (17,115) 
Decrease in payable to the Advisor(172,813) (328,176) 
Increase (decrease) in management and advisory fees payable(641,770) 66,226  
Increase (decrease) in accrued expenses and other liabilities(686,492) 82,159  
Net cash provided by (used in) operating activities7,633,357  (62,263,403) 
Financing activities
Borrowings169,446,940  309,500,000  
Repayments of debt(152,220,304) (208,500,000) 
Payments of debt issuance costs(1,014,766) (2,368,092) 
Dividends paid to common shareholders(41,952,001) (42,311,307) 
Repurchase of common shares(6,100,190) (125,679) 
Proceeds from shares issued in connection with dividend reinvestment plan6,253  5,581  
Net cash provided by (used in) financing activities(31,834,068) 56,200,503  
Net decrease in cash and cash equivalents (including restricted cash)(24,200,711) (6,062,900) 
Cash and cash equivalents (including restricted cash) at beginning of period44,848,539  27,920,402  
Cash and cash equivalents (including restricted cash) at end of period$20,647,828  $21,857,502  
Supplemental cash flow information
Interest payments$18,731,345  $18,978,694  










See accompanying notes to the consolidated financial statements.
25


BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited)
 
June 30, 2020

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”), 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 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 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, 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 persons, six of whom are independent.

26


BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
June 30, 2020
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 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.