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TCPC BlackRock TCP Capital

Filed: 2 Nov 20, 4:05pm

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 September 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 November 2, 2020 was 57,767,264.


    




BLACKROCK TCP CAPITAL CORP.

FORM 10-Q

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020

TABLE OF CONTENTS




1


BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities 
September 30, 2020December 31, 2019
(unaudited)
Assets
Investments, at fair value:
Companies less than 5% owned (cost of $1,491,568,519 and $1,483,508,500, respectively)$1,455,065,353 $1,474,318,011 
Companies 5% to 25% owned (cost of $66,501,857 and $70,112,667, respectively)77,568,333 75,880,291 
Companies more than 25% owned (cost of $134,012,301 and $135,655,840, respectively)96,131,168 99,308,593 
Total investments (cost of $1,692,082,677 and $1,689,277,007, respectively)1,628,764,854 1,649,506,895 
Cash and cash equivalents35,449,403 44,848,539 
Accrued interest income:
Companies less than 5% owned15,101,313 16,937,339 
Companies 5% to 25% owned986,470 665,165 
Companies more than 25% owned13,611 305,721 
Deferred debt issuance costs5,276,610 5,476,382 
Receivable for investments sold167,273 1,316,667 
Prepaid expenses and other assets3,010,077 3,012,488 
Total assets1,688,769,611 1,722,069,196 
Liabilities
Debt, net of unamortized issuance costs of $6,239,766 and $7,711,684, respectively931,750,580 907,802,387 
Payable for investments purchased6,585,962 13,057,446 
Management and advisory fees payable5,687,951 5,429,075 
Incentive compensation payable5,048,103 4,753,671 
Interest payable2,927,340 10,837,121 
Payable to the Advisor590,537 1,591,651 
Accrued expenses and other liabilities1,850,714 2,279,459 
Total liabilities954,441,187 945,750,810 
Commitments and contingencies (Note 5)
Net assets$734,328,424 $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 September 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)(257,015,767)(221,119,742)
Net assets$734,328,424 $776,318,386 
Net assets per share$12.71 $13.21 

See accompanying notes to the consolidated financial statements.
2

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 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 $5,068,367 $4,836,735 0.29 %N
Unanet, Inc.First Lien Term LoanLIBOR(M)— 6.25 %6.44 %5/31/2024$19,897,959 19,738,978 19,141,837 1.15 %N
Unanet, Inc.Sr Secured RevolverLIBOR(M)— 6.25 %6.44 %5/31/2024$2,448,980 2,430,383 2,355,918 0.14 %N
27,237,728 26,334,490 1.58 %
Airlines
Mesa Air Group, Inc.Junior Loan Agreement (N902FJ)LIBOR(Q)— 7.50 %7.75 %2/1/2022$617,512 615,492 600,221 0.04 %N
Mesa Air Group, Inc.Junior Loan Agreement (N903FJ)LIBOR(Q)— 7.50 %7.75 %2/1/2022$708,921 706,602 689,071 0.04 %N
Mesa Air Group, Inc.Junior Loan Agreement (N904FJ)LIBOR(Q)— 7.50 %7.75 %2/1/2022$788,974 786,394 766,883 0.05 %N
Mesa Air Group, Inc.Junior Loan Agreement (N905FJ)LIBOR(Q)— 7.50 %7.75 %2/1/2022$595,755 593,806 579,074 0.03 %N
Mesa Air Group, Inc.Junior Loan Agreement (N906FJ)LIBOR(Q)— 7.50 %7.75 %5/1/2022$650,727 648,128 632,507 0.04 %N
Mesa Air Group, Inc.Junior Loan Agreement (N907FJ)LIBOR(Q)— 7.50 %7.75 %5/1/2022$675,835 673,135 656,912 0.04 %N
Mesa Air Group, Inc.Junior Loan Agreement (N908FJ)LIBOR(Q)— 7.50 %7.75 %5/1/2022$964,899 961,044 937,882 0.06 %N
Mesa Air Group, Inc.Junior Loan Agreement (N909FJ)LIBOR(Q)— 7.50 %7.75 %8/1/2022$498,560 496,442 484,600 0.03 %N
Mesa Air Group, Inc.Junior Loan Agreement (N910FJ)LIBOR(Q)— 7.50 %7.75 %8/1/2022$478,892 476,858 465,483 0.03 %N
Mesa Airlines, Inc.Aircraft Acquisition Incremental LoanLIBOR(M)2.00 %5.00 %7.00 %9/27/2023$2,124,097 2,103,402 1,973,286 0.12 %N
Mesa Airlines, Inc.Aircraft Acquisition LoanLIBOR(M)2.00 %5.00 %7.00 %6/5/2023$17,037,024 16,883,384 15,963,692 0.96 %N
One Sky Flight, LLCFirst Lien Term LoanLIBOR(Q)1.00 %7.50 %8.50 %12/27/2024$19,250,000 18,910,671 19,442,500 1.17 %N
43,855,358 43,192,111 2.61 %
Automobiles
Autoalert, LLCFirst Lien Incremental Term LoanLIBOR(Q)0.25 %10.75 %11.06 %1/1/2022$41,207,522 41,183,626 39,064,731 2.35 %N
Autoalert, LLCFirst Lien Term LoanLIBOR(Q)0.25 %10.75 %11.06 %1/1/2022$16,307,846 16,283,070 15,459,838 0.93 %N
DealerFX, Inc.First Lien Term LoanLIBOR(Q)1.00 %6.25% Cash + 2.00% PIK9.25 %2/1/2023$16,475,518 16,306,053 16,129,532 0.97 %N
73,772,749 70,654,101 4.25 %
Building Products
Dodge Data & Analytics, LLCFirst Lien Delayed Draw Term LoanLIBOR(Q)1.00 %7.00 %8.00 %12/31/2020$834,573 834,441 818,716 0.05 %N
Dodge Data & Analytics, LLCFirst Lien Term LoanLIBOR(Q)1.00 %7.00 %8.00 %12/31/2020$33,759,684 33,753,568 33,118,250 1.99 %N
34,588,009 33,936,966 2.04 %
Capital Markets
HighTower Holding, LLCSecond Lien Term LoanLIBOR(Q)1.00 %8.75 %9.75 %1/31/2026$15,080,645 14,763,799 15,076,121 0.91 %N
HighTower Holding, LLCSecond Lien Delayed Draw Term LoanLIBOR(M)1.00 %8.75 %9.75 %1/31/2026$6,169,355 6,069,787 6,167,504 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 20,928,723 21,246,232 1.28 %L/N
41,762,309 42,489,857 2.56 %
Commercial Services and Supplies
Kellermeyer Bergensons Services, LLCFirst Lien Delayed Draw Term Loan ALIBOR(Q)1.00 %6.50 %7.73 %11/7/2026$1,427,124 1,414,242 1,420,414 0.09 %N
Kellermeyer Bergensons Services, LLCFirst Lien Delayed Draw Term Loan BLIBOR(Q)1.00 %6.50 %7.50 %11/7/2026$202,108 184,956 192,306 0.01 %N
Kellermeyer Bergensons Services, LLCFirst Lien Term LoanLIBOR(Q)1.00 %6.50 %7.50 %11/7/2026$6,486,928 6,432,316 6,454,493 0.39 %N
Team Software, Inc.First Lien Incremental Term LoanLIBOR(Q)— 5.50 %5.75 %9/17/2023$7,220,080 7,135,091 7,090,119 0.43 %N
Team Software, Inc.First Lien RevolverLIBOR(Q)— 5.50 %5.75 %9/17/2023$1,053,363 1,021,418 990,161 0.06 %N
Team Software, Inc.First Lien Term LoanLIBOR(Q)— 5.50 %5.75 %9/17/2023$13,167,038 13,039,675 12,930,031 0.78 %N
29,227,698 29,077,524 1.76 %
3

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2020
IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)               
Communications Equipment
Avanti Communications Jersey Limited (United Kingdom)1.25 Lien Term LoanFixed— 12.50 %12.50 %5/24/2021$225,764 $225,764 $225,764 0.01 %H/N
Avanti Communications Jersey Limited (United Kingdom)1.5 Lien Delayed Draw Term LoanFixed— 12.50 %12.50 %5/24/2021$1,331,667 1,331,667 1,331,667 0.08 %H/N
Avanti Communications Jersey Limited (United Kingdom)1.5 Lien Term LoanFixed— 12.50 %12.50 %5/24/2021$310,137 276,288 310,137 0.02 %H/N
Avanti Communications Group, PLC (United Kingdom)Sr New Money Initial NoteFixed— 9.00% PIK9.00 %10/1/2022$1,592,934 1,591,586 978,061 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 2,495,739 0.15 %C/E/G/H/N
7,489,524 5,341,368 0.32 %
Construction and Engineering
Hylan Datacom & Electrical, LLCFirst Lien Incremental Term LoanLIBOR(Q)1.00 %10.00 %11.00 %7/25/2021$2,628,475 2,610,742 2,142,470 0.13 %N
Hylan Datacom & Electrical, LLCFirst Lien Term Loan (3.15% Exit Fee)LIBOR(Q)1.00 %10.00 %11.00 %7/25/2021$14,548,744 14,514,161 11,858,681 0.71 %L/N
17,124,903 14,001,151 0.84 %
Consumer Finance
Auto Trakk SPV, LLCFirst Lien Delayed Draw Term LoanLIBOR(M)0.50 %6.50 %7.00 %12/21/2021$23,971,792 23,862,639 23,971,792 1.43 %N
Barri Financial Group, LLFirst Lien Term LoanLIBOR(Q)1.00 %7.75 %8.75 %10/23/2024$16,507,539 16,160,090 16,656,107 1.00 %N
Open Lending, LLCFirst Lien Term LoanLIBOR(M)1.00 %6.50 %7.50 %3/11/2027$4,937,500 4,793,326 4,912,813 0.30 %N
44,816,055 45,540,712 2.73 %
Diversified Consumer Services
Edmentum, Inc.Jr Revolving FacilityFixed— 5.00 %5.00 %12/9/2021$5,638,742 5,638,742 5,638,742 0.34 %B/N
Edmentum, Inc.First Lien Term Loan BLIBOR(Q)1.00 %8.50 %9.50 %6/9/2021$10,917,544 10,315,636 10,917,544 0.66 %B/N
Edmentum, Inc.Second Lien Term LoanFixed— 7.00% PIK7.00 %12/8/2021$8,730,763 8,730,763 8,730,763 0.52 %B/N
Edmentum, Inc.Second Lien RevolverFixed— 5.00% PIK5.00 %12/9/2021$5,732,733 5,732,733 5,732,733 0.34 %B/N
Edmentum Ultimate Holdings, LLCJr PIK NotesFixed— 10.00% PIK10.00 %12/9/2021$18,983,826 18,821,668 18,983,826 1.14 %B/N
Edmentum Ultimate Holdings, LLCSr PIK NotesFixed— 8.50% PIK8.50 %12/9/2021$3,918,862 3,918,862 3,918,862 0.24 %B/N
Educationcity Limited (Edmentum)Sr Unsecured Promissory NoteFixed— 10.00 %10.00 %12/9/2021$3,707,423 3,682,688 3,707,423 0.22 %B/N
Spark Networks, Inc.Sr Secured RevolverLIBOR(Q)1.50 %8.00 %9.50 %7/1/2023$— (24,339)(11,266)— K/N
Spark Networks, Inc.First Lien Term LoanLIBOR(Q)1.50 %8.00 %9.50 %7/1/2023$20,452,504 19,922,271 20,157,988 1.21 %N
76,739,024 77,776,615 4.67 %
Diversified Financial Services
36th Street Capital Partners Holdings, LLCSenior NoteFixed— 12.00 %12.00 %11/1/2020$40,834,419 40,834,418 40,834,418 2.45 %E/F/N
Aretec Group, Inc. (Cetera)Second Lien Term LoanLIBOR(M)— 8.25 %8.40 %10/1/2026$27,105,263 26,869,689 23,129,735 1.39 %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 32,490,000 1.95 %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$18,836,223 18,522,666 18,509,018 1.11 %H/N
GC Agile Holdings Limited (Apex) (England)First Lien Term Loan ALIBOR(Q)1.00 %7.00 %8.25 %6/15/2025$818,677 805,409 801,730 0.05 %H/N
RSB-160, LLC (Lat20)First Lien Delayed Draw Term LoanLIBOR(M)1.00 %6.00 %7.00 %7/20/2022$2,333,333 2,308,222 2,333,333 0.14 %N
127,340,404 118,098,234 7.09 %
Diversified Telecommunication Services
ECI Macola/Max Holding, LLCSecond Lien Term LoanLIBOR(M)1.00 %8.00 %9.00 %9/29/2025$24,840,563 24,674,558 24,840,563 1.49 %N
Aventiv Technologies, Inc. (Securus)Second Lien Term LoanLIBOR(Q)1.00 %8.25 %9.25 %11/1/2025$25,846,154 25,664,949 16,208,382 0.97 %N
Telarix, Inc.First Lien Term LoanLIBOR(Q)1.00 %6.00 %7.00 %11/19/2023$7,387,500 7,308,552 7,154,055 0.43 %N
Telarix, Inc.Sr Secured RevolverLIBOR(Q)1.00 %6.00 %7.00 %11/19/2023$357,143 353,704 345,857 0.02 %N
58,001,763 48,548,857 2.91 %
4

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2020
IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)               
Electric Utilities
Conergy Asia & ME Pte. Ltd (Singapore)First Lien Term LoanFixed— — — 6/30/2021$2,110,141 $2,110,141 $1,290,984 0.08 %C/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)Bank Guarantee Credit FacilityFixed— — — 9/30/2020$6,578,877 6,578,877 3,267,728 0.20 %C/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)Revolving Credit FacilityFixed— — — 9/30/2020$8,668,850 8,668,850 2,022,443 0.12 %C/F/H/N
17,357,868 6,581,155 0.40 %
Electrical Equipment
TCFI Amteck Holdings, LLCFirst Lien Delayed Draw Term LoanLIBOR(Q)— 6.25 %6.50 %5/22/2023$522,897 517,057 518,191 0.03 %N
TCFI Amteck Holdings, LLCFirst Lien Term LoanLIBOR(Q)— 6.25 %6.50 %5/22/2023$8,668,436 8,570,486 8,590,420 0.52 %N
9,087,543 9,108,611 0.55 %
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 4,230,963 1,485,878 0.09 %C/L/N
GlassPoint Solar, Inc.First Lien Incremental Term Loan ALIBOR(M)2.00 %8.50 %10.50 %8/31/2021$205,484 205,484 205,484 0.01 %N
GlassPoint Solar, Inc.First Lien Term Loan (5.0% Exit Fee)LIBOR(M)— 11.44 %— 8/31/2021$2,324,588 2,267,956 813,606 0.05 %C/L/N
Sphera Solutions, Inc. (Diamondback)First Lien FILO Term Loan BLIBOR(Q)1.00 %8.81 %9.81 %6/14/2022$23,436,561 23,157,209 23,131,885 1.39 %N
29,861,612 25,636,853 1.54 %
Health Care Technology
CAREATC, Inc.First Lien Term LoanLIBOR(Q)1.00 %7.25 %8.25 %3/14/2024$8,502,033 8,372,886 8,493,531 0.51 %N
CAREATC, Inc.Sr Secured RevolverLIBOR(Q)1.00 %7.25 %8.25 %3/14/2024$— (8,556)(607)— K/N
Edifecs, IncFirst Lien Term LoanLIBOR(Q)1.00 %7.50 %8.50 %9/21/2026$1,388,889 1,354,297 1,354,167 0.08 %N
Patient Point Network Solutions, LLCSr Secured RevolverLIBOR(Q)1.00 %7.50 %9.50 %6/26/2022$440,474 438,320 438,272 0.03 %N
Patient Point Network Solutions, LLCFirst Lien Incremental Term LoanLIBOR(Q)1.00 %7.50 %8.50 %6/26/2022$1,189,083 1,182,265 1,183,138 0.07 %N
Patient Point Network Solutions, LLCFirst Lien Term LoanLIBOR(Q)1.00 %7.50 %8.50 %6/26/2022$6,169,510 6,140,965 6,138,224 0.37 %N
Sandata Technologies, LLCFirst Lien Term LoanLIBOR(Q)— 6.00 %6.25 %7/23/2024$20,250,000 20,003,511 19,561,500 1.18 %N
Sandata Technologies, LLCSr Secured RevolverLIBOR(Q)— 6.00 %6.25 %7/23/2024$2,250,000 2,223,501 2,173,500 0.13 %N
39,707,189 39,341,725 2.37 %
Hotels, Restaurants and Leisure
Fishbowl, Inc.First Lien Term LoanLIBOR(Q)— 1.3% Cash + 8.45% PIK10.00 %1/26/2022$25,662,183 25,456,660 15,730,918 0.95 %N
Pegasus Business Intelligence, LP (Onyx Centersource)First Lien Incremental Term LoanLIBOR(Q)1.00 %6.25 %7.25 %12/20/2021$5,634,101 5,634,101 4,552,354 0.27 %N
Pegasus Business Intelligence, LP (Onyx Centersource)First Lien Term LoanLIBOR(Q)1.00 %6.25 %7.25 %12/20/2021$13,473,657 13,434,395 10,886,715 0.65 %N
Pegasus Business Intelligence, LP (Onyx Centersource)RevolverLIBOR(Q)1.00 %6.25 %7.25 %12/20/2021$671,356 669,543 542,455 0.03 %N
VSS-Southern Holdings, LLC (Southern Theatres)First Lien Term LoanLIBOR(Q)1.00 %7.50 %8.50 %3/31/2022$2,406,653 2,391,015 2,146,734 0.13 %N
VSS-Southern Holdings, LLC (Southern Theatres)First Lien Incremental Term LoanLIBOR(Q)1.00 %7.50 %8.50 %3/31/2022$143,525 142,836 128,024 0.01 %N
VSS-Southern Holdings, LLC (Southern Theatres)First Lien Incremental Term LoanLIBOR(Q)1.00 %7.50 %8.50 %3/31/2022$553,360 553,360 493,597 0.03 %N
VSS-Southern Holdings, LLC (Southern Theatres)Sr Secured RevolverLIBOR(Q)1.00 %7.50 %8.50 %3/31/2022$1,031,968 1,027,534 920,516 0.06 %N
49,309,444 35,401,313 2.13 %
Insurance
2-10 Holdco, Inc.First Lien Term LoanLIBOR(Q)1.00 %6.25 %7.00 %10/31/2024$4,503,125 4,437,467 4,422,519 0.27 %N
2-10 Holdco, Inc.Sr Secured RevolverLIBOR(Q)1.00 %6.25 %7.00 %10/31/2024$— (5,687)(7,458)— K/N
AmeriLife Holdings, LLCSecond Lien Term LoanLIBOR(Q)1.00 %8.50 %9.50 %3/18/2028$21,356,400 20,939,684 21,164,193 1.27 %N
Higginbotham Insurance Agency, Inc.Second Lien Term LoanLIBOR(M)1.00 %7.50 %8.50 %12/19/2025$28,000,000 27,816,436 27,720,000 1.67 %N
53,187,900 53,299,254 3.21 %
5

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2020
IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)
Internet and Catalog Retail
Live Auctioneers LLCFirst Lien Last Out B-2 Term LoanLIBOR(Q)1.00 %6.76 %7.76 %5/20/2025$13,855,133 $13,624,098 $13,550,320 0.81 %N
Internet Software and Services
Acquia Inc.First Lien Term LoanLIBOR(Q)1.00 %7.00 %8.00 %11/1/2025$16,648,997 16,354,623 16,782,188 1.01 %N
Acquia Inc.Sr Secured RevolverLIBOR(Q)1.00 %7.00 %8.00 %11/1/2025$— (30,611)— — K/N
Domo, Inc.First Lien Delayed Draw Term Loan (7.0% Exit Fee)LIBOR(M)1.50 %5.5% Cash + 2.5% PIK9.50 %4/1/2025$53,127,799 53,049,139 54,084,100 3.25 %L/N
Domo, Inc.First Lien Term LoanLIBOR(M)— 9.5% PIK9.50 %4/1/2025$2,506,304 16,426 2,543,898 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 27,600,518 28,420,000 1.71 %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 33,524,438 33,851,250 2.03 %L/N
Foursquare Labs, Inc.First Lien Incremental Term LoanLIBOR(M)2.19 %7.25 %9.44 %10/1/2022$7,500,000 7,260,786 7,477,500 0.45 %N
Metricstream, Inc.First Lien Term LoanLIBOR(Q)1.00 %8.00 %9.00 %9/28/2024$23,104,483 22,643,279 22,642,394 1.36 %N
Persado, Inc.First Lien Delayed Term Loan (4.25% Exit Fee)LIBOR(M)1.80 %7.00 %8.80 %2/1/2025$8,782,078 8,705,607 8,703,040 0.52 %L/N
Quartz Holding Company (Quick Base)Second Lien Term LoanLIBOR(M)— 8.00 %8.15 %4/2/20279,903,019 9,724,160 9,308,838 0.56 %N
ResearchGate GmBH (Germany)First Lien Term LoanLIBOR(M)— 8.55 %8.55 %10/1/20226,714,000 7,975,407 8,531,029 0.51 %D/H/L/N
186,823,772 192,344,237 11.55 %
IT Services
Donuts Inc.First Lien RevolverLIBOR(Q)1.00 %6.25 %7.25 %9/17/2023$— (19,119)(1,448)— K/N
Donuts Inc.First Lien Term LoanLIBOR(Q)1.00 %6.25 %7.25 %9/17/2023$10,537,412 10,333,398 10,522,660 0.63 %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 10,096,160 10,155,652 0.61 %L/N
Web.com Group Inc.Second Lien Term LoanLIBOR(M)— 7.75 %7.90 %10/11/2026$21,466,800 21,238,562 20,433,710 1.23 %G/J
Xactly CorporationFirst Lien Incremental Term Loan BLIBOR(Q)1.00 %7.25 %8.25 %7/31/2022$4,996,644 4,936,062 4,941,681 0.30 %N
Xactly CorporationFirst Lien Incremental Term LoanLIBOR(Q)1.00 %7.25 %8.25 %7/31/2022$2,726,918 2,701,907 2,696,922 0.16 %N
Xactly CorporationFirst Lien Term LoanLIBOR(Q)1.00 %7.25 %8.25 %7/31/2022$6,948,120 6,890,913 6,871,691 0.41 %N
Xactly CorporationSr Secured RevolverLIBOR(Q)1.00 %7.25 %8.25 %7/31/2022$— (6,300)(9,404)— K/N
56,171,583 55,611,464 3.34 %
Leisure Products
Blue Star Sports Holdings, Inc.First Lien Delayed Draw Term LoanLIBOR(Q)1.00 %7.75 %8.97 %6/15/2024$56,233 55,483 52,268 — N
Blue Star Sports Holdings, Inc.First Lien RevolverLIBOR(Q)1.00 %5.75 %6.75 %6/15/2024$112,544 111,064 104,610 0.01 %N
Blue Star Sports Holdings, Inc.First Lien Term LoanLIBOR(Q)1.00 %7.75 %8.75 %6/15/2024$1,545,548 1,524,619 1,436,587 0.09 %N
1,691,166 1,593,465 0.10 %
Media
Bisnow, LLCFirst Lien RevolverLIBOR(Q)— 7.50 %7.81 %9/21/2022$1,200,000 1,192,253 1,159,680 0.07 %N
Bisnow, LLCFirst Lien Term LoanLIBOR(Q)— 7.50 %7.81 %9/21/2022$9,500,712 9,425,367 9,181,488 0.55 %N
Khoros, LLC (Lithium)Sr Secured RevolverLIBOR(Q)1.00 %8.00 %9.21 %10/3/2022$254,689 240,335 221,070 0.01 %N
Khoros, LLC (Lithium)Sr Secured RevolverLIBOR(Q)1.00 %8.00 %9.21 %10/3/2022$75,871 70,560 65,856 — N
Khoros, LLC (Lithium)First Lien Incremental Term LoanLIBOR(Q)1.00 %8.00 %9.00 %10/3/2022$7,131,905 7,044,936 6,975,003 0.42 %N
Khoros, LLC (Lithium)First Lien Term LoanLIBOR(Q)1.00 %8.00 %9.00 %10/3/2022$20,884,731 20,682,102 20,425,267 1.23 %N
NEP II, Inc.Second Lien Term LoanLIBOR(M)— 7.00 %7.15 %10/19/2026$25,000,000 24,776,592 20,041,625 1.20 %G
Quora, Inc.First Lien Term Loan (4.0% Exit Fee) Fixed— 10.10 %10.10 %5/1/2022$12,692,602 12,569,345 12,756,065 0.77 %L/N
76,001,490 70,826,054 4.25 %
Metal and Mining
Neenah Foundry CompanyFirst Lien Term Loan BLIBOR(Q)1.00 %6.5% Cash + 2.5% PIK10.00 %12/13/2022$4,745,680 4,719,143 4,152,470 0.25 %N
Oil, Gas and Consumable Fuels
Iracore International, Inc.First Lien Term LoanLIBOR(M)1.00 %9.00 %10.00 %4/13/2021$1,635,903 1,635,903 1,635,903 0.10 %B/N
6

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2020
IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)   
Personal Products
Olaplex, Inc.Sr Secured RevolverLIBOR(M)1.00 %6.50 %7.50 %1/8/2025$670,000 $646,706 $670,000 0.04 %K/N
Olaplex, Inc.First Lien Term LoanLIBOR(M)1.00 %6.50 %7.50 %1/8/2026$13,489,248 13,245,276 13,759,033 0.83 %N
13,891,982 14,429,033 0.87 %
Pharmaceuticals
Cambrex CorporationSecond Lien Term LoanLIBOR(Q)1.00 %9.00 %10.00 %12/4/2027$15,441,176 15,159,252 15,441,176 0.93 %N
P&L Development, LLCFirst Lien Term LoanLIBOR(M)2.00 %7.50 %9.50 %6/28/2024$8,547,500 8,377,414 8,504,762 0.51 %G/N
23,536,666 23,945,938 1.44 %
Professional Services
Applause App Quality, Inc.First Lien Term LoanLIBOR(Q)1.00 %5.00 %6.00 %9/20/2022$20,772,306 20,586,103 20,668,444 1.24 %N
Applause App Quality, Inc.Sr Secured RevolverLIBOR(Q)1.00 %5.00 %6.00 %9/20/2022$— (11,967)(7,549)— K/N
CIBT Solutions, Inc.Second Lien Term LoanLIBOR(Q)1.00 %7.75 %— 6/1/2025$7,875,338 7,820,788 4,016,422 0.24 %C/G/N
Dude Solutions Holdings, Inc.Sr Secured RevolverLIBOR(Q)1.00 %7.50 %8.50 %6/13/2025$588,772 549,192 588,772 0.04 %N
Dude Solutions Holdings, Inc.First Lien Term LoanLIBOR(Q)1.00 %7.50 %8.50 %6/13/2025$16,906,042 16,584,849 16,939,854 1.02 %N
Dude Solutions Holdings, Inc.First Lien Incremental Term LoanLIBOR(Q)1.00 %7.50 %8.50 %6/13/2025$2,230,299 2,183,968 2,234,760 0.13 %N
iCIMS, Inc.Sr Secured RevolverLIBOR(Q)1.00 %6.50 %7.50 %9/12/2024$— (1,606)(1,691)— K/N
iCIMS, Inc.First Lien Term LoanLIBOR(Q)1.00 %6.50 %7.50 %9/12/2024$2,351,073 2,313,407 2,318,394 0.14 %N
Institutional Shareholder Services, Inc.Second Lien Term LoanLIBOR(Q)— 8.50 %8.72 %3/5/2027$5,820,856 5,667,360 5,529,814 0.33 %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 18,824,182 18,840,333 1.13 %L/N
74,516,276 71,127,553 4.27 %
Real Estate Management and Development
Space Midco, Inc. (Archibus)First Lien Term LoanLIBOR(M)— 6.25 %6.44 %12/5/2023$4,444,444 4,383,613 4,244,444 0.26 %N
Space Midco, Inc. (Archibus)Sr Secured RevolverLIBOR(Q)— 6.25 %6.50 %12/5/2023$— (3,685)(12,500)— %K/N
4,379,928 4,231,944 0.26 %
Road and Rail
GlobalTranz Enterprises LLCSecond Lien Term LoanLIBOR(M)— 8.25 %8.39 %5/15/2027$19,382,324 19,035,087 15,680,300 0.94 %N
Software
Certify, Inc.First Lien Delayed Draw Term LoanLIBOR(M)1.00 %5.75 %6.75 %2/28/2024$3,188,631 3,147,840 3,137,613 0.19 %N
Certify, Inc.First Lien Term LoanLIBOR(M)1.00 %5.75 %6.75 %2/28/2024$23,383,293 23,307,545 23,009,160 1.38 %N
Certify, Inc.Sr Secured RevolverLIBOR(M)1.00 %5.75 %6.75 %2/28/2024$— (15,572)(17,006)— K/N
Marketlive, LLC (Kibo)First Lien Term LoanLIBOR(Q)1.00 %8.00 %9.00 %12/18/2020$5,038,346 5,016,655 5,023,231 0.30 %N
Rhode Holdings, Inc. (Kaseya)First Lien Delayed Draw Term LoanLIBOR(Q)1.00 %7.00 %8.09 %5/3/2025$331,750 305,087 319,658 0.02 %N
Rhode Holdings, Inc. (Kaseya)First Lien Term LoanLIBOR(Q)1.00 %5.5% Cash + 1% PIK8.09 %5/3/2025$14,616,458 14,385,444 14,514,143 0.87 N
Rhode Holdings, Inc. (Kaseya)Sr Secured RevolverLIBOR(Q)1.00 %6.50 %7.50 %5/3/2025$590,882 571,841 582,438 0.03 %N
Rhode Holdings, Inc. (Kaseya)First Lien Incremental Delayed Draw Term LoanLIBOR(Q)1.00 %6.50 %8.09 %5/3/2025$— (12,698)(5,710)— K/N
Rhode Holdings, Inc. (Kaseya)First Lien Incremental Term LoanLIBOR(Q)1.00 %5.5% Cash + 1% PIK8.09 %5/3/2025$1,235,747 1,216,240 1,227,097 0.07 %N
Snow Software ABFirst Lien Term LoanLIBOR(Q)2.00 %6.50 %8.50 %4/17/2024$10,373,317 10,214,880 10,552,775 0.63 %N
Snow Software ABFirst Lien Incremental Term LoanLIBOR(Q)2.00 %6.50 %8.50 %4/17/2024$11,543,865 11,349,621 11,743,574 0.71 N
Snow Software ABSr Secured RevolverLIBOR(Q)2.00 %6.50 %8.50 %4/17/2024$4,360,548 4,297,112 4,360,548 0.26 %N
Superman Holdings, LLCSr Secured RevolverPRIME— 7.00 %10.25 %8/31/2026$— (30,956)(22,608)— K/N
Superman Holdings, LLCSr Secured RevolverPRIME— 7.00 %10.25 %8/31/2027$8,842,422 8,624,418 8,683,258 0.52 %N
Syntellis Performance Solutions, Inc.First Lien Term LoanLIBOR(Q)1.00 %8.00 %9.00 %8/2/2027$21,455,939 20,821,672 21,026,820 1.26 %N
Winshuttle, LLCFirst Lien FILO Term LoanLIBOR(M)1.00 %8.42 %9.02 %8/9/2024$13,902,629 13,593,407 13,847,019 0.83 %N
116,792,536 117,982,010 7.07 %
7

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2020
IssuerInstrumentRefFloorSpreadTotal CouponMaturityPrincipalCostFair
Value
% of Total
Cash and
Investments
Notes
Debt Investments (continued)
Specialty Retail
Calceus Acquisition, Inc. (Cole Haan)First Lien Term Loan BLIBOR(Q)— 5.50 %5.76 %2/12/2025$624,562 $591,483 $587,089 0.04 %N
Calceus Acquisition, Inc. (Cole Haan)Sr Secured NotesFixed— 9.75 %9.75 %2/19/2025$20,000,000 19,425,878 21,660,000 1.30 %N
USR Parent, Inc. (Staples)First Lien FILO Term LoanLIBOR(M)1.00 %8.84 %9.84 %9/12/2022$4,588,974 4,537,023 4,634,863 0.28 %N
24,554,384 26,881,952 1.62 %
Technology Hardware, Storage and Peripherals
Pulse Secure, LLCSr Secured RevolverLIBOR(M)1.00 %6.50 %7.50 %8/22/2025$— (27,196)(27,630)— N
Pulse Secure, LLCFirst Lien Term LoanLIBOR(M)1.00 %6.50 %7.50 %8/24/2027$11,051,732 10,833,341 10,830,697 0.65 %N
10,806,145 10,803,067 0.65 %
Textiles, Apparel and Luxury Goods
Kenneth Cole Productions, Inc.First Lien FILO Term LoanLIBOR(M)1.00 %7.75 %8.75 %12/28/2023$18,246,847 18,152,360 18,356,328 1.10 %N
PSEB, LLC (Eddie Bauer)First Lien FILO II Term LoanLIBOR(Q)— 7.25 %10.50 %10/12/2023$10,793,402 10,591,168 10,793,402 0.65 %N
PSEB, LLC (Eddie Bauer)First Lien Term LoanLIBOR(Q)1.50 %8.00 %9.50 %10/12/2023$38,271,603 37,566,458 38,730,863 2.32 %N
WH Buyer, LLC (Anne Klein)First Lien Term LoanLIBOR(Q)1.50 %7.76 %9.26 %7/16/2025$26,553,863 26,320,303 26,075,893 1.57 %N
WH Buyer, LLC (Anne Klein)First Lien Incremental Term LoanLIBOR(Q)1.50 %7.76 %9.26 %7/16/2025$5,094,580 5,047,397 5,002,878 0.30 %N
97,677,686 98,959,364 5.94 %
Thrifts and Mortgage Finance
Greystone Select Holdings, LLCFirst Lien Term LoanLIBOR(Q)1.00 %8.00 %9.00 %4/17/2024$24,641,129 24,522,306 24,887,540 1.49 %N
Home Partners of America, Inc.First Lien Term LoanLIBOR(M)1.00 %6.25 %7.25 %10/13/2022$2,857,143 2,834,253 2,857,143 0.17 %N
27,356,559 27,744,683 1.66 %
Tobacco Related
Juul Labs, Inc.First Lien Term LoanLIBOR(Q)1.50 %8.00% Cash9.50 %8/2/2023$26,452,995 26,252,735 26,770,431 1.61 %N
Total Debt Investments - 204.6% of Net Assets1,559,934,219 1,502,631,085 90.29 %
Equity Securities
Airlines
Epic Aero, Inc (One Sky)Common Stock1,842 855,313 7,408,042 0.46 %C/N
Automobiles
Autoalert Acquisition Co, LLCWarrants to Purchase LLC Interest6/28/20302,910,423 2,893,147 0.17 %C/E/N
Capital Markets
Pico Quantitative Trading, LLCWarrants to Purchase Membership Units (144A)2/7/2030287 645,121 741,425 0.04 %C/E/N
Chemicals
AGY Holding Corp.Series A Preferred Stock1,786,785 485,322 485,444 0.03 C/E/N
AGY Holding Corp.Series B Preferred Stock1,250,749 — — — C/E/N
AGY Holding Corp.Class C Common Stock982,732 — — — C/E/N
485,322 485,444 0.03 
Communications Equipment
Avanti Communications Group, PLC (United Kingdom)Common Stock26,576,710 4,902,674 — — C/D/H/N
Diversified Consumer Services
Edmentum Ultimate Holdings, LLCClass A Common Units159,515 680,226 1,001,450 0.06 B/C/E/N
Edmentum Ultimate Holdings, LLCWarrants to Purchase Class A Units2/23/2028788,112 4,947,854 0.30 B/C/E/N
680,227 5,949,304 0.36 
8

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2020
IssuerInstrumentRefFloorSpreadTotal CouponMaturity/ExpirationPrincipal/SharesCostFair
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 $32,467,000 1.95 %E/F/N
Conventional Lending TCP Holdings, LLCMembership Units16,680,869 16,680,869 15,846,826 0.95 %E/F/I/N
GACP I, LP (Great American Capital)Membership Units1,514,385 1,514,385 2,053,840 0.12 %E/I/N
GACP II, LP (Great American Capital)Membership Units19,481,513 19,481,513 20,364,250 1.22 %E/I/N
59,876,183 70,731,916 4.24 %
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.Common Stock29,094 216,336 — — C/E
Utilidata, Inc.Series C Preferred Stock257,369 153,398 181,000 0.01 C/E
Utilidata, Inc.Series CC Preferred Stock500,000 500,000 12,000 — C/E
11,098,416 193,000 0.01 
Electrical Equipment
TCFI Amteck Holdings, LLCSeries A Preferred Units8,020,824 7,511,391 7,948,637 0.49 %C/N
TCFI Amteck Holdings, LLCCommon Units362,513 395,336 5,289,065 0.33 %C/N
7,906,727 13,237,702 0.82 %
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 — — C/E/N
GlassPoint Solar, Inc.Warrants to Purchase Series E Preferred Stock2/7/20272048000505,450 00C/E/N
754,005 — — 
Internet Software and Services
Domo, Inc.Warrants to Purchase Class B Common Stock8/7/202349,792 1,543,054 1,908,527 0.12 %C
FinancialForce.com, Inc.Warrants to Purchase Series C Preferred Stock1/30/2029840,000 287,985 387,600 0.02 %C/E/N
Foursquare Labs, Inc.Warrants to Purchase Series E Preferred Stock5/4/20272,062,500 508,805 991,571 0.06 %C/E/N
InMobi, Inc. (Singapore)Warrants to Purchase Common Stock8/15/20271,327,869 212,360 392,459 0.02 %C/E/H/N
InMobi, Inc. (Singapore)Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)9/18/20251,049,996 276,492 473,606 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 93,407 328,986 0.02 %C/E/H/N
ResearchGate Corporation (Germany)Warrants to Purchase Series D Preferred Stock10/30/2029333,370 202,001 80,000 — %C/D/E/H/N
Snaplogic, Inc.Warrants to Purchase Series Preferred Stock3/19/20281,860,000 377,722 5,000,000 0.30 %C/E/N
3,501,826 9,562,749 0.57 %
9

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2020
IssuerInstrumentExpirationSharesCostFair
Value
% of Total
Cash and
Investments
Notes
Equity Securities (continued)
IT Services
Fidelis (SVC), LLCPreferred Units657,932 $2,001,384 $77,482 — C/E/N
Life Sciences Tools and Services
Envigo RMS Holdings Corp.Common Stock36,413 — 199,907 0.01 %C/E/N
Media
NEG Parent, LLC (Core Entertainment, Inc.)Class A Units2,720,392 2,772,807 6,746,723 0.41 %B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.)Class A Warrants to Purchase Class A Units10/17/2026343,387 196,086 362,686 0.02 %B/C/E/N
NEG Parent, LLC (Core Entertainment, Inc.)Class B Warrants to Purchase Class A Units10/17/2026346,794 198,032 366,284 0.02 %B/C/E/N
Quora, Inc.Warrants to Purchase Series D Preferred Stock4/11/2029507,704 65,245 94,941 0.01 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 7,615,777 0.46 %
Oil, Gas and Consumable Fuels
Iracore Investments Holdings, Inc.Class A Common Stock16,207 4,177,710 4,877,540 0.29 %B/C/E/N
Professional Services
Anacomp, Inc.Class A Common Stock1,255,527 26,711,048 401,769 0.02 %C/E/F/N
Semiconductors and Semiconductor Equipment
Nanosys, Inc.Warrants to Purchase Preferred Stock3/29/2023800,000 605,266 883,782 0.05 %C/E/N
Software
Actifio, Inc.Warrants to Purchase Series G Preferred Stock5/5/20271,052,651 188,770 371,021 0.02 %C/E/N
Tradeshift, Inc.Warrants to Purchase Series D Preferred Stock3/26/20271,712,930 577,843 503,762 0.03 %C/E/N
766,613 874,783 0.05 %
Total Equity Securities - 17.2% of Net Assets132,148,458 126,133,769 7.58 %
Total Investments - 221.8% of Net Assets$1,692,082,677 $1,628,764,854 
Cash and Cash Equivalents
Cash Held on Account at Various Institutions35,449,403 2.13 %
Cash and Cash Equivalents35,449,403 2.13 %
Total Cash and Investments - 226.6% of Net Assets$1,664,214,257 100.00 %M
10

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2020
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.
(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 $277,651,386 and $267,794.042, respectively, for the nine months ended September 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 September 30, 2020 was $1,552,060,583 or 93.3% of total cash and investments of the Company. As of September 30, 2020, approximately 7.9% 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.
11

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 %
12





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 %
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)   
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 %
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)
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 %
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)
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
16

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 %
17

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 %
18

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 %
19

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.

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.
20


BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Investment income
Interest income (excluding PIK):
Companies less than 5% owned$34,362,132 $44,778,592 $105,290,665 $128,578,869 
Companies 5% to 25% owned1,047,031 495,480 2,051,272 2,208,502 
Companies more than 25% owned1,225,033 1,024,457 4,419,429 2,822,733 
PIK interest income:
Companies less than 5% owned2,275,382 2,525,116 6,244,827 8,363,204 
Companies 5% to 25% owned913,580 1,030,375 2,779,536 2,488,171 
Dividend income:
Companies more than 25% owned1,270,626 914,330 2,000,771 1,786,932 
Lease income:
Companies more than 25% owned— 74,457 38,136 223,370 
Other income:
Companies less than 5% owned1,753,914 797,542 5,739,886 883,721 
Companies 5% to 25% owned— — 648,799 — 
Total investment income42,847,698 51,640,349 129,213,321 147,355,502 
Operating expenses
Interest and other debt expenses9,729,241 12,419,312 31,330,324 34,251,576 
Management and advisory fees5,883,493 6,356,723 17,804,678 18,510,954 
Incentive fee5,048,103 5,369,678 10,293,407 15,554,088 
Administrative expenses539,947 599,559 1,619,841 1,798,677 
Legal fees, professional fees and due diligence expenses437,127 492,847 1,438,195 1,360,860 
Director fees220,557 194,396 660,789 585,522 
Insurance expense175,080 160,578 525,241 416,647 
Custody fees106,209 104,841 329,649 302,054 
Other operating expenses585,228 628,220 1,983,186 2,127,194 
Total operating expenses22,724,985 26,326,154 65,985,310 74,907,572 
Net investment income20,122,713 25,314,195 63,228,011 72,447,930 
Realized and unrealized gain (loss)
Net realized gain (loss):
Investments in companies less than 5% owned(2,077,025)(224,682)2,333,558 (525,041)
Investments in companies 5% to 25% owned(15,918,435)— (15,918,435)43,320 
Investments in companies more than 25% owned— — 129,950 — 
Net realized loss(17,995,460)(224,682)(13,454,927)(481,721)
Change in net unrealized appreciation/depreciation46,825,959 (6,651,462)(23,950,016)(40,230,222)
Net realized and unrealized gain (loss)28,830,499 (6,876,144)(37,404,943)(40,711,943)
Realized loss on extinguishment of debt(2,436,913)— (2,436,913)— 
Net increase in net assets resulting from operations$46,516,299 $18,438,051 $23,386,155 $31,735,987 
Basic and diluted earnings per share$0.81 $0.31 $0.40 $0.54 
Basic and diluted weighted average shares outstanding57,767,264 58,766,002 58,066,434 58,766,410 


See accompanying notes to the consolidated financial statements.
21


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 loss— — — (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 
Issuance of common stock from dividend reinvestment plan215 — 2,913 — 2,913 
Net investment income— — — 25,314,195 25,314,195 
Net realized and unrealized loss— — — (6,876,144)(6,876,144)
Regular dividends paid to common shareholders— — — (21,155,760)(21,155,760)
Balance at September 30, 201958,766,215 $58,766 $999,956,007 $(201,388,309)$798,626,464 
 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 
Net investment income— — — 20,122,713 20,122,713 
Net realized and unrealized gain— — — 28,830,499 28,830,499 
Loss on extinguishment of debt— — — (2,436,913)(2,436,913)
Regular dividends paid to common shareholders— — — (17,330,179)(17,330,179)
Balance at September 30, 202057,767,264 $57,767 $991,286,424 $(257,015,767)$734,328,424 





See accompanying notes to the consolidated financial statements.
22


BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30,
20202019
Operating activities
Net increase in net assets resulting from operations$23,386,155 $31,735,987 
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized loss13,454,927 481,721 
Realized loss on extinguishment of debt2,436,913 — 
Change in net unrealized appreciation/depreciation of investments23,545,215 40,230,013 
Net amortization of investment discounts and premiums(6,403,254)(10,379,654)
Amortization of original issue discount on convertible debt896,286 965,771 
Interest and dividend income paid in kind(9,024,363)(10,851,375)
Amortization of deferred debt issuance costs2,635,272 2,718,735 
Changes in assets and liabilities:
Purchases of investment securities(268,627,023)(547,538,826)
Proceeds from sales, maturities and pay downs of investments267,794,042 444,068,802 
Decrease in accrued interest income - companies less than 5% owned1,836,026 1,894,105 
Decrease (increase) in accrued interest income - companies 5% to 25% owned(321,305)25,936 
Decrease (increase) in accrued interest income - companies more than 25% owned292,110 (136,531)
Decrease (increase) in receivable for investments sold1,149,394 (7,433,969)
Decrease in prepaid expenses and other assets2,411 1,832,059 
Increase (decrease) in payable for investments purchased(6,471,484)950,987 
Increase (decrease) in incentive compensation payable294,432 (470,668)
Decrease in interest payable(7,909,781)(2,126,330)
Decrease in payable to the Advisor(1,001,114)(467,340)
Increase (decrease) in management and advisory fees payable258,876 (5,247,344)
Increase (decrease) in accrued expenses and other liabilities(428,745)551,611 
Net cash provided by (used in) operating activities37,794,990 (59,196,310)
Financing activities
Borrowings380,175,324 519,000,000 
Repayments of debt(358,518,019)(487,500,000)
Payments of debt issuance costs(3,475,314)(4,706,156)
Dividends paid to common shareholders(59,282,180)(63,467,067)
Repurchase of common shares(6,100,190)(125,679)
Proceeds from issuance of notes— 148,135,500 
Proceeds from shares issued in connection with dividend reinvestment plan6,253 8,494 
Net cash provided by (used in) financing activities(47,194,126)111,345,092 
Net increase (decrease) in cash and cash equivalents (including restricted cash)(9,399,136)52,148,782 
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$35,449,403 $80,069,184 
Supplemental cash flow information
Interest payments$34,765,953 $32,007,334 









See accompanying notes to the consolidated financial statements.
23


BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited)
 
September 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”), 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 persons, six of whom are independent.

24


BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 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 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
25


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

2. Summary of Significant Accounting Policies — (continued)
investments, including any in companies and groups of affiliated companies aggregating more than 5% of the Company’s assets.

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.

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 September 30, 2020, the Company’s investments were categorized as follows:
LevelBasis for Determining Fair ValueBank DebtOther
Corporate Debt
Equity
Securities
1Quoted prices in active markets for identical assets$— $— $1,908,527 
2Other direct and indirect observable market inputs *92,334,635 — — 
3Independent third-party valuation sources that employ significant unobservable inputs1,311,838,240 98,458,217 122,313,295 
3Advisor valuations with significant unobservable inputs— — 1,911,940 
Total$1,404,172,875 $98,458,217 $126,133,762 
______________
*    For example, quoted prices in inactive markets or quotes for comparable investments

26


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

2. Summary of Significant Accounting Policies — (continued)
Unobservable inputs used in the fair value measurement of Level 3 investments as of September 30, 2020 included the following:
Asset TypeFair ValueValuation TechniqueUnobservable Input
Range (Weighted Avg.)
Bank Debt$1,129,186,744 Income approachDiscount rate 5.8% - 16.2% (9.9%)
76,738,323 Market quotationsIndicative bid/ask quotes 1 (1)
32,646,226 Market comparable companiesRevenue multiples 1.5x - 5.0x (3.3x)
73,266,947 Market comparable companiesEBITDA multiples 6.0x - 10.5x (9.8x)
Other Corporate Debt55,886,900 Income approachDiscount rate 7.9% - 13.8% (11.1%)
40,834,417 Market comparable companiesBook value multiples
1.3x (1.3x)
1,736,900 Market comparable companiesRevenue multiples4.3x (4.3x)
Equity7,948,636 Income approachDiscount rate 10.0% - 13.8% (10.0%)
15,924,308 Market quotationsIndicative bid/ask quotes1 (1)
18,864,267 Option Pricing ModelEBITDA/Revenue multiples 4.4x - 10.5x (9.4x)
Implied volatility 35.0% - 88.5% (49.2%)
Term 0.8 years - 4 years (2.4 years)
1,080,216 Market comparable companiesRevenue multiples 0.5x - 24.8x (4.4x)
25,522,718 Market comparable companiesEBITDA multiples 3.6x - 10.5x (7.4x)
32,467,000 Market comparable companiesBook value multiples
 1.3x (1.3x)
22,418,090 Other * N/AN/A
$1,534,521,692 
______________
*    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.
†    Weighted by fair value

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:

InputImpact to Value if
Input Increases
Impact to Value if
Input Decreases
Discount rateDecreaseIncrease
Revenue multiplesIncreaseDecrease
EBITDA multiplesIncreaseDecrease
Book value multiplesIncreaseDecrease
Implied volatilityIncreaseDecrease
TermIncreaseDecrease
YieldIncreaseDecrease
 




27


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

2. Summary of Significant Accounting Policies — (continued)
Changes in investments categorized as Level 3 during the three months ended September 30, 2020 were as follows:

Independent Third-Party Valuation
Bank DebtOther
Corporate Debt
Equity
Securities
Beginning balance$1,363,063,199 $98,073,190 $106,916,536 
Net realized and unrealized gains (losses)13,046,136 (114,207)15,947,865 
Acquisitions *76,650,858 499,234 2,266,062 
Dispositions(85,866,496)— (2,293,367)
Transfers out of Level 3
(55,055,457)— — 
Reclassifications within Level 3
— — (523,801)
Ending balance$1,311,838,240 $98,458,217 $122,313,295 
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)$20,092,206 $4,067,814 $15,357,002 
______________
*    Includes payments received in kind and accretion of original issue and market discounts

†    Comprised of four investments that were transferred to Level 2 due to increased observable market activity

    Comprised of one investment that was reclassified to Advisor Valuation

Advisor Valuation
Bank DebtOther
Corporate Debt
Equity
Securities
Beginning balance$— $— $2,254,668 
Net realized and unrealized gains (losses)— — (73,894)
Dispositions— — (792,635)
Reclassifications within Level 3 *— — 523,801 
Ending balance$— $— $1,911,940 
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)$— $— $(771,248)
______________
*    Comprised of one investment that was reclassified from Independent Third-Party Valuation

28


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

2. Summary of Significant Accounting Policies — (continued)
Changes in investments categorized as Level 3 during the nine months ended September 30, 2020 were as follows:

Independent Third-Party Valuation
Bank DebtOther
Corporate Debt
Equity
Securities
Beginning balance$1,312,492,099 $85,962,603 $111,994,829 
Net realized and unrealized gains (losses)(30,837,007)(7,403,855)6,134,133 
Acquisitions *239,421,150 19,899,469 17,058,242 
Dispositions(237,972,665)— (12,350,108)
Transfers into Level 3
83,790,120 — — 
Transfers out of Level 3
(55,055,457)— — 
Reclassifications within Level 3 §
— — (523,801)
Ending balance$1,311,838,240 $98,458,217 $122,313,295 
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)$(22,167,391)$(3,221,835)$6,116,787 
______________
*    Includes payments received in kind and accretion of original issue and market discounts

    Comprised of five investments that were transferred from Level 2 due to reduced trading volumes

‡    Comprised of four investments that were transferred to Level 2 due to increased observable market activity

§    Comprised of one investment that was reclassified to Advisor Valuation
Advisor Valuation
Bank DebtOther
Corporate Debt
Equity
Securities
Beginning balance$— $— $2,318,128 
Net realized and unrealized gains (losses)— — (13,414)
Dispositions— — (916,575)
Reclassifications within Level 3 *— — 523,801 
Ending balance$— $— $1,911,940 
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)$— $— $(710,771)
______________
*    Comprised of one investment that was reclassified from Independent Third-Party Valuation



29


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

2. Summary of Significant Accounting Policies — (continued)

At December 31, 2019, the Company’s investments were categorized as follows:
LevelBasis for Determining Fair ValueBank DebtOther
Corporate Debt
Equity
Securities
1Quoted prices in active markets for identical assets$— $— $— 
2Other direct and indirect observable market inputs *136,739,236 — — 
3Independent third-party valuation sources that employ significant unobservable inputs1,312,492,099 85,962,603 111,994,829 
3
Advisor valuations with significant unobservable
inputs
— — 2,318,128 
Total$1,449,231,335 $85,962,603 $114,312,957 
______________
*    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, 2019 included the following:
Asset TypeFair ValueValuation TechniqueUnobservable Input
Range (Weighted Avg.)
Bank Debt$1,147,288,529 Income approachDiscount rate6.7% - 46.3% (9.9%)
96,585,498 Market quotationsIndicative bid/ask quotes1 (1)
24,268,604 Market comparable companiesRevenue multiples3.6x - 4.4x (3.6x)
44,349,468 Market comparable companiesEBITDA multiples6.5x - 14.3x (10.8x)
Other Corporate Debt37,604,800 Income approachDiscount rate12.3% (12.3%)
40,834,419 Market comparable companiesBook value multiples
1.3x (1.3x)
3,814,956 Market comparable companiesRevenue multiples4.4x (4.4x)
3,708,428 Market comparable companiesEBITDA multiples8.0x (8.0x)
Equity4,647,680 Income approachDiscount rate3.6% - 3.7% (3.7%)
14,412,746 Market quotationsIndicative bid/ask quotes1 (1)
18,048,138 Option Pricing ModelEBITDA/Revenue multiples1.2x - 27.2x (8.3x)
Implied volatility30.0% - 200.0% (27.4%)
Yield0.0% (0.0%)
Term0.5 years - 3.5 years (1.4 years)
2,012,088 Market comparable companiesRevenue multiples0.3x - 4.4x (2.0x)
22,360,141 Market comparable companiesEBITDA multiples2.5x - 14.3x (9.1x)
31,682,859 Market comparable companiesBook value multiples
1.3x (1.3x)
21,149,305 Other * N/AN/A
$1,512,767,659 
______________
*    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.
    Weighted by fair value


30


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

2. Summary of Significant Accounting Policies — (continued)
Changes in investments categorized as Level 3 during the three months ended September 30, 2019 were as follows:
Independent Third-Party Valuation
Bank DebtOther
Corporate Debt
Equity
Securities
Beginning balance$1,331,057,822 $108,311,844 $77,432,228 
Net realized and unrealized gains (losses)(4,701,308)(3,879,678)9,451,849 
Acquisitions *146,841,282 11,884,200 18,811,209 
Dispositions(129,200,777)(28,281,745)(362,348)
Transfers into Level 3
— — 847,398 
Transfers out of Level 3
(5,166,455)— — 
Reclassifications within Level 3 §
— — (3,670,777)
Ending balance$1,338,830,564 $88,034,621 $102,509,559 
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)$(4,392,445)$(2,333,240)$9,451,849 
______________
*    Includes payments received in kind and accretion of original issue and market discounts

†    Comprised of one investment that was transferred from Level 1 due to reduced trading volumes

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

§    Comprised of one investment that was reclassified to Advisor Valuation

Advisor Valuation
Bank DebtOther
Corporate Debt
Equity
Securities
Beginning balance$— $— $2,081,964 
Net realized and unrealized gains (losses)— — (5,692,253)
Acquisitions— — 2,006,277 
Dispositions— — (3,475)
Reclassifications within Level 3 *— — 3,670,777 
Ending balance$— $— $2,063,290 
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)$— $— $(5,692,253)
______________
*    Comprised of one investment that was reclassified from Independent Third-Party Valuation

31


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

2. Summary of Significant Accounting Policies — (continued)
Changes in investments categorized as Level 3 during the nine months ended September 30, 2019 were as follows:
Independent Third-Party Valuation
Bank DebtOther
Corporate Debt
Equity
Securities
Beginning balance$1,369,456,684 $78,250,150 $79,804,988 
Net realized and unrealized gains (losses)(35,827,959)(4,378,619)7,562,601 
Acquisitions *497,502,041 13,446,202 26,293,132 
Dispositions(379,990,616)(28,281,745)(7,513,143)
Transfers into Level 3
— 28,998,633 847,398 
Transfer out of Level 3
(112,309,586)— — 
Reclassifications within Level 3 §
— — (4,485,417)
Ending balance$1,338,830,564 $88,034,621 $102,509,559 
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)$(33,675,947)$(2,832,181)$7,562,601 
______________
*    Includes payments received in kind and accretion of original issue and market discounts

†    Comprised of one investment that was transferred from Level 2 and one investment that was transferred from Level 1 due to reduced trading volumes

‡    Comprised of seven investments that were transferred to Level 2 due to increased observable market activity

§    Comprised of two investments that were reclassified to Advisor Valuation

Advisor Valuation
Bank DebtOther
Corporate Debt
Equity
Securities
Beginning balance$— $— $1,524,143 
Net realized and unrealized gains (losses)— — (5,905,775)
Acquisitions— — 2,006,277 
Dispositions— — (46,772)
Reclassifications within Level 3 *
— — 4,485,417 
Ending balance$— $— $2,063,290 
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)$— $— $(5,922,817)
______________
*    Comprised of two investments that were reclassified from Independent Third-Party Valuation


32


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

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 brokerage firms and the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally three months or less. 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 September 30, 2020 or December 31, 2019.

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 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 0.5% of total investments at September 30, 2020 and December 31, 2019, respectively. Such positions were converted at the respective closing foreign exchange rates in effect at September 30, 2020 and December 31, 2019 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.

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
33


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

2. Summary of Significant Accounting Policies — (continued)
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 nine months ended September 30, 2020 and the nine months ended September 30, 2019, 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 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.

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.

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 September 30, 2020, 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
34


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

2. Summary of Significant Accounting Policies — (continued)
and/or return of capital. As of December 31, 2019, the Company had non-expiring capital loss carryforwards in the amount of $177,144,745 available to offset future realized capital gains.

As of September 30, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
September 30, 2020
Tax basis of investments$1,692,082,677 
Unrealized appreciation$58,711,318 
Unrealized depreciation(122,029,141)
Net unrealized depreciation$(63,317,823)


Recent Accounting Pronouncements
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement. The updated guidance modifies the disclosure requirements on fair value measurements by (1) removing certain disclosure requirements including policies related to valuation processes and the timing of transfers between levels of the fair value hierarchy, (2) amending disclosure requirements related to measurement uncertainty from the use of significant unobservable inputs, and (3) adding certain new disclosure requirements including changes in unrealized gains and losses for the period included in other comprehensive income (loss) for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods therein, with early adoption permitted. The Company adopted this pronouncement in the fourth quarter of 2018. The adoption of this pronouncement did not have a material impact on the Company’s consolidated financial statements.


3. Management Fees, Incentive Compensation 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
35


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

3. Management Fees, Incentive Compensation and Other Expenses — (continued)

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”). For the three months ended June 30, 2020, the Company’s incentive compensation included 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 paid in each subsequent quarter to the extent that the Company’s cumulative performance exceeds the total return hurdle in such quarter. For the three months ended September 30, 2020, the Company's cumulative performance continued to exceed the total return hurdle, and as such the incentive fee for the quarter included another $0.6 million, or 1/6 of the First Quarter Catchup Amount.

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 September 30, 2020 and December 31, 2019, 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.

4. Leverage

Leverage 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”), 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 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”).
36


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

4. Leverage — (continued)

Total leverage outstanding and available at September 30, 2020 was as follows:
MaturityRateCarrying Value *AvailableTotal
Capacity
Operating Facility2024L+2.00%$163,077,610 $136,922,390 $300,000,000 
Funding Facility II2025L+2.00%§125,000,000 75,000,000 200,000,000 **
SBA Debentures 2024−20292.63%††138,000,000 12,000,000 150,000,000 
2022 Convertible Notes ($140 million par)20224.625%139,056,214 — 139,056,214 
2022 Notes ($175 million par)20224.125%174,745,328 — 174,745,328 
2024 Notes ($200 million par) ‡‡20243.900%198,111,194 — 198,111,194 
Total leverage937,990,346 $223,922,390 $1,161,912,736 
Unamortized issuance costs(6,239,766)
Debt, net of unamortized issuance costs$931,750,580 
______________
*    Except for the convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding.
†    As of September 30, 2020, $8.7 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $3.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%.
‡    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.
§    Subject to certain funding requirements
**    Facility has 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.    
††    Weighted-average interest rate, excluding fees of 0.36% or 0.35%
‡‡    On October 2, 2020, the Company issued an additional $50.0 million of its 2024 Notes for a total outstanding aggregate principal amount of $250.0 million.

Total leverage outstanding and available at December 31, 2019 was as follows: 
MaturityRateCarrying Value*AvailableTotal
Capacity
Operating Facility2023L+2.00%$108,497,620 $161,502,380 $270,000,000 
Funding Facility I2023L+2.00%158,000,000 142,000,000 300,000,000 
SBA Debentures 2024−20292.63 %§138,000,000 12,000,000 150,000,000 
2022 Convertible Notes ($140 million par)20224.625 %138,584,313 — 138,584,313 
2022 Notes ($175 million par)20224.125 %174,649,566 — 174,649,566 
2024 Notes ($200 million par)20243.900 %197,782,572 — 197,782,572 
Total leverage915,514,071 $315,502,380 $1,231,016,451 
Unamortized issuance costs(7,711,684)
Debt, net of unamortized issuance costs$907,802,387 
______________
*    Except for the convertible notes, the 2022 Notes and the 2024 Notes, all carrying values are the same as the principal amounts outstanding.
†    As of December 31, 2019, $8.3 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%.
‡    Subject to certain funding requirements
§    Weighted-average interest rate, excluding fees of 0.36% or 0.35%
37


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

4. Leverage — (continued)

The combined weighted-average interest rates on total leverage outstanding at September 30, 2020 and December 31, 2019 were 3.33% and 3.84%, respectively.

Total expenses related to debt included the following: 
Nine Months Ended September 30,
20202019
Interest expense$27,752,458 $30,846,775 
Amortization of deferred debt issuance costs2,635,272 2,718,735 
Commitment fees942,594 686,066 
Total$31,330,324 $34,251,576 
    
Outstanding leverage is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of September 30, 2020, 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 and the 2024 Notes had estimated fair values of $139.8 million, $177.4 million and $207.5 million, respectively. As of December 31, 2019, 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 $144.0 million, $181.6 million and $205.0 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 and 2024 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 Notes, the 2024 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, the Company issued $108.0 million of convertible senior unsecured notes, which matured on December 15, 2019. The 2019 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 not have the right to redeem the 2022 Convertible Notes prior to maturity. The 2022 Convertible Notes bear interest at an annual rate of 4.625%, payable semi-annually. In certain circumstances, the 2022 Convertible Notes will be convertible 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 September 30, 2020, 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 added to the calculation of diluted earnings per common share and weighted average common shares outstanding.

38


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

4. Leverage — (continued)

Prior to the close of business on the business day immediately preceding September 1, 2021, holders may 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 their 2022 Convertible Notes at any time. Upon conversion, the Company will 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.

The 2019 Convertible Notes and 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 intends to pay the outstanding principal amount in cash and, 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.

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. As of September 30, 2020 and December 31, 2019, the components of the carrying values of the 2022 Convertible Notes were as follows:
September 30, 2020December 31, 2019
Principal amount of debt$140,000,000 $140,000,000 
Original issue discount, net of accretion(943,786)(1,415,687)
Carrying value of debt$139,056,214 $138,584,313 

For the nine months ended September 30, 2020 and 2019, the components of interest expense for the convertible notes were as follows:
Nine Months Ended September 30,
20202019
2019
Convertible
Notes
2022
Convertible
Notes
2019
Convertible
Notes
2022
Convertible
Notes
Stated interest expenseN/A$4,856,250 $4,252,500 $4,856,250 
Amortization of original issue discountN/A471,902 387,867 449,900 
Total interest expenseN/A$5,328,152 $4,640,367 $5,306,150 
 
The estimated effective interest rate of the debt component of the 2019 Convertible Notes, equal to the stated interest of 5.25% plus the accretion of the original issue discount, was approximately 5.75% for the nine months ended September 30, 2019. 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 nine months ended September 30, 2020 and September 30, 2019.
39


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

4. Leverage — (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 interest at an annual rate of 4.125%, payable semi-annually, and all principal is due upon maturity. The 2022 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 2024 Notes. The 2022 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 2022 Notes, and any accrued and unpaid interest. The 2022 Notes were issued at a discount to the principal amount.

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. 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 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.

As of September 30, 2020 and December 31, 2019, the components of the carrying value of the 2022 Notes and 2024 Notes were as follows:
September 30, 2020December 31, 2019
2022 Notes2024 Notes2022 Notes2024 Notes
Principal amount of debt$175,000,000 $200,000,000 $175,000,000 $200,000,000 
Original issue discount, net of accretion(254,672)(1,888,806)(350,434)(2,217,428)
Carrying value of debt$174,745,328 $198,111,194 $174,649,566 $197,782,572 

For the nine months ended September 30, 2020 and 2019, the components of interest expense for the 2022 Notes and 2024 Notes were as follows:
Nine Months Ended September 30,
20202019
2022 Notes2024 Notes2022 Notes2024 Notes
Stated interest expense$5,414,063 $5,850,000 $5,414,063 $617,500 
Amortization of original issue discount95,763 328,622 92,211 35,794 
Total interest expense$5,509,826 $6,178,622 $5,506,274 $653,294 

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. During the second quarter of 2020, the Operating Facility was amended to extend the maturity date to May 6, 2024 and to increase its capacity from $270.0 million to $300.0 million, subject to consent from the applicable lenders and other customary conditions. On July 31, 2020, the Operating Facility was further amended to include a $100 million accordion feature which allows
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BlackRock TCP Capital Corp.
 
Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 30, 2020

4. Leverage — (continued)

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 I, TCPC Funding II and the SBIC, are included in the collateral for the facility.

Borrowings under the Operating Facility generally bear interest at a rate of LIBOR plus 2.00%. In addition to amounts due on outstanding debt, the Operating Facility accrues commitment fees of 0.50% per annum on the unused portion of the facility, or 2.25% per annum on the unused portion that is greater than 60% of the total facility, if applicable. The Operating Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should SVCP fail to satisfy certain financial or other covenants. As of September 30, 2020, 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. The Statement of Operations reflects a $2.4 million loss on the termination of this facility.

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 September 30, 2020, TCPC Funding II was in full compliance with such covenants.

SBA Debentures

As of September 30, 2020, the SBIC is able to issue up to $150.0 million in SBA Debentures, subject to funded regulatory capital and other customary regulatory requirements. As of September 30, 2020, SVCP had committed $79.0 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 September 30, 2020 and December 31, 2019 were as follows:
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Notes to Consolidated Financial Statements (Unaudited) (Continued)
 
September 30, 2020

4. Leverage — (continued)

Issuance DateMaturityDebenture
Amount
Fixed
Interest Rate
SBA
Annual Charge
September 24, 2014September 1, 2024$18,500,000 3.02 %0.36 %
March 25, 2015March 1, 20259,500,000 2.52 %0.36 %
September 23,