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TCPC BlackRock TCP Capital

Filed: 5 May 21, 7:45am

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

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

 

 

 

For the Quarter Ended March 31, 2021

 

 

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

 

 

Commission File Number: 814-00899

 

BLACKROCK TCP CAPITAL CORP.

(Exact Name of Registrant as Specified in Charter)

 

 

Delaware

56-2594706

(State or Other Jurisdiction of Incorporation)

(IRS Employer Identification No.)

 

 

2951 28th Street, Suite 1000

 

Santa Monica, California

90405

(Address of Principal Executive Offices)

(Zip Code)

 

(310) 566-1000

(Registrant’s telephone number, including area code)

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

 

Common Stock, par value $0.001 per share

TCPC

NASDAQ Global Select Market

(Title of each class)

(Trading Symbol(s) )

(Name of each exchange where registered)

 

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

 

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

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

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

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

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller Reporting company

Emerging growth company

 

 

 

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

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

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of May 5, 2021 was 57,767,264.

 

 

 


 

 

BLACKROCK TCP CAPITAL CORP.

FORM 10-Q

FOR THE THREE MONTHS ENDED MARCH 31, 2021

TABLE OF CONTENTS

 

Part I.

Financial Information

 

 

 

 

Item 1.

Financial Statements

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2021 (unaudited) and December 31, 2020

2

 

 

 

 

Consolidated Schedule of Investments as of March 31, 2021 (unaudited) and December 31, 2020

3

 

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2021 (unaudited) and March 31, 2020 (unaudited)

20

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2021 (unaudited) and March 31, 2020 (unaudited)

21

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2021 (unaudited) and March 31, 2020 (unaudited)

22

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

23

 

 

 

 

Consolidated Schedule of Changes in Investments in Affiliates for the three months ended March 31, 2021 (unaudited) and year ended December 31, 2020

45

 

 

 

 

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of March 31, 2021 (unaudited) and December 31, 2020

49

 

 

 

Item 2.

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

51

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

63

 

 

 

Item 4.

Controls and Procedures

65

 

 

 

Part II.

Other Information

 

 

 

 

Item 1.

Legal Proceedings

66

 

 

 

Item 1A.

Risk Factors

66

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

66

 

 

 

Item 3.

Defaults upon Senior Securities

66

 

 

 

Item 4.

Mine Safety Disclosures

66

 

 

 

Item 5.

Other Information

66

 

 

 

Item 6.

Exhibits

67

 

 

 

1


 

 

BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities

 

 

 

March 31, 2021

 

 

December 31, 2020

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments, at fair value:

 

 

 

 

 

 

 

 

Companies less than 5% owned (cost of $1,567,141,129 and $1,473,322,720, respectively)

 

$

1,562,681,963

 

 

$

1,461,610,769

 

Companies 5% to 25% owned (cost of $64,426,152 and $63,114,875, respectively)

 

 

78,029,033

 

 

 

68,927,182

 

Companies more than 25% owned (cost of $133,198,968 and $136,332,302, respectively)

 

 

94,680,469

 

 

 

99,026,531

 

Total investments (cost of $1,764,766,249 and $1,672,769,897, respectively)

 

 

1,735,391,465

 

 

 

1,629,564,482

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

14,254,843

 

 

 

20,006,580

 

Accrued interest income:

 

 

 

 

 

 

 

 

Companies less than 5% owned

 

 

17,487,324

 

 

 

15,557,669

 

Companies 5% to 25% owned

 

 

368

 

 

 

368

 

Companies more than 25% owned

 

 

13,611

 

 

 

13,611

 

Receivable for investments sold

 

 

28,013,848

 

 

 

278,737

 

Deferred debt issuance costs

 

 

4,694,912

 

 

 

4,984,388

 

Prepaid expenses and other assets

 

 

2,015,670

 

 

 

1,581,320

 

Total assets

 

 

1,801,872,041

 

 

 

1,671,987,155

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs of $7,624,815 and $6,308,172, respectively

 

 

982,981,862

 

 

 

850,016,199

 

Payable for investments purchased

 

 

18,485,554

 

 

 

33,275,348

 

Management and advisory fees payable

 

 

5,870,930

 

 

 

5,753,347

 

Incentive compensation payable

 

 

4,691,455

 

 

 

5,020,794

 

Interest payable

 

 

3,684,843

 

 

 

9,886,085

 

Reimbursements due to the Advisor

 

 

1,312,863

 

 

 

1,344,756

 

Accrued expenses and other liabilities

 

 

1,703,313

 

 

 

1,704,048

 

Total liabilities

 

 

1,018,730,820

 

 

 

907,000,577

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

$

783,141,221

 

 

$

764,986,578

 

 

 

 

 

 

 

 

 

 

Composition of net assets applicable to common shareholders

 

 

 

 

 

 

 

 

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

   shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively

 

$

57,767

 

 

$

57,767

 

Paid-in capital in excess of par

 

 

979,973,202

 

 

 

979,973,202

 

Distributable earnings (loss)

 

 

(196,889,748

)

 

 

(215,044,391

)

Net assets

 

$

783,141,221

 

 

$

764,986,578

 

 

 

 

 

 

 

 

 

 

Net assets per share

 

$

13.56

 

 

$

13.24

 

 

See accompanying notes to the consolidated financial statements.

 

 

2


 

 

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2021

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total

Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair

Value

 

 

% of Total

Cash and

Investments

 

 

Notes

Debt Investments (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unanet, Inc.

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

0.00

%

 

 

6.25

%

 

 

6.38

%

 

5/31/2024

 

$

5,127,551

 

 

$

5,076,107

 

 

$

5,127,551

 

 

 

0.29

%

 

N

Unanet, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

0.00

%

 

 

6.25

%

 

 

6.38

%

 

5/31/2024

 

$

19,897,959

 

 

 

19,759,936

 

 

 

19,897,959

 

 

 

1.14

%

 

N

Unanet, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

0.00

%

 

 

6.25

%

 

 

6.38

%

 

5/31/2024

 

$

2,448,980

 

 

 

2,432,898

 

 

 

2,448,980

 

 

 

0.14

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,268,941

 

 

 

27,474,490

 

 

 

1.57

%

 

 

Airlines

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Epic Aero, Inc

 

Unsecured Note

 

Fixed

 

 

0.00

%

 

 

2.00

%

 

 

2.00

%

 

12/31/2022

 

$

6,467,143

 

 

 

6,467,143

 

 

 

6,156,721

 

 

 

0.35

%

 

N

Mesa Airlines, Inc.

 

Aircraft Acquisition Incremental Loan

 

LIBOR(M)

 

 

2.00

%

 

 

5.00

%

 

 

7.00

%

 

9/27/2023

 

$

1,770,080

 

 

 

1,755,678

 

 

 

1,754,150

 

 

 

0.10

%

 

N

Mesa Airlines, Inc.

 

Aircraft Acquisition Loan

 

LIBOR(M)

 

 

2.00

%

 

 

5.00

%

 

 

7.00

%

 

6/5/2023

 

$

13,939,383

 

 

 

13,836,868

 

 

 

13,869,687

 

 

 

0.79

%

 

N

One Sky Flight, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

12/27/2024

 

$

18,500,000

 

 

 

18,205,645

 

 

 

18,685,000

 

 

 

1.07

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

40,265,334

 

 

 

40,465,558

 

 

 

2.31

%

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALCV Purchaser, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

7.75

%

 

2/25/2026

 

$

9,092,214

 

 

 

8,955,831

 

 

 

8,955,831

 

 

 

0.51

%

 

N

ALCV Purchaser, Inc.

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

7.75

%

 

2/25/2026

 

$

-

 

 

 

(9,945

)

 

 

(9,945

)

 

 

 

 

K/N

Autoalert Acquisition Co, LLC

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.25

%

 

 

8.75

%

 

 

10.00

%

 

1/1/2023

 

$

41,207,522

 

 

 

41,143,452

 

 

 

38,611,448

 

 

 

2.21

%

 

N

Autoalert Acquisition Co, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.25

%

 

 

8.75

%

 

 

10.00

%

 

1/1/2023

 

$

16,307,846

 

 

 

16,254,541

 

 

 

15,280,452

 

 

 

0.87

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66,343,879

 

 

 

62,837,786

 

 

 

3.59

%

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dodge Data & Analytics, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

6/1/2021

 

$

804,530

 

 

 

804,269

 

 

 

804,530

 

 

 

0.05

%

 

N

Dodge Data & Analytics, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

6/1/2021

 

$

32,544,408

 

 

 

32,498,120

 

 

 

32,544,408

 

 

 

1.86

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,302,389

 

 

 

33,348,938

 

 

 

1.91

%

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HighTower Holding, LLC

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.75

%

 

 

9.75

%

 

1/31/2026

 

$

15,080,645

 

 

 

14,793,416

 

 

 

15,080,645

 

 

 

0.86

%

 

N

HighTower Holding, LLC

 

Second Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.75

%

 

 

9.75

%

 

1/31/2026

 

$

6,169,355

 

 

 

6,080,503

 

 

 

6,169,355

 

 

 

0.35

%

 

N

HighTower Holdings

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.75

%

 

 

9.75

%

 

1/31/2026

 

$

6,249,999

 

 

 

6,136,341

 

 

 

6,249,999

 

 

 

0.36

%

 

N

Pico Quantitative Trading, LLC

 

First Lien Term Loan (1.0% Exit Fee)

 

LIBOR(Q)

 

 

1.50

%

 

 

7.25

%

 

 

8.75

%

 

2/7/2025

 

$

21,791,007

 

 

 

21,014,790

 

 

 

22,008,917

 

 

 

1.26

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,025,050

 

 

 

49,508,916

 

 

 

2.83

%

 

 

Commercial Services and Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

First Lien Delayed Draw Term Loan A

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

11/7/2026

 

$

1,419,935

 

 

 

1,408,444

 

 

 

1,434,134

 

 

 

0.08

%

 

N

Kellermeyer Bergensons Services, LLC

 

First Lien Delayed Draw Term Loan B

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

11/7/2026

 

$

370,180

 

 

 

354,558

 

 

 

389,764

 

 

 

0.02

%

 

N

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

11/7/2026

 

$

6,454,248

 

 

 

6,407,365

 

 

 

6,518,791

 

 

 

0.37

%

 

N

Team Software, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

0.00

%

 

 

5.50

%

 

 

5.75

%

 

9/17/2023

 

$

7,220,080

 

 

 

7,150,978

 

 

 

7,263,401

 

 

 

0.42

%

 

N

Team Software, Inc.

 

First Lien Revolver

 

LIBOR(Q)

 

 

0.00

%

 

 

5.50

%

 

 

5.75

%

 

9/17/2023

 

$

1,053,363

 

 

 

1,027,066

 

 

 

1,053,363

 

 

 

0.06

%

 

N

Team Software, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

0.00

%

 

 

5.50

%

 

 

5.75

%

 

9/17/2023

 

$

13,167,038

 

 

 

13,063,120

 

 

 

13,246,040

 

 

 

0.76

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,411,531

 

 

 

29,905,493

 

 

 

1.71

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avanti Communications Jersey Limited (United Kingdom)

 

1.25 Lien Term Loan

 

Fixed

 

 

0.00

%

 

12.50% PIK

 

 

 

12.50

%

 

5/24/2021

 

$

240,021

 

 

 

240,021

 

 

 

240,021

 

 

 

0.01

%

 

H/N

Avanti Communications Jersey Limited (United Kingdom)

 

1.5 Lien Delayed Draw Term Loan

 

Fixed

 

 

0.00

%

 

12.50% PIK

 

 

 

12.50

%

 

5/24/2021

 

$

1,415,763

 

 

 

1,415,763

 

 

 

1,415,763

 

 

 

0.08

%

 

H/N

Avanti Communications Jersey Limited (United Kingdom)

 

1.5 Lien Term Loan

 

Fixed

 

 

0.00

%

 

12.50% PIK

 

 

 

12.50

%

 

5/24/2021

 

$

329,723

 

 

 

318,977

 

 

 

329,723

 

 

 

0.02

%

 

H/N

Avanti Communications Jersey Limited (United Kingdom)

 

1.125 Lien Term Loan

 

Fixed

 

 

0.00

%

 

12.50% PIK

 

 

 

12.50

%

 

6/30/2022

 

$

763,304

 

 

 

763,304

 

 

 

763,304

 

 

 

0.04

%

 

H/N

Avanti Communications Group, PLC (United Kingdom)

 

Sr New Money Initial Note

 

Fixed

 

 

0.00

%

 

9.00% PIK

 

 

 

 

 

10/1/2022

 

$

1,592,934

 

 

 

1,591,586

 

 

 

603,722

 

 

 

0.03

%

 

C/E/G/H/N

Avanti Communications Group, PLC (United Kingdom)

 

Sr Second-Priority PIK Toggle Note

 

Fixed

 

 

0.00

%

 

9.00% PIK

 

 

 

 

 

10/1/2022

 

$

4,064,721

 

 

 

4,064,219

 

 

 

1,540,529

 

 

 

0.09

%

 

C/E/G/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,393,870

 

 

 

4,893,062

 

 

 

0.27

%

 

 

 

3


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2021

 

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total

Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair

Value

 

 

% of Total

Cash and

Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Datacom & Electrical, LLC

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

1.00

%

 

5.50% Cash + 4.50% PIK

 

 

 

11.00

%

 

7/25/2021

 

$

2,678,352

 

 

$

2,672,121

 

 

$

2,390,697

 

 

 

0.14

%

 

N

Hylan Datacom & Electrical, LLC

 

First Lien Term Loan (3.15% Exit Fee)

 

LIBOR(M)

 

 

1.00

%

 

5.50% Cash + 4.50% PIK

 

 

 

11.00

%

 

7/25/2021

 

$

14,824,817

 

 

 

14,815,348

 

 

 

13,232,632

 

 

 

0.76

%

 

L/N

Sunland Asphalt & Construction, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

1/13/2026

 

$

2,200,594

 

 

 

2,158,289

 

 

 

2,163,184

 

 

 

0.12

%

 

N

Sunland Asphalt & Construction, LLC

 

First Lien Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

1/13/2022

 

$

598,684

 

 

 

577,283

 

 

 

575,680

 

 

 

0.03

%

 

N

Sunland Asphalt & Construction, LLC

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

1/13/2026

 

$

6,544,518

 

 

 

6,419,769

 

 

 

6,433,262

 

 

 

0.37

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,642,810

 

 

 

24,795,455

 

 

 

1.42

%

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto Trakk SPV, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

0.50

%

 

 

6.50

%

 

 

7.00

%

 

12/21/2021

 

$

18,086,042

 

 

 

18,038,471

 

 

 

18,086,042

 

 

 

1.03

%

 

N

Barri Financial Group, LL

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

8.75

%

 

10/23/2024

 

$

15,370,923

 

 

 

15,084,127

 

 

 

15,524,632

 

 

 

0.89

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,122,598

 

 

 

33,610,674

 

 

 

1.92

%

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Spark Networks, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

7/1/2023

 

$

19,295,062

 

 

 

18,881,595

 

 

 

19,057,732

 

 

 

1.09

%

 

N

Spark Networks, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

7/1/2023

 

$

1,179,906

 

 

 

1,148,961

 

 

 

1,165,393

 

 

 

0.07

%

 

N

Spark Networks, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

7/1/2023

 

$

-

 

 

 

(19,958

)

 

 

(9,556

)

 

 

 

 

K/N

Thras.io, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

12/18/2026

 

$

-

 

 

 

(241,682

)

 

 

198,795

 

 

 

0.01

%

 

K/N

Thras.io, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

12/18/2026

 

$

15,022,590

 

 

 

14,658,984

 

 

 

15,323,042

 

 

 

0.88

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,427,900

 

 

 

35,735,406

 

 

 

2.05

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-10 Holdco, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

6.00

%

 

 

6.75

%

 

3/26/2026

 

$

8,997,996

 

 

 

8,947,145

 

 

 

8,863,026

 

 

 

0.51

%

 

N

2-10 Holdco, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

0.75

%

 

 

6.00

%

 

 

6.75

%

 

3/26/2026

 

 

 

 

 

(5,628

)

 

 

(15,030

)

 

 

 

 

K/N

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed

 

 

0.00

%

 

 

12.00

%

 

 

12.00

%

 

11/30/2025

 

$

40,834,419

 

 

 

40,834,419

 

 

 

40,834,419

 

 

 

2.33

%

 

E/F/N

Aretec Group, Inc. (Cetera)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.00

%

 

 

8.25

%

 

 

8.36

%

 

10/1/2026

 

$

27,105,263

 

 

 

26,886,208

 

 

 

26,876,630

 

 

 

1.54

%

 

G

Credit Suisse AG (Cayman Islands)

 

Asset-Backed Credit Linked Notes

 

LIBOR(Q)

 

 

0.00

%

 

 

9.50

%

 

 

9.69

%

 

4/12/2025

 

$

38,000,000

 

 

 

38,000,000

 

 

 

31,122,000

 

 

 

1.78

%

 

H/I/N

GC Agile Holdings Limited (Apex) (England)

 

First Lien Delayed Term Loan B

 

LIBOR(Q)

 

 

1.25

%

 

 

7.00

%

 

 

8.25

%

 

6/15/2025

 

$

18,740,726

 

 

 

18,462,499

 

 

 

18,717,492

 

 

 

1.07

%

 

H/N

GC Agile Holdings Limited (Apex) (England)

 

First Lien Term Loan A

 

LIBOR(Q)

 

 

1.25

%

 

 

7.00

%

 

 

8.25

%

 

6/15/2025

 

$

814,489

 

 

 

802,725

 

 

 

812,942

 

 

 

0.05

%

 

H/N

Oasis Financial, LLC

 

Second Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

8.50

%

 

 

9.50

%

 

7/5/2026

 

$

17,633,544

 

 

 

17,298,358

 

 

 

17,386,674

 

 

 

0.99

%

 

N

Worldremit Group Limited (United Kingdom)

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

9.25

%

 

 

10.25

%

 

2/12/2025

 

$

43,629,951

 

 

 

42,788,034

 

 

 

41,884,753

 

 

 

2.39

%

 

N/H

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

194,013,760

 

 

 

186,482,906

 

 

 

10.66

%

 

 

Diversified Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aventiv Technologies, Inc. (Securus)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.25

%

 

 

9.25

%

 

11/1/2025

 

$

25,846,154

 

 

 

25,683,077

 

 

 

21,567,065

 

 

 

1.23

%

 

 

Telarix, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

11/19/2023

 

$

7,350,000

 

 

 

7,284,009

 

 

 

7,223,580

 

 

 

0.41

%

 

N

Telarix, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

11/19/2023

 

$

-

 

 

 

(2,927

)

 

 

(6,143

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,964,159

 

 

 

28,784,502

 

 

 

1.64

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia & ME Pte. Ltd (Singapore)

 

First Lien Term Loan

 

Fixed

 

 

0.00

%

 

 

 

 

 

 

 

6/30/2021

 

$

2,110,141

 

 

 

2,110,140

 

 

 

1,235,487

 

 

 

0.07

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Bank Guarantee Credit Facility

 

Fixed

 

 

0.00

%

 

 

 

 

 

 

 

12/31/2021

 

$

6,578,877

 

 

 

6,578,877

 

 

 

203,287

 

 

 

0.01

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Revolving Credit Facility

 

Fixed

 

 

0.00

%

 

 

 

 

 

 

 

12/31/2021

 

$

5,535,517

 

 

 

5,535,517

 

 

 

2,101,836

 

 

 

0.12

%

 

D/F/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,224,534

 

 

 

3,540,610

 

 

 

0.20

%

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TCFI Amteck Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

0.00

%

 

 

6.25

%

 

 

6.50

%

 

12/31/2024

 

$

519,554

 

 

 

514,234

 

 

 

523,763

 

 

 

0.03

%

 

N

TCFI Amteck Holdings, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

0.00

%

 

 

6.25

%

 

 

6.50

%

 

12/31/2024

 

$

8,613,045

 

 

 

8,523,773

 

 

 

8,682,811

 

 

 

0.50

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,038,007

 

 

 

9,206,574

 

 

 

0.53

%

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sphera Solutions, Inc. (Diamondback)

 

First Lien FILO Term Loan B

 

LIBOR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

8.75

%

 

6/14/2023

 

$

23,317,958

 

 

 

23,088,114

 

 

 

23,457,866

 

 

 

1.34

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2021

 

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total

Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair

 

 

% of Total

Cash and

Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAREATC, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

3/14/2024

 

$

8,448,895

 

 

$

8,340,026

 

 

$

8,533,384

 

 

 

0.49

%

 

N

CAREATC, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

3/14/2024

 

$

-

 

 

 

(7,321

)

 

 

 

 

 

 

 

K/N

Edifecs, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

9/21/2026

 

$

1,388,889

 

 

 

1,357,056

 

 

 

1,427,778

 

 

 

0.08

%

 

N

Sandata Technologies, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

0.00

%

 

 

6.00

%

 

 

6.25

%

 

7/23/2024

 

$

20,250,000

 

 

 

20,034,311

 

 

 

20,128,500

 

 

 

1.15

%

 

N

Sandata Technologies, LLC

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

0.00

%

 

 

6.00

%

 

 

6.25

%

 

7/23/2024

 

$

-

 

 

 

(23,052

)

 

 

(13,500

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,701,020

 

 

 

30,076,162

 

 

 

1.72

%

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEAM Services Group

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

9.00

%

 

 

10.00

%

 

11/13/2028

 

$

25,000,000

 

 

 

24,222,118

 

 

 

24,937,500

 

 

 

1.43

%

 

N

Tempus (Epic Staffing)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

2/5/2027

 

$

-

 

 

 

(15,758

)

 

 

(15,811

)

 

 

 

 

K/N

Tempus (Epic Staffing)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

2/5/2027

 

$

3,557,432

 

 

 

3,476,068

 

 

 

3,475,743

 

 

 

0.20

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,682,428

 

 

 

28,397,432

 

 

 

1.63

%

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fishbowl, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

0.00

%

 

 

9.75

%

 

 

10.00

%

 

1/26/2022

 

$

26,270,501

 

 

 

26,144,468

 

 

 

15,630,948

 

 

 

0.89

%

 

N

Pegasus Business Intelligence, LP (Onyx Centersource)

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

9.25

%

 

12/20/2021

 

$

5,634,101

 

 

 

5,738,761

 

 

 

4,828,425

 

 

 

0.28

%

 

N

Pegasus Business Intelligence, LP (Onyx Centersource)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

9.25

%

 

12/20/2021

 

$

13,473,657

 

 

 

13,705,443

 

 

 

11,546,924

 

 

 

0.66

%

 

N

Pegasus Business Intelligence, LP (Onyx Centersource)

 

Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

9.25

%

 

12/20/2021

 

$

671,356

 

 

 

682,956

 

 

 

575,352

 

 

 

0.03

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46,271,628

 

 

 

32,581,649

 

 

 

1.86

%

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.50

%

 

 

9.50

%

 

3/18/2028

 

$

21,356,400

 

 

 

20,966,452

 

 

 

21,270,975

 

 

 

1.22

%

 

N

AmeriLife Holdings, LLC

 

Second Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.50

%

 

 

9.50

%

 

3/18/2028

 

$

7,454,593

 

 

 

7,330,107

 

 

 

7,424,774

 

 

 

0.42

%

 

N

IT Parent

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

10/1/2026

 

$

4,364,063

 

 

 

4,284,402

 

 

 

4,385,883

 

 

 

0.25

%

 

N

IT Parent

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

10/1/2026

 

$

-

 

 

 

(11,534

)

 

 

 

 

 

 

 

K/N

IT Parent, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

10/1/2026

 

$

556,388

 

 

 

545,333

 

 

 

559,170

 

 

 

0.03

%

 

N

Peter C. Foy & Associates Insurance Services, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

3/31/2026

 

$

-

 

 

 

(79,156

)

 

 

(80,000

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,035,604

 

 

 

33,560,802

 

 

 

1.92

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Live Auctioneers LLC

 

First Lien Last Out B-2 Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.76

%

 

 

7.76

%

 

5/21/2025

 

$

13,784,980

 

 

 

13,574,893

 

 

 

13,867,690

 

 

 

0.79

%

 

N

Live Auctioneers LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.76

%

 

 

7.76

%

 

5/21/2025

 

$

5,384,635

 

 

 

5,284,589

 

 

 

5,416,943

 

 

 

0.31

%

 

N

Syndigo, LLC

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

8.00

%

 

 

8.75

%

 

12/14/2028

 

$

12,141,870

 

 

 

11,966,484

 

 

 

12,202,579

 

 

 

0.70

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,825,966

 

 

 

31,487,212

 

 

 

1.80

%

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

11/1/2025

 

$

16,648,997

 

 

 

16,381,522

 

 

 

16,898,731

 

 

 

0.97

%

 

N

Acquia Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

11/1/2025

 

$

144,303

 

 

 

116,670

 

 

 

144,303

 

 

 

0.01

%

 

K/N

Domo, Inc.

 

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

 

LIBOR(M)

 

 

1.50

%

 

5.50% Cash + 2.50% PIK

 

 

 

9.50

%

 

4/1/2025

 

$

53,799,090

 

 

 

53,688,367

 

 

 

54,283,281

 

 

 

3.10

%

 

L/N

Domo, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

0.00

%

 

9.50% PIK

 

 

 

9.50

%

 

4/1/2025

 

$

2,628,420

 

 

 

138,542

 

 

 

2,652,076

 

 

 

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

 

 

 

27,658,845

 

 

 

28,252,000

 

 

 

1.61

%

 

L/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

 

$

-

 

 

 

(88,407

)

 

 

85,500

 

 

 

 

 

K/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

 

 

 

33,584,749

 

 

 

33,817,500

 

 

 

1.93

%

 

L/N

Foursquare Labs, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

2.19

%

 

 

7.25

%

 

 

9.44

%

 

10/1/2022

 

$

7,500,000

 

 

 

7,316,879

 

 

 

7,477,500

 

 

 

0.43

%

 

N

Foursquare

 

First Lien Term Loan

 

LIBOR(M)

 

 

2.19

%

 

 

7.25

%

 

 

9.44

%

 

5/1/2023

 

$

2,500,000

 

 

 

2,478,639

 

 

 

2,547,500

 

 

 

0.15

%

 

N

Metricstream, Inc

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

9/28/2024

 

$

23,104,483

 

 

 

22,703,185

 

 

 

22,711,707

 

 

 

1.30

%

 

N

Metricstream, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

9/28/2024

 

$

3,554,536

 

 

 

3,483,546

 

 

 

3,494,109

 

 

 

0.20

%

 

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

 

 

 

8,714,848

 

 

 

8,685,475

 

 

 

0.50

%

 

L/N

Quartz Holding Company (Quick Base)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.00

%

 

 

8.00

%

 

 

8.11

%

 

4/2/2027

 

$

9,903,019

 

 

 

9,737,470

 

 

 

9,816,367

 

 

 

0.56

%

 

N

ResearchGate GmBH (Germany)

 

First Lien Term Loan (4.0% Exit Fee)

 

EURIBOR(Q)

 

 

0.00

%

 

 

8.55

%

 

 

8.55

%

 

10/1/2022

 

$

6,714,000

 

 

 

8,058,149

 

 

 

8,573,814

 

 

 

0.49

%

 

H/L/N/O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

193,973,004

 

 

 

199,439,863

 

 

 

11.40

%

 

 

 

5


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2021

 

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total

Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair

 

 

% of Total

Cash and

Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Idera, Inc

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

6.75

%

 

 

7.50

%

 

2/4/2029

 

$

-

 

 

$

 

 

$

 

 

 

 

 

 

Puppet, Inc.

 

First Lien Term Loan (3.0% Exit Fee)

 

LIBOR(Q)

 

 

1.00

%

 

 

8.50

%

 

 

9.50

%

 

6/19/2023

 

$

13,930,936

 

 

 

13,642,195

 

 

 

13,735,903

 

 

 

0.79

%

 

L/N

Xactly Corporation

 

First Lien Incremental Term Loan B

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

7/31/2022

 

$

4,996,644

 

 

 

4,952,859

 

 

 

4,996,644

 

 

 

0.29

%

 

N

Xactly Corporation

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

7/31/2022

 

$

2,726,918

 

 

 

2,709,005

 

 

 

2,726,918

 

 

 

0.16

%

 

N

Xactly Corporation

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

7/31/2022

 

$

6,948,120

 

 

 

6,907,320

 

 

 

6,948,120

 

 

 

0.40

%

 

N

Xactly Corporation

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

7/31/2022

 

$

-

 

 

 

(4,584

)

 

 

 

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,206,795

 

 

 

28,407,585

 

 

 

1.64

%

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blue Star Sports Holdings, Inc.

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

5.75% cash + 2% PIK

 

 

 

8.75

%

 

6/15/2024

 

$

57,420

 

 

 

56,764

 

 

 

55,330

 

 

 

 

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

5.75% cash + 2% PIK

 

 

 

8.75

%

 

6/15/2024

 

$

114,869

 

 

 

113,600

 

 

 

110,688

 

 

 

0.01

%

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

5.75% cash + 2% PIK

 

 

 

8.75

%

 

6/15/2024

 

$

1,598,296

 

 

 

1,579,946

 

 

 

1,540,118

 

 

 

0.09

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,750,310

 

 

 

1,706,136

 

 

 

0.10

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny's Enterprises, LLC

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

8/5/2026

 

$

3,782,074

 

 

 

3,708,361

 

 

 

3,732,907

 

 

 

0.21

%

 

K

Sonny's Enterprises, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

8/5/2026

 

$

4,322,371

 

 

 

4,146,902

 

 

 

4,202,807

 

 

 

0.24

%

 

K

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,855,263

 

 

 

7,935,714

 

 

 

0.45

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Khoros, LLC (Lithium)

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

10/3/2022

 

$

7,131,905

 

 

 

7,066,378

 

 

 

7,060,586

 

 

 

0.40

%

 

N

Khoros, LLC (Lithium)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

10/3/2022

 

$

20,884,731

 

 

 

20,732,876

 

 

 

20,675,884

 

 

 

1.18

%

 

N

Khoros, LLC (Lithium)

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

10/3/2022

 

$

-

 

 

 

(10,757

)

 

 

(15,281

)

 

 

 

 

K/N

Khoros, LLC (Lithium)

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

10/3/2022

 

$

-

 

 

 

(3,985

)

 

 

(4,552

)

 

 

 

 

K/N

NEP II, Inc.

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.00

%

 

 

7.00

%

 

 

7.11

%

 

10/19/2026

 

$

27,000,000

 

 

 

26,440,209

 

 

 

24,986,205

 

 

 

1.43

%

 

G

Quora, Inc.

 

First Lien Term Loan (4.0% Exit Fee)

 

Fixed

 

 

0.00

%

 

10.10% PIK

 

 

 

10.10

%

 

5/1/2024

 

$

126,926

 

 

 

126,926

 

 

 

126,418

 

 

 

0.01

%

 

L/N

Quora, Inc.

 

First Lien Term Loan (4.0% Exit Fee)

 

Fixed

 

 

0.00

%

 

 

10.10

%

 

 

10.10

%

 

5/1/2022

 

$

12,692,602

 

 

 

12,545,601

 

 

 

12,679,910

 

 

 

0.72

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66,897,248

 

 

 

65,509,170

 

 

 

3.74

%

 

 

Metal and Mining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Neenah Foundry Company

 

First Lien Term Loan B

 

LIBOR(Q)

 

 

1.00

%

 

 

9.00

%

 

 

10.00

%

 

12/13/2022

 

$

6,100,933

 

 

 

5,861,489

 

 

 

6,100,933

 

 

 

0.35

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore International, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

9.00

%

 

 

10.00

%

 

4/13/2021

 

$

1,324,140

 

 

 

1,324,140

 

 

 

1,324,140

 

 

 

0.08

%

 

B/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Olaplex, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

1/8/2026

 

$

13,403,873

 

 

 

13,182,555

 

 

 

13,430,681

 

 

 

0.77

%

 

N

Olaplex, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

1/8/2026

 

$

5,138,023

 

 

 

5,090,524

 

 

 

5,148,299

 

 

 

0.29

%

 

N

Olaplex, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

1/8/2025

 

 

 

 

 

(20,715

)

 

 

 

 

 

 

 

K/N

Paula's Choice Holdings, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

11/17/2025

 

$

19,875,000

 

 

 

19,358,706

 

 

 

19,477,500

 

 

 

1.11

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,611,070

 

 

 

38,056,480

 

 

 

2.17

%

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applause App Quality, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

5.00

%

 

 

6.00

%

 

9/20/2022

 

$

20,720,375

 

 

 

20,583,640

 

 

 

20,720,375

 

 

 

1.18

%

 

N

Applause App Quality, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

5.00

%

 

 

6.00

%

 

9/20/2022

 

$

-

 

 

 

(8,927

)

 

 

 

 

 

 

 

K/N

CIBT Solutions, Inc.

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

 

 

6/1/2025

 

$

7,875,338

 

 

 

7,607,370

 

 

 

4,134,552

 

 

 

0.24

%

 

C/G

Dude Solutions Holdings, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

6/13/2025

 

$

16,863,724

 

 

 

16,577,767

 

 

 

17,032,362

 

 

 

0.97

%

 

N

Dude Solutions Holdings, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

6/13/2025

 

$

2,224,716

 

 

 

2,183,387

 

 

 

2,246,964

 

 

 

0.13

%

 

N

Dude Solutions Holdings, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

6/13/2025

 

$

3,622,733

 

 

 

3,511,596

 

 

 

3,731,415

 

 

 

0.21

%

 

N

Dude Solutions Holdings, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

6/13/2025

 

$

-

 

 

 

(35,419

)

 

 

 

 

 

 

 

K/N

iCIMS, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

9/12/2024

 

$

121,678

 

 

 

120,266

 

 

 

120,474

 

 

 

0.01

%

 

K/N

iCIMS, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

9/12/2024

 

$

2,351,073

 

 

 

2,318,048

 

 

 

2,327,798

 

 

 

0.13

%

 

N

iCIMS, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

9/12/2024

 

$

353,250

 

 

 

346,835

 

 

 

349,753

 

 

 

0.02

%

 

N

Jobandtalent USA, Inc (United Kingdom)

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

8.75

%

 

 

9.75

%

 

2/17/2025

 

$

7,969,804

 

 

 

7,814,993

 

 

 

7,937,925

 

 

 

0.45

%

 

N/H

Jobandtalent USA, Inc (United Kingdom)

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

8.75

%

 

 

9.75

%

 

2/17/2025

 

$

23,909,413

 

 

 

23,449,239

 

 

 

23,813,776

 

 

 

1.36

%

 

N/H

RigUp, Inc.

 

First Delayed Draw Term Loan (3.5% Exit Fee)

 

LIBOR(M)

 

 

1.50

%

 

 

7.00

%

 

 

8.50

%

 

3/1/2024

 

$

29,000,000

 

 

 

28,561,209

 

 

 

29,725,000

 

 

 

1.70

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

113,030,004

 

 

 

112,140,394

 

 

 

6.40

%

 

 

 

6


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2021

 

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total

Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair

 

 

% of Total

Cash and

Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space Midco, Inc. (Archibus)

 

First Lien Term Loan

 

LIBOR(M)

 

 

0.00

%

 

 

6.25

%

 

 

6.38

%

 

12/5/2023

 

$

4,444,444

 

 

$

4,392,880

 

 

$

4,435,556

 

 

 

0.25

%

 

N

Space Midco, Inc. (Archibus)

 

Sr Secured Revolver

 

LIBOR(M)

 

 

0.00

%

 

 

6.25

%

 

 

6.38

%

 

12/5/2023

 

$

-

 

 

 

(3,107

)

 

 

(556

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,389,773

 

 

 

4,435,000

 

 

 

0.25

%

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlobalTranz Enterprises LLC

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.00

%

 

 

8.25

%

 

 

8.36

%

 

5/15/2027

 

$

19,382,324

 

 

 

19,056,112

 

 

 

17,889,885

 

 

 

1.02

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certify, Inc.

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

5.75

%

 

 

6.75

%

 

2/28/2024

 

$

3,188,631

 

 

 

3,153,605

 

 

 

3,177,152

 

 

 

0.18

%

 

N

Certify, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

5.75

%

 

 

6.75

%

 

2/28/2024

 

$

23,383,293

 

 

 

23,324,584

 

 

 

23,299,113

 

 

 

1.33

%

 

N

Certify, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

5.75

%

 

 

6.75

%

 

2/28/2024

 

$

265,719

 

 

 

250,546

 

 

 

261,893

 

 

 

0.01

%

 

K/N

Rhode Holdings, Inc. (Kaseya)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.00% Cash + 3.00% PIK

 

 

 

8.00

%

 

5/2/2025

 

$

1,732,500

 

 

 

1,708,794

 

 

 

1,741,163

 

 

 

0.10

%

 

N

Rhode Holdings, Inc. (Kaseya)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.00% Cash + 3.00% PIK

 

 

 

8.00

%

 

5/2/2025

 

$

14,728,518

 

 

 

14,520,452

 

 

 

14,802,160

 

 

 

0.85

%

 

N

Rhode Holdings, Inc. (Kaseya)

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

5/2/2025

 

$

590,882

 

 

 

573,920

 

 

 

590,882

 

 

 

0.03

%

 

N

Rhode Holdings, Inc. (Kaseya)

 

First Lien Incremental Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.00% Cash + 3.00% PIK

 

 

 

8.00

%

 

5/2/2025

 

$

815,728

 

 

 

804,424

 

 

 

819,806

 

 

 

0.05

%

 

K/N

Rhode Holdings, Inc. (Kaseya)

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.00% Cash + 3.00% PIK

 

 

 

8.00

%

 

5/2/2025

 

$

1,281,602

 

 

 

1,264,044

 

 

 

1,288,010

 

 

 

0.07

%

 

N

Rhode Holdings, Inc. (Kaseya)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.00% Cash + 3.00% PIK

 

 

 

8.00

%

 

5/2/2025

 

$

280,293

 

 

 

272,235

 

 

 

283,797

 

 

 

0.02

%

 

K/N

Rhode Holdings, Inc. (Kaseya)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.00% Cash + 3.00% PIK

 

 

 

8.00

%

 

5/2/2025

 

$

385,419

 

 

 

378,276

 

 

 

387,346

 

 

 

0.02

%

 

N

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

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

3/31/2027

 

$

-

 

 

 

(23,255

)

 

 

(23,266

)

 

 

 

 

H/K/N

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

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

3/31/2027

 

$

10,469,484

 

 

 

10,260,176

 

 

 

10,260,094

 

 

 

0.59

%

 

H/N

SEP Vulcan Acquisition, Inc (Canada)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

3/16/2027

 

$

7,836,483

 

 

 

7,680,425

 

 

 

7,679,753

 

 

 

0.44

%

 

H/N

SEP Vulcan Acquisition, Inc (Canada)

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

3/16/2027

 

$

-

 

 

 

(22,231

)

 

 

(22,390

)

 

 

 

 

H/K/N

Snow Software AB

 

First Lien Term Loan

 

LIBOR(Q)

 

 

2.00

%

 

 

6.00

%

 

 

8.00

%

 

4/17/2024

 

$

10,373,317

 

 

 

10,236,069

 

 

 

10,580,783

 

 

 

0.60

%

 

N

Snow Software AB

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

2.00

%

 

 

6.00

%

 

 

8.00

%

 

4/17/2024

 

$

11,543,865

 

 

 

11,375,395

 

 

 

11,774,743

 

 

 

0.67

%

 

N

Snow Software AB

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

2.00

%

 

 

6.00

%

 

 

8.00

%

 

4/17/2024

 

$

-

 

 

 

(54,935

)

 

 

 

 

 

 

 

K/N

Snow Software AB

 

First Lien Term Loan

 

LIBOR(Q)

 

 

2.00

%

 

 

6.00

%

 

 

8.00

%

 

4/21/2021

 

$

4,477,328

 

 

 

4,469,672

 

 

 

4,566,875

 

 

 

0.26

%

 

N

Superman Holdings, LLC

 

Sr Secured Revolver

 

PRIME

 

 

0.00

%

 

 

7.00

%

 

 

10.25

%

 

8/31/2026

 

$

-

 

 

 

(28,368

)

 

 

 

 

 

 

 

K/N

Superman Holdings, LLC

 

Sr Secured Revolver

 

PRIME

 

 

0.00

%

 

 

7.00

%

 

 

10.25

%

 

8/31/2027

 

$

8,798,209

 

 

 

8,597,811

 

 

 

9,062,156

 

 

 

0.52

%

 

N

Syntellis Performance Solutions, Inc

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

8/2/2027

 

$

21,348,659

 

 

 

20,755,277

 

 

 

21,775,632

 

 

 

1.24

%

 

N

Winshuttle, LLC

 

First Lien FILO Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.75

%

 

 

9.42

%

 

8/9/2024

 

$

13,832,414

 

 

 

13,569,424

 

 

 

14,039,900

 

 

 

0.80

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

133,066,340

 

 

 

136,345,602

 

 

 

7.78

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan B

 

LIBOR(Q)

 

 

0.00

%

 

 

5.50

%

 

 

5.69

%

 

2/12/2025

 

$

586,165

 

 

 

558,370

 

 

 

549,530

 

 

 

0.03

%

 

N

Calceus Acquisition, Inc. (Cole Haan)

 

Sr Secured Notes

 

Fixed

 

 

0.00

%

 

 

9.75

%

 

 

9.75

%

 

2/19/2025

 

$

20,000,000

 

 

 

19,482,878

 

 

 

21,486,000

 

 

 

1.23

%

 

N

USR Parent, Inc. (Staples)

 

First Lien FILO Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

8.84

%

 

 

9.84

%

 

9/12/2022

 

$

4,031,501

 

 

 

3,997,465

 

 

 

4,071,816

 

 

 

0.23

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,038,713

 

 

 

26,107,346

 

 

 

1.49

%

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kenneth Cole Productions, Inc.

 

First Lien FILO Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.75

%

 

 

10.50

%

 

12/28/2023

 

$

17,941,278

 

 

 

17,868,945

 

 

 

17,815,689

 

 

 

1.02

%

 

N

PSEB, LLC (Eddie Bauer)

 

First Lien FILO II Term Loan

 

PRIME

 

 

0.00

%

 

 

7.25

%

 

 

10.50

%

 

10/12/2023

 

$

10,793,402

 

 

 

10,621,610

 

 

 

10,793,399

 

 

 

0.62

%

 

N

PSEB, LLC (Eddie Bauer)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

10/12/2023

 

$

35,685,684

 

 

 

35,128,877

 

 

 

36,328,026

 

 

 

2.10

%

 

N

WH Buyer, LLC (Anne Klein)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.51

%

 

 

8.51

%

 

12/31/2025

 

$

7,903,889

 

 

 

7,825,850

 

 

 

7,919,697

 

 

 

0.45

%

 

N

WH Buyer, LLC (Anne Klein)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.51

%

 

 

8.51

%

 

12/31/2025

 

$

27,664,640

 

 

 

27,441,398

 

 

 

27,719,969

 

 

 

1.58

%

 

N

WH Buyer, LLC (Anne Klein)

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.51

%

 

 

8.51

%

 

12/31/2025

 

$

5,307,692

 

 

 

5,262,546

 

 

 

5,318,308

 

 

 

0.30

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

104,149,226

 

 

 

105,895,088

 

 

 

6.07

%

 

 

Thrifts and Mortgage Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greystone Select Holdings, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

4/17/2024

 

$

24,518,077

 

 

 

24,424,858

 

 

 

24,518,077

 

 

 

1.40

%

 

N

Home Partners of America, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

10/13/2022

 

$

2,857,143

 

 

 

2,840,045

 

 

 

2,857,143

 

 

 

0.16

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,264,903

 

 

 

27,375,220

 

 

 

1.56

%

 

 

Tobacco Related

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Juul Labs, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

8/2/2023

 

$

26,365,495

 

 

 

26,201,339

 

 

 

26,180,936

 

 

 

1.50

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 198.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,582,725,251

 

 

 

1,555,000,985

 

 

 

88.88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2021

 

 

 

Issuer

 

Instrument

 

 

 

 

 

 

 

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair

Value

 

 

% of Total

Cash and

Investments

 

 

Notes

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Autoalert Acquisition Co, LLC

 

Warrants to Purchase LLC Interest

 

 

 

 

 

 

 

 

 

6/28/2030

 

 

7

 

 

$

2,910,423

 

 

$

2,211,832

 

 

 

0.13

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

Warrants to Purchase Membership Units (144A)

 

 

 

 

 

 

 

 

 

2/7/2030

 

 

287

 

 

 

645,121

 

 

 

697,010

 

 

 

0.04

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGY Holding Corp.

 

Series A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

1,786,785

 

 

 

485,322

 

 

 

278,719

 

 

 

0.02

%

 

D/E/N

AGY Holding Corp.

 

Series B Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

1,250,749

 

 

 

 

 

 

 

 

 

 

 

D/E/N

AGY Holding Corp.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

982,732

 

 

 

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

485,322

 

 

 

278,719

 

 

 

0.02

%

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avanti Communications Group, PLC (United Kingdom)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

26,576,710

 

 

 

4,902,674

 

 

 

 

 

 

 

 

D/H/N/O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TVG-Edmentum Holdings, LLC

 

Series A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

28,431,892

 

 

 

28,431,892

 

 

 

31,236,431

 

 

 

1.79

%

 

B/E

TVG-Edmentum Holdings, LLC

 

Series B-1 Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

13,904,323

 

 

 

13,904,323

 

 

 

15,187,277

 

 

 

0.87

%

 

B/E

TVG-Edmentum Holdings, LLC

 

Series B-2 Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

13,421,162

 

 

 

13,421,162

 

 

 

15,187,277

 

 

 

0.87

%

 

B/D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,757,377

 

 

 

61,610,985

 

 

 

3.53

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

22,199,416

 

 

 

22,199,416

 

 

 

32,092,000

 

 

 

1.81

%

 

E/F/N

Conventional Lending TCP Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

19,000,869

 

 

 

19,000,869

 

 

 

18,000,000

 

 

 

1.02

%

 

E/F/I/N

GACP I, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

460,486

 

 

 

460,486

 

 

 

968,930

 

 

 

0.06

%

 

E/I/N

GACP II, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

14,214,380

 

 

 

14,214,380

 

 

 

14,491,280

 

 

 

0.83

%

 

E/I/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

 

2/11/2031

 

 

34,820

 

 

 

 

 

 

695,704

 

 

 

0.04

%

 

D/E/N/H

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,875,151

 

 

 

66,247,914

 

 

 

3.76

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia Holdings Limited (United Kingdom)

 

Class B Shares

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

 

 

 

 

 

D/E/F/H/N

Conergy Asia Holdings Limited (United Kingdom)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

3,333

 

 

 

7,833,333

 

 

 

 

 

 

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

2,332,594

 

 

 

 

 

 

 

 

 

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Series B Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

93,023

 

 

 

1,395,349

 

 

 

 

 

 

 

 

D/E/F/H/N

Utilidata, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

29,094

 

 

 

216,336

 

 

 

 

 

 

 

 

D/E

Utilidata, Inc.

 

Series C Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

257,369

 

 

 

153,398

 

 

 

207,000

 

 

 

0.01

%

 

D/E

Utilidata, Inc.

 

Series CC Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

500,000

 

 

 

500,000

 

 

 

12,000

 

 

 

 

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,098,416

 

 

 

219,000

 

 

 

0.01

%

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TCFI Amteck Holdings, LLC

 

Series A Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

8,840,179

 

 

 

8,330,746

 

 

 

9,207,907

 

 

 

0.53

%

 

N

TCFI Amteck Holdings, LLC

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

362,513

 

 

 

395,336

 

 

 

10,164,865

 

 

 

0.58

%

 

D/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,726,082

 

 

 

19,372,772

 

 

 

1.11

%

 

 

Electronic Equipment, Instruments and Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soraa, Inc.

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

8/29/2024

 

 

3,071,860

 

 

 

478,899

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint Solar

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

9/12/2029

 

 

16

 

 

 

275,200

 

 

 

275,200

 

 

 

0.02

%

 

D/E/N

 

8


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2021

 

 

 

Issuer

 

Instrument

 

 

 

 

 

 

 

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair

Value

 

 

% of Total

Cash and

Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Warrants to Purchase Class B Common Stock

 

 

 

 

 

 

 

 

 

8/7/2023

 

 

49,792

 

 

$

1,543,054

 

 

$

2,802,792

 

 

 

0.16

%

 

D/E

FinancialForce.com, Inc.

 

Warrants to Purchase Series C Preferred Stock

 

 

 

 

 

 

 

 

 

1/30/2029

 

 

1,125,000

 

 

 

287,985

 

 

 

562,059

 

 

 

0.03

%

 

D/E/N

Foursquare Labs, Inc.

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

5/4/2027

 

 

2,062,500

 

 

 

508,805

 

 

 

883,929

 

 

 

0.05

%

 

D/E/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

8/15/2027

 

 

1,327,869

 

 

 

212,360

 

 

 

1,057,869

 

 

 

0.06

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

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

 

 

 

 

 

 

 

 

 

9/18/2025

 

 

1,049,996

 

 

 

276,492

 

 

 

1,029,835

 

 

 

0.06

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

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

 

 

 

 

 

 

 

 

 

10/3/2028

 

 

1,511,002

 

 

 

93,407

 

 

 

445,059

 

 

 

0.03

%

 

D/E/H/N

ResearchGate Corporation (Germany)

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

10/30/2029

 

 

333,370

 

 

 

202,001

 

 

 

120,000

 

 

 

0.01

%

 

D/E/H/N/O

Snaplogic, Inc.

 

Warrants to Purchase Series Preferred Stock

 

 

 

 

 

 

 

 

 

3/19/2028

 

 

1,860,000

 

 

 

377,722

 

 

 

5,300,000

 

 

 

0.30

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,501,826

 

 

 

12,201,543

 

 

 

0.70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelis (SVC), LLC

 

Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

657,932

 

 

 

2,001,384

 

 

 

73,761

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life Sciences Tools and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Envigo RMS Holdings Corp.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

36,413

 

 

 

 

 

 

245,424

 

 

 

0.01

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEG Parent, LLC (Core Entertainment, Inc.)

 

Class A Units

 

 

 

 

 

 

 

 

 

 

 

 

2,720,392

 

 

 

2,772,807

 

 

 

8,138,580

 

 

 

0.47

%

 

B/D/E/N

NEG Parent, LLC (Core Entertainment, Inc.)

 

Class A Warrants to Purchase Class A Units

 

 

 

 

 

 

 

 

 

10/17/2026

 

 

343,387

 

 

 

196,086

 

 

 

526,290

 

 

 

0.03

%

 

B/D/E/N

NEG Parent, LLC (Core Entertainment, Inc.)

 

Class B Warrants to Purchase Class A Units

 

 

 

 

 

 

 

 

 

10/17/2026

 

 

346,794

 

 

 

198,032

 

 

 

531,511

 

 

 

0.03

%

 

B/D/E/N

Quora, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

4/11/2029

 

 

507,704

 

 

 

65,245

 

 

 

137,588

 

 

 

0.01

%

 

D/E/N

SoundCloud, Ltd. (United Kingdom)

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

4/29/2025

 

 

946,498

 

 

 

79,082

 

 

 

45,143

 

 

 

 

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,311,252

 

 

 

9,379,112

 

 

 

0.54

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore Investments Holdings, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

16,207

 

 

 

4,177,710

 

 

 

5,897,527

 

 

 

0.34

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anacomp, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

1,255,527

 

 

 

26,711,048

 

 

 

213,440

 

 

 

0.01

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nanosys, Inc.

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

3/29/2023

 

 

800,000

 

 

 

605,266

 

 

 

962,482

 

 

 

0.06

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradeshift, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

3/26/2027

 

 

1,712,930

 

 

 

577,847

 

 

 

503,759

 

 

 

0.03

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 23.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

182,040,998

 

 

 

180,390,480

 

 

 

10.31

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 221.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,764,766,249

 

 

$

1,735,391,465

 

 

 

99.19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 1.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

14,254,843

 

 

 

0.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments  - 223.4% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,749,646,308

 

 

 

100.00

%

 

M

 

9


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2021

 

 

 

 

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-accruing debt investment.

(D)

Other non-income producing investment.

(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)

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

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

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $182,585,090 and $95,732,133, respectively, for the three months ended March 31, 2021. 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 March 31, 2021 was $ 1,663,410,693.00 or 95.1% of total cash and investments of the Company.  As of March 31, 2021, approximately 11% 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.

 

 

 

10


 

 

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

Fair

 

 

Cash and

 

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Value

 

 

Investments

 

 

Notes

Debt Investments (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unanet, Inc.

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

 

 

 

6.25

%

 

 

6.44

%

 

5/31/2024

 

$

5,127,551

 

 

$

5,072,277

 

 

$

5,005,102

 

 

 

0.30

%

 

N

Unanet, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

6.25

%

 

 

6.44

%

 

5/31/2024

 

$

19,897,959

 

 

19,747,253

 

 

19,579,592

 

 

 

1.19

%

 

N

Unanet, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

 

 

 

6.25

%

 

 

6.44

%

 

5/31/2024

 

$

2,448,980

 

 

2,431,281

 

 

2,409,796

 

 

 

0.15

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,250,811

 

 

26,994,490

 

 

 

1.64

%

 

 

Airlines

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mesa Airlines, Inc.

 

Aircraft Acquisition Incremental Loan

 

LIBOR(M)

 

 

2.00

%

 

 

5.00

%

 

 

7.00

%

 

9/27/2023

 

$

1,947,089

 

 

1,929,445

 

 

1,888,676

 

 

 

0.11

%

 

N

Mesa Airlines, Inc.

 

Aircraft Acquisition Loan

 

LIBOR(M)

 

 

2.00

%

 

 

5.00

%

 

 

7.00

%

 

6/5/2023

 

$

15,488,204

 

 

15,358,100

 

 

15,116,487

 

 

 

0.92

%

 

N

One Sky Flight, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

12/27/2024

 

$

19,000,000

 

 

18,679,830

 

 

19,190,000

 

 

 

1.16

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,967,375

 

 

36,195,163

 

 

 

2.19

%

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AutoAlert, LLC

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

0.25

%

 

 

10.75

%

 

 

11.00

%

 

1/1/2022

 

$

41,207,522

 

 

41,207,522

 

 

38,776,278

 

 

 

2.35

%

 

N

AutoAlert, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

0.25

%

 

 

10.75

%

 

 

11.00

%

 

1/1/2022

 

$

16,307,846

 

 

16,307,846

 

 

15,345,683

 

 

 

0.93

%

 

N

DealerFX, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

6.25% Cash + 2.00% PIK

 

 

 

9.25

%

 

2/1/2023

 

$

16,520,125

 

 

16,365,326

 

 

16,404,484

 

 

 

0.99

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

73,880,694

 

 

70,526,445

 

 

 

4.27

%

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dodge Data & Analytics, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

3/31/2021

 

$

819,552

 

 

819,552

 

 

819,552

 

 

 

0.05

%

 

N

Dodge Data & Analytics, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

3/31/2021

 

$

33,152,046

 

 

33,152,046

 

 

33,152,046

 

 

 

2.01

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,971,598

 

 

33,971,598

 

 

 

2.06

%

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HighTower Holding, LLC

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.75

%

 

 

9.75

%

 

1/31/2026

 

$

15,080,645

 

 

14,774,280

 

 

15,080,645

 

 

 

0.91

%

 

N

HighTower Holding, LLC

 

Second Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.75

%

 

 

9.75

%

 

1/31/2026

 

$

6,169,355

 

 

6,073,309

 

 

6,169,355

 

 

 

0.37

%

 

N

HighTower Holdings

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.75

%

 

 

9.75

%

 

1/31/2026

 

$

6,249,999

 

 

6,128,534

 

 

6,249,999

 

 

 

0.38

%

 

N

Pico Quantitative Trading, LLC

 

First Lien Term Loan (1.0% Exit Fee)

 

LIBOR(Q)

 

 

1.50

%

 

 

7.25

%

 

 

8.75

%

 

2/7/2025

 

$

21,791,007

 

 

20,969,685

 

 

21,594,888

 

 

 

1.31

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,945,808

 

 

49,094,887

 

 

 

2.97

%

 

 

Commercial Services and Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

First Lien Delayed Draw Term Loan A

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

11/7/2026

 

$

1,423,529

 

 

1,411,012

 

 

1,437,765

 

 

 

0.09

%

 

N

Kellermeyer Bergensons Services, LLC

 

First Lien Delayed Draw Term Loan B

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

11/7/2026

 

$

371,111

 

 

354,609

 

 

390,705

 

 

 

0.02

%

 

N

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

11/7/2026

 

$

6,470,588

 

 

6,419,832

 

 

6,535,294

 

 

 

0.40

%

 

N

Team Software, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

 

 

 

5.50

%

 

 

5.81

%

 

9/17/2023

 

$

7,220,080

 

 

7,142,178

 

 

7,183,980

 

 

 

0.44

%

 

N

Team Software, Inc.

 

First Lien Revolver

 

LIBOR(Q)

 

 

 

 

 

5.50

%

 

 

5.81

%

 

9/17/2023

 

$

1,053,363

 

 

1,024,123

 

 

1,035,807

 

 

 

0.06

%

 

N

Team Software, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

5.50

%

 

 

5.81

%

 

9/17/2023

 

$

13,167,038

 

 

13,050,648

 

 

13,101,203

 

 

 

0.79

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,402,402

 

 

29,684,754

 

 

 

1.80

%

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avanti Communications Jersey Limited (United Kingdom)

 

1.25 Lien Term Loan

 

Fixed

 

 

 

 

12.5% PIK

 

 

 

12.50

%

 

5/24/2021

 

$

232,780

 

 

232,780

 

 

232,780

 

 

 

0.01

%

 

H/N

Avanti Communications Jersey Limited (United Kingdom)

 

1.5 Lien Delayed Draw Term Loan

 

Fixed

 

 

 

 

12.5% PIK

 

 

 

12.50

%

 

5/24/2021

 

$

1,373,054

 

 

1,373,054

 

 

1,373,054

 

 

 

0.08

%

 

H/N

Avanti Communications Jersey Limited (United Kingdom)

 

1.5 Lien Term Loan

 

Fixed

 

 

 

 

12.5% PIK

 

 

 

12.50

%

 

5/24/2021

 

$

319,776

 

 

294,921

 

 

319,776

 

 

 

0.02

%

 

H/N

Avanti Communications Group, PLC (United Kingdom)

 

Sr New Money Initial Note

 

Fixed

 

 

 

 

9% PIK

 

 

 

 

 

10/1/2022

 

$

1,592,934

 

 

1,591,586

 

 

637,174

 

 

 

0.04

%

 

C/E/G/H/N

Avanti Communications Group, PLC (United Kingdom)

 

Sr Second-Priority PIK Toggle Note

 

Fixed

 

 

 

 

9% PIK

 

 

 

 

 

10/1/2022

 

$

4,064,721

 

 

4,064,219

 

 

1,625,888

 

 

 

0.10

%

 

C/E/G/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,556,560

 

 

4,188,672

 

 

 

0.25

%

 

 

 

 

11


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% of Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

Fair

 

 

Cash and

 

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Value

 

 

Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction and Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Datacom & Electrical, LLC

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

5.50% Cash + 4.50% PIK

 

 

 

11.00

%

 

7/25/2021

 

$

2,658,374

 

 

$

2,645,763

 

 

$

2,261,479

 

 

 

0.14

%

 

N

Hylan Datacom & Electrical, LLC

 

First Lien Term Loan (3.15% Exit Fee)

 

LIBOR(Q)

 

 

1.00

%

 

5.50% Cash + 4.50% PIK

 

 

 

11.00

%

 

7/25/2021

 

$

14,714,236

 

 

14,689,002

 

 

12,517,400

 

 

 

0.76

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,334,765

 

 

14,778,879

 

 

 

0.90

%

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Auto Trakk SPV, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

0.50

%

 

 

6.50

%

 

 

7.00

%

 

12/21/2021

 

$

21,708,042

 

 

21,627,288

 

 

21,708,042

 

 

 

1.32

%

 

N

Barri Financial Group, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

8.75

%

 

10/23/2024

 

$

16,386,623

 

 

16,058,193

 

 

16,550,489

 

 

 

1.00

%

 

N

Open Lending, LLC

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

3/11/2027

 

$

4,906,250

 

 

4,766,726

 

 

4,893,984

 

 

 

0.30

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,452,207

 

 

43,152,515

 

 

 

2.62

%

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Spark Networks, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

7/1/2023

 

$

 

 

 

(22,151

)

 

 

(12,272

)

 

 

 

 

K/N

Spark Networks, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

7/1/2023

 

$

19,848,972

 

 

19,372,272

 

 

19,551,237

 

 

 

1.19

%

 

N

Spark Networks, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

7/1/2023

 

$

1,207,065

 

 

1,171,712

 

 

1,188,959

 

 

 

0.07

%

 

N

Thras.io, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

12/18/2026

 

$

 

 

 

(248,494

)

 

 

(248,494

)

 

 

(0.02

)%

 

K/N

Thras.io, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

12/18/2026

 

$

15,060,241

 

 

14,683,735

 

 

14,683,735

 

 

 

0.89

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,957,074

 

 

35,163,165

 

 

 

1.19

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed

 

 

 

 

12.00

%

 

 

12.00

%

 

11/30/2025

 

$

40,834,419

 

 

40,834,419

 

 

40,834,419

 

 

 

2.48

%

 

E/F/N

Aretec Group, Inc. (Cetera)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

 

 

8.25

%

 

 

8.40

%

 

10/1/2026

 

$

27,105,263

 

 

26,876,000

 

 

25,478,947

 

 

 

1.54

%

 

G/N

Credit Suisse AG (Cayman Islands)

 

Asset-Backed Credit Linked Notes

 

LIBOR(Q)

 

 

 

 

9.50

%

 

 

11.50

%

 

4/12/2025

 

$

38,000,000

 

 

38,000,000

 

 

30,856,000

 

 

 

1.87

%

 

H/I/N

GC Agile Holdings Limited (Apex) (England)

 

First Lien Delayed Term Loan B

 

LIBOR(Q)

 

 

1.25

%

 

 

7.00

%

 

 

8.25

%

 

6/15/2025

 

$

18,788,475

 

 

18,490,655

 

 

18,675,561

 

 

 

1.13

%

 

H/N

GC Agile Holdings Limited (Apex) (England)

 

First Lien Term Loan A

 

LIBOR(Q)

 

 

1.25

%

 

 

7.00

%

 

 

8.25

%

 

6/15/2025

 

$

816,583

 

 

803,983

 

 

809,070

 

 

 

0.05

%

 

H/N

RSB-160, LLC (Lat20)

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

7/20/2022

 

$

1,533,333

 

 

1,518,675

 

 

1,533,333

 

 

 

0.09

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

126,523,732

 

 

118,187,330

 

 

 

7.16

%

 

 

Diversified Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aventiv Technologies, Inc. (Securus)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.25

%

 

 

9.25

%

 

11/1/2025

 

$

25,846,154

 

 

25,679,341

 

 

21,237,009

 

 

 

1.30

%

 

 

Telarix, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

11/19/2023

 

$

7,368,750

 

 

7,295,192

 

 

7,242,008

 

 

 

0.44

%

 

N

Telarix, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

11/19/2023

 

$

 

 

 

(3,204

)

 

 

(6,143

)

 

 

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,971,329

 

 

28,472,874

 

 

 

1.74

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia & ME Pte. Ltd (Singapore)

 

First Lien Term Loan

 

Fixed

 

 

 

 

 

 

 

 

 

 

6/30/2021

 

$

2,110,141

 

 

2,110,141

 

 

1,154,036

 

 

 

0.07

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Bank Guarantee Credit Facility

 

Fixed

 

 

 

 

 

 

 

 

 

 

12/31/2021

 

$

6,578,877

 

 

6,578,877

 

 

3,336,148

 

 

 

0.20

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Revolving Credit Facility

 

Fixed

 

 

 

 

 

 

 

 

 

 

12/31/2021

 

$

8,668,850

 

 

8,668,850

 

 

2,114,333

 

 

 

0.13

%

 

D/F/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,357,868

 

 

6,604,517

 

 

 

0.40

%

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TCFI Amteck Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

 

 

 

6.25

%

 

 

6.56

%

 

12/31/2024

 

$

526,131

 

 

520,301

 

 

526,131

 

 

 

0.03

%

 

N

TCFI Amteck Holdings, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

6.25

%

 

 

6.56

%

 

12/31/2024

 

$

8,722,052

 

 

8,624,256

 

 

8,722,052

 

 

 

0.53

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,144,557

 

 

9,248,183

 

 

 

0.56

%

 

 

 

 

 

12


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2020

 

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair

Value

 

 

% of Total

Cash and

Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint Solar, Inc.

 

First Lien Incremental Term Loan (4.0% Exit Fee)

 

LIBOR(M)

 

 

2.00

%

 

 

8.50

%

 

 

 

 

8/31/2021

 

$

4,245,365

 

 

$

4,234,930

 

 

$

1,018,888

 

 

 

0.06

%

 

C/L/N

GlassPoint Solar, Inc.

 

First Lien Incremental Term Loan A

 

LIBOR(M)

 

 

2.00

%

 

 

8.50

%

 

 

10.50

%

 

8/31/2021

 

$

210,986

 

 

210,986

 

 

210,986

 

 

 

0.01

%

 

N

GlassPoint Solar, Inc.

 

First Lien Term Loan (5.0% Exit Fee)

 

LIBOR(M)

 

 

 

 

 

11.44

%

 

 

 

 

8/31/2021

 

$

2,324,588

 

 

2,283,788

 

 

557,901

 

 

 

0.03

%

 

C/L/N

Sphera Solutions, Inc. (Diamondback)

 

First Lien FILO Term Loan B

 

LIBOR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

10.76

%

 

6/14/2023

 

$

23,377,259

 

 

23,115,634

 

 

23,073,355

 

 

 

1.40

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,845,338

 

 

24,861,130

 

 

 

1.50

%

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAREATC, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

3/14/2024

 

$

8,502,033

 

 

8,381,928

 

 

8,587,053

 

 

 

0.52

%

 

N

CAREATC, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

3/14/2024

 

$

-

 

 

 

(7,938

)

 

 

 

 

 

 

 

K/N

Edifecs, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

9/21/2026

 

$

1,388,889

 

 

1,355,499

 

 

1,397,222

 

 

 

0.08

%

 

N

Patient Point Network Solutions, LLC

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

8.50

%

 

 

9.50

%

 

6/26/2022

 

$

-

 

 

 

(1,824

)

 

 

 

 

 

 

 

K/N

Patient Point Network Solutions, LLC

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

6/26/2022

 

$

1,172,178

 

 

1,166,548

 

 

1,172,178

 

 

 

0.07

%

 

N

Patient Point Network Solutions, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

6/26/2022

 

$

6,081,798

 

 

6,058,408

 

 

6,081,798

 

 

 

0.37

%

 

N

Sandata Technologies, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

6.00

%

 

 

6.31

%

 

7/23/2024

 

$

20,250,000

 

 

20,016,127

 

 

19,723,500

 

 

 

1.20

%

 

N

Sandata Technologies, LLC

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

 

 

 

6.00

%

 

 

6.31

%

 

7/23/2024

 

$

-

 

 

 

(24,784

)

 

 

(58,500

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,943,964

 

 

36,903,251

 

 

 

2.24

%

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TEAM Services Group

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

9.00

%

 

 

10.00

%

 

11/13/2028

 

$

25,000,000

 

 

24,190,557

 

 

24,812,500

 

 

 

1.50

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fishbowl, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

9.75

%

 

 

10.06

%

 

1/26/2022

 

$

25,990,088

 

 

25,818,817

 

 

14,944,301

 

 

 

0.91

%

 

N

Pegasus Business Intelligence, LP (Onyx Centersource)

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

9.25

%

 

12/20/2021

 

$

5,648,822

 

 

5,753,482

 

 

4,818,445

 

 

 

0.29

%

 

N

Pegasus Business Intelligence, LP (Onyx Centersource)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

9.25

%

 

12/20/2021

 

$

13,510,298

 

 

13,732,711

 

 

11,524,284

 

 

 

0.70

%

 

N

Pegasus Business Intelligence, LP (Onyx Centersource)

 

Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

9.25

%

 

12/20/2021

 

$

671,356

 

 

682,522

 

 

572,666

 

 

 

0.03

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,987,532

 

 

31,859,696

 

 

 

1.93

%

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-10 Holdco, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

10/31/2024

 

$

3,741,667

 

 

3,689,786

 

 

3,741,667

 

 

 

0.23

%

 

N

2-10 Holdco, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

10/31/2024

 

$

-

 

 

 

(5,341

)

 

 

 

 

 

 

 

K/N

AmeriLife Holdings, LLC

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.50

%

 

 

9.50

%

 

3/18/2028

 

$

21,356,400

 

 

20,952,696

 

 

21,228,262

 

 

 

1.29

%

 

N

AmeriLife Holdings, LLC

 

Second Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.50

%

 

 

9.50

%

 

3/18/2028

 

$

7,454,593

 

 

7,324,604

 

 

7,409,865

 

 

 

0.45

%

 

N

IT Parent

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

10/1/2026

 

$

4,375,000

 

 

4,290,457

 

 

4,353,125

 

 

 

0.26

%

 

N

IT Parent

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

10/1/2026

 

$

500,000

 

 

488,014

 

 

496,875

 

 

 

0.03

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,740,216

 

 

37,229,794

 

 

 

1.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Live Auctioneers LLC

 

First Lien Last Out B-2 Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.76

%

 

 

7.76

%

 

5/21/2025

 

$

13,820,056

 

 

13,598,260

 

 

13,571,295

 

 

 

0.82

%

 

N

Live Auctioneers LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.76

%

 

 

7.76

%

 

5/21/2025

 

$

5,398,131

 

 

5,290,496

 

 

5,300,964

 

 

 

0.32

%

 

N

Syndigo, LLC

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

8.00

%

 

 

8.75

%

 

12/14/2028

 

$

12,141,870

 

 

11,959,742

 

 

11,959,742

 

 

 

0.73

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,848,498

 

 

30,832,001

 

 

 

3.08

%

 

 

 

13


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2020

 

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair

Value

 

 

% of Total

Cash and

Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

11/1/2025

 

$

16,648,997

 

 

$

16,366,935

 

 

$

16,898,731

 

 

 

1.02

%

 

N

Acquia Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

11/1/2025

 

$

-

 

 

 

(29,118

)

 

 

 

 

 

 

 

K/N

Domo, Inc.

 

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

 

LIBOR(M)

 

 

1.50

%

 

5.50% Cash + 2.50% PIK

 

 

 

9.50

%

 

4/1/2025

 

$

53,464,245

 

 

53,435,610

 

 

54,640,458

 

 

 

3.31

%

 

L/N

Domo, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

 

 

9.5% PIK

 

 

 

9.50

%

 

4/1/2025

 

$

2,566,973

 

 

77,095

 

 

2,618,312

 

 

 

0.16

%

 

N

FinancialForce.com, Inc.

 

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

 

LIBOR(M)

 

 

2.75

%

 

 

6.75

%

 

 

9.50

%

 

2/1/2024

 

$

28,000,000

 

 

27,623,116

 

 

28,336,000

 

 

 

1.72

%

 

L/N

Foursquare Labs, Inc.

 

First Lien Term Loan (5.0% Exit Fee)

 

LIBOR(M)

 

2.19%

 

 

 

7.25

%

 

 

9.44

%

 

10/1/2022

 

$

33,750,000

 

 

33,546,196

 

 

33,817,500

 

 

 

2.05

%

 

L/N

Foursquare Labs, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

2.19

%

 

 

7.25

%

 

 

9.44

%

 

10/1/2022

 

$

7,500,000

 

 

7,286,941

 

 

7,477,500

 

 

 

0.45

%

 

N

Foursquare

 

First Lien Term Loan

 

LIBOR(M)

 

2.19%

 

 

 

7.25

%

 

 

9.44

%

 

5/1/2023

 

$

2,500,000

 

 

2,475,000

 

 

2,555,000

 

 

 

0.15

%

 

N

Metricstream, Inc

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

9/28/2024

 

$

23,104,483

 

 

22,670,625

 

 

22,642,394

 

 

 

1.37

%

 

N

Persado, Inc.

 

First Lien Delayed Term Loan (4.25% Exit Fee)

 

LIBOR(M)

 

1.80%

 

 

 

7.00

%

 

 

8.80

%

 

2/1/2025

 

$

8,782,078

 

 

8,708,373

 

 

8,694,258

 

 

 

0.53

%

 

L/N

Quartz Holding Company (Quick Base)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

8.00

%

 

 

8.15

%

 

4/2/2027

 

$

9,903,019

 

 

9,729,081

 

 

9,816,367

 

 

 

0.60

%

 

N

ResearchGate GmBH (Germany)

 

First Lien Term Loan (4.0% Exit Fee)

 

EURIBOR (Q)

 

 

 

 

 

8.55

%

 

 

8.55

%

 

10/1/2022

 

$

6,714,000

 

 

8,020,121

 

 

8,882,973

 

 

 

0.54

%

 

H/L/N/O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

189,909,975

 

 

196,379,493

 

 

 

11.90

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Puppet, Inc.

 

First Lien Term Loan (3.0% Exit Fee)

 

LIBOR(Q)

 

 

1.00

%

 

 

8.50

%

 

 

9.50

%

 

6/19/2023

 

$

13,930,936

 

 

13,609,649

 

 

13,680,179

 

 

 

0.83

%

 

L/N

Web.com Group Inc.

 

Second Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

7.75

%

 

 

7.90

%

 

10/11/2026

 

$

19,277,823

 

 

19,075,749

 

 

18,498,710

 

 

 

1.12

%

 

G/J

Xactly Corporation

 

First Lien Incremental Term Loan B

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

7/31/2022

 

$

4,996,644

 

 

4,943,694

 

 

4,986,650

 

 

 

0.30

%

 

N

Xactly Corporation

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

7/31/2022

 

$

2,726,918

 

 

2,705,045

 

 

2,721,464

 

 

 

0.16

%

 

N

Xactly Corporation

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

7/31/2022

 

$

6,948,120

 

 

6,898,077

 

 

6,934,224

 

 

 

0.42

%

 

N

Xactly Corporation

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

7/31/2022

 

$

-

 

 

 

(5,443

)

 

 

(1,710

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,226,771

 

 

46,819,517

 

 

 

2.83

%

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blue Star Sports Holdings, Inc.

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

5.75% cash + 2.00% PIK

 

 

 

8.75

%

 

6/15/2024

 

$

57,122

 

 

56,426

 

 

53,397

 

 

 

 

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

5.75% cash + 2.00% PIK

 

 

 

8.75

%

 

6/15/2024

 

$

114,289

 

 

112,927

 

 

106,837

 

 

 

0.01

%

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

5.75% cash + 2.00% PIK

 

 

 

8.75

%

 

6/15/2024

 

$

1,569,444

 

 

1,550,003

 

 

1,467,116

 

 

 

0.09

%

 

N