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TCPC BlackRock TCP Capital

Filed: 2 Aug 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 June 30, 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 August 2, 2021 was 57,767,264.

 

 

 


 

 

BLACKROCK TCP CAPITAL CORP.

FORM 10-Q

FOR THE SIX MONTHS ENDED JUNE 30, 2021

TABLE OF CONTENTS

 

Part I.

Financial Information

 

 

 

 

Item 1.

Financial Statements

 

 

Consolidated Statements of Assets and Liabilities as of June 30, 2021 (unaudited) and December 31, 2020

2

 

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2021 (unaudited) and June 30, 2020 (unaudited)

3

 

 

 

 

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

4

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2021 (unaudited) and June 30, 2020 (unaudited)

5

 

 

 

 

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

6

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

23

 

 

 

 

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

47

 

 

 

 

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

51

 

 

 

Item 2.

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

53

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

66

 

 

 

Item 4.

Controls and Procedures

67

 

 

 

Part II.

Other Information

 

 

 

 

Item 1.

Legal Proceedings

68

 

 

 

Item 1A.

Risk Factors

68

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

69

 

 

 

Item 3.

Defaults upon Senior Securities

69

 

 

 

Item 4.

Mine Safety Disclosures

69

 

 

 

Item 5.

Other Information

69

 

 

 

Item 6.

Exhibits

70

 

 

 

1


 

 

BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities

 

 

 

June 30, 2021

 

 

December 31, 2020

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments, at fair value:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $1,619,351,358 and $1,473,322,720, respectively)

 

$

1,611,819,393

 

 

$

1,461,610,769

 

Non-controlled, affiliated investments (cost of $65,554,080 and $63,114,875, respectively)

 

 

119,908,356

 

 

 

68,927,182

 

Controlled investments (cost of $133,243,969 and $136,332,302, respectively)

 

 

94,328,873

 

 

 

99,026,531

 

Total investments (cost of $1,818,149,407 and $1,672,769,897, respectively)

 

 

1,826,056,622

 

 

 

1,629,564,482

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

17,881,467

 

 

 

20,006,580

 

Interest, dividends and fees receivable

 

 

20,471,329

 

 

 

15,571,648

 

Receivable for investments sold

 

 

12,419,141

 

 

 

278,737

 

Deferred debt issuance costs

 

 

5,243,761

 

 

 

4,984,388

 

Prepaid expenses and other assets

 

 

914,094

 

 

 

1,581,320

 

Total assets

 

 

1,882,986,414

 

 

 

1,671,987,155

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred issuance costs of $7,003,641 and $6,308,172, respectively)

 

 

991,086,002

 

 

 

850,016,199

 

Payable for investments purchased

 

 

45,894,977

 

 

 

33,275,348

 

Interest and debt related payables

 

 

11,886,381

 

 

 

9,886,085

 

Management fees payable

 

 

6,286,786

 

 

 

5,753,347

 

Incentive fees payable

 

 

4,548,443

 

 

 

5,020,794

 

Reimbursements due to the Advisor

 

 

977,345

 

 

 

1,344,756

 

Accrued expenses and other liabilities

 

 

1,668,887

 

 

 

1,704,048

 

Total liabilities

 

 

1,062,348,821

 

 

 

907,000,577

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

$

820,637,593

 

 

$

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 June 30, 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)

 

 

(159,393,376

)

 

 

(215,044,391

)

Total net assets

 

 

820,637,593

 

 

 

764,986,578

 

Total liabilities and net assets

 

$

1,882,986,414

 

 

$

1,671,987,155

 

 

 

 

 

 

 

 

 

 

Net assets per share

 

$

14.21

 

 

$

13.24

 

 

See accompanying notes to the consolidated financial statements.

 

 

 

 

2


 

 

BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (excluding PIK):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

37,070,947

 

 

$

34,939,196

 

 

$

70,924,259

 

 

$

70,928,532

 

Non-controlled, affiliated investments

 

 

33,471

 

 

 

451,965

 

 

 

59,568

 

 

 

1,004,241

 

Controlled investments

 

 

1,674,786

 

 

 

1,518,141

 

 

 

3,324,819

 

 

 

3,194,397

 

PIK income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

989,930

 

 

 

2,557,814

 

 

 

2,294,631

 

 

 

3,969,445

 

Non-controlled, affiliated investments

 

 

 

 

 

863,826

 

 

 

 

 

 

1,865,956

 

Dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

178,767

 

 

 

 

 

 

998,122

 

 

 

 

Non-controlled, affiliated investments

 

 

1,127,927

 

 

 

 

 

 

2,824,587

 

 

 

 

Controlled investments

 

 

252,851

 

 

 

301,725

 

 

 

1,144,901

 

 

 

730,145

 

Lease income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Controlled investments

 

 

 

 

 

 

 

 

 

 

 

38,136

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

164,036

 

 

 

3,832,958

 

 

 

211,154

 

 

 

3,985,972

 

Non-controlled, affiliated investments

 

 

151,968

 

 

 

648,799

 

 

 

1,026,544

 

 

 

648,799

 

Total investment income

 

 

41,644,683

 

 

 

45,114,424

 

 

 

82,808,585

 

 

 

86,365,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

 

10,712,356

 

 

 

10,645,437

 

 

 

20,818,243

 

 

 

21,601,082

 

Management fees

 

 

6,425,571

 

 

 

5,804,143

 

 

 

12,368,933

 

 

 

11,921,185

 

Incentive fees

 

 

4,548,446

 

 

 

5,245,304

 

 

 

9,239,904

 

 

 

5,245,304

 

Professional fees

 

 

579,926

 

 

 

502,658

 

 

 

870,260

 

 

 

1,001,068

 

Administrative expenses

 

 

428,857

 

 

 

539,947

 

 

 

968,804

 

 

 

1,079,894

 

Director fees

 

 

295,200

 

 

 

208,000

 

 

 

545,200

 

 

 

440,232

 

Insurance expense

 

 

150,000

 

 

 

175,080

 

 

 

285,000

 

 

 

350,161

 

Custody fees

 

 

85,008

 

 

 

111,773

 

 

 

144,191

 

 

 

223,440

 

Other operating expenses

 

 

652,133

 

 

 

829,709

 

 

 

1,359,478

 

 

 

1,397,958

 

Total operating expenses

 

 

23,877,497

 

 

 

24,062,051

 

 

 

46,600,013

 

 

 

43,260,324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

17,767,186

 

 

 

21,052,373

 

 

 

36,208,572

 

 

 

43,105,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(236,632

)

 

 

(383,875

)

 

 

1,842,683

 

 

 

4,410,583

 

Non-controlled, affiliated investments

 

 

 

 

 

 

 

 

1,028,057

 

 

 

 

Controlled investments

 

 

 

 

 

(32,062

)

 

 

 

 

 

129,950

 

Net realized gain (loss)

 

 

(236,632

)

 

 

(415,937

)

 

 

2,870,740

 

 

 

4,540,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(3,058,802

)

 

 

21,775,179

 

 

 

4,299,422

 

 

 

(51,041,046

)

Non-controlled, affiliated investments

 

 

40,751,395

 

 

 

1,477,294

 

 

 

48,541,962

 

 

 

(16,956,732

)

Controlled investments

 

 

(396,596

)

 

 

2,462,358

 

 

 

(1,609,324

)

 

 

(2,778,197

)

Net change in unrealized appreciation (depreciation)

 

 

37,295,997

 

 

 

25,714,831

 

 

 

51,232,060

 

 

 

(70,775,975

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

37,059,365

 

 

 

25,298,894

 

 

 

54,102,800

 

 

 

(66,235,442

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

54,826,551

 

 

$

46,351,267

 

 

$

90,311,372

 

 

$

(23,130,143

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per share

 

$

0.95

 

 

$

0.80

 

 

$

1.56

 

 

$

(0.40

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average common shares outstanding

 

 

57,767,264

 

 

 

57,766,916

 

 

 

57,767,264

 

 

 

58,217,663

 

 

 

 

See accompanying notes to the consolidated financial statements.

 

3


 

 

BlackRock TCP Capital Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital

in Excess of Par

 

 

Distributable

earnings (loss)

 

 

Total Net

Assets

 

Balance at December 31, 2019

 

 

58,766,426

 

 

$

58,766

 

 

$

997,379,362

 

 

$

(221,119,742

)

 

$

776,318,386

 

Issuance of common stock from dividend reinvestment plan

 

 

486

 

 

 

1

 

 

 

3,038

 

 

 

 

 

3,039

 

Repurchase of common stock

 

 

(1,000,000

)

 

 

(1,000

)

 

 

(6,099,190

)

 

 

 

 

(6,100,190

)

Net investment income

 

 

 

 

 

 

 

 

22,052,924

 

 

 

22,052,924

 

Net realized and unrealized loss

 

 

 

 

 

 

 

 

(91,534,335

)

 

 

(91,534,335

)

Dividends paid to shareholders

 

 

 

 

 

 

 

 

(21,155,913

)

 

 

(21,155,913

)

Balance at March 31, 2020

 

 

57,766,912

 

 

$

57,767

 

 

$

991,283,210

 

 

$

(311,757,066

)

 

$

679,583,911

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from dividend reinvestment plan

 

 

352

 

 

 

 

 

 

3,214

 

 

 

 

 

 

3,214

 

Net investment income

 

 

 

 

 

 

 

 

21,052,373

 

 

 

21,052,373

 

Net realized and unrealized gain

 

 

 

 

 

 

 

 

25,298,894

 

 

 

25,298,894

 

Dividends paid to shareholders

 

 

 

 

 

 

 

 

(20,796,088

)

 

 

(20,796,088

)

Balance at June 30, 2020

 

 

57,767,264

 

 

$

57,767

 

 

$

991,286,424

 

 

$

(286,201,887

)

 

$

705,142,304

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital

in Excess of Par

 

 

Distributable

earnings (loss)

 

 

Total Net

Assets

 

Balance at December 31, 2020

 

 

57,767,264

 

 

$

57,767

 

 

$

979,973,202

 

 

$

(215,044,391

)

 

$

764,986,578

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

18,441,386

 

 

 

18,441,386

 

Net realized and unrealized gain

 

 

 

 

 

 

 

 

 

 

 

17,043,436

 

 

 

17,043,436

 

Dividends paid to shareholders

 

 

 

 

 

 

 

 

 

 

 

(17,330,179

)

 

 

(17,330,179

)

Balance at March 31, 2021

 

 

57,767,264

 

 

 

57,767

 

 

 

979,973,202

 

 

 

(196,889,748

)

 

 

783,141,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

17,767,186

 

 

 

17,767,186

 

Net realized and unrealized gain

 

 

 

 

 

 

 

 

 

 

 

37,059,365

 

 

 

37,059,365

 

Dividends paid to shareholders

 

 

 

 

 

 

 

 

 

 

 

(17,330,179

)

 

 

(17,330,179

)

Balance at June 30, 2021

 

 

57,767,264

 

 

$

57,767

 

 

$

979,973,202

 

 

$

(159,393,376

)

 

$

820,637,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the consolidated financial statements.

 


4


 

 

BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

Operating activities

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

90,311,372

 

 

$

(23,130,143

)

Adjustments to reconcile net increase (decrease) in net assets resulting from

   operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Net realized (gain) loss

 

 

(2,870,740

)

 

 

(4,540,533

)

Change in net unrealized (appreciation) depreciation of investments

 

 

(51,112,627

)

 

 

70,744,059

 

Net amortization of investment discounts and premiums

 

 

(4,576,820

)

 

 

(3,956,764

)

Amortization of original issue discount on debt

 

 

721,798

 

 

 

596,162

 

Interest and dividend income paid in kind

 

 

(2,294,631

)

 

 

(5,835,401

)

Amortization of deferred debt issuance costs

 

 

1,843,293

 

 

 

1,779,300

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(415,957,330

)

 

 

(193,182,052

)

Proceeds from sales, maturities and pay downs of investments

 

 

280,320,010

 

 

 

178,695,161

 

Decrease (increase) in interest, dividends and fees receivable

 

 

(4,899,681

)

 

 

137,425

 

Decrease (increase) in receivable for investments sold

 

 

(12,140,404

)

 

 

1,316,667

 

Decrease (increase) in prepaid expenses and other assets

 

 

667,226

 

 

 

(1,399,574

)

Increase (decrease) in payable for investments purchased

 

 

12,619,629

 

 

 

(12,463,402

)

Increase (decrease) in incentive fees payable

 

 

(472,351

)

 

 

491,633

 

Increase (decrease) in interest and debt related payables

 

 

2,000,296

 

 

 

(118,106

)

Increase (decrease) in reimbursements due to the Advisor

 

 

(367,411

)

 

 

(172,813

)

Increase (decrease) in management fees payable

 

 

533,439

 

 

 

(641,770

)

Increase (decrease) in accrued expenses and other liabilities

 

 

(35,161

)

 

 

(686,492

)

Net cash provided by (used in) operating activities

 

 

(105,710,093

)

 

 

7,633,357

 

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

Draws on credit facilities

 

 

414,801,114

 

 

 

169,446,940

 

Repayments of credit facility draws

 

 

(448,047,140

)

 

 

(152,220,304

)

Payments of debt issuance costs

 

 

(2,798,136

)

 

 

(1,014,766

)

Dividends paid to shareholders

 

 

(34,660,358

)

 

 

(41,952,001

)

Repurchase of shares

 

 

 

 

 

(6,100,190

)

Proceeds from issuance of unsecured notes

 

 

174,289,500

 

 

 

 

Proceeds from shares issued in connection with dividend reinvestment plan

 

 

 

 

 

6,253

 

Net cash provided by (used in) financing activities

 

 

103,584,980

 

 

 

(31,834,068

)

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents (including restricted cash)

 

 

(2,125,113

)

 

 

(24,200,711

)

Cash and cash equivalents (including restricted cash) at beginning of period

 

 

20,006,580

 

 

 

44,848,539

 

Cash and cash equivalents (including restricted cash) at end of period

 

$

17,881,467

 

 

$

20,647,828

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

 

 

Interest payments

 

$

15,448,562

 

 

$

18,731,345

 

 

 

See accompanying notes to the consolidated financial statements.

5


 

 

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 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)

 

 

 

 

 

6.25

%

 

 

6.38

%

 

5/31/2024

 

$

5,127,551

 

 

$

5,079,130

 

 

$

5,173,469

 

 

 

0.28

%

 

N

Unanet, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

6.25

%

 

 

6.38

%

 

5/31/2024

 

$

19,897,959

 

 

 

19,771,366

 

 

 

20,017,347

 

 

 

1.09

%

 

N

Unanet, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

 

 

 

6.25

%

 

 

6.38

%

 

5/31/2024

 

$

2,448,980

 

 

 

2,434,259

 

 

 

2,448,980

 

 

 

0.13

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,284,755

 

 

 

27,639,796

 

 

 

1.50

%

 

 

Airlines

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Epic Aero, Inc

 

Unsecured Note

 

Fixed

 

 

 

 

 

2.00

%

 

 

2.00

%

 

12/31/2022

 

$

6,467,143

 

 

 

6,467,143

 

 

 

6,227,859

 

 

 

0.34

%

 

N

Mesa Airlines, Inc.

 

Aircraft Acquisition Incremental Loan

 

LIBOR(M)

 

 

2.00

%

 

 

5.00

%

 

 

7.00

%

 

9/27/2023

 

$

1,593,072

 

 

 

1,581,317

 

 

 

1,591,479

 

 

 

0.09

%

 

N

Mesa Airlines, Inc.

 

Aircraft Acquisition Loan

 

LIBOR(M)

 

 

2.00

%

 

 

5.00

%

 

 

7.00

%

 

6/5/2023

 

$

12,390,563

 

 

 

12,308,805

 

 

 

12,390,563

 

 

 

0.67

%

 

N

One Sky Flight, LLC

 

First Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

12/27/2024

 

$

17,508,982

 

 

 

17,245,956

 

 

 

17,684,072

 

 

 

0.96

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,603,221

 

 

 

37,893,973

 

 

 

2.06

%

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALCV Purchaser, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.75

%

 

 

7.75

%

 

2/25/2026

 

$

9,092,214

 

 

 

8,959,951

 

 

 

9,037,661

 

 

 

0.49

%

 

N

ALCV Purchaser, Inc.

 

First Lien Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

6.75

%

 

 

7.75

%

 

2/25/2026

 

$

 

 

 

(9,620

)

 

 

(3,978

)

 

 

 

 

K/N

Autoalert Acquisition Co, LLC

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.25

%

 

 

8.75

%

 

 

10.00

%

 

1/1/2023

 

$

41,207,522

 

 

 

41,170,967

 

 

 

39,353,183

 

 

 

2.13

%

 

N

Autoalert Acquisition Co, LLC

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.25

%

 

 

8.75

%

 

 

10.00

%

 

1/1/2023

 

$

16,307,846

 

 

 

16,274,523

 

 

 

15,573,993

 

 

 

0.85

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66,395,821

 

 

 

63,960,859

 

 

 

3.47

%

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porcelain Acquisition Corporation

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

4/30/2027

 

$

6,269,665

 

 

 

6,145,383

 

 

 

6,181,889

 

 

 

0.33

%

 

N

Porcelain Acquisition Corporation

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

4/30/2027

 

$

 

 

 

(52,246

)

 

 

(37,618

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,093,137

 

 

 

6,144,271

 

 

 

0.33

%

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Term Loan (1.0% Exit Fee)

 

LIBOR(S)

 

 

1.50

%

 

 

7.25

%

 

 

8.75

%

 

2/7/2025

 

$

21,791,007

 

 

 

21,059,081

 

 

 

22,008,917

 

 

 

1.19

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Services and Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

First Lien Delayed Draw Term Loan A

 

LIBOR(S)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

11/7/2026

 

$

1,416,340

 

 

 

1,405,300

 

 

 

1,388,013

 

 

 

0.08

%

 

N

Kellermeyer Bergensons Services, LLC

 

First Lien Delayed Draw Term Loan B

 

LIBOR(S)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

11/7/2026

 

$

597,435

 

 

 

582,466

 

 

 

558,296

 

 

 

0.03

%

 

N

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

11/7/2026

 

$

6,437,908

 

 

 

6,391,520

 

 

 

6,309,150

 

 

 

0.34

%

 

N

Team Software, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

 

 

 

5.50

%

 

 

5.69

%

 

9/17/2023

 

$

7,220,080

 

 

 

7,157,837

 

 

 

7,220,080

 

 

 

0.39

%

 

N

Team Software, Inc.

 

First Lien Revolver

 

LIBOR(Q)

 

 

 

 

 

5.50

%

 

 

5.69

%

 

9/17/2023

 

$

1,404,484

 

 

 

1,380,859

 

 

 

1,404,484

 

 

 

0.08

%

 

N

Team Software, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

5.50

%

 

 

5.69

%

 

9/17/2023

 

$

13,167,038

 

 

 

13,071,888

 

 

 

13,167,038

 

 

 

0.71

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,989,870

 

 

 

30,047,061

 

 

 

1.63

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avanti Communications Jersey Limited (United Kingdom)

 

1.25 Lien Term Loan

 

Fixed

 

 

 

 

12.50% PIK

 

 

 

12.50

%

 

6/30/2022

 

$

247,419

 

 

 

247,419

 

 

 

247,419

 

 

 

0.01

%

 

H/N

Avanti Communications Jersey Limited (United Kingdom)

 

1.5 Lien Delayed Draw Term Loan

 

Fixed

 

 

 

 

12.50% PIK

 

 

 

12.50

%

 

6/30/2022

 

$

1,426,067

 

 

 

1,426,067

 

 

 

1,426,067

 

 

 

0.08

%

 

H/N

Avanti Communications Jersey Limited (United Kingdom)

 

1.5 Lien Term Loan

 

Fixed

 

 

 

 

12.50% PIK

 

 

 

12.50

%

 

6/30/2022

 

$

339,979

 

 

 

339,979

 

 

 

339,979

 

 

 

0.02

%

 

H/N

Avanti Communications Jersey Limited (United Kingdom)

 

1.125 Lien Term Loan

 

Fixed

 

 

 

 

12.50% PIK

 

 

 

12.50

%

 

6/30/2022

 

$

845,843

 

 

 

845,843

 

 

 

845,843

 

 

 

0.05

%

 

H/N

Avanti Communications Group, PLC (United Kingdom)

 

Sr New Money Initial Note

 

Fixed

 

 

 

 

9.00% PIK

 

 

 

 

 

10/1/2022

 

$

1,592,934

 

 

 

1,591,586

 

 

 

589,386

 

 

 

0.03

%

 

C/E/G/H/N

Avanti Communications Group, PLC (United Kingdom)

 

Sr Second-Priority PIK Toggle Note

 

Fixed

 

 

 

 

9.00% PIK

 

 

 

 

 

10/1/2022

 

$

4,064,721

 

 

 

4,064,219

 

 

 

1,503,947

 

 

 

0.08

%

 

C/E/G/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,515,113

 

 

 

4,952,641

 

 

 

0.27

%

 

 

 

6


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 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

%

 

7/25/2022

 

$

2,688,396

 

 

$

2,687,015

 

 

$

2,326,269

 

 

 

0.13

%

 

N

Hylan Datacom & Electrical, LLC

 

First Lien Term Loan (3.15% Exit Fee)

 

LIBOR(M)

 

 

1.00

%

 

5.50% Cash + 4.50% PIK

 

 

 

11.00

%

 

7/25/2022

 

$

14,880,410

 

 

 

14,878,034

 

 

 

12,876,019

 

 

 

0.69

%

 

L/N

Sunland Asphalt & Construction, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

1/13/2026

 

$

2,195,079

 

 

 

2,154,878

 

 

 

2,184,104

 

 

 

0.12

%

 

N

Sunland Asphalt & Construction, LLC

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

1/13/2022

 

$

1,098,954

 

 

 

1,084,058

 

 

 

1,092,188

 

 

 

0.06

%

 

N

Sunland Asphalt & Construction, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

1/13/2026

 

$

6,528,116

 

 

 

6,409,918

 

 

 

6,495,476

 

 

 

0.35

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,213,903

 

 

 

24,974,056

 

 

 

1.35

%

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Barri Financial Group, LLC

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.75

%

 

 

8.75

%

 

6/30/2026

 

$

15,129,090

 

 

 

14,830,208

 

 

 

15,280,381

 

 

 

0.83

%

 

N

Barri Financial Group, LLC

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.75

%

 

 

8.75

%

 

6/30/2026

 

$

13,339,472

 

 

 

13,006,104

 

 

 

13,472,866

 

 

 

0.73

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,836,312

 

 

 

28,753,247

 

 

 

1.56

%

 

 

Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colony Display LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

6/30/2026

 

$

7,076,507

 

 

 

6,934,977

 

 

 

6,934,977

 

 

 

0.37

%

 

N

Colony Display LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

6/30/2026

 

$

 

 

 

(70,765

)

 

 

(70,765

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,864,212

 

 

 

6,864,212

 

 

 

0.37

%

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Razor Group GmbH (Germany)

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

9.00

%

 

 

10.00

%

 

4/30/2025

 

$

13,468,066

 

 

 

13,786,916

 

 

 

12,933,522

 

 

 

0.70

%

 

H/N

Spark Networks, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

7/1/2023

 

$

17,405,390

 

 

 

17,072,005

 

 

 

17,220,893

 

 

 

0.94

%

 

N

Spark Networks, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

7/1/2023

 

$

1,073,092

 

 

 

1,047,901

 

 

 

1,061,718

 

 

 

0.06

%

 

N

Spark Networks, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

7/1/2023

 

$

 

 

 

(17,760

)

 

 

(7,846

)

 

 

 

 

K/N

Thras.io, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

12/18/2026

 

$

3,012,048

 

 

 

2,780,707

 

 

 

3,210,843

 

 

 

0.17

%

 

N

Thras.io, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

12/18/2026

 

$

14,984,940

 

 

 

14,633,237

 

 

 

15,284,639

 

 

 

0.83

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,303,006

 

 

 

49,703,769

 

 

 

2.70

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-10 Holdco, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

6.00

%

 

 

6.75

%

 

3/26/2026

 

$

8,334,394

 

 

 

8,290,967

 

 

 

8,286,888

 

 

 

0.45

%

 

N

2-10 Holdco, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

0.75

%

 

 

6.00

%

 

 

6.75

%

 

3/26/2026

 

$

 

 

 

(1,776

)

 

 

(4,125

)

 

 

 

 

K/N

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed

 

 

 

 

 

12.00

%

 

 

12.00

%

 

11/30/2025

 

$

40,834,419

 

 

 

40,834,419

 

 

 

40,834,419

 

 

 

2.21

%

 

E/F/N

Credit Suisse AG (Cayman Islands)

 

Asset-Backed Credit Linked Notes

 

LIBOR(Q)

 

 

 

 

 

9.50

%

 

 

9.69

%

 

4/12/2025

 

$

38,000,000

 

 

 

38,000,000

 

 

 

31,388,000

 

 

 

1.70

%

 

H/I/N

GC Agile Holdings Limited (Apex) (England)

 

First Lien Delayed Term Loan B

 

LIBOR(Q)

 

 

1.25

%

 

 

7.00

%

 

 

8.25

%

 

6/15/2025

 

$

18,692,978

 

 

 

18,427,405

 

 

 

18,692,978

 

 

 

1.01

%

 

H/N

GC Agile Holdings Limited (Apex) (England)

 

First Lien Term Loan A

 

LIBOR(Q)

 

 

1.25

%

 

 

7.00

%

 

 

8.25

%

 

6/15/2025

 

$

812,395

 

 

 

801,164

 

 

 

812,395

 

 

 

0.04

%

 

H/N

Oasis Financial, LLC

 

Second Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

8.50

%

 

 

9.50

%

 

7/5/2026

 

$

17,633,544

 

 

 

17,311,078

 

 

 

17,386,674

 

 

 

0.94

%

 

N

Worldremit Group Limited (United Kingdom)

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

9.25

%

 

 

10.25

%

 

2/11/2025

 

$

43,629,951

 

 

 

42,836,787

 

 

 

41,889,116

 

 

 

2.29

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

166,500,044

 

 

 

159,286,345

 

 

 

8.64

%

 

 

Diversified Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aventiv Technologies, Inc. (Securus)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.25

%

 

 

9.25

%

 

11/1/2025

 

$

25,846,154

 

 

 

25,692,148

 

 

 

22,720,449

 

 

 

1.23

%

 

 

MetroNet Systems Holdings, LLC

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

7.00

%

 

 

7.75

%

 

6/2/2029

 

$

4,016,257

 

 

 

3,956,317

 

 

 

3,949,587

 

 

 

0.21

%

 

N

MetroNet Systems Holdings, LLC

 

Second Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

7.00

%

 

 

7.75

%

 

6/2/2029

 

$

 

 

 

(163,727

)

 

 

(137,261

)

 

 

-0.01

%

 

K/N

Telarix, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

11/19/2023

 

$

7,331,250

 

 

 

7,272,426

 

 

 

6,221,299

 

 

 

0.34

%

 

N

Telarix, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

11/19/2023

 

$

 

 

 

(2,652

)

 

 

(54,071

)

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,754,512

 

 

 

32,700,003

 

 

 

1.77

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia & ME Pte. Ltd (Singapore)

 

First Lien Term Loan

 

Fixed

 

 

 

 

 

 

 

 

 

 

12/31/2021

 

$

2,110,141

 

 

 

2,110,141

 

 

 

993,665

 

 

 

0.05

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Bank Guarantee Credit Facility

 

Fixed

 

 

 

 

 

 

 

 

 

 

12/31/2021

 

$

6,578,877

 

 

 

6,578,877

 

 

 

101,315

 

 

 

0.01

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Revolving Credit Facility

 

Fixed

 

 

 

 

 

 

 

 

 

 

12/31/2021

 

$

5,535,517

 

 

 

5,535,517

 

 

 

2,047,034

 

 

 

0.11

%

 

D/F/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,224,535

 

 

 

3,142,014

 

 

 

0.17

%

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TCFI Amteck Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

 

 

 

6.25

%

 

 

6.44

%

 

12/31/2024

 

$

516,307

 

 

 

511,367

 

 

 

516,307

 

 

 

0.03

%

 

N

TCFI Amteck Holdings, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

6.25

%

 

 

6.44

%

 

12/31/2024

 

$

8,559,213

 

 

 

8,476,323

 

 

 

8,559,213

 

 

 

0.46

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,987,690

 

 

 

9,075,520

 

 

 

0.49

%

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sphera Solutions, Inc. (Diamondback)

 

First Lien FILO Term Loan B

 

LIBOR(Q)

 

 

1.00

%

 

 

9.76

%

 

 

10.76

%

 

6/14/2023

 

$

23,258,656

 

 

 

23,049,248

 

 

 

23,723,830

 

 

 

1.29

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2021

 

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total

Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair

Value

 

 

% of Total

Cash and

Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

5/6/2027

 

$

8,167,961

 

 

$

8,010,014

 

 

$

8,037,273

 

 

 

0.44

%

 

N

Appriss Health, LLC

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

5/6/2027

 

$

 

 

 

(10,616

)

 

 

(8,712

)

 

 

 

 

K/N

CAREATC, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

3/14/2024

 

$

8,395,757

 

 

 

8,294,615

 

 

 

8,479,715

 

 

 

0.46

%

 

N

CAREATC, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

3/14/2024

 

$

 

 

 

(6,708

)

 

 

 

 

 

 

 

K/N

ESO Solutions, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

5/3/2027

 

$

14,702,329

 

 

 

14,414,408

 

 

 

14,555,306

 

 

 

0.79

%

 

N

ESO Solutions, Inc.

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

5/3/2027

 

$

 

 

 

(34,079

)

 

 

(17,503

)

 

 

 

 

K/N

Edifecs, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

9/21/2026

 

$

1,381,944

 

 

 

1,351,291

 

 

 

1,434,458

 

 

 

0.08

%

 

N

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

10/2/2028

 

$

5,727,820

 

 

 

5,699,181

 

 

 

5,756,459

 

 

 

0.31

%

 

N

Sandata Technologies, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

6.00

%

 

 

6.19

%

 

7/23/2024

 

$

20,250,000

 

 

 

20,050,692

 

 

 

20,391,750

 

 

 

1.10

%

 

N

Sandata Technologies, LLC

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

 

 

 

6.00

%

 

 

6.19

%

 

7/23/2024

 

$

 

 

 

(21,333

)

 

 

 

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57,747,465

 

 

 

58,628,746

 

 

 

3.18

%

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INH Buyer, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

7.00

%

 

6/28/2028

 

$

4,500,000

 

 

 

4,410,000

 

 

 

4,410,000

 

 

 

0.24

%

 

N

TEAM Services Group

 

Second Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

9.00

%

 

 

10.00

%

 

11/13/2028

 

$

25,000,000

 

 

 

24,241,001

 

 

 

24,937,500

 

 

 

1.36

%

 

N

Tempus (Epic Staffing)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

2/5/2027

 

$

4,074,248

 

 

 

3,996,174

 

 

 

4,119,065

 

 

 

0.22

%

 

N

Tempus (Epic Staffing)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

2/5/2027

 

$

 

 

 

(15,090

)

 

 

8,696

 

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32,632,085

 

 

 

33,475,261

 

 

 

1.82

%

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fishbowl, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

9.75

%

 

 

9.94

%

 

1/26/2022

 

$

26,536,125

 

 

 

26,453,659

 

 

 

10,614,450

 

 

 

0.58

%

 

N

Pegasus Business Intelligence, LP (Onyx Centersource)

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.25

%

 

 

9.25

%

 

12/20/2021

 

$

5,648,822

 

 

 

5,753,482

 

 

 

4,931,422

 

 

 

0.27

%

 

N

Pegasus Business Intelligence, LP (Onyx Centersource)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.25

%

 

 

9.25

%

 

12/20/2021

 

$

13,510,298

 

 

 

13,748,891

 

 

 

11,794,490

 

 

 

0.63

%

 

N

Pegasus Business Intelligence, LP (Onyx Centersource)

 

Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

8.25

%

 

 

9.25

%

 

12/20/2021

 

$

671,356

 

 

 

683,439

 

 

 

586,093

 

 

 

0.03

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46,639,471

 

 

 

27,926,455

 

 

 

1.51

%

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

Second Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

8.50

%

 

 

9.50

%

 

3/18/2028

 

$

21,356,400

 

 

 

20,973,644

 

 

 

21,399,113

 

 

 

1.16

%

 

N

AmeriLife Holdings, LLC

 

Second Lien Incremental Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

8.50

%

 

 

9.50

%

 

3/18/2028

 

$

7,454,593

 

 

 

7,332,125

 

 

 

7,469,502

 

 

 

0.41

%

 

N

IT Parent, LLC

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

10/1/2026

 

$

4,353,125

 

 

 

4,277,047

 

 

 

4,440,188

 

 

 

0.24

%

 

N

IT Parent, LLC

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

10/1/2026

 

$

554,993

 

 

 

544,372

 

 

 

566,093

 

 

 

0.03

%

 

N

IT Parent, LLC

 

Sr Secured Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

10/1/2026

 

$

 

 

 

(11,014

)

 

 

 

 

 

 

 

K/N

Peter C. Foy & Associates Insurance Services, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

3/31/2026

 

$

1,521,628

 

 

 

1,446,370

 

 

 

1,485,642

 

 

 

0.08

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,562,544

 

 

 

35,360,538

 

 

 

1.92

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Live Auctioneers LLC

 

First Lien Last Out B-2 Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.76

%

 

 

7.76

%

 

5/21/2025

 

$

13,749,904

 

 

 

13,553,203

 

 

 

13,887,403

 

 

 

0.75

%

 

N

Live Auctioneers LLC

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.76

%

 

 

7.76

%

 

5/21/2025

 

$

5,371,140

 

 

 

5,275,870

 

 

 

5,424,851

 

 

 

0.29

%

 

N

Syndigo, LLC

 

Second Lien Term Loan

 

LIBOR(S)

 

 

0.75

%

 

 

8.00

%

 

 

8.75

%

 

12/14/2028

 

$

12,141,870

 

 

 

11,968,435

 

 

 

12,081,161

 

 

 

0.66

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,797,508

 

 

 

31,393,415

 

 

 

1.70

%

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

11/1/2025

 

$

16,648,997

 

 

 

16,394,543

 

 

 

16,898,731

 

 

 

0.92

%

 

N

Acquia Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

11/1/2025

 

$

144,303

 

 

 

118,135

 

 

 

144,303

 

 

 

0.01

%

 

N

Domo, Inc.

 

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

 

LIBOR(M)

 

 

1.50

%

 

5.50% Cash + 2.50% PIK

 

 

 

9.50

%

 

4/1/2025

 

$

54,143,537

 

 

 

53,888,399

 

 

 

54,793,259

 

 

 

2.96

%

 

L/N

Domo, Inc.

 

First Lien PIK Term Loan

 

Fixed

 

 

 

 

9.50% PIK

 

 

 

9.50

%

 

4/1/2025

 

$

2,692,749

 

 

 

202,871

 

 

 

2,716,984

 

 

 

0.15

%

 

N

FinancialForce.com, Inc.

 

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

 

LIBOR(M)

 

 

2.75

%

 

 

6.75

%

 

 

9.50

%

 

2/1/2024

 

$

28,000,000

 

 

 

27,688,142

 

 

 

28,252,000

 

 

 

1.53

%

 

L/N

FinancialForce.com, Inc.

 

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

 

LIBOR(M)

 

 

2.75

%

 

 

6.75

%

 

 

9.50

%

 

2/1/2024

 

$

 

 

 

(80,640

)

 

 

85,500

 

 

 

 

 

L/K/N

Foursquare Labs, Inc.

 

First Lien Term Loan (5.0% Exit Fee)

 

LIBOR(M)

 

 

2.19

%

 

 

7.25

%

 

 

9.44

%

 

10/1/2022

 

$

33,750,000

 

 

 

33,614,328

 

 

 

33,918,750

 

 

 

1.84

%

 

L/N

Foursquare Labs, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

2.19

%

 

 

7.25

%

 

 

9.44

%

 

10/1/2022

 

$

7,500,000

 

 

 

7,345,291

 

 

 

7,507,500

 

 

 

0.41

%

 

N

Foursquare Labs, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

2.19

%

 

 

7.25

%

 

 

9.44

%

 

5/1/2023

 

$

2,500,000

 

 

 

2,481,225

 

 

 

2,547,500

 

 

 

0.14

%

 

N

McAfee, LLC

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

8.25

%

 

 

9.00

%

 

5/3/2029

 

$

20,000,000

 

 

 

19,700,000

 

 

 

19,850,000

 

 

 

1.08

%

 

N

Metricstream, Inc

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

9/28/2024

 

$

23,104,483

 

 

 

22,724,035

 

 

 

22,688,603

 

 

 

1.23

%

 

N

Metricstream, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

9/28/2024

 

$

3,554,536

 

 

 

3,488,115

 

 

 

3,490,554

 

 

 

0.19

%

 

N

Persado, Inc.

 

First Lien Delayed Term Loan (4.25% Exit Fee)

 

LIBOR(M)

 

 

1.80

%

 

 

7.00

%

 

 

8.80

%

 

2/1/2025

 

$

8,782,078

 

 

 

8,719,337

 

 

 

8,694,258

 

 

 

0.47

%

 

L/N

Pluralsight, Inc.

 

First Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

4/6/2027

 

$

28,401,250

 

 

 

27,852,055

 

 

 

28,316,047

 

 

 

1.54

%

 

N

Pluralsight, Inc.

 

First Lien Revolver

 

LIBOR(S)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

4/6/2027

 

$

 

 

 

(46,457

)

 

 

(7,251

)

 

 

 

 

K/N

Quartz Holding Company (Quick Base)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

8.00

%

 

 

8.09

%

 

4/2/2027

 

$

9,903,019

 

 

 

9,742,209

 

 

 

9,816,367

 

 

 

0.53

%

 

N

ResearchGate GmBH (Germany)

 

First Lien Term Loan (4.0% Exit Fee)

 

EURIBOR(Q)

 

 

 

 

 

8.55

%

 

 

8.55

%

 

10/1/2022

 

$

6,714,000

 

 

 

8,103,655

 

 

 

8,696,018

 

 

 

0.47

%

 

H/L/N/O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

241,935,243

 

 

 

248,409,123

 

 

 

13.47

%

 

 

 

8


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2021

 

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total

Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair

Value

 

 

% of Total

Cash and

Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ensono, Inc.

 

Second Lien Term Loan B

 

LIBOR(S)

 

 

 

 

 

8.00

%

 

 

8.17

%

 

6/2/2029

 

$

15,000,000

 

 

$

14,850,000

 

 

$

14,850,000

 

 

 

0.80

%

 

N

Puppet, Inc.

 

First Lien Term Loan (3.0% Exit Fee)

 

LIBOR(Q)

 

 

1.00

%

 

 

8.50

%

 

 

9.50

%

 

6/19/2023

 

$

13,930,936

 

 

 

13,669,271

 

 

 

13,749,834

 

 

 

0.75

%

 

L/N

Xactly Corporation

 

First Lien Incremental Term Loan B

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

7/31/2022

 

$

4,996,644

 

 

 

4,960,915

 

 

 

4,996,644

 

 

 

0.27

%

 

N

Xactly Corporation

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

7/31/2022

 

$

2,726,918

 

 

 

2,712,335

 

 

 

2,726,918

 

 

 

0.15

%

 

N

Xactly Corporation

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

7/31/2022

 

$

6,948,120

 

 

 

6,914,941

 

 

 

6,948,120

 

 

 

0.38

%

 

N

Xactly Corporation

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

7/31/2022

 

$

 

 

 

(3,725

)

 

 

 

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,103,737

 

 

 

43,271,516

 

 

 

2.35

%

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blue Star Sports Holdings, Inc.

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

5.75% cash + 3.50% PIK

 

 

 

10.25

%

 

6/15/2024

 

$

58,413

 

 

 

57,792

 

 

 

56,520

 

 

 

 

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

5.75% cash + 3.50% PIK

 

 

 

10.25

%

 

6/15/2024

 

$

116,975

 

 

 

115,786

 

 

 

113,185

 

 

 

0.01

%

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

5.75% cash + 3.50% PIK

 

 

 

10.25

%

 

6/15/2024

 

$

1,628,799

 

 

 

1,611,435

 

 

 

1,576,026

 

 

 

0.08

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,785,013

 

 

 

1,745,731

 

 

 

0.09

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny's Enterprises, LLC

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

7.75

%

 

8/5/2026

 

$

3,772,595

 

 

 

3,700,664

 

 

 

3,761,278

 

 

 

0.20

%

 

N

Sonny's Enterprises, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

7.75

%

 

8/5/2026

 

$

7,303,948

 

 

 

7,134,216

 

 

 

7,276,411

 

 

 

0.39

%

 

N

Sonny's Enterprises, LLC

 

First Lien Incremental Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

7.75

%

 

8/5/2026

 

$

304,344

 

 

 

285,128

 

 

 

301,372

 

 

 

0.02

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,120,008

 

 

 

11,339,061

 

 

 

0.61

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Khoros, LLC (Lithium)

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

10/3/2022

 

$

7,131,905

 

 

 

7,076,613

 

 

 

7,089,114

 

 

 

0.38

%

 

N

Khoros, LLC (Lithium)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

10/3/2022

 

$

20,884,731

 

 

 

20,756,637

 

 

 

20,759,423

 

 

 

1.13

%

 

N

Khoros, LLC (Lithium)

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

10/3/2022

 

$

 

 

 

(8,977

)

 

 

(9,169

)

 

 

 

 

K/N

Khoros, LLC (Lithium)

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

10/3/2022

 

$

 

 

 

(3,326

)

 

 

(2,731

)

 

 

 

 

K/N

NEP II, Inc.

 

Second Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

7.00

%

 

 

7.10

%

 

10/19/2026

 

$

14,500,000

 

 

 

14,022,451

 

 

 

14,282,500

 

 

 

0.77

%

 

G/N

Quora, Inc.

 

First Lien Term Loan (4.0% Exit Fee)

 

Fixed

 

 

 

 

10.10% PIK

 

 

 

10.10

%

 

5/1/2024

 

$

126,926

 

 

 

126,926

 

 

 

126,418

 

 

 

0.01

%

 

L/N

Quora, Inc.

 

First Lien Term Loan (4.0% Exit Fee)

 

Fixed

 

 

 

 

10.10% PIK

 

 

 

10.10

%

 

5/1/2024

 

$

12,692,602

 

 

 

12,554,567

 

 

 

12,692,602

 

 

 

0.69

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,524,891

 

 

 

54,938,157

 

 

 

2.98

%

 

 

Metal and Mining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Neenah Foundry Company

 

First Lien Term Loan B

 

LIBOR(Q)

 

 

1.00

%

 

 

9.00

%

 

 

10.00

%

 

12/13/2022

 

$

6,067,194

 

 

 

5,837,397

 

 

 

6,067,194

 

 

 

0.33

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore International, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

9.00

%

 

 

10.00

%

 

4/12/2024

 

$

1,324,140

 

 

 

1,324,140

 

 

 

1,324,140

 

 

 

0.07

%

 

B/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Olaplex, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

1/8/2026

 

$

13,233,109

 

 

 

13,025,087

 

 

 

13,365,440

 

 

 

0.72

%

 

N

Olaplex, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

1/8/2026

 

$

5,105,295

 

 

 

5,060,323

 

 

 

5,156,348

 

 

 

0.28

%

 

N

Olaplex, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

1/8/2025

 

$

 

 

 

(19,354

)

 

 

 

 

 

 

 

K/N

Paula's Choice Holdings, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

11/17/2025

 

$

19,750,000

 

 

 

19,260,525

 

 

 

19,651,250

 

 

 

1.07

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,326,581

 

 

 

38,173,038

 

 

 

2.07

%

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applause App Quality, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

5.00

%

 

 

6.00

%

 

9/20/2022

 

$

20,668,444

 

 

 

20,556,522

 

 

 

20,668,444

 

 

 

1.12

%

 

N

Applause App Quality, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

5.00

%

 

 

6.00

%

 

9/20/2022

 

$

 

 

 

(7,421

)

 

 

 

 

 

 

 

K/N

CIBT Solutions, Inc.

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

 

 

6/1/2025

 

$

7,875,338

 

 

 

7,607,370

 

 

 

4,095,176

 

 

 

0.22

%

 

C/G

GI Consilio Parent, LLC

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.50

%

 

 

7.50

%

 

 

8.00

%

 

5/14/2029

 

$

10,000,000

 

 

 

9,901,936

 

 

 

9,960,000

 

 

 

0.54

%

 

N

Dude Solutions Holdings, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

6/13/2025

 

$

16,842,565

 

 

 

16,569,403

 

 

 

17,010,991

 

 

 

0.92

%

 

N

Dude Solutions Holdings, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

6/13/2025

 

$

2,221,925

 

 

 

2,182,463

 

 

 

2,244,144

 

 

 

0.12

%

 

N

Dude Solutions Holdings, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

6/13/2025

 

$

3,618,193

 

 

 

3,512,215

 

 

 

3,726,739

 

 

 

0.20

%

 

N

Dude Solutions Holdings, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

6/13/2025

 

$

 

 

 

(33,336

)

 

 

 

 

 

 

 

K/N

iCIMS, Inc.

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

9/12/2024

 

$

121,678

 

 

 

120,345

 

 

 

121,520

 

 

 

0.01

%

 

N

iCIMS, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

9/12/2024

 

$

2,351,073

 

 

 

2,320,070

 

 

 

2,348,017

 

 

 

0.13

%

 

N

iCIMS, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

9/12/2024

 

$

353,250

 

 

 

347,210

 

 

 

352,791

 

 

 

0.02

%

 

N

Jobandtalent USA, Inc (United Kingdom)

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

8.75

%

 

 

9.75

%

 

2/17/2025

 

$

7,969,804

 

 

 

7,820,336

 

 

 

8,033,563

 

 

 

0.44

%

 

N/H

Jobandtalent USA, Inc (United Kingdom)

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

8.75

%

 

 

9.75

%

 

2/17/2025

 

$

23,909,413

 

 

 

23,464,480

 

 

 

24,100,689

 

 

 

1.30

%

 

N/H

Jobandtalent USA, Inc (United Kingdom)

 

First Lien Incremental Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

8.75

%

 

 

9.75

%

 

2/17/2025

 

$

10,620,782

 

 

 

10,414,002

 

 

 

10,705,749

 

 

 

0.58

%

 

H/N

RigUp, Inc.

 

First Delayed Draw Term Loan (3.5% Exit Fee)

 

LIBOR(M)

 

 

1.50

%

 

 

7.00

%

 

 

8.50

%

 

3/1/2024

 

$

29,000,000

 

 

 

28,596,414

 

 

 

29,638,000

 

 

 

1.61

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

133,372,009

 

 

 

133,005,823

 

 

 

7.21

%

 

 

 

9


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2021

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total

Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair

Value

 

 

% of Total

Cash and

Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Space Midco, Inc. (Archibus)

 

First Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

6.25

%

 

 

6.38

%

 

12/5/2023

 

$

4,444,444

 

 

$

4,397,529

 

 

$

4,444,444

 

 

 

0.24

%

 

N

Space Midco, Inc. (Archibus)

 

Sr Secured Revolver

 

LIBOR(M)

 

 

 

 

 

6.25

%

 

 

6.38

%

 

12/5/2023

 

$

 

 

 

(2,821

)

 

 

 

 

 

 

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,394,708

 

 

 

4,444,444

 

 

 

0.24

%

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlobalTranz Enterprises LLC

 

Second Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

8.25

%

 

 

8.35

%

 

5/15/2027

 

$

19,382,324

 

 

 

19,067,600

 

 

 

19,033,443

 

 

 

1.03

%

 

N

Keep Truckin, Inc.

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.25

%

 

 

8.25

%

 

4/8/2025

 

$

20,000,000

 

 

 

19,711,734

 

 

 

19,960,000

 

 

 

1.08

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,779,334

 

 

 

38,993,443

 

 

 

2.11

%

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aras Corporation

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

3.25%Cash + 3.75%PIK

 

 

 

8.00

%

 

4/13/2027

 

$

8,723,326

 

 

 

8,554,305

 

 

 

8,601,199

 

 

 

0.47

%

 

N

Aras Corporation

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

3.25%Cash + 3.75%PIK

 

 

 

8.00

%

 

4/13/2027

 

$

 

 

 

(22,429

)

 

 

(16,284

)

 

 

 

 

K/N

Aras Corporation

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

4/13/2027

 

$

 

 

 

(16,822

)

 

 

(12,213

)

 

 

 

 

K/N

Certify, Inc.

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

5.75

%

 

 

6.75

%

 

2/28/2024

 

$

3,188,631

 

 

 

3,156,637

 

 

 

3,188,631

 

 

 

0.17

%

 

N

Certify, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

5.75

%

 

 

6.75

%

 

2/28/2024

 

$

23,383,293

 

 

 

23,328,429

 

 

 

23,383,293

 

 

 

1.27

%

 

N

Certify, Inc.

 

Sr Secured Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

5.75

%

 

 

6.75

%

 

2/28/2024

 

$

265,719

 

 

 

250,843

 

 

 

265,719

 

 

 

0.01

%

 

N

Rhode Holdings, Inc. (Kaseya)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.00%Cash +3.00%PIK

 

 

 

8.00

%

 

5/2/2025

 

$

1,745,061

 

 

 

1,722,586

 

 

 

1,753,786

 

 

 

0.10

%

 

N

Rhode Holdings, Inc. (Kaseya)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.00%Cash +3.00%PIK

 

 

 

8.00

%

 

5/2/2025

 

$

14,835,302

 

 

 

14,638,042

 

 

 

14,909,478

 

 

 

0.81

%

 

N

Rhode Holdings, Inc. (Kaseya)

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

7.50

%

 

5/2/2025

 

$

590,882

 

 

 

574,913

 

 

 

590,882

 

 

 

0.03

%

 

N

Rhode Holdings, Inc. (Kaseya)

 

First Lien Incremental Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.00%Cash +3.00%PIK

 

 

 

8.00

%

 

5/2/2025

 

$

815,728

 

 

 

804,980

 

 

 

819,806

 

 

 

0.04

%

 

N

Rhode Holdings, Inc. (Kaseya)

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.00%Cash +3.00%PIK

 

 

 

8.00

%

 

5/2/2025

 

$

1,281,602

 

 

 

1,265,034

 

 

 

1,288,010

 

 

 

0.07

%

 

N

Rhode Holdings, Inc. (Kaseya)

 

First Lien Incremental Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.00%Cash +3.00%PIK

 

 

 

8.00

%

 

5/2/2025

 

$

280,293

 

 

 

272,530

 

 

 

283,802

 

 

 

0.02

%

 

N

Rhode Holdings, Inc. (Kaseya)

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.00%Cash +3.00%PIK

 

 

 

8.00

%

 

5/2/2025

 

$

388,213

 

 

 

381,440

 

 

 

390,154

 

 

 

0.02

%

 

N

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

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

3/31/2027

 

$

10,469,484

 

 

 

10,267,617

 

 

 

10,406,667

 

 

 

0.56

%

 

H/N

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

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

3/31/2027

 

$

 

 

 

(22,295

)

 

 

(6,980

)

 

 

 

 

H/K/N

SEP Vulcan Acquisition, Inc (Canada)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

3/16/2027

 

$

7,836,483

 

 

 

7,684,262

 

 

 

7,820,810

 

 

 

0.42

%

 

H/N

SEP Vulcan Acquisition, Inc (Canada)

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

3/16/2027

 

$

 

 

 

(21,312

)

 

 

(2,239

)

 

 

 

 

H/K/N

Snow Software AB

 

First Lien Term Loan

 

LIBOR(Q)

 

 

2.00

%

 

 

6.00

%

 

 

8.00

%

 

4/17/2024

 

$

10,373,317

 

 

 

10,247,124

 

 

 

10,477,050

 

 

 

0.57

%

 

N

Snow Software AB

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

2.00

%

 

 

6.00

%

 

 

8.00

%

 

4/17/2024

 

$

11,543,865

 

 

 

11,388,836

 

 

 

11,774,743

 

 

 

0.64

%

 

N

Snow Software AB

 

First Lien Term Loan

 

LIBOR(Q)

 

 

2.00

%

 

 

6.00

%

 

 

8.00

%

 

7/21/2021

 

$

4,477,328

 

 

 

4,472,424

 

 

 

4,477,328

 

 

 

0.24

%

 

N

Snow Software AB

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

2.00

%

 

 

6.00

%

 

 

8.00

%

 

4/17/2024

 

$

 

 

 

(50,473

)

 

 

 

 

 

 

 

K/N

Superman Holdings, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

5.39

%

 

 

6.39

%

 

8/31/2027

 

$

8,776,103

 

 

 

8,583,985

 

 

 

8,951,626

 

 

 

0.49

%

 

N

Superman Holdings, LLC

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

5.39

%

 

 

6.39

%

 

8/31/2027

 

$

1,555,975

 

 

 

1,517,786

 

 

 

1,587,094

 

 

 

0.09

%

 

N

Superman Holdings, LLC

 

Sr Secured Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

5.39

%

 

 

6.39

%

 

8/31/2026

 

$

 

 

 

(27,073

)

 

 

 

 

 

 

 

K/N

Syntellis Performance Solutions, Inc

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

9.00

%

 

8/2/2027

 

$

21,295,019

 

 

 

20,722,787

 

 

 

21,720,920

 

 

 

1.18

%

 

N

Backoffice Associates Holdings, LLC

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

4/30/2026

 

$

 

 

 

(49,730

)

 

 

(41,150

)

 

 

 

 

K/N

Backoffice Associates Holdings, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

8.50

%

 

4/30/2026

 

$

12,859,398

 

 

 

12,483,060

 

 

 

12,550,773

 

 

 

0.68

%

 

N

Winshuttle, LLC

 

First Lien FILO Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

8.42

%

 

 

9.42

%

 

8/9/2024

 

$

13,496,557

 

 

 

13,257,002

 

 

 

13,564,040

 

 

 

0.74

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

155,364,488

 

 

 

158,726,945

 

 

 

8.62

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan B

 

LIBOR(Q)

 

 

 

 

 

5.50

%

 

 

5.50

%

 

2/12/2025

 

$

436,634

 

 

 

417,075

 

 

 

425,719

 

 

 

0.02

%

 

N

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Sr Secured Notes

 

Fixed

 

 

 

 

 

9.75

%

 

 

9.75

%

 

2/19/2025

 

$

20,000,000

 

 

 

19,506,641

 

 

 

20,994,000

 

 

 

1.15

%

 

N

USR Parent, Inc. (Staples)

 

First Lien FILO Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

8.84

%

 

 

9.84

%

 

9/12/2022

 

$

3,752,765

 

 

 

3,726,237

 

 

 

3,752,765

 

 

 

0.20

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,649,953

 

 

 

25,172,484

 

 

 

1.37

%

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WH Buyer, LLC (Anne Klein)

 

Senior Secured Incremental FILO Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

7.75

%

 

12/31/2025

 

$

4,123,779

 

 

 

4,083,085

 

 

 

4,206,254

 

 

 

0.23

%

 

N

WH Buyer, LLC (Anne Klein)

 

First Lien Incremental FILO Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

7.75

%

 

12/31/2025

 

$

7,903,889

 

 

 

7,829,479

 

 

 

8,061,967

 

 

 

0.44

%

 

N

WH Buyer, LLC (Anne Klein)

 

First Lien FILO Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.45

%

 

 

8.45

%

 

12/31/2025

 

$

27,664,640

 

 

 

27,454,886

 

 

 

28,217,933

 

 

 

1.54

%

 

N

WH Buyer, LLC (Anne Klein)

 

First Lien Incremental Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.45

%

 

 

8.45

%

 

12/31/2025

 

$

5,307,692

 

 

 

5,265,232

 

 

 

5,413,846

 

 

 

0.29

%

 

N

Kenneth Cole Productions, Inc.

 

First Lien FILO Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

9.50

%

 

 

10.50

%

 

12/28/2023

 

$

17,504,750

 

 

 

17,438,121

 

 

 

17,399,722

 

 

 

0.94

%

 

N

PSEB, LLC (Eddie Bauer)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

10/12/2023

 

$

17,989,003

 

 

 

17,736,319

 

 

 

18,312,805

 

 

 

0.99

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

79,807,122

 

 

 

81,612,527

 

 

 

4.43

%

 

 

Thrifts and Mortgage Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Partners of America, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.25

%

 

 

7.25

%

 

10/13/2022

 

$

2,857,143

 

 

 

2,842,726

 

 

 

2,857,143

 

 

 

0.15

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tobacco Related

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Juul Labs, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.50

%

 

 

8.00

%

 

 

9.50

%

 

8/2/2023

 

$

26,277,995

 

 

 

26,133,970

 

 

 

26,120,327

 

 

 

1.42

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Whele LLC

 

First Lien Incremental Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.00

%

 

 

8.00

%

 

10/15/2025

 

$

13,953,759

 

 

 

14,092,213

 

 

 

14,093,293

 

 

 

0.76

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 195.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,635,447,066

 

 

 

1,607,949,318

 

 

 

87.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 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

 

 

$

2,353,211

 

 

 

0.13

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

Warrants to Purchase Membership Units (144A)

 

 

 

 

 

 

 

 

 

2/7/2030

 

 

287

 

 

 

645,121

 

 

 

1,047,692

 

 

 

0.06

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGY Equity, LLC

 

Class A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

1,786,785

 

 

 

485,322

 

 

 

242,825

 

 

 

0.01

%

 

D/E/N

AGY Equity, LLC

 

Class B Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

1,250,749

 

 

 

 

 

 

 

 

 

 

 

D/E/N

AGY Equity, LLC

 

Class C Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

982,732

 

 

 

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

485,322

 

 

 

242,825

 

 

 

0.01

%

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avanti Communications Group, PLC (United Kingdom)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

26,576,710

 

 

 

4,902,674

 

 

 

 

 

 

 

 

D/H/N/O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Razor Group GmbH (Germany)

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

516

 

 

 

 

 

 

541,369

 

 

 

0.03

%

 

D/E/H/N

TVG-Edmentum Holdings, LLC

 

Series A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

29,142,690

 

 

 

29,142,690

 

 

 

52,435,658

 

 

 

2.85

%

 

B/E/N

TVG-Edmentum Holdings, LLC

 

Series B-1 Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

14,321,453

 

 

 

14,321,453

 

 

 

25,494,730

 

 

 

1.38

%

 

B/E/N

TVG-Edmentum Holdings, LLC

 

Series B-2 Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

13,421,162

 

 

 

13,421,162

 

 

 

25,494,730

 

 

 

1.38

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

56,885,305

 

 

 

103,966,487

 

 

 

5.64

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

22,199,416

 

 

 

22,199,416

 

 

 

31,639,000

 

 

 

1.72

%

 

E/F/N

Conventional Lending TCP Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

19,045,869

 

 

 

19,045,869

 

 

 

18,500,000

 

 

 

1.00

%

 

E/F/I/N

GACP I, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

460,486

 

 

 

460,486

 

 

 

1,052,170

 

 

 

0.06

%

 

E/I/N

GACP II, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

13,524,031

 

 

 

13,524,031

 

 

 

13,623,790

 

 

 

0.74

%

 

E/I/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

 

2/11/2031

 

 

34,820

 

 

 

 

 

 

807,476

 

 

 

0.04

%

 

D/E/N/H

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,229,802

 

 

 

65,622,436

 

 

 

3.56

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia Holdings Limited (United Kingdom)

 

Class B Shares

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

 

 

 

 

 

D/E/F/H/N

Conergy Asia Holdings Limited (United Kingdom)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

3,333

 

 

 

7,833,333

 

 

 

 

 

 

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

2,332,594

 

 

 

 

 

 

 

 

 

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Series B Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

93,023

 

 

 

1,395,349

 

 

 

 

 

 

 

 

D/E/F/H/N

Utilidata, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

29,094

 

 

 

216,336

 

 

 

 

 

 

 

 

D/E/N

Utilidata, Inc.

 

Series C Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

257,369

 

 

 

153,398

 

 

 

210,000

 

 

 

0.01

%

 

D/E/N

Utilidata, Inc.

 

Series CC Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

500,000

 

 

 

500,000

 

 

 

10,000

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,098,416

 

 

 

220,000

 

 

 

0.01

%

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TCFI Amteck Holdings, LLC

 

Series A Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

9,018,947

 

 

 

8,509,514

 

 

 

9,107,770

 

 

 

0.49

%

 

N

TCFI Amteck Holdings, LLC

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

362,513

 

 

 

395,336

 

 

 

2,887,497

 

 

 

0.16

%

 

D/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,904,850

 

 

 

11,995,267

 

 

 

0.65

%

 

 

Electronic Equipment, Instruments and Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Soraa, Inc.

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

8/29/2024

 

 

3,071,860

 

 

 

478,899

 

 

 

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

9/12/2029

 

 

16

 

 

 

275,200

 

 

 

275,000

 

 

 

0.01

%

 

D/E/N

 

11


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2021

 

 

 

Issuer

 

Instrument

 

 

 

 

 

 

 

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair

Value

 

 

% of Total

Cash and

Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

49,792

 

 

$

1,543,054

 

 

$

4,024,687

 

 

 

0.23

%

 

D

FinancialForce.com, Inc.

 

Warrants to Purchase Series C Preferred Stock

 

 

 

 

 

 

 

 

 

1/30/2029

 

 

1,125,000

 

 

 

287,985

 

 

 

579,264

 

 

 

0.03

%

 

D/E/N

Foursquare Labs, Inc.

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

5/4/2027

 

 

2,062,500

 

 

 

508,805

 

 

 

1,101,571

 

 

 

0.06

%

 

D/E/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

8/15/2027

 

 

1,327,869

 

 

 

212,360

 

 

 

1,690,819

 

 

 

0.09

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

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

 

 

 

 

 

 

 

 

 

9/18/2025

 

 

1,049,996

 

 

 

276,492

 

 

 

1,450,327

 

 

 

0.08

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

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

 

 

 

 

 

 

 

 

 

10/3/2028

 

 

1,511,002

 

 

 

93,407

 

 

 

431,322

 

 

 

0.02

%

 

D/E/H/N

ResearchGate Corporation (Germany)

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

10/30/2029

 

 

333,370

 

 

 

202,001

 

 

 

115,000

 

 

 

0.01

%

 

D/E/H/N/O

Snaplogic, Inc.

 

Warrants to Purchase Series Preferred Stock

 

 

 

 

 

 

 

 

 

3/19/2028

 

 

1,860,000

 

 

 

377,722

 

 

 

5,400,000

 

 

 

0.29

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,501,826

 

 

 

14,792,990

 

 

 

0.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelis (SVC), LLC

 

Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

657,932

 

 

 

2,001,384

 

 

 

70,890

 

 

 

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life Sciences Tools and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Envigo RMS Holdings Corp.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

36

 

 

 

 

 

 

493,259

 

 

 

0.03

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEG Parent, LLC (Core Entertainment, Inc.)

 

Class A Units

 

 

 

 

 

 

 

 

 

 

 

 

2,720,392

 

 

 

2,772,807

 

 

 

8,699,274

 

 

 

0.48

%

 

B/D/E/N

NEG Parent, LLC (Core Entertainment, Inc.)

 

Class A Warrants to Purchase Class A Units

 

 

 

 

 

 

 

 

 

10/17/2026

 

 

343,387

 

 

 

196,086

 

 

 

602,555

 

 

 

0.03

%

 

B/D/E/N

NEG Parent, LLC (Core Entertainment, Inc.)

 

Class B Warrants to Purchase Class A Units

 

 

 

 

 

 

 

 

 

10/17/2026

 

 

346,794

 

 

 

198,032

 

 

 

608,534

 

 

 

0.03

%

 

B/D/E/N

Quora, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

4/11/2029

 

 

507,704

 

 

 

65,245

 

 

 

141,649

 

 

 

0.01

%

 

D/E/N

SoundCloud, Ltd. (United Kingdom)

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

4/29/2025

 

 

946,498

 

 

 

79,082

 

 

 

45,143

 

 

 

 

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,311,252

 

 

 

10,097,155

 

 

 

0.55

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore Investments Holdings, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

16,207

 

 

 

4,177,710

 

 

 

5,248,735

 

 

 

0.28

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anacomp, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

1,255,527

 

 

 

26,711,048

 

 

 

213,440

 

 

 

0.01

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nanosys, Inc.

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

3/29/2023

 

 

800,000

 

 

 

605,266

 

 

 

962,482

 

 

 

0.05

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradeshift, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

3/26/2027

 

 

1,712,930

 

 

 

577,843

 

 

 

505,435

 

 

 

0.03

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 26.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

182,702,341

 

 

 

218,107,304

 

 

 

11.83

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 222.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,818,149,407

 

 

$

1,826,056,622

 

 

 

99.03

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 2.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

17,881,467

 

 

 

0.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments  - 224.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,843,938,089

 

 

 

100.00

%

 

M

 

12


BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 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 $418,251,961 and $280,320,010, respectively, for the six months ended June 30, 2021. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments.  The total value of restricted securities and bank debt as of June 30, 2021 was $1,751,426,809 or 95.0% of total cash and investments of the Company. As of June 30, 2021, approximately 11.3% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

 

 

 

13


 

 

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

%

 

 

 

 

14


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