株探米国株
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Sr Secured Revolve Ref Prime Floor 1.00% Spread 5.25% Total Coupon 13.75% Maturity 7/9/20292024-09-300001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Membership Units2024-01-012024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputRevenueMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputRevenueMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-09-300001370755tcpc:OtherCorporateDebtMember2024-09-300001370755Debt Investments Healthcare Providers and Services RecordXTechnologies, LLC (Ontellus) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.85% Maturity 5/20/20302024-09-300001370755Debt Investments Diversified Consumer Services Thras.io, LLC First Out Term Loan Ref SOFR(Q) Floor 1.00% Spread 10.26% PIK Total Coupon 15.54% Maturity 6/18/20292024-09-300001370755Controlled Affiliates, Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/222023-01-012023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:MeasurementInputExpectedTermMember2023-01-012023-12-310001370755tcpc:SBADebenturesMembersrt:MaximumMember2023-01-012023-12-310001370755Debt Investments Internet Software and Services Sailpoint Technologies Holdings, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.10% Maturity 8/16/20282024-09-300001370755Debt Investments Leisure Products Peloton Interactive, Inc. First Lien Term Loan Ref SOFR(S) Floor 0.50% Spread 7.10% Total Coupon 12.48% Maturity 5/25/20272023-12-310001370755tcpc:PhcBuyerLimitedLiabilityCompanyPatriotHomeCareMember2024-01-012024-09-300001370755Controlled Affiliates, Gordon Brothers Finance Company, Preferred Stock2024-01-012024-09-300001370755Equity Securities Electric Utilities Conergy Asia Holdings Limited (United Kingdom) Ordinary Shares2023-12-310001370755Controlled Affiliates, Conventional Lending TCP Holdings, LLC, Membership Units2022-12-310001370755tcpc:VortexCompaniesLlcOneMember2023-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Common Stock2024-01-012024-09-300001370755tcpc:SumUpHoldingsLuxembourgSARLUnitedKingdomMember2024-09-300001370755Equity Securities Internet Software and Service Fishbowl, Inc. Common Membership Units2024-09-300001370755tcpc:OtherCorporateDebtMember2023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembertcpc:OtherCorporateDebtMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2023-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2024-09-300001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Common Stock Expiration 8/15/20272023-01-012023-12-310001370755tcpc:KellermeyerBergensonsServicesLLCMember2024-01-012024-09-3000013707552023-05-042023-05-040001370755Controlled Affiliates, Anacomp, Inc., Class A Common Stock2024-09-300001370755Debt Investments Media Terraboost Media Operating Company, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.09% Maturity 8/23/20262024-09-300001370755tcpc:PluralsightIncMember2024-01-012024-09-300001370755Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.10% Total Coupon 11.30% Maturity 11/30/20262024-09-300001370755tcpc:ShowtimeAcquisitionLLCWorldChoiceOneMember2024-01-012024-09-300001370755tcpc:ElevateBrandsHoldcoIncMembertcpc:WarrantsToPurchaseElevatePreferredNewSuperSeniorSharesMember2024-01-012024-09-300001370755Debt Investments Healthcare Providers and Services PHC Buyer, LLC (Patriot Home Care) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.06% Maturity 5/4/20282024-09-300001370755tcpc:IntegrityMarketingAcquisitionLLCMember2024-01-012024-09-300001370755tcpc:AcquiaIncMember2024-01-012024-09-300001370755Debt Investments Communications Equipment Plate Newco 1 Limited (Avanti) (United Kingdom) Subordinated F Term Loan Ref Fixed Spread 12.50% PIK Total Coupon 12.50% Maturity 6/30/20252024-09-300001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2023-12-310001370755Equity Securities Diversified Consumer Services2024-09-300001370755tcpc:OperatingFacilityMember2022-12-310001370755tcpc:SEPEigerBidCoLtdBeqomSwitzerlandMember2023-12-310001370755Debt Investments Software Backoffice Associates Holdings, LLC (Syniti) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.65% Total Coupon 12.90% Maturity 4/30/20262024-09-300001370755tcpc:SBADebenturesMember2019-12-3100013707552019-02-082024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMember2024-01-012024-09-300001370755Equity Securities Software Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock Expiration 3/26/20272024-09-300001370755Debt Investments Diversified Financial Services Accordion Partners LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.10% Maturity 8/31/20282024-09-300001370755Debt Investments Professional Services Huckabee Acquisition, LLC (MOREgroup) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.35% Maturity 1/16/20302024-09-300001370755Debt Investments Construction and Engineering2024-09-300001370755Debt Investments Diversified Consumer Services SellerX Germany GmbH (Germany) First Lien A2 Term Loan Ref SOFR(Q) Floor 2.00% Spread 4.50% Cash + 4.50% PIK Total Coupon 14.33% Maturity 5/23/20262024-09-300001370755Debt Investments Health Care Technology CareATC, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.35% Total Coupon 12.21% Maturity 3/14/20262024-09-300001370755Debt Investments Software Zendesk Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.00% + Cash 3.25% PIK Total Coupon 11.61% Maturity 11/22/20282023-12-310001370755us-gaap:FairValueInputsLevel2Membertcpc:OtherCorporateDebtMember2023-12-310001370755tcpc:FundingFacilityIMember2015-12-310001370755Controlled Affiliates, Conergy Asia Holdings Limited, Ordinary Shares2023-12-310001370755Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.72% Maturity 9/15/20272023-12-310001370755tcpc:TwoThousandNineteenConvertibleNotesMember2022-12-310001370755tcpc:TwoThousandNineteenConvertibleNotesMember2019-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/282022-12-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-2 Common Units2024-09-300001370755Debt Investments Media Streamland Media Midco LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.01% Cash + 0.50% PIK Total Coupon 12.89% Maturity 12/31/20242023-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/282024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2024-01-012024-09-300001370755Debt Investments Construction and Engineering PlayPower, Inc Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.85% Maturity 8/28/20302024-09-300001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Project Dream) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 12.18% Maturity 11/23/20272023-12-310001370755Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.10% Maturity 8/23/20282024-09-300001370755Debt Investments Internet Software and Services Fishbowl, Inc. First Lien Term Loan (7.5% Exit Fee) Ref SOFR(Q) Floor 1.00% Spread 5.26% Total Coupon 9.87% Maturity 5/27/20272024-09-300001370755Debt Investments Internet Software and Services2024-09-300001370755Debt Investments Automobiles ALCV Purchaser, Inc. (AutoLenders) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.01% Total Coupon 11.62% Maturity 2/25/20262024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:MeasurementInputExpectedTermMember2024-01-012024-09-300001370755Debt Investments Internet Software and Services Bynder Bidco B.V. (Netherlands) First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.53% Maturity 1/26/20292024-09-300001370755Debt Investments Software Superman Holdings, LLC (Foundation Software) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.13% Total Coupon 11.47% Maturity 8/31/20272023-12-310001370755Debt Investments Software Aras Corporation First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.65% Cash + 3.25% PIK Total Coupon 12.20% Maturity 4/13/20272023-12-310001370755Debt Investments Software Kong Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.50%Cash + 3.25% PIK Total Coupon 14.07% Maturity 11/1/20272024-09-300001370755Debt Investments Specialty Retail2023-12-310001370755Equity Securities Diversified Financial Services Conventional Lending TCP Holdings, LLC Membership Units2024-09-300001370755tcpc:InterestRateOfEURIBORPlusMember2023-12-310001370755Debt Investments Software Bluefin Holding, LLC (Allvue) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.20% Maturity 9/12/20292024-09-300001370755us-gaap:AdditionalPaidInCapitalMember2023-06-300001370755tcpc:FundingFacilityIMember2018-12-310001370755Debt Investments Health Care Technology Sandata Technologies, LLC First Lien Term Loan Ref SOFR(Q) Spread 6.15% Total Coupon 11.50% Maturity 7/23/20242023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2023-06-300001370755Equity Securities Professional Services Anacomp, Inc. Class A Common Stock2023-12-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series A Preferred Units2023-01-012023-12-3100013707552024-08-070001370755Debt Investments Diversified Consumer Services SellerX Germany GmbH (Germany) First Lien A1 Term Loan Ref SOFR(Q) Floor 2.00% Spread 4.50% Cash + 4.50% PIK Total Coupon 14.33% Maturity 5/23/20262024-09-300001370755tcpc:OperatingFacilityMember2023-12-310001370755Non-Controlled Affiliates, Iracore Investments Holdings, Inc., Class A Common Stock2024-01-012024-09-300001370755Debt Investments Containers & Packaging BW Holding, Inc. (Brook & Whittle) Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.50% Total Coupon 13.04% Maturity 12/14/20292023-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMember2024-01-012024-09-300001370755Debt Investments Diversified Financial Services 2-10 Holdco, Inc. First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 6.10% Total Coupon 10.95% Maturity 3/26/20262024-09-300001370755Debt Investments Professional Service JobandTalent USA, Inc. (United Kingdom) First Lien Term Loan (3.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 8.86% Total Coupon 13.72% Maturity 8/17/20252024-09-300001370755Debt Investments Diversified Financial Services 2-10 Holdco, Inc. Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 6.10% Total Coupon 11.46% Maturity 3/26/20262023-12-310001370755Debt Investments Software Cart.Com, Inc. First Lien Term Loan (2.5% Exit Fee) Ref SOFR(M) Floor 1.50% Spread 7.75% Total Coupon 12.60% Maturity 5/22/20292024-09-300001370755tcpc:CrewlineBuyerIncMember2024-01-012024-09-300001370755Debt Investments Professional Services ICIMS, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 6.75% Total Coupon 12.10% Maturity 8/18/20282023-12-310001370755tcpc:NonControlledAffiliatedInvestmentsMember2023-07-012023-09-300001370755Debt Investments Leisure Products Blue Star Sports Holdings, Inc. Sr Secured Revolver Ref SOFR(S) Floor 1.00% Spread 6.00% cash + 3.50% PIK Total Coupon 14.94% Maturity 6/15/20242023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMember2024-09-300001370755Debt Investments Hotels, Restaurants and Leisure Showtime Acquisition, L.L.C. (World Choice) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% . Spread 7.60% Total Coupon 12.97% Maturity 8/7/20282023-12-310001370755tcpc:ICIMSIncMember2024-09-300001370755tcpc:ICIMSIncMember2024-01-012024-09-300001370755Debt Investments Diversified Consumer Services SellerX Germany GmbH (Germany) First Lien A2 Term Loan Ref SOFR(Q) Floor 2.00% Spread 4.50% Cash + 4.50% PIK Total Coupon 14.35% Maturity 5/23/20262023-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndFifteenMarchTwentyFiveMember2023-01-012023-12-310001370755Equity Securities Electric Utilities2023-12-310001370755tcpc:NonControlledAffiliatedInvestmentsMember2022-12-310001370755tcpc:SBADebenturesMember2024-09-300001370755tcpc:OperatingFacilityMembertcpc:AccordionMember2023-01-012023-12-310001370755srt:MinimumMembertcpc:SBADebenturesMember2023-01-012023-12-310001370755tcpc:MesquiteBidcoLlcMember2023-12-310001370755tcpc:AccuserveSolutionsIncMember2024-09-300001370755tcpc:TwoThousandTwentyNineNotesMemberus-gaap:UnsecuredDebtMembertcpc:AnnualPercentageRateAPRMember2024-05-302024-05-300001370755Equity Securities Software Grey Orange International Inc. Warrants to Purchase Common Stock Expiration 5/6/20322023-01-012023-12-310001370755Debt Investments Commercial Services & Supplies Kellermeyer Bergensons Services, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 1.75%Cash + 3.50% PIK% Total Coupon 10.65% Maturity 11/6/20282024-09-300001370755tcpc:QuoraIncMembertcpc:WarrantsToPurchaseSeriesDPreferredStockMember2023-01-012023-12-310001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:UnsecuredDebtMember2024-03-182024-03-180001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndFifteenMarchTwentyFiveMember2023-12-310001370755Debt Investments Machinery2023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:BankDebtMember2024-07-012024-09-300001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2021-12-310001370755Debt Investments Hotels, Restaurants and Leisure OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 5.75% Total Coupon 11.11% Maturity 6/3/20272023-12-310001370755tcpc:MergerSubFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2024-03-180001370755tcpc:SEPRaptorAcquisitionIncMember2024-01-012024-09-300001370755Equity Securities Oil, Gas and Consumable Fuels Iracore Investments Holdings, Inc. Class A Common Stock2023-12-310001370755tcpc:TrintechIncMember2023-12-310001370755Debt Investments Road and Rail Motive Technologies, Inc. (fka Keep Truckin, Inc.) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.68% Total Coupon 13.18% Maturity 4/8/20252023-12-310001370755Debt Investments Oil, Gas and Consumable Fuels Palmdale Oil Company, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.75% Total Coupon 11.92% Maturity 10/2/20292024-09-300001370755Equity Securities Internet Software and Services ResearchGate Corporation (Germany) Warrants to Purchase Series D Preferred Stock Expiration 10/30/20292024-01-012024-09-300001370755Debt Investments Internet Software and Services Domo, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) Ref SOFR(Q) Floor 1.50% Spread 8.00% Total Coupon 13.10% Maturity 8/19/20282024-09-300001370755us-gaap:RetainedEarningsMember2023-12-310001370755Debt Investments Professional Services ICIMS, Inc. First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 3.375% Cash + 3.88% PIK Total Coupon 12.17% Maturity 8/18/20282024-09-300001370755Debt Investments Containers & Packaging BW Holding, Inc. (Brook & Whittle) Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.50% Total Coupon 12.71% Maturity 12/14/20292024-09-300001370755Equity Securities Diversified Consumer Services Elevate Brands Holdco, Inc. Warrants to Purchase Preferred New Super Senior Shares Expiration 7/25/20302024-09-300001370755tcpc:TwoThousandNineteenConvertibleNotesMember2016-12-310001370755us-gaap:FairValueInputsLevel1Member2024-09-300001370755Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.78% Maturity 8/23/20272024-09-300001370755Debt Investments Leisure Products Blue Star Sports Holdings, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.90% Cash + 3.50% PIK Total Coupon 14.65% Maturity 6/15/20262024-09-300001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2024-09-300001370755Debt Investments Hotels, Restaurants and Leisure Fishbowl, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.26% Total Coupon 10.61% Maturity 5/27/20272023-12-310001370755tcpc:BonterraLlcFkaCyberGrantsHoldingsLlcMember2024-09-300001370755tcpc:CrewlineBuyerIncMember2024-09-300001370755tcpc:FidelisSVCLLCMembertcpc:SeriesCPreferredUnitsMember2023-01-012023-12-310001370755Equity Securities Media SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock Expiration 4/29/20252023-01-012023-12-310001370755Equity Securities Diversified Consumer Services MXP Prime Platform GmbH (SellerX) (Germany) Warrants to Purchase Common Stock Expiration 7/25/20302023-12-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.36% Maturity 9/04/20292023-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/252024-09-300001370755Debt Investments Communications Equipment Plate Newco 1 Limited (Avanti) (United Kingdom) Subordinated G Term Loan Ref LIBOR(Q) Spread 12.50% PIK Total Coupon 12.50% Maturity 10/13/20242023-12-310001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2016-12-310001370755Debt Investments Insurance2024-09-300001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:OtherCorporateDebtMember2022-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2022-12-310001370755Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.62% Maturity 5/13/20302024-09-300001370755tcpc:MadisonLogicHoldingsIncMember2023-12-310001370755Debt Investments Internet Software and Services Suited Connector, LLC Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.20% Cash + 2.00% PIK Total Coupon 13.58% Maturity 12/1/20272023-12-310001370755Debt Investments Communications Equipment Plate Newco 1 Limited (Avanti) (United Kingdom) Subordinated E2 Term Loan Ref LIBOR(Q) Spread 12.50% PIK Total Coupon 12.50% Maturity 04/13/20242023-12-310001370755Debt Investments Healthcare Providers and Services2023-12-310001370755tcpc:KaseyaIncMember2024-09-300001370755srt:MaximumMember2023-12-310001370755Debt Investments Construction and Engineering PlayPower, Inc First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.85% Maturity 8/28/20302024-09-300001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-09-300001370755Debt Investments Software Zendesk Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 3.00% Cash + 3.25% PIK Total Coupon 11.61% Maturity 11/22/20282023-12-310001370755Equity Securities Electric Utilities Utilidata, Inc. Series A-2 Preferred Stock2024-09-300001370755tcpc:AmeriLifeHoldingsLLCMember2023-12-310001370755tcpc:InterestRateOfEURIBORPlusMember2024-09-300001370755Debt Investments Communications Equipment Plate Newco 1 Limited (Avanti) (United Kingdom) Subordinated F Term Loan Ref LIBOR(Q) Spread 12.50% PIK Total Coupon 12.50% Maturity 04/13/20242023-12-310001370755Equity Securities Energy Equipment and Services GlassPoint, Inc. Warrants to Purchase Common Stock Expiration 9/12/20292024-09-300001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:BankDebtMember2024-09-300001370755Controlled Affiliates, Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/222023-12-310001370755us-gaap:AdditionalPaidInCapitalMember2023-09-300001370755tcpc:O2023Q2DividendsMember2023-05-042023-05-040001370755Non-Controlled Affiliates, Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/12/242023-01-012023-12-310001370755Controlled Affiliates, Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/212023-12-310001370755Debt Investments Insurance2023-12-310001370755Equity Securities Internet Software and Services Domo, Inc. Warrants to Purchase Class B Common Stock Expiration 2/17/20282024-09-300001370755us-gaap:AdditionalPaidInCapitalMember2023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:MeasurementInputExpectedTermMember2024-01-012024-09-300001370755tcpc:PluralsightIncMember2024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2024-09-300001370755Debt Investments Machinery Sonny’s Enterprises, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.40% Total Coupon 10.53% Maturity 8/5/20282024-09-300001370755Debt Investments Health Care Technology Appriss Health, LLC (PatientPing) Sr Secured Revolver Ref SOFR(S) Floor 1.00% Spread 7.25% Total Coupon 12.09% Maturity 5/6/20272024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2023-01-012023-09-300001370755Debt Investments IT Services Intercept Bidco, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.02% Maturity 6/3/20302024-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSixteenSeptemberTwentyOneMember2023-12-310001370755Debt Investments Healthcare Providers and Services PHC Buyer, LLC (Patriot Home Care) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.50% Maturity 5/4/20282023-12-310001370755Equity Securities Diversified Consumer Services Razor US LP Class A Preferred Units Ref Fixed Total Coupon 3.00%2024-09-300001370755Debt Investments Real Estate Management and Development2024-09-300001370755Debt Investments Life Sciences Tools & Services2023-12-310001370755Debt Investments Software SEP Eiger BidCo Ltd. 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First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 10.50% Maturity 9/8/20272024-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndFourteenSeptemberTwentyFourMember2023-01-012023-12-310001370755tcpc:SailpointTechnologiesHoldingsIncMember2023-12-310001370755tcpc:KaseyaIncOneMember2024-01-012024-09-300001370755Controlled Affiliates, Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/212023-12-310001370755tcpc:InterceptBidcoIncOneMember2024-09-300001370755Debt Investments Professional Services CIBT Solutions, Inc. Second Lien Term Loan Ref LIBOR(Q) Floor 1.00% Spread 1.00% Cash + 6.75% PIK Total Coupon 7.75% Maturity 6/1/20252023-12-310001370755Equity Securities Diversified Financial Services 36th Street Capital Partners Holdings, LLC Membership Units2024-09-300001370755Debt Investments Hotels, Restaurants and Leisure2024-09-300001370755tcpc:WarrantsToPurchaseSeriesPreferredStockMembertcpc:SnapLogicIncMember2024-01-012024-09-300001370755tcpc:BonterraLlcFkaCyberGrantsHoldingsLlcMember2023-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSixteenSeptemberTwentyOneMember2024-09-300001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Term Loan, SOFR + 8%, 1% SOFR Floor, due 2/22/262024-01-012024-09-300001370755tcpc:OperatingFacilityMembertcpc:AccordionMember2023-12-310001370755Debt Investments Diversified Financial Services2024-09-300001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Incremental Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.67% Cash + 4.45% PIK Total Coupon 12.37% Maturity 7/9/20292024-09-300001370755tcpc:TitanHomeImprovementLlcRenuityOneMember2024-01-012024-09-300001370755Controlled Affiliates, Gordon Brothers Finance Company, Preferred Stock2023-12-310001370755Debt Investments Diversified Financial Services Wealth Enhancement Group, LLC Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 11.63% Maturity 10/4/20272023-12-310001370755Debt Investments Software Trintech, Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.50% Total Coupon 11.86% Maturity 7/25/20292023-12-310001370755us-gaap:AdditionalPaidInCapitalMember2022-12-310001370755tcpc:OperatingFacilityMember2016-12-310001370755Debt Investments Insurance AmeriLife Holdings, LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 11.14% Maturity 8/31/20282023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMember2023-07-012023-09-300001370755Debt Investments Diversified Financial Services Worldremit Group Limited (United Kingdom) First Lien Incremental Term Loan Ref SOFR(M) Floor 1.00% Spread 9.35% Total Coupon 14.55% Maturity 2/11/20272024-09-300001370755Non-Controlled Affiliates, Hylan Global LLC, Parent Common Units2024-01-012024-09-300001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-1 Common Units2023-01-012023-12-310001370755Debt Investments Software Elastic Path Software, Inc. (Canada) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.76% Total Coupon 12.82% Maturity 1/6/20262024-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenSeptemberNineteenMember2024-09-300001370755Equity Securities Electric Utilities Utilidata, Inc. Series A-1 Preferred Stock2023-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertcpc:MeasurementInputImpliedVolatilityMembertcpc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMember2023-12-310001370755Controlled Affiliates, AA Acquisition Aggregator, LLC, Ordinary Shares2023-01-012023-12-310001370755tcpc:O2023Q3DividendsMember2023-08-032023-08-030001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2023-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300001370755Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.10% Total Coupon 5.10% Maturity 7/27/20282024-09-300001370755Debt Investments Internet Software and Services Gympass US, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 3.25% Cash + 3.25% PIK Total Coupon 11.47% Maturity 8/29/20292024-09-300001370755tcpc:WarrantsToPurchaseClassAUnitsMembertcpc:SuitedConnectorLLCMember2024-01-012024-09-300001370755tcpc:O2024Q1DividendsMember2024-03-142024-03-140001370755tcpc:BlackrockCapitalInvestmentCorporationMember2024-03-180001370755us-gaap:FairValueInputsLevel2Membertcpc:OtherCorporateDebtMember2024-09-3000013707552023-04-012023-06-300001370755Debt Investments Specialty Retail Calceus Acquisition, Inc. (Cole Haan) First Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.75% Total Coupon 12.10% Maturity 8/15/20292023-12-310001370755Debt Investments Software Bonterra LLC (fka CyberGrants Holdings, LLC) First Lien Incremental Amendment 4 Term Loan Ref SOFR(Q) Floor 0.75% Spread 8.00% PIK Total Coupon 13.35% Maturity 9/8/20272023-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSixteenSeptemberTwentyOneMember2023-01-012023-12-310001370755Debt Investments Diversified Financial Services Accuserve Solutions, Inc. First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 5.25% Total Coupon 10.03% Maturity 3/15/20302024-09-300001370755tcpc:BlackrockCapitalInvestmentCorporationMember2024-03-170001370755Debt Investments Internet Software and Services Gympass US, LLC First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 3.25% Cash + 3.25% PIK Total Coupon 11.47% Maturity 8/29/20292024-09-300001370755tcpc:NonControlledAffiliatesMembersrt:MaximumMember2023-12-310001370755us-gaap:AdditionalPaidInCapitalMember2024-09-300001370755Debt Investments Hotels, Restaurants and Leisure Mesquite Bidco, LLC Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.00% Total Coupon 12.48% Maturity 11/30/20292023-12-310001370755tcpc:PubliclyTradedCompanyMember2024-09-300001370755srt:MaximumMember2019-02-082024-09-300001370755Debt Investments Software Kaseya, Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.00%Cash + 2.50% PIK Total Coupon 10.75% Maturity 6/25/20292024-09-300001370755Equity Securities Commercial Services & Supplies Kellermeyer Bergensons Services, LLC Common Stock2024-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2023-12-310001370755Debt Investments Software Backoffice Associates Holdings, LLC (Syniti) First Lien Incremental Term Loan Ref SOFR(M) Floor 1.00% Spread 7.60% Total Coupon 12.56% Maturity 4/30/20262024-09-300001370755us-gaap:ConvertibleDebtMember2016-08-302016-08-300001370755tcpc:LuckyUsBuyercoLlcGlobalPaymentsMember2024-01-012024-09-300001370755tcpc:ICIMSIncOneMember2023-12-310001370755tcpc:TwoThousandTwentyFourNotesMember2023-12-3100013707552019-02-080001370755tcpc:FundingFacilityIIMember2022-12-310001370755Debt Investments Software Integrate.com, Inc. (Infinity Data, Inc.) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash + 2.25% PIK Total Coupon 11.59% Maturity 12/17/20272024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2024-01-012024-09-300001370755tcpc:EmeraldTechnologiesUSAcquisitionCoIncMember2024-01-012024-09-300001370755tcpc:FundingFacilityIIMember2023-02-280001370755tcpc:O2024Q2DividendsMember2024-06-282024-06-280001370755Debt Investments Professional Services JobandTalent USA, Inc. (United Kingdom) First Lien Delayed Draw Term Loan (3.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 8.86% Total Coupon 14.22% Maturity 2/17/20252023-12-310001370755tcpc:HuckabeeAcquisitionLLCMoregroupMember2024-09-300001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series D Stock Expiration 2/11/20312024-01-012024-09-300001370755Controlled Affiliates, Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/20212024-09-300001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/282023-01-012023-12-310001370755Debt Investments Professional Services ICIMS, Inc. First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.375% Cash + 3.88% PIK Total Coupon 12.17% Maturity 8/18/20282024-09-300001370755Non-Controlled Affiliates, Iracore Investments Holdings, Inc., Class A Common Stock2023-01-012023-12-310001370755Debt Investments Paper and Forest Products FSK Pallet Holding Corp. (Kamps) First Lien Term Loan Ref SOFR(Q) Floor 1.25% Spread 6.15% Total Coupon 11.56% Maturity 12/23/20262023-12-310001370755tcpc:CompanyRepurchasePlanMember2015-02-240001370755Equity Securities Trading Companies & Distributors Blackbird Holdco, Inc. (Ohio Transmission Corp.) Preferred Stock Fixed 12.50%2023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2023-12-310001370755tcpc:BlackrockCapitalInvestmentCorporationMembersrt:MaximumMember2019-02-080001370755Equity Securities Media Quora, Inc. Warrants to Purchase Series D Preferred Stock Expiration 4/11/20292023-01-012023-12-310001370755Debt Investments Oil, Gas and Consumable Fuels Iracore International Holdings, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 9.15% Total Coupon 14.50% Maturity 4/12/20242023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2023-01-012023-09-300001370755Equity Securities Media SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock Expiration 4/29/20252024-09-300001370755tcpc:SBADebenturesMember2018-12-310001370755Equity Securities Electric Utilities Utilidata, Inc. Common Stock2024-09-300001370755tcpc:SailpointTechnologiesHoldingsIncMember2024-01-012024-09-300001370755tcpc:WarrantsToPurchaseSeriesEPreferredStockStrikePriceTwoMembertcpc:InMobiIncMember2024-01-012024-09-300001370755tcpc:MergerSubFacilityMember2024-09-300001370755Debt Investments Pharmaceuticals2024-09-300001370755Non-Controlled Affiliates, Hylan Global LLC, Parent Common Units2023-12-310001370755tcpc:BlackrockCapitalInvestmentCorporationMembersrt:MaximumMember2024-03-180001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Term Loan, SOFR + 8%, 1% SOFR Floor, due 2/22/262023-01-012023-12-310001370755tcpc:FundingFacilityIIMember2023-08-042023-08-040001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Project Dream) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 12.19% Maturity 11/23/20272023-12-310001370755us-gaap:InterestRateSwapMember2023-07-012023-09-300001370755tcpc:ShowtimeAcquisitionLLCWorldChoiceOneMember2023-12-310001370755Debt Investments Internet Software and Services Oranje Holdco, Inc. (KnowBe4) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.75% Maturity 2/1/20292024-09-300001370755Debt Investments IT Services Ensono, Inc Second Lien Term Loan B Ref SOFR(M) Spread 8.11% Total Coupon 13.47% Maturity 5/28/20292023-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2023-12-310001370755tcpc:FundingFacilityIIMembertcpc:AccordionMember2023-01-012023-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2023-12-310001370755Debt Investments Hotels, Restaurants and Leisure Showtime Acquisition, L.L.C. (World Choice) Sr Secured Revolver Ref SOFR(S) Floor 1.00% Spread 7.60% Total Coupon 12.98% Maturity 8/7/20282023-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2023-12-310001370755Debt Investments Software JOBVITE, Inc. (Employ, Inc.) First Lien Term Loan Ref SOFR(S) Floor 0.75% Spread 8.00% Total Coupon 13.43% Maturity 8/7/20282023-12-310001370755tcpc:AmeriLifeHoldingsLLCMember2024-01-012024-09-300001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien PIK Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.35% Maturity 8/27/20302024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputYieldMember2024-01-012024-09-300001370755Non-Controlled Affiliates, Hylan Novellus LLC, Class A Units2023-01-012023-12-310001370755tcpc:TwoThousandTwentyNineNotesMemberus-gaap:UnsecuredDebtMember2024-05-300001370755tcpc:DouglasHoldingsIncMember2024-01-012024-09-300001370755tcpc:S2023Q3DividendsMember2023-08-032023-08-030001370755us-gaap:NonUsMembersrt:MinimumMember2023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2023-07-012023-09-300001370755Non-Controlled Affiliates, Hylan Novellus LLC, Class A Units2023-12-310001370755Controlled Affiliates, Anacomp, Inc., Class A Common Stock2024-01-012024-09-300001370755us-gaap:SubsequentEventMember2024-10-302024-10-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2023-12-310001370755Debt Investments Insurance AmeriLife Holdings, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 11.14% Maturity 8/31/20292023-12-310001370755tcpc:OcmLuxembourgBaccaratBidcoSARLInterblockSloveniaMember2024-01-012024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:MeasurementInputImpliedVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMember2023-12-310001370755tcpc:TwoThousandNineteenConvertibleNotesMember2023-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods James Perse Enterprises, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.35% Total Coupon 10.60% Maturity 9/8/20272024-09-300001370755Equity Securities Internet Software and Services ResearchGate Corporation (Germany) Warrants to Purchase Series D Preferred Stock Expiration 10/30/20292023-12-310001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/292024-01-012024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMember2023-01-012023-09-300001370755tcpc:SerranoParentLlcSumoLogicMember2024-01-012024-09-300001370755Controlled Affiliates, Conergy Asia Holdings Limited, Class B Shares2024-09-300001370755tcpc:CsgBuyerIncCoreStatesMember2023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2024-01-012024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2024-07-012024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-09-300001370755tcpc:ICIMSIncOneMember2024-01-012024-09-300001370755Equity Securities Internet Software and Services SnapLogic, Inc. Warrants to Purchase Series Preferred Stock Expiration 3/19/20282024-01-012024-09-300001370755Controlled Affiliates, Anacomp, Inc., Class A Common Stock2022-12-310001370755us-gaap:UnsecuredDebtMembertcpc:TwoThousandTwentyFourNotesMember2022-01-012022-12-310001370755Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) First Lien Term Loan A Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.53% Maturity 1/26/20292024-09-300001370755Debt Investments IT Services Avalara, Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.85% Maturity 10/19/20282024-09-300001370755tcpc:MarsicoHoldingsLlcUnitsMember2024-01-012024-09-300001370755Debt Investments Software Zendesk Inc. 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(KnowBe4) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.75% Total Coupon 13.13% Maturity 2/1/20292023-12-310001370755tcpc:TwoThousandTwentyFourNotesMember2022-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods PSEB, LLC (Eddie Bauer) First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 12.04% Maturity 12/30/20262023-12-310001370755tcpc:InterceptBidcoIncMember2024-09-300001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units2023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2024-09-300001370755Equity Securities Diversified Consumer Services Razor Group GmbH (Germany) Warrants to Purchase Series C Shares Expiration 4/28/20282023-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/252023-01-012023-12-310001370755Debt Investments Software Trintech, Inc. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.50% Total Coupon 11.86% Maturity 7/25/20292023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2023-12-310001370755tcpc:AvalaraIncMember2023-12-310001370755Debt Investments Diversified Financial Services SitusAMC Holdings Corporation First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 5.60% Total Coupon 10.20% Maturity 6/28/20252024-09-300001370755tcpc:BlackrockCapitalInvestmentCorporationMembersrt:MinimumMember2024-03-180001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembersrt:WeightedAverageMembertcpc:OtherCorporateDebtMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2023-12-310001370755tcpc:DouglasHoldingsIncOneMember2024-09-300001370755Debt Investments Textiles, Apparel and Luxury Goods2024-09-300001370755Equity Securities Capital Markets Pico Quantitative Trading Holdings, LLC Warrants to Purchase Membership Units Expiration 2/7/20302024-09-300001370755Equity Securities Diversified Consumer Services MXP Prime Platform GmbH (SellerX) (Germany) Warrants to Purchase Common Stock Expiration 7/25/20302024-01-012024-09-300001370755tcpc:TwoThousandTwentyFiveNotesMember2024-09-300001370755Debt Investments Healthcare Providers and Services INH Buyer, Inc. 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(Beqom) (Switzerland) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.06% Maturity 5/9/20282024-09-300001370755tcpc:AccordionPartnersLlcMember2024-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMembertcpc:TwoThousandTwentyFiveNotesMemberus-gaap:UnsecuredDebtMember2024-03-180001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292024-01-012024-09-300001370755Debt Investments Internet Software and Services Acquia, Inc. Sr Secured Revolver Ref SOFR(S) Floor 1.00% Spread 7.25% Total Coupon 12.72% Maturity 10/31/20252023-12-310001370755tcpc:WarrantsToPurchaseSeriesEPreferredStockStrikePriceOneMember2023-12-310001370755Debt Investments Professional Services Huckabee Acquisition, LLC (MOREgroup) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.35% Maturity 1/16/20302024-09-300001370755Equity Securities Energy Equipment and Services GlassPoint, Inc. Warrants to Purchase Common Stock Expiration 9/12/20292024-01-012024-09-300001370755Debt Investments Containers & Packaging PVHC Holding Corp. First Lien Term Loan Ref SOFR(M) Floor 2.50% Spread 6.15% Cash + 0.75% PIK Total Coupon 10.79% Maturity 2/17/20272024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2023-12-310001370755Debt Investments Hotels, Restaurants and Leisure2023-12-310001370755us-gaap:RetainedEarningsMember2022-12-310001370755Debt Investments Internet Software and Services Bynder Bidco B.V. (Netherlands) First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.63% Maturity 1/26/20292023-12-310001370755Debt Investments Internet Software and Services Quartz Holding Company (Quick Base) Second Lien Term Loan Ref SOFR(M) Spread 8.10% Total Coupon 13.46% Maturity 4/2/20272023-12-310001370755Equity Securities Pharmaceuticals Inotiv, Inc. Common Stock2024-09-300001370755Debt Investments Construction and Engineering CSG Buyer, Inc. 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(Netherlands) Sr Secured Revolver B Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.53% Maturity 1/26/20292024-09-300001370755Debt Investments Electric Utilities Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Bank Guarantee Credit Facility Ref Fixed Maturity 12/31/20232023-12-310001370755tcpc:TwoThousandAndFifteenSeptemberTwentyThreeMembertcpc:SBADebenturesMember2024-09-300001370755tcpc:O2023Q1DividendsMember2023-03-312023-03-310001370755tcpc:TwoThousandTwentySixNotesMember2023-12-310001370755Controlled Affiliates, Conventional Lending TCP Holdings, LLC, Membership Units2024-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:FundingFacilityIIMember2023-01-012023-12-310001370755tcpc:TwoThousandTwentySixNotesMember2023-12-310001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2024-09-300001370755tcpc:MergerSubFacilityMembertcpc:AccordionMember2024-01-012024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMemberus-gaap:EquitySecuritiesMembersrt:MaximumMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-09-300001370755Debt Investments Diversified Financial Services Accordion Partners LLC First Lien Delayed Draw Term Loan A Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.60% Maturity 8/29/20292023-12-310001370755Debt Investments Leisure Products Blue Star Sports Holdings, Inc. 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First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.90% Cash + 3.50% PIK Total Coupon 14.52% Maturity 6/15/20262024-09-300001370755Debt Investments Real Estate Management and Development Greystone Affordable Housing Initiatives, LLC First Lien Term Loan Ref SOFR(M) Floor 1.50% Spread 6.61% Total Coupon 11.46% Maturity 3/21/20272024-09-300001370755Debt Investments Paper and Forest Products2023-12-310001370755Non-Controlled Affiliates, Iracore Investments Holdings, Inc., Class A Common Stock2022-12-310001370755Debt Investments Software SEP Raptor Acquisition, Inc. (Loopio) (Canada) First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 5.75% Total Coupon 11.08% Maturity 3/31/20272024-09-300001370755Debt Investments Leisure Products Blue Star Sports Holdings, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% cash + 3.50% PIK Total Coupon 14.95% Maturity 6/15/20242023-12-310001370755Debt Investments Internet Software and Services Astra Acquisition Corp. (Anthology) Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 9.14% Total Coupon 14.48% Maturity 10/25/20292023-12-310001370755us-gaap:RetainedEarningsMember2023-06-300001370755Debt Investments Semiconductors and Semiconductor Equipment Emerald Technologies (U.S.) AcquisitionCo, Inc. 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(Project Dream) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 12.19% Maturity 11/23/20272023-12-310001370755tcpc:JamesPerseEnterprisesIncMember2024-01-012024-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSeventeenSeptemberTwentyMember2024-01-012024-09-300001370755Debt Investments Diversified Consumer Services SellerX Germany GmbH (Germany) First Lien A1 Term Loan Ref SOFR(Q) Floor 2.00% Spread 4.50% Cash + 4.50% PIK Total Coupon 14.35% Maturity 5/23/20262023-12-310001370755 Debt Investments Health Care Technology Appriss Health, LLC (PatientPing) First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 7.25% Total Coupon 12.08% Maturity 5/6/20272024-09-300001370755Debt Investments Diversified Consumer Services Fusion Holding Corp. 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(Singapore) Warrants to Purchase Series E Preferred Stock Expiration 9/18/20252023-01-012023-12-310001370755Debt Investments Real Estate Management and Development Greystone Select Company II, LLC (Passco) First Lien Term Loan Ref SOFR(M) Floor 1.50% Spread 6.61% Total Coupon 11.97% Maturity 3/21/20272023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-09-300001370755tcpc:TwoThousandTwentyFiveNotesMember2024-09-300001370755tcpc:SBADebenturesMember2020-12-310001370755us-gaap:EquitySecuritiesMember2023-12-310001370755Equity Securities Internet Software and Services SuCo Investors, LP (Suited Connector) Warrants to Purchase Class A Units Expiration 03/06/20332024-01-012024-09-300001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Term Loan, SOFR + 8%, 1% SOFR Floor, due 2/22/262022-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2024-09-300001370755Debt Investments IT Services2024-09-300001370755tcpc:TwoThousandTwentyFourNotesMember2019-12-310001370755tcpc:S2023Q3DividendsMember2023-09-152023-09-150001370755tcpc:CommonUnitsMembertcpc:ThrasIoLLCMember2024-01-012024-09-300001370755Debt Investments Diversified Consumer Services Razor Group Holdings II, Inc. (Germany) First Lien C Term Loan Ref Fixed Spread 3.50% Cash + 3.50% PIK Total Coupon 7.00% Maturity 9/30/20282024-09-300001370755Non-Controlled Affiliates, Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/12/242024-01-012024-09-300001370755tcpc:SellerXGermanyGmbHCoKgGermanyMember2023-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMember2023-01-012023-12-310001370755tcpc:TwoThousandTwentyTwoNotesMember2020-12-310001370755tcpc:FundingFacilityIIMembertcpc:AccordionMember2023-12-310001370755Equity Securities Media2023-12-310001370755tcpc:OperatingFacilityMember2021-06-222021-06-220001370755tcpc:SBADebenturesMember2022-12-310001370755Debt Investments Internet Software and Services Pluralsight, Inc. 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Foy & Associates Insurance Services, LLC (PCF Insurance) First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.50% Total Coupon 10.35% Maturity 11/1/20282024-09-300001370755Equity Securities Software Tradeshift, Inc. 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Ltd., 1st Lien Term Loan, 0%, due 12/31/212024-01-012024-09-300001370755us-gaap:BaseRateMembertcpc:MergerSubFacilityMembersrt:MaximumMember2024-09-300001370755us-gaap:CommonStockMember2024-06-300001370755Debt Investments Construction and Engineering LJ Avalon Holdings, LLC (Ardurra) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 12.03% Maturity 2/1/20302023-12-310001370755Debt Investments Construction and Engineering CSG Buyer, Inc. (Core States) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.26% Total Coupon 11.61% Maturity 3/31/20282023-12-310001370755tcpc:KaseyaIncMember2024-01-012024-09-300001370755Debt Investments Professional Services2023-12-310001370755Equity Securities Diversified Consumer Services PerchHQ, LLC Warrants to Purchase Common Stock Expiration 10/15/20272023-12-310001370755Equity Securities Diversified Financial Services GACP II, LP (Great American Capital) Membership Units2024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2023-06-300001370755Debt Investments IT Services Idera, Inc. Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.75% Total Coupon 12.15% Maturity 2/4/20292024-09-300001370755us-gaap:RetainedEarningsMember2023-09-300001370755Debt Investments Wireless Telecommunication Services OpenMarket, Inc. 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Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 6.00% Total Coupon 11.36% Maturity 8/16/20282023-12-310001370755Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.88% Maturity 5/13/20302023-12-310001370755us-gaap:CommonStockMember2024-03-310001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2023-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndTwentyOneSeptemberTwentyTwoMember2023-01-012023-12-310001370755Debt Investments Media NEP Group, Inc. et al First Lien Term Loan (2.0% Exit Fee) Ref SOFR(Q) Floor 1.00% Spread 3.51% Cash + 1.50% PIK Total Coupon 9.62% Maturity 8/19/20262024-09-300001370755Debt Investments Diversified Consumer Services SellerX Germany GmbH (Germany) First Lien B Delayed Draw Term Loan Ref SOFR(Q) Floor 2.00% Spread 4.50% Cash + 4.50% PIK Total Coupon 14.35% Maturity 5/23/20262023-12-310001370755Debt Investments Life Sciences Tools & Services Alcami Corporation Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 7.15% Total Coupon 12.11% Maturity 12/21/20282024-09-300001370755Debt Investments Internet Software and Services Astra Acquisition Corp. (Anthology) Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 9.14% Total Coupon 13.74% Maturity 10/25/20292024-09-300001370755Debt Investments Insurance IT Parent, LLC (Insurance Technologies) Sr Secured Revolver Ref Prime Floor 1.00% Spread 5.25% Total Coupon 13.25% Maturity 10/1/20262024-09-300001370755Debt Investments Software Zilliant Incorporated First Lien Term Loan (0.25% Exit Fee) Ref SOFR(M) Floor 0.75% Spread 2.10% Cash + 5.00% PIK Total Coupon 11.95% Maturity 12/21/20272024-09-300001370755Debt Investments Internet Software and Services Gympass US, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.00% Cash + 4.00% PIK Total Coupon 13.47% Maturity 7/8/20272023-12-310001370755tcpc:CreditFacilitiesHaveVetoPowerOverInvestmentPoliciesMember2024-01-012024-09-300001370755Debt Investments Internet Software and Services e-Discovery Acquireco, LLC (Reveal) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.89% Maturity 8/29/20292023-12-310001370755tcpc:LuckyUsBuyercoLlcGlobalPaymentsMember2024-09-300001370755Debt Investments Software Integrate.com, Inc. 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(Singapore) Warrants to Purchase Series E Preferred Stock Expiration 10/3/20282023-01-012023-12-310001370755tcpc:OperatingFacilityMembertcpc:AccordionMember2024-09-300001370755Equity Securities Electric Utilities Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Series B Preferred Shares2023-12-310001370755Controlled Affiliates, Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT due 05/27/20272024-01-012024-09-300001370755Debt Investments Healthcare Providers and Services INH Buyer, Inc. (IMS Health) First Lien Term Loan (1.5% Exit Fee) Ref SOFR(Q) Floor 1.00% Spread 3.50% Cash + 3.50% PIK Total Coupon 12.45% Maturity 6/28/20282023-12-310001370755Debt Investments Commercial Services & Supplies2023-12-310001370755tcpc:HuckabeeAcquisitionLLCMoregroupOneMember2024-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMember2023-06-150001370755Debt Investments Media Streamland Media Midco LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.01% Cash + 2.25% PIK Total Coupon 14.51% Maturity 12/31/20242024-09-300001370755us-gaap:SubsequentEventMembertcpc:S2024Q4DividendsMember2024-12-312024-12-310001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2024-01-012024-09-300001370755tcpc:CrewlineBuyerIncMember2023-12-310001370755tcpc:O2024Q3DividendsMember2024-09-162024-09-160001370755Debt Investments Diversified Financial Services Accuserve Solutions, Inc. First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.00% Spread 5.25% Total Coupon 10.03% Maturity 3/15/20302024-09-300001370755tcpc:IntegrateComIncMember2024-01-012024-09-300001370755Debt Investments Software Clever Devices Ltd. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.30% Maturity 6/12/20302024-09-300001370755Debt Investments Diversified Financial Services Callodine Commercial Finance, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 9.26% Total Coupon 13.87% Maturity 11/3/20252024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2023-12-310001370755tcpc:PluralsightIncTwoMember2024-01-012024-09-300001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.85% Maturity 9/4/20292024-09-300001370755Debt Investments Building Products Porcelain Acquisition Corporation (Paramount) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.10% Total Coupon 10.70% Maturity 4/30/20272024-09-300001370755Debt Investments Diversified Financial Services 36th Street Capital Partners Holdings, LLC Senior Note Ref Fixed Total Coupon 12.00% Maturity 11/30/20252023-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMember2024-09-300001370755tcpc:EmeraldTechnologiesUSAcquisitionCoIncMember2023-12-310001370755Debt Investments Software SEP Raptor Acquisition, Inc. (Loopio) (Canada) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.15% Total Coupon 12.51% Maturity 3/31/20272023-12-310001370755srt:MinimumMember2023-12-310001370755tcpc:GtyTechnologyHoldingsIncOneMember2024-01-012024-09-300001370755Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.62% Maturity 5/13/20302024-09-300001370755Controlled Affiliates, Fishbowl INC., Common Membership Units2023-12-310001370755Debt Investments Diversified Financial Services 2-10 Holdco, Inc. First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 6.10% Total Coupon 11.46% Maturity 3/26/20262023-12-310001370755Debt Investments Software Disco Parent, Inc. (Duck Creek Technologies) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.56% Maturity 3/30/20292024-09-300001370755Debt Investments Healthcare Providers and Services PHC Buyer, LLC (Patriot Home Care) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.39% Maturity 5/4/20282023-12-310001370755Debt Investments Software Integrate.com, Inc. (Infinity Data, Inc.) First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash + 2.25% PIK Total Coupon 12.20% Maturity 12/17/20272024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2023-12-310001370755Debt Investments Software Fusion Risk Management, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 3.50% Cash + 3.75% PIK Total Coupon 12.08% Maturity 5/22/20292024-09-300001370755tcpc:MesquiteBidcoLlcMember2024-01-012024-09-300001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Project Dream) First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 8.60% PIK Total Coupon 13.72% Maturity 11/23/20272024-09-300001370755tcpc:HoneyIntermediateIncIlobbyMember2024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-09-300001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/282024-01-012024-09-300001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.58% Cash + 4.30% PIK Total Coupon 12.22% Maturity 7/9/20292023-12-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series D Stock Expiration 2/11/20312024-09-300001370755Debt Investments IT Services Madison Logic Holdings, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.00% Total Coupon 12.35% Maturity 12/30/20272023-12-310001370755Debt Investments Software SEP Eiger BidCo Ltd. (Beqom) (Switzerland) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.00%Cash + 3.50% PIK Total Coupon 11.60% Maturity 5/9/20282024-09-300001370755Debt Investments Health Care Technology Appriss Health, LLC (PatientPing) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.90% Total Coupon 12.32% Maturity 5/6/20272023-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-09-300001370755Debt Investments Machinery Sonny’s Enterprises, LLC Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.40% Total Coupon 10.53% Maturity 8/5/20272024-09-300001370755Debt Investments Consumer Finance Lucky US BuyerCo, LLC (Global Payments) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.85% Maturity 3/30/20292023-12-310001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/292024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMemberus-gaap:EquitySecuritiesMember2022-12-310001370755us-gaap:FairValueInputsLevel2Membertcpc:BankDebtMember2023-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-09-300001370755Debt Investments Media Streamland Media Midco LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.01% Total Coupon 11.65% Maturity 12/31/20242024-09-300001370755tcpc:InMobiIncMembertcpc:WarrantsToPurchaseSeriesEPreferredStockStrikePriceOneMember2024-01-012024-09-300001370755tcpc:FundingFacilityIIMember2023-12-310001370755Equity Securities Diversified Financial Services 36th Street Capital Partners Holdings, LLC Membership Units2023-12-310001370755Debt Investments Internet Software and Services Anaconda, Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.50% Total Coupon 12.85% Maturity 8/22/20272023-12-310001370755Equity Securities Media SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock Expiration 4/29/20252024-01-012024-09-300001370755Debt Investments Software Kaseya, Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.75% Maturity 6/25/20292024-09-300001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Member2023-12-3100013707552024-03-042024-03-040001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292022-12-310001370755tcpc:FundingFacilityIIMember2020-12-310001370755tcpc:PluralsightIncOneMember2023-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertcpc:MeasurementInputImpliedVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMember2023-12-310001370755tcpc:AlcamiCorporationMember2023-12-310001370755tcpc:RegulatoryRestrictionsThatRestrictOurAbilityToRaiseCapitalMember2024-01-012024-09-300001370755Debt Investments Software Oversight Systems, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.10% Total Coupon 11.48% Maturity 9/24/20262023-12-310001370755Debt Investments Semiconductors and Semiconductor Equipment Emerald Technologies (U.S.) AcquisitionCo, Inc. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.10% Total Coupon 11.02% Maturity 12/29/20262024-09-300001370755us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMember2024-01-012024-09-300001370755Equity Securities Professional Services Anacomp, Inc. Class A Common Stock2024-09-300001370755us-gaap:RetainedEarningsMember2023-03-310001370755tcpc:AdvisorValuationsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedTermMember2024-01-012024-09-300001370755tcpc:ThreeMonthContractsMember2024-08-012024-08-010001370755tcpc:O2023Q3DividendsMember2023-09-152023-09-150001370755Equity Securities Diversified Financial Services2024-09-300001370755srt:MinimumMember2024-01-012024-09-300001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292024-09-300001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Membership Units2023-01-012023-12-310001370755Debt Investments Capital Markets PMA Parent Holdings, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 10.60% Maturity 1/31/20312024-09-300001370755Debt Investments Diversified Financial Services Accordion Partners LLC First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.50% Maturity 8/29/20292024-09-300001370755Debt Investments Consumer Finance Lucky US BuyerCo, LLC (Global Payments) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.85% Maturity 3/30/20292023-12-310001370755Debt Investments Diversified Consumer Services Razor Group Holdings II, Inc. (Germany) First Lien A Term Loan Ref Fixed Spread 2.50% Cash + 5.00% PIK Total Coupon 7.50% Maturity 9/30/20282024-09-300001370755Equity Securities Oil, Gas and Consumable Fuels Iracore Investment Holdings, Inc. Class A Common Stock2024-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndFifteenMarchTwentyFiveMember2024-01-012024-09-300001370755Debt Investments Diversified Financial Services Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) Second Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 8.62% Total Coupon 13.97% Maturity 7/5/20262023-12-310001370755Debt Investments Commercial Services & Supplies Thermostat Purchaser III, Inc. (Reedy Industries) Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.40% Cash + 0.50% PIK Total Coupon 12.96% Maturity 8/31/20292024-09-300001370755Controlled Affiliates2024-01-012024-09-300001370755tcpc:TwoThousandTwentySixNotesMember2023-01-012023-12-310001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 2.58% Cash + 4.30% PIK Total Coupon 11.84% Maturity 7/9/20292024-09-300001370755Equity Securities Diversified Consumer Services Razor Group GmbH (Germany) Warrants to Purchase Preferred Series A1 Shares Expiration 4/28/20282023-12-310001370755Debt Investments Hotels, Restaurants and Leisure Showtime Acquisition, L.L.C. (World Choice) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.60% Total Coupon 12.98% Maturity 8/7/20282023-12-310001370755tcpc:RazorUsLpMembertcpc:ClassAPreferredUnitsMember2024-01-012024-09-300001370755tcpc:TwoThousandTwentyFourNotesMember2024-09-300001370755tcpc:FundingFacilityIMember2020-12-310001370755Equity Securities IT Services Fidelis (SVC), LLC Preferred Unit-C2023-12-310001370755Debt Investments Automobiles2024-09-300001370755us-gaap:FairValueInputsLevel1Membertcpc:OtherCorporateDebtMember2023-12-310001370755tcpc:TwoToTenHoldcoIncMember2024-01-012024-09-300001370755Debt Investments Software Kong Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.50%Cash + 3.25% PIK Total Coupon 14.21% Maturity 11/1/20272023-12-3100013707552024-03-310001370755Equity Securities Diversified Consumer Services Razor US LP Common Units2024-09-300001370755Debt Investments Diversified Financial Services Accordion Partners LLC First Lien Delayed Draw Term Loan A Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.10% Maturity 8/29/20292024-09-300001370755srt:MinimumMember2019-02-080001370755Equity Securities Diversified Financial Services GACP I, LP (Great American Capital) Membership Units2023-12-310001370755tcpc:OversightSystemsIncMember2024-01-012024-09-300001370755Debt Investments Health Care Technology2023-12-310001370755tcpc:TwoThousandNineteenConvertibleNotesMember2017-12-310001370755tcpc:TitanHomeImprovementLlcRenuityMember2024-01-012024-09-300001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2020-12-310001370755tcpc:SellerXGermanyGmbHCoKgGermanyMember2024-09-300001370755Debt Investments Professional Services Applause App Quality, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 10.06% Maturity 9/20/20272024-09-300001370755Debt Investments Real Estate Management and Development Community Merger Sub Debt LLC (CINC Systems) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 10.35% Maturity 1/18/20302024-09-300001370755Debt Investments Road and Rail2024-09-300001370755tcpc:SellerXGermanyGmbHCoKgGermanyMember2024-01-012024-09-300001370755Equity Securities Diversified Consumer Services Razor Group GmbH (Germany) Warrants to Purchase Series C Shares Expiration 12/23/20292024-01-012024-09-300001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:BankDebtMember2024-01-012024-09-300001370755tcpc:ITParentLLCMember2023-12-310001370755tcpc:WarrantsToPurchaseSeriesEPreferredStockMembertcpc:FoursquareLabsIncMember2024-01-012024-09-300001370755tcpc:KaseyaIncOneMember2023-12-310001370755Investments2023-12-310001370755Equity Securities Electric Utilities Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Ordinary Shares2023-12-310001370755tcpc:NonControlledAffiliatedInvestmentsMember2024-07-012024-09-300001370755tcpc:AlphasenseIncMember2024-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMembersrt:MaximumMember2023-06-150001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Membership Units2023-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods James Perse Enterprises, Inc. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.25% Total Coupon 11.61% Maturity 9/8/20272023-12-310001370755us-gaap:CommonStockMembertcpc:InotivIncMember2024-01-012024-09-300001370755tcpc:OranjeHoldcoIncKnowbe4IncMember2024-01-012024-09-300001370755Debt Investments Professional Services ICIMS, Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.38% Cash + 3.38.% PIK Total Coupon 12.62% Maturity 8/18/20282023-12-3100013707552024-02-292024-02-290001370755tcpc:ClassBPreferredUnitsMembertcpc:AGYEquityLLCMember2023-01-012023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenMarchTwentyOneMember2024-01-012024-09-300001370755tcpc:IntegrityMarketingAcquisitionLlcOneMember2024-01-012024-09-300001370755Debt Investments Software SEP Eiger BidCo Ltd. (Beqom) (Switzerland) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 0.065 Total Coupon 11.87% Maturity 5/9/20282023-12-310001370755tcpc:AccordionPartnersLlcMember2023-12-310001370755Debt Investments Media Terraboost Media Operating Company, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 12.00% Maturity 8/23/20262023-12-310001370755Debt Investments Internet Software and Services Bynder Bidco, Inc. 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(Singapore) Warrants to Purchase Series E Preferred Stock Expiration 10/3/20282024-09-300001370755Debt Investments Health Care Technology Sandata Technologies, LLC Sr Secured Revolver Ref SOFR(Q) Spread 6.15% Total Coupon 11.52% Maturity 7/23/20242023-12-310001370755Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.10% Total Coupon 11.44% Maturity 11/30/20262023-12-310001370755tcpc:FundingFacilityIIMember2023-02-282023-02-280001370755tcpc:AlcamiCorporationOneMember2024-09-300001370755Equity Securities Diversified Consumer Services Razor Group GmbH (Germany) Warrants to Purchase Series C Shares Expiration 12/23/20292024-09-300001370755Cash and Cash Equivalents2024-09-300001370755tcpc:ESOSolutionsIncMember2024-01-012024-09-3000013707552023-01-012023-12-310001370755tcpc:ControlledAffiliatesMembersrt:MaximumMember2023-12-310001370755Debt Investments Insurance Integrity Marketing Acquisition, LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 10.08% Maturity 8/25/20282024-09-300001370755tcpc:AlcamiCorporationMember2024-01-012024-09-300001370755us-gaap:FairValueInputsLevel1Membertcpc:OtherCorporateDebtMember2024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2023-12-310001370755tcpc:AGYEquityLLCMembertcpc:ClassAPreferredUnitsMember2023-01-012023-12-310001370755Equity Securities Internet Software and Services Foursquare Labs, Inc. Warrants to Purchase Series E Preferred Stock Expiration 5/4/20272024-09-300001370755tcpc:TwoThousandTwentyTwoNotesMember2018-12-310001370755Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 10.53% Maturity 8/21/20282024-09-300001370755tcpc:UtilidataIncMembertcpc:SeriesATwoPreferredStockMember2024-01-012024-09-300001370755tcpc:ApprissHealthLLCMember2024-09-300001370755tcpc:OversightSystemsIncMember2023-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMembersrt:MaximumMember2024-09-300001370755Debt Investments Software Disco Parent, Inc. (Duck Creek Technologies) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.89% Maturity 3/30/20292023-12-310001370755Equity Securities Software Grey Orange International Inc. 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(New Relic) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 11.35% Maturity 11/8/20302024-09-300001370755Debt Investments Building Products Air Distribution Technologies Inc Sr Secured First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.25% Maturity 8/12/20302024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:AdvisorValuationsMember2023-12-310001370755Debt Investments Life Sciences Tools & Services Alcami Corporation First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 12.21% Maturity 12/21/20282024-09-300001370755Debt Investments Hotels, Restaurants and Leisure OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) First Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.25% Total Coupon 11.24% Maturity 6/3/20272024-09-300001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock Expiration 9/18/20252024-01-012024-09-300001370755Debt Investments Professional Services ICIMS, Inc. Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 6.75% Total Coupon 11.60% Maturity 8/18/20282024-09-3000013707552023-06-300001370755tcpc:OperatingFacilityMembersrt:MinimumMember2021-06-222021-06-220001370755Equity Securities Internet Software and Services Domo, Inc. Warrants to Purchase Common Stock Expiration 2/17/20282024-01-012024-09-300001370755Non-Controlled Affiliates, Hylan Novellus LLC, Class A Units2024-01-012024-09-300001370755Debt Investments Internet Software and Services Oranje Holdco, Inc. (KnowBe4) First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.50% Maturity 2/1/20292024-09-300001370755Debt Investments Software AlphaSense, Inc. First Lien Term Loan Ref SOFR(M) Floor 2.00% Spread 6.25% Total Coupon 11.11% Maturity 6/27/20292024-09-300001370755Debt Investments Electric Utilities2024-09-300001370755tcpc:LjAvalonHoldingsLlcArdurraMember2023-12-310001370755Controlled Affiliates, Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/212024-09-300001370755tcpc:ControlledAffiliatesMember2023-01-012023-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationTechniqueMarketQuotationsMembertcpc:BankDebtMembertcpc:MeasurementInputIndicativeBidAskQuotesMember2024-09-300001370755tcpc:DeemedInvestmentMembersrt:MinimumMember2023-12-310001370755Debt Investments Software Bonterra LLC (fka CyberGrants Holdings, LLC) First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread Total Coupon 12.35% Maturity 9/27/20272024-09-300001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.35% Maturity 8/27/20302024-09-300001370755Controlled Affiliates, Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/20212023-12-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series D Stock Expiration 2/11/20312023-01-012023-12-310001370755Debt Investments Diversified Consumer Services Whele, LLC (PerchHQ) First Lien Incremental Term Loan Ref SOFR(M) Floor 1.00% Spread 11.50%PIK Total Coupon 13.82% Maturity 10/15/20252023-12-310001370755tcpc:FundingFacilityIIMember2024-09-3000013707552022-09-300001370755Controlled Affiliates, AA Acquisition Aggregator, LLC, Ordinary Shares2022-12-310001370755tcpc:BynderBidcoBVNetherlandsOneMember2024-09-300001370755tcpc:InabilityToRenewExtendOrReplaceCreditFacilitiesMember2024-01-012024-09-300001370755tcpc:NonControlledAffiliatesMembersrt:MaximumMember2024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembertcpc:OtherCorporateDebtMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-09-300001370755Equity Securities Internet Software and Services Domo, Inc. Warrants to Purchase Common Stock Expiration 2/17/20282024-09-300001370755tcpc:MergerSubFacilityMembertcpc:AccordionMember2024-09-300001370755tcpc:TwoThousandTwentySixNotesMember2021-12-310001370755tcpc:ABRBorrowingsMembertcpc:OperatingFacilityMembersrt:MaximumMember2021-06-220001370755tcpc:DouglasHoldingsIncOneMember2024-01-012024-09-300001370755Debt Investments Paper and Forest Products2024-09-300001370755tcpc:BackofficeAssociatesHoldingsLLCSynitiMember2024-01-012024-09-3000013707552024-07-012024-09-300001370755tcpc:CsgBuyerIncCoreStatesOneMember2024-01-012024-09-300001370755Equity Securities Media2024-09-300001370755tcpc:OperatingFacilityMember2020-12-310001370755tcpc:SupermanHoldingsLLCFoundationSoftwareMember2023-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:FundingFacilityIIMember2023-08-040001370755tcpc:InterceptBidcoIncMember2024-01-012024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2023-12-310001370755tcpc:PlateNewco1LimitedAvantiMemberus-gaap:CommonStockMember2024-01-012024-09-300001370755tcpc:TwoThousandNineteenConvertibleNotesMember2018-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:FundingFacilityMember2023-12-310001370755Debt Investments Insurance IT Parent, LLC (Insurance Technologies) First Lien Term Loan Ref SOFR(A) Floor 1.00% Spread 6.35% Total Coupon 10.60% Maturity 10/1/20262024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMember2023-06-300001370755tcpc:TwoThousandTwentyTwoNotesMember2021-12-310001370755Debt Investments Consumer Finance Freedom Financial Network Funding, LLC First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.00% Spread 9.00% Total Coupon 14.64% Maturity 9/21/20272023-12-310001370755Debt Investments Leisure Products2023-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods James Perse Enterprises, Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.25% Total Coupon 11.61% Maturity 9/8/20272023-12-310001370755Equity Securities Internet Software and Services Foursquare Labs, Inc. Warrants to Purchase Series E Preferred Stock Expiration 5/4/20272023-12-310001370755Debt Investments Software AlphaSense, Inc.. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.00% Total Coupon 12.47% Maturity 31/11/20272023-12-310001370755Debt Investments Internet Software and Services InMoment, Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Cash + 2.50% PIK Total Coupon 12.61% Maturity 6/8/20282024-09-300001370755tcpc:LjAvalonHoldingsLlcArdurraOneMember2024-01-012024-09-300001370755Equity Securities Diversified Consumer Services Razor Group GmbH (Germany) Warrants to Purchase Preferred Series A1 Shares Expiration 4/28/20282024-09-300001370755Non-Controlled Affiliates, Iracore Investments Holdings, Inc., Class A Common Stock2024-09-300001370755Equity Securities Media Quora, Inc. Warrants to Purchase Series D Preferred Stock Expiration 4/11/20292023-12-310001370755tcpc:WarrantsToPurchaseSellerxCommonSharesInMxpMembertcpc:SellerXGermanyGmbhAndCoKgMember2024-01-012024-09-300001370755srt:MinimumMembertcpc:PubliclyTradedCompanyMember2024-09-300001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2021-02-090001370755Debt Investments Professional Services DTI Holdco, Inc. (Epiq Systems, Inc.) Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.75% Total Coupon 13.13% Maturity 4/26/20302023-12-310001370755tcpc:OcmLuxembourgBaccaratBidcoSARLInterblockSloveniaMember2024-09-300001370755tcpc:OperatingFacilityMembersrt:MaximumMember2021-06-222021-06-220001370755Controlled Affiliates, Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/212023-12-310001370755tcpc:LpUnitsMembertcpc:StitchHoldingsLPMember2024-01-012024-09-300001370755Debt Investments Building Products Porcelain Acquisition Corporation (Paramount) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.10% Total Coupon 11.45% Maturity 4/30/20272023-12-3100013707552023-10-012023-12-310001370755Controlled Affiliates, Fishbowl INC., Common Membership Units2023-01-012023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2024-07-012024-09-300001370755Debt Investments Diversified Consumer Services TransNetwork, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 5.50% Total Coupon 10.87% Maturity 11/20/20302023-12-310001370755Debt Investments Software SEP Raptor Acquisition, Inc. (Loopio) (Canada) Sr Secured Revolver Ref SOFR(S) Floor 1.00% Spread 5.75% Total Coupon 11.08% Maturity 3/31/20272024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-09-300001370755tcpc:BynderBidcoBVNetherlandsOneMember2023-12-310001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2024-09-300001370755tcpc:AmerilifeHoldingsLlcOneMember2023-12-310001370755tcpc:FidelisSVCLLCMembertcpc:SeriesCPreferredUnitsMember2024-01-012024-09-300001370755Debt Investments Internet Software and Services ResearchGate GmBH (Germany) First Lien Term Loan (4.0% Exit Fee) Ref EURIBOR(M) Spread 8.55% Total Coupon 12.55% Maturity 10/1/20242023-12-310001370755tcpc:AccordionPartnersLlcMember2024-01-012024-09-300001370755Debt Investments Diversified Consumer Services Razor Group GmbH (Germany) First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 2.00% Spread 5.00% Cash + 5.00% PIK Total Coupon 15.37% Maturity 4/30/20252023-12-310001370755Debt Investments Software Bonterra LLC (fka CyberGrants Holdings, LLC) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 7.00% Total Coupon 12.33% Maturity 9/8/20272024-09-300001370755tcpc:TwoThousandAndFifteenSeptemberTwentyThreeMembertcpc:SBADebenturesMember2023-01-012023-12-310001370755tcpc:XactlyCorporationMember2024-09-300001370755tcpc:ClassBPreferredUnitsMembertcpc:AGYEquityLLCMember2024-01-012024-09-300001370755Equity Securities Electric Utilities Utilidata, Inc. 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First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.69% Maturity 11/22/20282024-09-300001370755Debt Investments Internet Software and Services Pluralsight, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.00% Cash + 1.50% PIK Total Coupon 9.62% Maturity 8/22/20292024-09-300001370755us-gaap:UnsecuredDebtMembertcpc:TwoThousandTwentyFourNotesMember2020-10-022020-10-020001370755us-gaap:CommonStockMember2024-01-012024-03-310001370755Equity Securities Diversified Consumer Services Elevate Brands Holdco, Inc. 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Warrants to Purchase Series Preferred Stock Expiration 3/19/20282023-01-012023-12-310001370755Debt Investments Capital Markets Pico Quantitative Trading, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.50% Spread 7.51% Total Coupon 12.82% Maturity 2/8/20272024-09-300001370755tcpc:InMobiIncMembertcpc:WarrantsToPurchaseSeriesEPreferredStockStrikePriceOneMember2023-01-012023-12-310001370755Equity Securities Automobiles AutoAlert LLC Common Stock2023-12-310001370755Equity Securities Media Quora, Inc. Warrants to Purchase Series D Preferred Stock Expiration 4/11/20292024-01-012024-09-300001370755Debt Investments Health Care Technology ESO Solutions, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.00% Total Coupon 12.06% Maturity 5/3/20272024-09-300001370755Debt Investments Internet Software and Services Suited Connector, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.20% Cash + 2.00% PIK Total Coupon 13.57% Maturity 12/1/20272023-12-310001370755tcpc:PluralsightIncOneMember2024-01-012024-09-300001370755tcpc:OranjeHoldcoIncKnowbe4IncMember2024-09-300001370755tcpc:WarrantsToPurchaseSeriesEPreferredStockStrikePriceTwoMember2024-09-300001370755Debt Investments Automobiles AutoAlert, LLC Second Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 9.40%PIK Total Coupon 14.73% Maturity 3/31/20292024-09-300001370755Debt Investments Professional Services JobandTalent USA, Inc. 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First Lien Incremental Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.75% Maturity 6/25/20292024-09-300001370755srt:MaximumMember2024-01-012024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2023-07-012023-09-300001370755us-gaap:EquitySecuritiesMember2024-09-300001370755Debt Investments Software Fusion Risk Management, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.50% Cash + 3.75% PIK Total Coupon 12.62% Maturity 5/22/20292023-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Member2024-07-012024-09-300001370755Debt Investments Internet Software and Services Domo, Inc. First Lien PIK Term Loan Ref Fixed Spread 9.50% PIK Total Coupon 9.50% Maturity 8/19/20282024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2022-12-310001370755Non-Controlled Affiliates, Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/12/242023-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Member2022-12-310001370755Debt Investments Diversified Financial Services Worldremit Group Limited (United Kingdom) First Lien Term Loan (3.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 9.40% Total Coupon 14.78% Maturity 2/11/20252023-12-310001370755Debt Investments Professional Services Huckabee Acquisition, LLC (MOREgroup) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.35% Maturity 1/16/2030 2024-09-300001370755tcpc:FundingFacilityIMember2023-12-310001370755Equity Securities Internet Software and Services SnapLogic, Inc. 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Warrants to Purchase Preferred New Super Senior Shares Expiration 7/25/20302024-01-012024-09-300001370755Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.10% Total Coupon 11.44% Maturity 11/30/20262023-12-310001370755srt:MaximumMembertcpc:NonControlledAffiliatesMember2024-09-300001370755Debt Investments Health Care Technology CareATC, Inc. 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(iLobby) (Canada) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.75% Total Coupon 10.60% Maturity 9/26/20302024-09-300001370755tcpc:TwoThousandTwentyFourNotesMember2023-12-310001370755tcpc:BynderBidcoIncNetherlandsMember2024-01-012024-09-3000013707552024-01-012024-03-310001370755tcpc:LondonInterbankOfferedRateMembertcpc:FundingFacilityIIMember2024-09-300001370755Debt Investments Diversified Financial Services 36th Street Capital Partners Holdings, LLC Senior Note Ref Fixed Spread 12.00% Total Coupon 12.00% Maturity 11/30/20252024-09-300001370755tcpc:ControlledAffiliatesMember2024-01-012024-09-300001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2024-09-300001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. 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(Singapore) Warrants to Purchase Series E Preferred Stock Expiration 10/3/20282024-01-012024-09-300001370755Non-Controlled Affiliates2023-01-012023-12-3100013707552022-03-310001370755tcpc:ZendeskIncOneMember2024-01-012024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2023-12-310001370755Debt Investments Pharmaceuticals Nephron Pharmaceuticals Corp. et al First Lien Term Loan B Ref SOFR(Q) Floor 1.50% Spread 11.05% Total Coupon 16.40% Maturity 9/11/20262024-09-300001370755tcpc:ControlledAffiliatesMember2024-09-300001370755Debt Investments Consumer Finance Lucky US BuyerCo, LLC (Global Payments) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.10% Maturity 3/30/20292024-09-300001370755Equity Securities Chemicals AGY Equity, LLC Class A Preferred Stock2024-09-300001370755tcpc:OneMonthContractsMember2024-08-012024-08-010001370755tcpc:DiscoParentIncDuckCreekTechnologiesMember2024-01-012024-09-300001370755tcpc:TrintechIncMember2024-01-012024-09-300001370755Equity Securities Household Durables Stitch Holdings, L.P. 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(iLobby) (Canada) Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 5.75% Total Coupon 10.60% Maturity 9/26/20302024-09-300001370755tcpc:O2024Q1DividendsMember2024-03-292024-03-290001370755us-gaap:RetainedEarningsMember2024-03-310001370755tcpc:FundingFacilityIIMember2024-01-012024-09-300001370755Debt Investments Software Bonterra LLC (fka CyberGrants Holdings, LLC) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.25% Total Coupon 12.60% Maturity 9/8/20272023-12-310001370755Debt Investments Distributors Colony Display, LLC First Lien Term Loan (15% Exit Fee) Ref SOFR(Q) Floor 1.00% Spread 6.76% Cash + 3.00% PIK Total Coupon 15.11% Maturity 6/30/20262023-12-310001370755tcpc:CareATCIncMember2024-01-012024-09-300001370755tcpc:TwoThousandTwentyFourNotesMember2023-01-012023-12-310001370755tcpc:ArasCorporationMember2023-12-310001370755Debt Investments Hotels, Restaurants and Leisure Mesquite Bidco, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.10% Total Coupon 12.48% Maturity 11/30/20292023-12-310001370755Debt Investments Road and Rail Motive Technologies, Inc. (fka Keep Truckin, Inc.) First Lien Incremental 3 Term Loan (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 12.21% Maturity 4/8/20272024-09-300001370755tcpc:SonnySEnterprisesLLCMember2024-09-300001370755Debt Investments Consumer Finance Money Transfer Acquisition Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 8.35% Total Coupon 13.20% Maturity 12/14/20272024-09-300001370755Controlled Affiliates, Conergy Asia Holdings Limited, Class B Shares2023-12-310001370755tcpc:ControlledAffiliatesMember2024-01-012024-09-300001370755Debt Investments Internet Software and Services Oranje Holdco, Inc. (KnowBe4) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.75% Maturity 2/1/20292024-09-300001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, 2nd Lien Term Loan, SOFR + 10%, 1% SOFR Floor, due 3/11/20272024-01-012024-09-300001370755us-gaap:RetainedEarningsMember2023-01-012023-03-310001370755Debt Investments Consumer Finance2023-12-310001370755tcpc:ZendeskIncOneMember2024-09-300001370755Debt Investments Software Elastic Path Software, Inc. (Canada) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.76% Total Coupon 13.08% Maturity 1/6/20262024-09-300001370755Debt Investments IT Services Crewline Buyer, Inc. (New Relic) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 12.10% Maturity 11/8/20302023-12-310001370755us-gaap:CommonStockMember2024-09-300001370755us-gaap:RetainedEarningsMember2023-07-012023-09-300001370755tcpc:AlpineAcquisitionCorpIIMember2024-01-012024-09-300001370755Equity Securities Electric Utilities Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Ordinary Shares2024-09-300001370755Debt Investments Real Estate Management and Development Community Merger Sub Debt LLC (CINC Systems) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 10.35% Maturity 1/18/20302024-09-300001370755tcpc:ZendeskIncMember2024-09-300001370755Equity Securities Diversified Consumer Services Thras.io, LLC Common Units2024-09-300001370755tcpc:ControlledAffiliatesMember2024-07-012024-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMembersrt:MinimumMember2024-09-300001370755tcpc:SerranoParentLlcSumoLogicMember2023-12-310001370755Equity Securities Internet Software and Services Domo, Inc. Common Stock2023-12-310001370755tcpc:MembershipUnitsMembertcpc:GACPIILPGreatAmericanCapitalMember2024-01-012024-09-300001370755Equity Securities Diversified Consumer Services MXP Prime Platform GmbH (SellerX) (Germany) Warrants to Purchase Common Stock Expiration 7/25/20302024-09-300001370755tcpc:AGYEquityLLCMembertcpc:ClassAPreferredUnitsMember2024-01-012024-09-300001370755Equity Securities Media SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock Expiration 4/29/20252023-12-3100013707552022-01-012022-03-310001370755tcpc:PluralsightIncTwoMember2024-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2023-12-310001370755tcpc:InMobiIncMembertcpc:WarrantsToPurchaseCommonStockMember2024-01-012024-09-300001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Renovo) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 9.10% PIK Total Coupon 14.02% Maturity 11/23/20272024-09-300001370755us-gaap:AdditionalPaidInCapitalMember2024-06-300001370755Non-Controlled Affiliates, Hylan Global LLC, Parent Common Units2024-09-300001370755tcpc:DiscoParentIncDuckCreekTechnologiesMember2024-09-300001370755Debt Investments Consumer Finance Lucky US BuyerCo, LLC (Global Payments) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.19% Maturity 3/30/20292024-09-300001370755tcpc:NonControlledNonAffiliatedInvestmentsMember2023-01-012023-09-300001370755Debt Investments Software Zendesk Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.69% Maturity 11/22/20282024-09-300001370755Debt Investments Software Backoffice Associates Holdings, LLC (Syniti) Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 7.60% Total Coupon 12.71% Maturity 4/30/20262024-09-300001370755tcpc:PMAParentHoldingsLLCMember2024-01-012024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300001370755Debt Investments Internet and Catalog Retail CommerceHub, Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.40% Total Coupon 11.79% Maturity 12/29/20272023-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:ThreeMonthContractsMember2024-08-012024-08-010001370755tcpc:RazorGroupGmbHMember2024-01-012024-09-300001370755Debt Investments Capital Markets Pico Quantitative Trading, LLC First Lien Term Loan (1.0% Exit Fee) Ref SOFR Floor 1.50% Spread 7.51% Total Coupon 12.88% Maturity 2/7/2025 One2023-12-310001370755tcpc:OperatingFacilityMembertcpc:LondonInterbankOfferedRateMembersrt:MaximumMember2021-06-220001370755Equity Securities Internet Software and Services ResearchGate Corporation (Germany) Warrants to Purchase Series D Preferred Stock Expiration 10/30/20292024-09-300001370755Equity Securities Diversified Consumer Services2023-12-310001370755tcpc:ApplauseAppQualityIncMember2024-01-012024-09-300001370755tcpc:FusionRiskManagementIncMember2024-09-300001370755tcpc:SeriesAOnePreferredStockMembertcpc:UtilidataIncMember2023-01-012023-12-310001370755Debt Investments Electric Utilities Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Bank Guarantee Credit Facility Ref Fixed Maturity 6/30/20252024-09-3000013707552024-01-012024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:BankDebtMember2023-06-300001370755Debt Investments Diversified Consumer Services Thras.io, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 9.26% Total Coupon 14.61% Maturity 12/18/20262023-12-310001370755Equity Securities Internet Software and Services SnapLogic, Inc. Warrants to Purchase Series Preferred Stock Expiration 3/19/20282024-09-300001370755tcpc:PlaypowerIncMember2024-09-300001370755Interest Rate Swap Company Receives Fixed 2.633% Company Pays Floating 1 Day SOFR Counterparty CME Maturity Date 6/9/2025 Payment Frequency Annual2024-09-300001370755Debt Investments Software Oversight Systems, Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.85% Total Coupon 10.70% Maturity 9/24/20262024-09-300001370755tcpc:WarrantsToPurchasePreferredSeriesA1SharesMembertcpc:RazorGroupGmbHMember2023-01-012023-12-310001370755Debt Investments Software Oversight Systems, Inc. First Lien Incremental Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.85% Total Coupon 10.70% Maturity 9/24/20262024-09-300001370755Debt Investments Diversified Financial Services TransNetwork, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 5.50% Total Coupon 10.10% Maturity 12/29/20302024-09-300001370755Equity Securities Internet Software and Services Foursquare Labs, Inc. Warrants to Purchase Series E Preferred Stock Expiration 5/4/20272024-01-012024-09-300001370755Debt Investments Diversified Financial Services Wealth Enhancement Group, LLC Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.50% Total Coupon 10.52% Maturity 10/4/20272024-09-300001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/252023-12-310001370755Controlled Affiliates, AutoAlert, LLC, Class A Common Interest2023-01-012023-12-310001370755tcpc:ElevateBrandsHoldcoIncMembertcpc:WarrantsToPurchaseElevatePreferredNewSuperSeniorSharesMember2023-01-012023-12-310001370755Debt Investments Internet Software and Services Persado, Inc. First Lien Term Loan (6.575% Exit Fee) Ref SOFR(M) Floor 1.80% Spread 7.50% Total Coupon 12.70% Maturity 6/10/20272024-09-300001370755Debt Investments Life Sciences Tools & Services Alcami Corporation First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 12.46% Maturity 12/21/20282023-12-310001370755Debt Investments Diversified Consumer Services2023-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2024-09-300001370755tcpc:TrintechIncMember2024-09-300001370755Controlled Affiliates, Gordon Brothers Finance Company, Common Stock2024-09-300001370755tcpc:ControlledAffiliatesMembersrt:MinimumMember2023-12-310001370755Debt Investments IT Services Crewline Buyer, Inc. (New Relic) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 12.10% Maturity 11/8/20302023-12-310001370755tcpc:TwoThousandTwentyNineNotesMemberus-gaap:UnsecuredDebtMember2024-01-012024-09-300001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:BankDebtMember2023-01-012023-09-300001370755Debt Investments Internet Software and Services Persado, Inc. First Lien Term Loan (6.575% Exit Fee) Ref SOFR(M) Floor 1.80% Spread 7.50% Total Coupon 12.84% Maturity 6/10/20272023-12-3100013707552023-01-012023-03-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series E Stock Expiration 8/17/20312024-09-300001370755Equity Securities Trading Companies & Distributors Blackbird Holdco, Inc. (Ohio Transmission Corp.) Preferred Stock Ref Fixed Total Coupon 12.50%2024-09-300001370755Debt Investments Capital Markets Pico Quantitative Trading, LLC First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.50% Spread 7.51% Total Coupon 12.76% Maturity 2/8/20272024-09-300001370755tcpc:JamesPerseEnterprisesIncMember2023-12-310001370755srt:MinimumMembertcpc:NonControlledAffiliatesMember2024-09-300001370755Debt Investments Wireless Telecommunication Services OpenMarket, Inc. (Infobip) (United Kingdom) First Lien Term Loan Ref SOFR(Q) Floor 0.00% Spread 6.51% Total Coupon 11.12% Maturity 9/17/20262024-09-300001370755tcpc:O2024Q1ADividendsMember2024-03-152024-03-150001370755tcpc:WorldremitGroupLimitedMembertcpc:SeriesXSharesMember2024-01-012024-09-300001370755tcpc:NonControlledNonAffiliatedInvestmentsMember2023-07-012023-09-300001370755tcpc:XactlyCorporationMember2024-01-012024-09-300001370755Controlled Affiliates, Anacomp, Inc., Class A Common Stock2023-01-012023-12-310001370755tcpc:ControlledAffiliatesMembersrt:MaximumMember2024-09-300001370755Equity Securities Diversified Consumer Services Elevate Brands Holdco, Inc. Warrants to Purchase Common Stock Expiration 7/25/20302024-09-300001370755Controlled Affiliates, AutoAlert, LLC, Preferred Equity2023-12-310001370755Debt Investments IT Services Madison Logic Holdings, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.00% Total Coupon 12.35% Maturity 12/29/20282023-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:FundingFacilityIIMember2024-09-300001370755tcpc:SEPEigerBidCoLtdBeqomSwitzerlandMember2024-01-012024-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputExpectedTermMember2024-01-012024-09-300001370755Equity Securities Diversified Consumer Services TVG-Edmentum Holdings, LLC Series B-2 Common Units2024-09-300001370755Controlled Affiliates, Kawa Solar Holdings Limited, Series B Preferred Shares2024-09-3000013707552023-02-282023-02-280001370755Debt Investments Software Aras Corporation Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.50% Total Coupon 10.10% Maturity 4/13/20292024-09-300001370755Debt Investments Specialty Retail Hanna Andersson, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.60% Total Coupon 12.96% Maturity 7/2/20262023-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembertcpc:OtherCorporateDebtMemberus-gaap:IncomeApproachValuationTechniqueMember2024-09-300001370755tcpc:RestrictedSecuritiesAndBankDebtMember2023-12-310001370755tcpc:ApplauseAppQualityIncMember2023-12-3100013707552023-05-040001370755tcpc:PicoQuantitativeTradingHoldingsLLCMembertcpc:WarrantsToPurchaseMembershipUnitsMember2024-01-012024-09-300001370755Controlled Affiliates2023-01-012023-12-310001370755us-gaap:SubsequentEventMembertcpc:O2024Q4DividendsMember2024-12-172024-12-1700013707552022-04-012022-06-300001370755us-gaap:FairValueInputsLevel3Member2023-12-310001370755Debt Investments IT Services Avalara, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 7.25% Total Coupon 12.60% Maturity 10/19/20282023-12-310001370755tcpc:ABRBorrowingsMembersrt:MinimumMembertcpc:OperatingFacilityMember2021-06-220001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputImpliedVolatilityMembertcpc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMember2024-09-300001370755tcpc:DouglasHoldingsIncMember2024-09-300001370755tcpc:WarrantsToPurchaseSeriesDPreferredStockMembertcpc:TradeshiftIncMember2024-01-012024-09-300001370755tcpc:CleverDevicesLtdMember2024-09-300001370755tcpc:AdvisorValuationsMemberus-gaap:FairValueInputsLevel3Membertcpc:OtherCorporateDebtMember2023-12-310001370755Equity Securities Electric Utilities Conergy Asia Holdings Limited (United Kingdom) Class B Shares2023-12-310001370755Debt Investments Software Bluefin Holding, LLC (Allvue) Sr Secured Revolver Ref SOFR(S) Floor 1.00% Spread 7.25% Total Coupon 12.72% Maturity 9/12/20292023-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:OtherCorporateDebtMember2024-09-300001370755Equity Securities IT Services Fidelis (SVC), LLC Preferred Unit-C2024-09-300001370755Equity Securities Software Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock Expiration 3/26/20272024-01-012024-09-300001370755Debt Investments Textiles, Apparel and Luxury Goods WH Borrower, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 5.50% Total Coupon 10.79% Maturity 2/15/20272024-09-300001370755us-gaap:InterestRateSwapMember2024-09-300001370755tcpc:WarrantsToPurchaseSellerxCommonSharesInMxpMembertcpc:SellerXGermanyGmbhAndCoKgMember2023-01-012023-12-310001370755 Debt Investments Machinery2024-09-300001370755tcpc:AGYEquityLLCMembertcpc:ClassCCommonUnitsMember2024-01-012024-09-300001370755Debt Investments Household Durables Bad Boy Mowers JV Acquisition, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.37% Maturity 11/09/20292023-12-310001370755tcpc:LuckyUsBuyercoLlcGlobalPaymentsMember2023-12-310001370755Debt Investments Software Bluefin Holding, LLC (Allvue) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.20% Maturity 9/12/20292024-09-300001370755Equity Securities Internet Software and Services2024-09-300001370755Debt Investments Internet and Catalog Retail Syndigo, LLC Second Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 8.11% Total Coupon 13.03% Maturity 12/14/20282024-09-300001370755Equity Securities Diversified Consumer Services Elevate Brands Holdco, Inc. Warrants to Purchase Common Stock Expiration 7/25/20302024-01-012024-09-300001370755tcpc:WarrantsToPurchaseSeriesPreferredStockMembertcpc:SnapLogicIncMember2023-01-012023-12-310001370755tcpc:CsgBuyerIncCoreStatesMember2024-01-012024-09-300001370755Equity Securities Capital Markets Pico Quantitative Trading Holdings, LLC Warrants to Purchase Membership Units Expiration 2/7/20302023-12-310001370755tcpc:TwoThousandTwentyTwoNotesMember2019-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndFourteenSeptemberTwentyFourMember2023-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-01-012024-09-300001370755us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-09-300001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.35% Maturity 8/27/20302024-09-300001370755Debt Investments Capital Markets2023-12-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Series B Preferred Shares2024-01-012024-09-300001370755us-gaap:CommonStockMember2023-06-300001370755Controlled Affiliates, Conergy Asia Holdings Limited, Ordinary Shares2024-09-300001370755us-gaap:FairValueInputsLevel2Member2024-09-300001370755Controlled Affiliates, Gordon Brothers Finance Company, Common Stock2023-12-310001370755Debt Investments Construction and Engineering LJ Avalon Holdings, LLC (Ardurra) First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.25% Total Coupon 10.10% Maturity 2/1/20302024-09-300001370755Debt Investments IT Services Madison Logic Holdings, Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.00% Total Coupon 11.85% Maturity 12/29/20282024-09-30xbrli:pureiso4217:USDxbrli:sharesxbrli:sharesiso4217:USD

Table of Contents

 

 

 

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 Quarterly Period Ended September 30, 2024

☐

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

For the Transition Period From ____ to ____

 

 

Commission File Number: 814-00899

 

 

BLACKROCK TCP CAPITAL CORP.

(Exact Name of Registrant as Specified in its 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 on which registered)

 

 

 

 

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 (or for such shorter period that the registrant was required to file such reports), 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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

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 any 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 November 6, 2024 was 85,591,134.

 

 

 

 

 

Table of Contents

 

BLACKROCK TCP CAPITAL CORP.

 

FORM 10-Q

 

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024

 

TABLE OF CONTENTS

 

Part I.

Financial Information

Item 1.

Financial Statements

 

Consolidated Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and December 31, 2023

2

Consolidated Statements of Operations for the three and nine months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited)

3

Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited)

4

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited)

5

Consolidated Schedule of Investments as of September 30, 2024 (unaudited) and December 31, 2023

7

Notes to Consolidated Financial Statements (unaudited)

31

Consolidated Schedule of Changes in Investments in Affiliates for the nine months ended September 30, 2024 (unaudited) and year ended December 31, 2023

61

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of September 30, 2024 (unaudited) and December 31, 2023

65

Item 2.

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

67

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

83

Item 4.

Controls and Procedures

84

Part II.

Other Information

85

Item 1.

Legal Proceedings

85

Item 1A.

Risk Factors

85

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

87

Item 3.

Defaults upon Senior Securities

87

Item 4.

Mine Safety Disclosures

87

Item 5.

Other Information

87

Item 6.

Exhibits

89

 

1

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities

 

 

 

September 30, 2024

 

 

December 31, 2023

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments, at fair value:

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $1,781,311,452 and $1,389,865,889, respectively)

 

$

1,672,494,110

 

 

$

1,317,691,543

 

Non-controlled, affiliated investments (cost of $58,628,251 and $63,188,613, respectively)

 

 

51,200,328

 

 

 

65,422,375

 

Controlled investments (cost of $221,093,292 and $198,335,511, respectively)

 

 

185,394,923

 

 

 

171,827,192

 

Total investments (cost of $2,061,032,995 and $1,651,390,013, respectively)

 

 

1,909,089,361

 

 

 

1,554,941,110

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

104,181,765

 

 

 

112,241,946

 

Interest, dividends and fees receivable

 

 

25,786,624

 

 

 

25,650,684

 

Deferred debt issuance costs

 

 

6,650,857

 

 

 

3,671,727

 

Due from broker

 

 

784,356

 

 

 

—

 

Prepaid expenses and other assets

 

 

1,207,929

 

 

 

2,266,886

 

Total assets

 

 

2,047,700,892

 

 

 

1,698,772,353

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Debt (net of deferred issuance costs of $7,798,616 and $3,355,221, respectively)

 

 

1,160,042,987

 

 

 

985,200,609

 

Interest and debt related payables

 

11,507,228

 

 

 

10,407,570

 

Incentive fees payable

 

6,540,286

 

 

 

5,347,711

 

Interest Rate Swap, at fair value

 

 

652,656

 

 

 

—

 

Reimbursements due to the Advisor

 

 

219,502

 

 

 

844,664

 

Management fees payable

 

—

 

 

 

5,690,105

 

Payable for investments purchased

 

 

99,747

 

 

 

960,000

 

Accrued expenses and other liabilities

 

 

3,001,588

 

 

 

2,720,148

 

Total liabilities

 

 

1,182,063,994

 

 

 

1,011,170,807

 

 

 

 

 

 

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

$

865,636,898

 

 

$

687,601,546

 

 

 

 

 

 

 

Composition of net assets applicable to common shareholders

 

 

 

 

 

 

Common stock, $0.001 par value; 200,000,000 shares authorized, 85,591,134 and 57,767,264 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively

 

$

85,591

 

 

$

57,767

 

Paid-in capital in excess of par

 

 

1,248,080,041

 

 

 

967,643,255

 

Distributable earnings (loss)

 

 

(382,528,734

)

 

 

(280,099,476

)

Total net assets

 

 

865,636,898

 

 

 

687,601,546

 

Total liabilities and net assets

 

$

2,047,700,892

 

 

$

1,698,772,353

 

 

 

 

 

 

 

Net assets per share

 

$

10.11

 

 

$

11.90

 

 

See accompanying notes to the consolidated financial statements.

2

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Investment income

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (excluding PIK):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

61,647,228

 

 

$

46,722,801

 

 

$

173,856,058

 

 

$

138,140,812

 

Non-controlled, affiliated investments

 

 

381,494

 

 

 

48,712

 

 

 

1,113,813

 

 

 

141,950

 

Controlled investments

 

 

2,980,201

 

 

 

2,970,153

 

 

 

8,535,851

 

 

 

7,954,881

 

PIK interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

3,827,236

 

 

 

3,511,734

 

 

 

8,267,269

 

 

 

8,728,033

 

Non-controlled, affiliated investments

 

 

—

 

 

 

—

 

 

 

92,675

 

 

 

—

 

Controlled investments

 

 

388,897

 

 

 

—

 

 

 

1,092,618

 

 

 

310,993

 

Dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

141,677

 

 

 

263,420

 

 

 

1,048,373

 

 

 

821,599

 

Non-controlled, affiliated investments

 

 

1,015,415

 

 

 

672,734

 

 

 

2,747,604

 

 

 

1,960,002

 

Controlled investments

 

 

423,031

 

 

 

—

 

 

 

1,301,106

 

 

 

—

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

127,308

 

 

 

21,387

 

 

 

132,654

 

 

 

376,209

 

Non-controlled, affiliated investments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

45,650

 

Total investment income

 

 

70,932,487

 

 

 

54,210,941

 

 

 

198,188,021

 

 

 

158,480,129

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

 

21,160,551

 

 

 

12,133,863

 

 

 

54,117,604

 

 

 

35,971,338

 

Incentive fees

 

 

6,540,286

 

 

 

6,010,047

 

 

 

19,236,336

 

 

 

17,255,238

 

Management fees

 

 

6,185,025

 

 

 

6,092,673

 

 

 

18,567,719

 

 

 

18,065,948

 

Professional fees

 

 

842,389

 

 

 

745,978

 

 

 

2,443,988

 

 

 

1,519,106

 

Administrative expenses

 

 

547,458

 

 

 

357,921

 

 

 

1,702,669

 

 

 

1,092,268

 

Director fees

 

 

202,500

 

 

 

185,500

 

 

 

616,719

 

 

 

745,319

 

Insurance expense

 

 

214,102

 

 

 

134,212

 

 

 

565,168

 

 

 

426,790

 

Custody fees

 

 

96,574

 

 

 

94,811

 

 

 

285,639

 

 

 

276,727

 

Other operating expenses

 

 

1,265,961

 

 

 

122,860

 

 

 

2,687,733

 

 

 

1,781,273

 

Total operating expenses

 

 

37,054,846

 

 

 

25,877,865

 

 

 

100,223,575

 

 

 

77,134,007

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income before taxes

 

 

33,877,641

 

 

 

28,333,076

 

 

 

97,964,446

 

 

 

81,346,122

 

 

 

 

 

 

 

 

 

 

 

 

 

Excise tax expense

 

 

—

 

 

 

13,164

 

 

 

—

 

 

 

48,604

 

Net investment income

 

 

33,877,641

 

 

 

28,319,912

 

 

 

97,964,446

 

 

 

81,297,518

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(31,425,777

)

 

 

(128,841

)

 

 

(54,297,646

)

 

 

(31,153,173

)

Non-controlled, affiliated investments

 

 

—

 

 

 

—

 

 

 

(12,810,138

)

 

 

—

 

Net realized gain (loss)

 

 

(31,425,777

)

 

 

(128,841

)

 

 

(67,107,784

)

 

 

(31,153,173

)

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation
   (depreciation) (1):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

27,118,840

 

 

 

(9,268,963

)

 

 

(36,652,226

)

 

 

11,820,648

 

Non-controlled, affiliated investments

 

 

(3,594,328

)

 

 

(4,131,670

)

 

 

(9,661,686

)

 

 

(5,339,736

)

Controlled investments

 

 

(4,539,213

)

 

 

(1,967,506

)

 

 

(9,190,060

)

 

 

(4,837,760

)

Interest Rate Swap

 

 

195,797

 

 

 

—

 

 

 

60,894

 

 

 

—

 

Net change in unrealized appreciation (depreciation)

 

 

19,181,096

 

 

 

(15,368,139

)

 

 

(55,443,078

)

 

 

1,643,152

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

(12,244,681

)

 

 

(15,496,980

)

 

 

(122,550,862

)

 

 

(29,510,021

)

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting
   from operations

 

$

21,632,960

 

 

$

12,822,932

 

 

$

(24,586,416

)

 

$

51,787,497

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per share

 

$

0.25

 

 

$

0.22

 

 

$

(0.32

)

 

$

0.90

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average common
   shares outstanding

 

 

85,591,134

 

 

 

57,767,264

 

 

 

77,772,017

 

 

 

57,767,264

 

(1) Includes $21,347,357 change in unrealized appreciation from application of Merger accounting under ASC 805 for the nine months ended September 30, 2024 (see Note 12).

 

See accompanying notes to the consolidated financial statements.

3

Table of Contents

 

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, 2023

 

 

57,767,264

 

 

$

57,767

 

 

$

967,643,255

 

 

$

(280,099,476

)

 

$

687,601,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock in connection with the Merger (Note 12)

 

 

27,823,870

 

 

 

27,824

 

 

 

280,436,786

 

 

 

—

 

 

 

280,464,610

 

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

28,261,273

 

 

 

28,261,273

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(23,204,132

)

 

 

(23,204,132

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(19,640,870

)

 

 

(19,640,870

)

Balance at March 31, 2024

 

85,591,134

 

 

$

85,591

 

 

$

1,248,080,041

 

 

$

(294,683,205

)

 

$

953,482,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

35,825,532

 

 

 

35,825,532

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(87,102,049

)

 

 

(87,102,049

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(29,100,986

)

 

 

(29,100,986

)

Balance at June 30, 2024

 

85,591,134

 

 

$

85,591

 

 

$

1,248,080,041

 

 

$

(375,060,708

)

 

$

873,104,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33,877,641

 

 

 

33,877,641

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(12,244,681

)

 

 

(12,244,681

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(29,100,986

)

 

 

(29,100,986

)

Balance at September 30, 2024

 

85,591,134

 

 

$

85,591

 

 

$

1,248,080,041

 

 

$

(382,528,734

)

 

$

865,636,898

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital
in Excess of Par

 

 

Distributable
earnings (loss)

 

 

Total Net
Assets

 

Balance at December 31, 2022

 

 

57,767,264

 

 

$

57,767

 

 

$

967,890,570

 

 

$

(221,194,547

)

 

$

746,753,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

25,373,127

 

 

 

25,373,127

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,659,248

)

 

 

(2,659,248

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(18,485,524

)

 

 

(18,485,524

)

Balance at March 31, 2023

 

57,767,264

 

 

$

57,767

 

 

$

967,890,570

 

 

$

(216,966,192

)

 

$

750,982,145

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27,604,479

 

 

 

27,604,479

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(11,353,793

)

 

 

(11,353,793

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(19,640,870

)

 

 

(19,640,870

)

Balance at June 30, 2023

 

57,767,264

 

 

$

57,767

 

 

$

967,890,570

 

 

$

(220,356,376

)

 

$

747,591,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

28,319,912

 

 

 

28,319,912

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(15,496,980

)

 

 

(15,496,980

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(25,417,596

)

 

 

(25,417,596

)

Balance at September 30, 2023

 

57,767,264

 

 

$

57,767

 

 

$

967,890,570

 

 

$

(232,951,040

)

 

$

734,997,297

 

 

 

 

 

 

 

 

See accompanying notes to the consolidated financial statements.

4

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Operating activities

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

(24,586,416

)

 

$

51,787,497

 

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

 

 

67,107,784

 

 

 

31,153,173

 

Change in net unrealized (appreciation) depreciation of investments

 

 

55,493,801

 

 

 

(1,570,402

)

Net amortization of investment discounts and premiums

 

 

(15,810,820

)

 

 

(4,285,353

)

Amortization of original issue discount on debt

 

 

314,784

 

 

 

159,420

 

Interest and dividend income paid in kind

 

 

(9,452,562

)

 

 

(7,112,215

)

Amortization of deferred debt issuance costs

 

 

3,371,840

 

 

 

2,219,197

 

Cash acquired in the Merger

 

 

11,670,610

 

 

 

—

 

Merger costs capitalized into purchase price

 

 

(2,366,408

)

 

 

—

 

Changes in assets and liabilities (1):

 

 

 

 

 

 

Purchases of investments (2)

 

 

(211,099,269

)

 

 

(178,394,100

)

Proceeds from disposition of investments

 

 

348,509,035

 

 

 

176,475,820

 

Decrease (increase) in interest, dividends and fees receivable

 

 

8,324,184

 

 

 

(5,756,427

)

Decrease (increase) in due from broker

 

 

1,299,363

 

 

 

—

 

Decrease (increase) in receivable for investments sold

 

 

671,442

 

 

 

—

 

Decrease (increase) in prepaid expenses and other assets

 

 

1,358,241

 

 

 

(643,743

)

Increase (decrease) in payable for investments purchased

 

 

(1,454,317

)

 

 

(1,937,465

)

Increase (decrease) in incentive fees payable

 

 

(171,050

)

 

 

1,126,472

 

Increase (decrease) in interest and debt related payables

 

 

171,473

 

 

 

(5,484,038

)

Increase (decrease) in Interest Rate Swap, at fair value

 

 

(996,337

)

 

 

—

 

Increase (decrease) in reimbursements due to the Advisor

 

 

(625,162

)

 

 

(265,957

)

Increase (decrease) in management fees payable

 

 

(7,578,769

)

 

 

(6,084,202

)

Increase (decrease) in accrued expenses and other liabilities

 

 

(2,691,641

)

 

 

736,592

 

Net cash provided by (used in) operating activities

 

 

221,459,806

 

 

 

52,124,269

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Draws on credit facilities

 

 

351,406,248

 

 

 

240,812,360

 

Repayments of credit facility draws

 

 

(559,697,767

)

 

 

(215,875,730

)

Payments of debt issuance costs

 

 

(7,514,435

)

 

 

(1,410,711

)

Dividends paid to shareholders (3)

 

 

(85,100,033

)

 

 

(66,432,353

)

Repayment of unsecured notes

 

 

(250,000,000

)

 

 

—

 

Proceeds from issuance of unsecured notes

 

 

321,386,000

 

 

 

—

 

Net cash provided by (used in) financing activities

 

 

(229,519,987

)

 

 

(42,906,434

)

 

 

 

 

 

 

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

 

 

(8,060,181

)

 

 

9,217,835

 

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

 

 

112,241,946

 

 

 

82,435,171

 

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

 

$

104,181,765

 

 

$

91,653,006

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

Interest payments

 

$

49,362,618

 

 

$

38,487,722

 

Excise tax payments

 

$

165,495

 

 

$

48,604

 

 

 

 

 

 

 

 

Non-cash operating and financing activities from the Merger

 

 

 

 

 

 

Acquisition of Merger Sub assets and liabilities (4)

 

 

 

 

 

 

Non-cash assets acquired:

 

 

 

 

 

 

Investments (5)

 

$

586,983,708

 

 

$

—

 

Interest, dividends and fees receivable

 

 

10,373,421

 

 

 

—

 

Due from broker

 

 

2,048,141

 

 

 

—

 

Other assets

 

 

3,731,006

 

 

 

—

 

Total non-cash assets acquired

 

$

603,136,276

 

 

$

—

 

Liabilities assumed:

 

 

 

 

 

 

Debt

 

$

315,296,749

 

 

$

—

 

Dividends payable

 

 

7,257,191

 

 

 

—

 

Management fees payable

 

 

1,888,664

 

 

 

—

 

Interest Rate Swap, at fair value

 

 

1,674,309

 

 

 

—

 

Incentive fees payable

 

 

1,363,625

 

 

 

—

 

Other liabilities

 

 

4,495,330

 

 

 

—

 

Total liabilities assumed

 

$

331,975,868

 

 

$

—

 

Issuance of shares in connection with the Merger

 

$

280,464,610

 

 

$

—

 

Merger costs capitalized into purchase price

 

$

2,366,408

 

 

$

—

 

 

 

5

Table of Contents

 

(1)
Adjusted for assets acquired and liabilities assumed as a result of the Merger (as defined in Note 1 “Organization and Nature of Operations”), as applicable.
(2)
Excludes $586,983,708 of cost of investments acquired in connection with the Merger.
(3)
Includes payment of dividends payable of $7,257,191 assumed in the Merger declared on March 4, 2024 by the BCIC Board of Directors for the benefit of former BCIC shareholders of record as of March 15, 2024.
(4)
On March 18, 2024, in connection with the Merger, the Company acquired net assets in exchange for shares issued of the Company's common stock with a market value of $280,464,610 plus $2,366,408 in merger costs capitalized into the purchase price.
(5)
Investments acquired were recorded at fair value at the date of the acquisition, which is also the Company's initial cost basis in the investments, and reflects the impact of a $21,886,848 purchase discount.

 

See accompanying notes to the consolidated financial statements

6

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.01%

 

11.62%

 

2/25/2026

 

$

7,813,898

 

 

$

7,699,681

 

 

$

7,595,109

 

 

 

0.38

%

 

G/N

ALCV Purchaser, Inc. (AutoLenders)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

7.01%

 

11.62%

 

2/25/2026

 

$

896,404

 

 

 

884,150

 

 

 

871,305

 

 

 

0.04

%

 

G/N

AutoAlert, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.40%

 

10.73%

 

3/31/2028

 

$

18,812,631

 

 

 

18,812,631

 

 

 

18,812,631

 

 

 

0.93

%

 

F/N

AutoAlert, LLC

 

Second Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

9.40% PIK

 

14.73%

 

3/31/2029

 

$

10,330,000

 

 

 

10,330,000

 

 

 

10,330,000

 

 

 

0.51

%

 

F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,726,462

 

 

 

37,609,045

 

 

 

1.86

%

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Distribution Technologies Inc

 

Sr Secured First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00%

 

11.25%

 

8/1/2030

 

$

2,005,435

 

 

 

1,965,895

 

 

 

1,965,326

 

 

 

0.10

%

 

N

Porcelain Acquisition Corporation (Paramount)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.10%

 

10.70%

 

4/30/2027

 

$

9,476,884

 

 

 

9,220,276

 

 

 

8,775,595

 

 

 

0.44

%

 

N

Trulite Holding Corp.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

6.00%

 

11.25%

 

2/22/2030

 

$

1,645,833

 

 

 

1,589,728

 

 

 

1,596,458

 

 

 

0.08

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,775,899

 

 

 

12,337,379

 

 

 

0.62

%

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.50

%

 

7.51%

 

12.82%

 

2/8/2027

 

$

22,291,007

 

 

 

22,191,577

 

 

 

22,224,134

 

 

 

1.10

%

 

N

Pico Quantitative Trading, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.50

%

 

7.51%

 

12.76%

 

2/8/2027

 

$

24,976,099

 

 

 

24,784,242

 

 

 

24,726,338

 

 

 

1.23

%

 

N

PMA Parent Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

6.00%

 

10.60%

 

1/31/2031

 

$

5,236,875

 

 

 

4,986,030

 

 

 

5,231,638

 

 

 

0.26

%

 

N

PMA Parent Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

6.00%

 

10.60%

 

1/31/2031

 

$

—

 

 

 

(13,344

)

 

 

(750

)

 

 

0.00

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51,948,505

 

 

 

52,181,360

 

 

 

2.59

%

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

1.75% Cash + 3.50% PIK

 

10.65%

 

11/6/2028

 

$

1,301,555

 

 

 

1,265,444

 

 

 

1,301,555

 

 

 

0.06

%

 

N

Kellermeyer Bergensons Services, LLC

 

Subordinated Term Loan

 

SOFR(Q)

 

 

1.00

%

 

1.15% Cash+ 7.00% PIK

 

13.40%

 

11/6/2028

 

$

568,735

 

 

 

346,496

 

 

 

568,735

 

 

 

0.03

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

6.50%

 

11.10%

 

8/23/2028

 

$

1,697,481

 

 

 

1,626,713

 

 

 

1,667,468

 

 

 

0.08

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

6.50%

 

11.10%

 

8/23/2028

 

$

1,177,395

 

 

 

1,132,648

 

 

 

1,156,577

 

 

 

0.06

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

6.50%

 

11.82%

 

8/23/2028

 

$

709,553

 

 

 

692,990

 

 

 

697,007

 

 

 

0.03

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

6.50%

 

11.78%

 

8/23/2027

 

$

425,793

 

 

 

412,764

 

 

 

417,831

 

 

 

0.02

%

 

N

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

7.40% Cash + 0.50% PIK

 

12.96%

 

8/31/2029

 

$

10,401,375

 

 

 

10,157,960

 

 

 

10,401,375

 

 

 

0.52

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,635,015

 

 

 

16,210,548

 

 

 

0.80

%

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated E1 Term Loan

 

Fixed

 

 

—

 

 

12.50% PIK

 

12.50%

 

6/30/2025

 

$

88,455

 

 

 

58,350

 

 

 

—

 

 

 

0.00

%

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated E2 Term Loan

 

Fixed

 

 

—

 

 

12.50% PIK

 

12.50%

 

6/30/2025

 

$

265,368

 

 

 

174,283

 

 

 

—

 

 

 

0.00

%

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated F Term Loan

 

Fixed

 

 

—

 

 

12.50% PIK

 

12.50%

 

6/30/2025

 

$

1,071,041

 

 

 

650,880

 

 

 

—

 

 

 

0.00

%

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated G Term Loan

 

Fixed

 

 

—

 

 

12.50% PIK

 

12.50%

 

6/30/2025

 

$

315,185

 

 

 

198,154

 

 

 

—

 

 

 

0.00

%

 

C/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,081,667

 

 

 

—

 

 

 

0.00

%

 

 

Construction and Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

8.60% PIK

 

13.45%

 

11/23/2027

 

$

8,598,774

 

 

 

7,728,387

 

 

 

5,642,034

 

 

 

0.28

%

 

N

Homerenew Buyer, Inc. (Renovo)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

9.10% PIK

 

14.02%

 

11/23/2027

 

$

793,260

 

 

 

777,782

 

 

 

775,809

 

 

 

0.04

%

 

N

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

8.60% PIK

 

13.72%

 

11/23/2027

 

$

6,252,858

 

 

 

5,755,071

 

 

 

4,103,126

 

 

 

0.20

%

 

N

Homerenew Buyer, Inc. (Project Dream)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

8.60% PIK

 

13.45%

 

11/23/2027

 

$

1,998,068

 

 

 

1,804,166

 

 

 

1,310,932

 

 

 

0.07

%

 

N

 

 

 

7

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Intermediate Holding II, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

2.00

%

 

6.00%

 

11.31%

 

4/5/2029

 

$

11,709,782

 

 

$

11,575,692

 

 

$

11,399,802

 

 

 

0.57

%

 

B/N

LJ Avalon Holdings, LLC (Ardurra)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

5.25%

 

10.48%

 

2/1/2029

 

$

—

 

 

 

—

 

 

 

(7,852

)

 

 

0.00

%

 

K/N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.25%

 

10.10%

 

2/1/2030

 

$

2,789,113

 

 

 

2,748,618

 

 

 

2,769,590

 

 

 

0.14

%

 

N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.25%

 

10.48%

 

2/1/2030

 

$

6,813,617

 

 

 

6,600,270

 

 

 

6,765,922

 

 

 

0.34

%

 

N

PlayPower, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.25%

 

9.85%

 

8/28/2030

 

$

8,686,869

 

 

 

8,557,937

 

 

 

8,556,566

 

 

 

0.43

%

 

N

PlayPower, Inc

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

5.25%

 

9.85%

 

8/28/2030

 

$

—

 

 

 

(19,404

)

 

 

(19,697

)

 

 

0.00

%

 

K/N

Titan Home Improvement, LLC (Renuity)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00%

 

11.06%

 

5/31/2030

 

$

1,860,465

 

 

 

1,813,953

 

 

 

1,834,419

 

 

 

0.09

%

 

N

Titan Home Improvement, LLC (Renuity)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00%

 

11.06%

 

5/31/2030

 

$

—

 

 

 

—

 

 

 

(4,884

)

 

 

0.00

%

 

K/N

Titan Home Improvement, LLC (Renuity)

 

Sr Secured Revolver Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00%

 

11.06%

 

5/31/2030

 

$

—

 

 

 

—

 

 

 

(4,070

)

 

 

0.00

%

 

K/N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.00%

 

9.85%

 

9/4/2029

 

$

1,543,873

 

 

 

1,488,551

 

 

 

1,543,873

 

 

 

0.08

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.00%

 

9.85%

 

9/4/2029

 

$

616,256

 

 

 

622,681

 

 

 

616,255

 

 

 

0.03

%

 

N

Vortex Companies, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

5.00%

 

9.85%

 

9/4/2029

 

$

26,969

 

 

 

26,392

 

 

 

26,969

 

 

 

0.00

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,480,096

 

 

 

45,308,794

 

 

 

2.27

%

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

9.25%

 

14.54%

 

9/21/2027

 

$

12,534,668

 

 

 

12,128,303

 

 

 

12,221,301

 

 

 

0.61

%

 

N

Freedom Financial Network Funding, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

9.25%

 

14.54%

 

9/21/2027

 

$

4,178,223

 

 

 

4,043,370

 

 

 

4,073,767

 

 

 

0.20

%

 

N

Lucky US BuyerCo, LLC (Global Payments)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

7.50%

 

12.19%

 

3/30/2029

 

$

333,500

 

 

 

322,815

 

 

 

322,178

 

 

 

0.02

%

 

N

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.50%

 

12.10%

 

3/30/2029

 

$

4,286,892

 

 

 

4,129,249

 

 

 

4,199,570

 

 

 

0.21

%

 

N

Money Transfer Acquisition Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

8.35%

 

13.20%

 

12/14/2027

 

$

8,343,759

 

 

 

8,164,590

 

 

 

8,251,977

 

 

 

0.41

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,788,327

 

 

 

29,068,793

 

 

 

1.45

%

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Holding, Inc. (Brook & Whittle)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

7.50%

 

12.71%

 

12/14/2029

 

$

17,639,207

 

 

 

16,832,375

 

 

 

15,610,698

 

 

 

0.78

%

 

N

PVHC Holding Corp.

 

First Lien Term Loan

 

SOFR(M)

 

 

2.50

%

 

6.15% Cash + 0.75% PIK

 

10.79%

 

2/17/2027

 

$

5,040,350

 

 

 

4,892,141

 

 

 

5,040,350

 

 

 

0.25

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,724,516

 

 

 

20,651,048

 

 

 

1.03

%

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

6.25%

 

11.10%

 

9/14/2029

 

$

3,599,082

 

 

 

3,460,090

 

 

 

3,535,063

 

 

 

0.18

%

 

N

Fusion Holding Corp. (Finalsite)

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

6.25%

 

11.10%

 

9/15/2027

 

$

—

 

 

 

(2,541

)

 

 

(4,447

)

 

 

0.00

%

 

K/N

Razor Group Holdings II, Inc. (Germany)

 

First Lien A Term Loan

 

Fixed

 

 

—

 

 

2.50% Cash + 5.00% PIK

 

7.50%

 

9/30/2028

 

$

61,293,641

 

 

 

59,336,637

 

 

 

56,144,975

 

 

 

2.79

%

 

H/N

Razor Group Holdings II, Inc. (Germany)

 

First Lien C Term Loan

 

Fixed

 

 

—

 

 

3.50% Cash + 3.50% PIK

 

7.00%

 

9/30/2028

 

$

6,669,599

 

 

 

6,060,307

 

 

 

4,441,953

 

 

 

0.22

%

 

H/N

SellerX Germany GmbH (Germany)

 

First Lien B Delayed Draw Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

14.33%

 

5/23/2026

 

$

—

 

 

 

(24,582

)

 

 

(3,901,896

)

 

 

-0.19

%

 

C/H/K/N

SellerX Germany GmbH (Germany)

 

First Lien A1 Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

14.33%

 

5/23/2026

 

$

25,602,703

 

 

 

24,990,837

 

 

 

11,111,573

 

 

 

0.55

%

 

C/H/N

SellerX Germany GmbH (Germany)

 

First Lien A2 Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

14.33%

 

5/23/2026

 

$

29,374,777

 

 

 

28,655,901

 

 

 

12,748,653

 

 

 

0.63

%

 

C/H/N

Thras.io, LLC

 

First Out Term Loan

 

SOFR(Q)

 

 

1.00

%

 

10.26% PIK

 

15.54%

 

6/18/2029

 

$

5,483,933

 

 

 

5,354,185

 

 

 

5,483,933

 

 

 

0.27

%

 

N

Thras.io, LLC

 

Second Out Term Loan

 

SOFR(Q)

 

 

1.00

%

 

10.26% PIK

 

15.54%

 

6/18/2029

 

$

15,908,353

 

 

 

13,037,405

 

 

 

13,410,741

 

 

 

0.67

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

140,868,239

 

 

 

102,970,548

 

 

 

5.12

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-10 Holdco, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

6.10%

 

10.95%

 

3/26/2026

 

$

14,103,699

 

 

 

13,877,376

 

 

 

14,081,971

 

 

 

0.70

%

 

N

2-10 Holdco, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

6.10%

 

10.95%

 

3/26/2026

 

$

—

 

 

 

(2,337

)

 

 

(1,485

)

 

 

0.00

%

 

K/N

 

 

 

8

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed

 

 

—

 

 

12.00%

 

 

12.00%

 

 

11/30/2025

 

$

59,756,438

 

 

$

59,756,438

 

 

$

59,756,438

 

 

 

2.97

%

 

E/F/N

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

6.25%

 

 

10.85%

 

 

8/29/2029

 

$

5,992,741

 

 

 

5,854,344

 

 

 

5,992,741

 

 

 

0.30

%

 

N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

 

0.75

%

 

6.50%

 

 

11.10%

 

 

8/29/2029

 

$

480,042

 

 

 

468,966

 

 

 

480,042

 

 

 

0.02

%

 

N

Accordion Partners LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

6.00%

 

 

11.10%

 

 

8/31/2028

 

$

267,403

 

 

 

259,372

 

 

 

267,403

 

 

 

0.01

%

 

N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

6.25%

 

 

11.50%

 

 

8/29/2029

 

$

732,100

 

 

 

715,480

 

 

 

732,100

 

 

 

0.04

%

 

N

Accuserve Solutions, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

5.25%

 

 

10.03%

 

 

3/15/2030

 

$

1,434,541

 

 

 

1,426,438

 

 

 

1,446,017

 

 

 

0.07

%

 

N

Accuserve Solutions, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

5.25%

 

 

10.03%

 

 

3/15/2030

 

$

—

 

 

 

(17,105

)

 

 

23,092

 

 

 

0.00

%

 

K/N

Callodine Commercial Finance, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

9.26%

 

 

13.87%

 

 

11/3/2025

 

$

23,709,677

 

 

 

23,120,669

 

 

 

23,709,677

 

 

 

1.18

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.25%

 

 

10.53%

 

 

8/21/2028

 

$

7,742,638

 

 

 

7,388,825

 

 

 

7,628,559

 

 

 

0.38

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.25%

 

 

10.53%

 

 

8/21/2028

 

$

2,150,733

 

 

 

2,052,436

 

 

 

2,119,044

 

 

 

0.11

%

 

N

Gordon Brothers Finance Company

 

Unsecured Debt

 

LIBOR(M)

 

 

1.00

%

 

11.00%

 

 

15.96%

 

 

10/31/2025

 

$

37,183,232

 

 

 

13,114,243

 

 

 

5,945,598

 

 

 

0.30

%

 

C/F/N

Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)

 

Second Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

8.62%

 

 

13.46%

 

 

7/5/2026

 

$

22,633,544

 

 

 

22,276,788

 

 

 

22,361,941

 

 

 

1.11

%

 

N

SitusAMC Holdings Corporation

 

First Lien Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

5.60%

 

 

10.20%

 

 

6/28/2025

 

$

796,371

 

 

 

792,845

 

 

 

799,556

 

 

 

0.04

%

 

N

SitusAMC Holdings Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.60%

 

 

10.20%

 

 

11/30/2027

 

$

1,687,182

 

 

 

1,678,746

 

 

 

1,693,930

 

 

 

0.08

%

 

N

TransNetwork, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

5.50%

 

 

10.10%

 

 

12/29/2030

 

$

3,660,371

 

 

 

3,546,781

 

 

 

3,706,126

 

 

 

0.18

%

 

N

Wealth Enhancement Group, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.50%

 

 

10.52%

 

 

10/4/2027

 

$

7,733,733

 

 

 

7,441,404

 

 

 

7,669,940

 

 

 

0.38

%

 

N

Wealth Enhancement Group, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

5.50%

 

 

10.52%

 

 

10/4/2027

 

$

—

 

 

 

(5,095

)

 

 

(3,746

)

 

 

0.00

%

 

K/N

Worldremit Group Limited (United Kingdom)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

9.40%

 

 

14.42%

 

 

2/11/2027

 

$

14,848,199

 

 

 

14,470,827

 

 

 

14,729,413

 

 

 

0.73

%

 

H/N

Worldremit Group Limited (United Kingdom)

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

1.00

%

 

9.35%

 

 

14.55%

 

 

2/11/2027

 

$

1,758,650

 

 

 

1,629,105

 

 

 

1,744,581

 

 

 

0.09

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

179,846,546

 

 

 

174,882,938

 

 

 

8.69

%

 

 

Diversified Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aventiv Technologies, Inc. (Securus)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

1.26% Cash + 8.05% PIK

 

 

13.92%

 

 

7/31/2026

 

$

28,005,612

 

 

 

24,900,884

 

 

 

8,296,663

 

 

 

0.41

%

 

C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia & ME Pte. Ltd. (Singapore)

 

First Lien Term Loan

 

Fixed

 

 

—

 

 

 

—

 

 

 

—

 

 

6/30/2025

 

$

2,110,141

 

 

 

2,110,141

 

 

 

—

 

 

 

0.00

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Bank Guarantee Credit Facility

 

Fixed

 

 

—

 

 

 

—

 

 

 

—

 

 

6/30/2025

 

$

6,578,877

 

 

 

6,578,877

 

 

 

81,185

 

 

 

0.00

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Revolving Credit Facility

 

Fixed

 

 

—

 

 

 

—

 

 

 

—

 

 

6/30/2025

 

$

5,535,517

 

 

 

5,535,517

 

 

 

1,401,878

 

 

 

0.07

%

 

D/F/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,224,535

 

 

 

1,483,063

 

 

 

0.07

%

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

7.25%

 

 

12.08%

 

 

5/6/2027

 

$

10,836,788

 

 

 

10,628,775

 

 

 

10,706,746

 

 

 

0.53

%

 

N

Appriss Health, LLC (PatientPing)

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

7.25%

 

 

12.09%

 

 

5/6/2027

 

$

36,813

 

 

 

28,856

 

 

 

27,978

 

 

 

0.00

%

 

N

CareATC, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.35%

 

 

12.21%

 

 

3/14/2026

 

$

21,316,087

 

 

 

20,909,275

 

 

 

20,953,713

 

 

 

1.04

%

 

N

CareATC, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

7.35%

 

 

12.21%

 

 

3/14/2026

 

$

—

 

 

 

(7,197

)

 

 

(16,071

)

 

 

0.00

%

 

K/N

ESO Solutions, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.00%

 

 

12.06%

 

 

5/3/2027

 

$

32,182,664

 

 

 

31,503,933

 

 

 

31,667,741

 

 

 

1.57

%

 

N

ESO Solutions, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

7.00%

 

 

11.75%

 

 

5/3/2027

 

$

1,277,932

 

 

 

1,239,527

 

 

 

1,240,068

 

 

 

0.06

%

 

N

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

8.10%

 

 

13.41%

 

 

10/2/2028

 

$

7,744,557

 

 

 

7,589,964

 

 

 

6,505,428

 

 

 

0.32

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

71,893,133

 

 

 

71,085,603

 

 

 

3.52

%

 

 

 

9

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RecordXTechnologies, LLC (Ontellus)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.25%

 

9.85%

 

5/20/2030

 

$

2,487,500

 

 

$

2,462,625

 

 

$

2,485,013

 

 

 

0.12

%

 

N

INH Buyer, Inc. (IMS Health)

 

First Lien Term Loan (1.5% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

7.00%

 

11.70%

 

6/28/2028

 

$

7,393,627

 

 

 

6,584,206

 

 

 

3,637,665

 

 

 

0.18

%

 

C/L/N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

6.00%

 

11.06%

 

5/4/2028

 

$

13,890,657

 

 

 

13,512,917

 

 

 

13,559,636

 

 

 

0.67

%

 

N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

6.00%

 

11.06%

 

5/4/2028

 

$

3,229,513

 

 

 

3,196,541

 

 

 

3,152,552

 

 

 

0.16

%

 

N

Team Services Group, LLC

 

Second Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

9.00%

 

14.51%

 

11/13/2028

 

$

34,410,390

 

 

 

33,387,128

 

 

 

34,066,286

 

 

 

1.69

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,143,417

 

 

 

56,901,152

 

 

 

2.82

%

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

First Lien Term Loan

 

SOFR(Q)

 

 

2.00

%

 

6.25%

 

11.24%

 

6/3/2027

 

$

5,369,500

 

 

 

5,149,576

 

 

 

5,306,185

 

 

 

0.26

%

 

H/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

2.00

%

 

6.25%

 

11.24%

 

6/3/2027

 

$

3,352,110

 

 

 

3,190,998

 

 

 

3,312,583

 

 

 

0.16

%

 

H/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

2.00

%

 

6.25%

 

11.24%

 

6/3/2027

 

$

—

 

 

 

(4,821

)

 

 

(5,169

)

 

 

0.00

%

 

H/K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,335,753

 

 

 

8,613,599

 

 

 

0.42

%

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bad Boy Mowers JV Acquisition, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

6.00%

 

11.11%

 

11/9/2029

 

$

5,101,642

 

 

 

4,879,662

 

 

 

5,127,150

 

 

 

0.25

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

5.00%

 

9.70%

 

8/31/2029

 

$

7,299,761

 

 

 

7,048,661

 

 

 

7,299,761

 

 

 

0.36

%

 

N

AmeriLife Holdings, LLC

 

Sr Secured Revolver

 

SOFR(S)

 

 

0.75

%

 

5.00%

 

9.70%

 

8/31/2028

 

$

—

 

 

 

(6,973

)

 

 

—

 

 

 

0.00

%

 

K/N

Integrity Marketing Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.00%

 

10.08%

 

8/25/2028

 

$

15,191,754

 

 

 

14,942,163

 

 

 

15,146,179

 

 

 

0.75

%

 

N

Integrity Marketing Acquisition, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

5.00%

 

10.08%

 

8/25/2028

 

$

—

 

 

 

(399,176

)

 

 

(46,267

)

 

 

0.00

%

 

K/N

IT Parent, LLC (Insurance Technologies)

 

First Lien Term Loan

 

SOFR(A)

 

 

1.00

%

 

6.35%

 

10.60%

 

10/1/2026

 

$

6,646,924

 

 

 

6,490,974

 

 

 

6,573,808

 

 

 

0.33

%

 

N

IT Parent, LLC (Insurance Technologies)

 

Sr Secured Revolver

 

Prime

 

 

1.00

%

 

5.25%

 

13.25%

 

10/1/2026

 

$

875,000

 

 

 

855,933

 

 

 

865,375

 

 

 

0.04

%

 

N

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

5.50%

 

10.35%

 

11/1/2028

 

$

5,867,357

 

 

 

5,741,716

 

 

 

5,832,153

 

 

 

0.29

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,673,298

 

 

 

35,671,009

 

 

 

1.77

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CommerceHub, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

6.25%

 

11.35%

 

12/29/2027

 

$

3,134,176

 

 

 

2,893,560

 

 

 

2,947,434

 

 

 

0.15

%

 

N

Syndigo, LLC

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

8.11%

 

13.03%

 

12/14/2028

 

$

16,815,342

 

 

 

16,288,249

 

 

 

16,016,613

 

 

 

0.80

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,181,809

 

 

 

18,964,047

 

 

 

0.95

%

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

7.15%

 

12.47%

 

11/1/2025

 

$

756,529

 

 

 

749,724

 

 

 

756,529

 

 

 

0.04

%

 

N

Acquia, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.15%

 

12.46%

 

11/1/2025

 

$

25,299,736

 

 

 

25,171,959

 

 

 

25,299,736

 

 

 

1.26

%

 

N

Astra Acquisition Corp. (Anthology)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

9.14%

 

13.74%

 

10/25/2029

 

$

27,879,880

 

 

 

20,344,734

 

 

 

6,858,451

 

 

 

0.34

%

 

C/N

Bynder Bidco, Inc. (Netherlands)

 

Sr Secured Revolver A

 

SOFR(Q)

 

 

1.00

%

 

7.25%

 

12.53%

 

1/26/2029

 

$

—

 

 

 

(6,765

)

 

 

(5,317

)

 

 

0.00

%

 

H/K/N

Bynder Bidco, Inc. (Netherlands)

 

First Lien Term Loan A

 

SOFR(Q)

 

 

1.00

%

 

7.25%

 

12.53%

 

1/26/2029

 

$

4,283,754

 

 

 

4,152,029

 

 

 

4,218,114

 

 

 

0.21

%

 

H/N

Bynder Bidco B.V. (Netherlands)

 

Sr Secured Revolver B

 

SOFR(Q)

 

 

1.00

%

 

7.25%

 

12.53%

 

1/26/2029

 

$

—

 

 

 

(24,554

)

 

 

(19,298

)

 

 

0.00

%

 

H/K/N

Bynder Bidco B.V. (Netherlands)

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.00

%

 

7.25%

 

12.53%

 

1/26/2029

 

$

15,528,609

 

 

 

15,051,104

 

 

 

15,290,662

 

 

 

0.76

%

 

H/N

 

10

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

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

 

SOFR(Q)

 

 

1.50

%

 

8.00%

 

13.10%

 

8/19/2028

 

$

59,187,709

 

 

$

59,161,341

 

 

$

58,359,081

 

 

 

2.90

%

 

L/N

Domo, Inc.

 

First Lien PIK Term Loan

 

Fixed

 

 

—

 

 

9.50% PIK

 

9.50%

 

8/19/2028

 

$

3,681,603

 

 

 

1,191,725

 

 

 

3,394,438

 

 

 

0.17

%

 

N

e-Discovery Acquireco, LLC (Reveal)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

6.50%

 

11.56%

 

8/29/2029

 

$

—

 

 

 

(8,636

)

 

 

—

 

 

 

0.00

%

 

K/N

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.50%

 

11.56%

 

8/29/2029

 

$

5,500,000

 

 

 

5,247,437

 

 

 

5,605,044

 

 

 

0.28

%

 

N

Fishbowl, Inc.

 

First Lien Term Loan (7.5% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

5.26%

 

9.87%

 

5/27/2027

 

$

12,089,579

 

 

 

12,089,579

 

 

 

10,590,471

 

 

 

0.53

%

 

F/L/N

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

3.25% Cash + 3.25% PIK

 

11.47%

 

8/29/2029

 

$

2,612,408

 

 

 

2,550,215

 

 

 

2,612,408

 

 

 

0.13

%

 

N

Gympass US, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

3.25% Cash + 3.25% PIK

 

11.47%

 

8/29/2029

 

$

4,799,354

 

 

 

4,817,664

 

 

 

4,799,354

 

 

 

0.24

%

 

N

InMoment, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.00% Cash + 2.50% PIK

 

12.61%

 

6/8/2028

 

$

19,920,380

 

 

 

19,155,642

 

 

 

15,900,531

 

 

 

0.79

%

 

N

Magenta Buyer, LLC (McAfee)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

6.75%

 

11.87%

 

7/27/2028

 

$

2,318,424

 

 

 

1,996,679

 

 

 

2,203,709

 

 

 

0.11

%

 

 

Magenta Buyer, LLC (McAfee)

 

Second Lien Second Out Term Loan

 

SOFR(Q)

 

 

0.75

%

 

7.00%

 

12.12%

 

7/27/2028

 

$

5,407,002

 

 

 

4,288,415

 

 

 

3,790,309

 

 

 

0.19

%

 

 

Magenta Buyer, LLC (McAfee)

 

Second Lien Third Out Term Loan

 

SOFR(Q)

 

 

0.75

%

 

6.25%

 

11.37%

 

7/27/2028

 

$

15,136,422

 

 

 

11,523,524

 

 

 

4,578,768

 

 

 

0.23

%

 

C

Magenta Buyer, LLC (McAfee)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.10%

 

5.10%

 

7/27/2028

 

$

873,530

 

 

 

862,634

 

 

 

891,000

 

 

 

0.04

%

 

 

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.50%

 

12.75%

 

2/1/2029

 

$

13,175,394

 

 

 

12,929,407

 

 

 

13,149,043

 

 

 

0.65

%

 

N

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.25%

 

12.50%

 

2/1/2029

 

$

10,178,938

 

 

 

9,975,359

 

 

 

9,975,359

 

 

 

0.50

%

 

N

Oranje Holdco, Inc. (KnowBe4)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

7.50%

 

12.75%

 

2/1/2029

 

$

—

 

 

 

(22,373

)

 

 

(3,294

)

 

 

0.00

%

 

K/N

Persado, Inc.

 

First Lien Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

 

1.80

%

 

7.50%

 

12.70%

 

6/10/2027

 

$

16,534,587

 

 

 

16,004,386

 

 

 

15,476,374

 

 

 

0.77

%

 

L/N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 1.50% PIK

 

9.62%

 

8/22/2029

 

$

5,731,343

 

 

 

5,457,624

 

 

 

5,731,343

 

 

 

0.28

%

 

N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.50% PIK

 

12.62%

 

8/22/2029

 

$

8,597,015

 

 

 

8,185,848

 

 

 

8,597,015

 

 

 

0.43

%

 

N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 1.50% PIK

 

9.62%

 

8/22/2029

 

$

3,020,327

 

 

 

3,020,327

 

 

 

3,020,327

 

 

 

0.15

%

 

N

ResearchGate GmBH (Germany)

 

First Lien Term Loan (4.0% Exit Fee)

 

EURIBOR(M)

 

 

—

 

 

8.55%

 

12.11%

 

10/30/2025

 

$

7,500,000

 

 

 

8,235,568

 

 

 

8,035,560

 

 

 

0.40

%

 

H/L/N/O

Sailpoint Technologies Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

6.00%

 

11.10%

 

8/16/2029

 

$

4,574,177

 

 

 

4,446,233

 

 

 

4,574,177

 

 

 

0.23

%

 

N

Sailpoint Technologies Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

6.00%

 

11.10%

 

8/16/2028

 

$

—

 

 

 

(487

)

 

 

—

 

 

 

0.00

%

 

K/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

0.90% Cash + 6.25% PIK

 

12.43%

 

1/24/2028

 

$

4,859,929

 

 

 

4,680,677

 

 

 

4,799,064

 

 

 

0.24

%

 

H/N

Suited Connector, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

6.20% Cash + 2.00% PIK

 

13.14%

 

12/1/2027

 

$

830,799

 

 

 

760,231

 

 

 

599,837

 

 

 

0.03

%

 

N

Suited Connector, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.20% Cash + 2.00% PIK

 

11.31%

 

12/1/2027

 

$

5,379,779

 

 

 

4,936,317

 

 

 

3,884,200

 

 

 

0.19

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

266,923,567

 

 

 

242,962,995

 

 

 

12.09

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

6.25%

 

10.85%

 

10/19/2028

 

$

2,700,000

 

 

 

2,646,853

 

 

 

2,720,250

 

 

 

0.14

%

 

N

Avalara, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

6.25%

 

10.85%

 

10/19/2028

 

$

—

 

 

 

(765

)

 

 

—

 

 

 

0.00

%

 

K/N

Crewline Buyer, Inc. (New Relic)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

6.75%

 

11.35%

 

11/8/2030

 

$

—

 

 

 

(1,934

)

 

 

—

 

 

 

0.00

%

 

K/N

Crewline Buyer, Inc. (New Relic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.75%

 

11.35%

 

11/8/2030

 

$

1,569,811

 

 

 

1,523,503

 

 

 

1,569,811

 

 

 

0.08

%

 

N

Ensono, Inc.

 

Second Lien Term Loan B

 

SOFR(M)

 

 

—

 

 

8.11%

 

12.96%

 

5/28/2029

 

$

12,000,000

 

 

 

11,802,740

 

 

 

12,000,000

 

 

 

0.60

%

 

G/N

Intercept Bidco, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00%

 

11.02%

 

6/3/2030

 

$

1,805,556

 

 

 

1,759,722

 

 

 

1,764,028

 

 

 

0.09

%

 

N

Intercept Bidco, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00%

 

11.02%

 

6/3/2030

 

$

—

 

 

 

—

 

 

 

(9,583

)

 

 

0.00

%

 

K/N

Intercept Bidco, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

6.00%

 

11.02%

 

6/3/2030

 

$

—

 

 

 

—

 

 

 

(6,389

)

 

 

0.00

%

 

K/N

Idera, Inc.

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

6.75%

 

12.15%

 

2/4/2029

 

$

1,923,186

 

 

 

1,817,752

 

 

 

1,877,511

 

 

 

0.09

%

 

G

 

11

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Madison Logic Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

7.00%

 

11.85%

 

12/30/2027

 

$

376,161

 

 

$

345,083

 

 

$

337,567

 

 

 

0.02

%

 

N

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

7.00%

 

11.85%

 

12/29/2028

 

$

19,618,645

 

 

 

18,946,503

 

 

 

19,088,942

 

 

 

0.95

%

 

N

Serrano Parent, LLC (Sumo Logic)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

6.50%

 

11.62%

 

5/13/2030

 

$

—

 

 

 

(2,887

)

 

 

—

 

 

 

0.00

%

 

K/N

Serrano Parent, LLC (Sumo Logic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.50%

 

11.62%

 

5/13/2030

 

$

6,979,701

 

 

 

6,740,061

 

 

 

6,986,681

 

 

 

0.35

%

 

N

Xactly Corporation

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.35%

 

11.41%

 

7/31/2027

 

$

14,671,682

 

 

 

14,671,682

 

 

 

14,686,353

 

 

 

0.73

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

60,248,313

 

 

 

61,015,171

 

 

 

3.05

%

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blue Star Sports Holdings, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.90% Cash + 3.50% PIK

 

14.52%

 

6/15/2026

 

$

76,497

 

 

 

76,489

 

 

 

74,273

 

 

 

0.00

%

 

N

Blue Star Sports Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

5.90% Cash + 3.50% PIK

 

14.65%

 

6/15/2026

 

$

152,510

 

 

 

152,234

 

 

 

148,076

 

 

 

0.01

%

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.90% Cash + 3.50% PIK

 

14.65%

 

6/15/2026

 

$

2,099,311

 

 

 

2,098,439

 

 

 

2,038,277

 

 

 

0.10

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,327,162

 

 

 

2,260,626

 

 

 

0.11

%

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

7.10%

 

12.21%

 

12/21/2028

 

$

633,196

 

 

 

618,665

 

 

 

639,528

 

 

 

0.03

%

 

N

Alcami Corporation

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

7.15%

 

12.11%

 

12/21/2028

 

$

—

 

 

 

(21,745

)

 

 

—

 

 

 

0.00

%

 

K/N

Alcami Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.15%

 

12.21%

 

12/21/2028

 

$

8,604,240

 

 

 

8,397,247

 

 

 

8,690,283

 

 

 

0.43

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,994,167

 

 

 

9,329,811

 

 

 

0.46

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny’s Enterprises, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.40%

 

10.53%

 

8/5/2028

 

$

19,607,606

 

 

 

19,236,010

 

 

 

19,411,530

 

 

 

0.96

%

 

N

Sonny’s Enterprises, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.40%

 

10.51%

 

8/5/2028

 

$

203,664

 

 

 

201,317

 

 

 

201,627

 

 

 

0.01

%

 

N

Sonny’s Enterprises, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

5.40%

 

10.53%

 

8/5/2027

 

$

—

 

 

 

—

 

 

 

(1,773

)

 

 

0.00

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,437,327

 

 

 

19,611,384

 

 

 

0.97

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEP Group, Inc. et al

 

First Lien Term Loan (2.0% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

3.51% Cash + 1.50% PIK

 

9.62%

 

8/19/2026

 

$

667,733

 

 

 

617,512

 

 

 

642,276

 

 

 

0.03

%

 

L

NEP Group, Inc. et al

 

Second Lien Term Loan

 

SOFR(Q)

 

 

—

 

 

7.00%

 

11.72%

 

10/19/2026

 

$

17,631,760

 

 

 

16,837,154

 

 

 

14,466,859

 

 

 

0.72

%

 

G

Khoros, LLC (Lithium)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

4.50% Cash + 4.50% PIK

 

14.26%

 

1/3/2025

 

$

32,398,943

 

 

 

29,766,996

 

 

 

9,330,896

 

 

 

0.46

%

 

C/N

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.01%

 

11.65%

 

12/31/2024

 

$

42,048

 

 

 

42,048

 

 

 

42,048

 

 

 

0.00

%

 

N

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.01% Cash + 2.25% PIK

 

14.51%

 

12/31/2024

 

$

752,231

 

 

 

740,252

 

 

 

579,218

 

 

 

0.03

%

 

N

Terraboost Media Operating Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.50%

 

11.09%

 

8/23/2026

 

$

13,854,260

 

 

 

13,457,172

 

 

 

13,438,632

 

 

 

0.67

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61,461,134

 

 

 

38,499,929

 

 

 

1.91

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore International Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

9.15%

 

13.75%

 

4/12/2028

 

$

842,642

 

 

 

842,642

 

 

 

842,642

 

 

 

0.04

%

 

B/N

Palmdale Oil Company, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

6.75%

 

11.92%

 

10/2/2029

 

$

3,301,494

 

 

 

3,144,225

 

 

 

3,218,956

 

 

 

0.16

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,986,867

 

 

 

4,061,598

 

 

 

0.20

%

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

6.10%

 

11.30%

 

11/30/2026

 

$

31,184,167

 

 

 

30,294,525

 

 

 

27,850,421

 

 

 

1.38

%

 

N

Alpine Acquisition Corp II (48Forty)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

6.10%

 

11.30%

 

11/30/2026

 

$

704,761

 

 

 

673,247

 

 

 

613,986

 

 

 

0.03

%

 

N

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.25

%

 

6.65%

 

11.95%

 

12/23/2026

 

$

13,806,838

 

 

 

13,402,704

 

 

 

13,819,589

 

 

 

0.69

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,370,476

 

 

 

42,283,996

 

 

 

2.10

%

 

 

 

12

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nephron Pharmaceuticals Corp. et al

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.50

%

 

11.05%

 

16.40%

 

9/11/2026

 

$

27,865,951

 

 

$

26,702,127

 

 

$

25,567,173

 

 

 

1.27

%

 

N

Nephron Pharmaceuticals Corp. et al

 

First Lien Term Loan B-1

 

Fixed

 

 

—

 

 

20.0% PIK

 

20.00%

 

9/11/2026

 

$

1,638,386

 

 

 

1,638,386

 

 

 

1,920,189

 

 

 

0.10

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,340,513

 

 

 

27,487,362

 

 

 

1.37

%

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applause App Quality, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.00%

 

10.06%

 

9/20/2027

 

$

15,010,501

 

 

 

15,010,501

 

 

 

15,100,564

 

 

 

0.75

%

 

N

Applause App Quality, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

5.00%

 

10.06%

 

9/20/2027

 

$

—

 

 

 

(3,533

)

 

 

—

 

 

 

0.00

%

 

K/N

CIBT Solutions, Inc.

 

Second Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

1.00% Cash + 6.75% PIK

 

11.60%

 

12/31/2027

 

$

8,146,376

 

 

 

7,567,314

 

 

 

228,099

 

 

 

0.01

%

 

C/N

GI Consilio Parent, LLC

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

7.61%

 

12.46%

 

5/14/2029

 

$

15,000,000

 

 

 

14,781,324

 

 

 

15,000,000

 

 

 

0.75

%

 

G/N

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.75%

 

10.35%

 

1/16/2030

 

$

1,476,452

 

 

 

1,419,388

 

 

 

1,446,923

 

 

 

0.07

%

 

N

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.75%

 

10.35%

 

1/16/2030

 

$

—

 

 

 

(2,643

)

 

 

(6,452

)

 

 

0.00

%

 

K/N

Huckabee Acquisition, LLC (MOREgroup)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

5.75%

 

10.35%

 

1/16/2030

 

$

—

 

 

 

(1,586

)

 

 

(3,871

)

 

 

0.00

%

 

K/N

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

3.375% Cash + 3.88% PIK

 

12.17%

 

8/18/2028

 

$

16,368,529

 

 

 

15,874,937

 

 

 

16,138,040

 

 

 

0.80

%

 

N

ICIMS, Inc.

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

0.75

%

 

6.25%

 

11.17%

 

8/18/2028

 

$

4,449,002

 

 

 

4,389,679

 

 

 

4,390,405

 

 

 

0.22

%

 

N

ICIMS, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

3.375% Cash + 3.88% PIK

 

12.17%

 

8/18/2028

 

$

—

 

 

 

(10,690

)

 

 

(38,168

)

 

 

0.00

%

 

K/N

ICIMS, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

6.75%

 

11.60%

 

8/18/2028

 

$

435,048

 

 

 

422,485

 

 

 

414,628

 

 

 

0.02

%

 

N

JobandTalent USA, Inc. (United Kingdom)

 

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

 

SOFR(M)

 

 

1.00

%

 

8.86%

 

13.72%

 

8/17/2025

 

$

22,393,221

 

 

 

22,153,709

 

 

 

21,833,390

 

 

 

1.08

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

8.86%

 

13.72%

 

8/17/2025

 

$

34,026,647

 

 

 

33,600,256

 

 

 

33,175,967

 

 

 

1.61

%

 

H/L/N

TLE Holdings, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.60%

 

10.45%

 

6/28/2026

 

$

960,262

 

 

 

921,902

 

 

 

959,062

 

 

 

0.05

%

 

N

TLE Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.60%

 

10.45%

 

6/28/2026

 

$

3,750,361

 

 

 

3,600,476

 

 

 

3,745,674

 

 

 

0.19

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

119,723,519

 

 

 

112,384,261

 

 

 

5.55

%

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Community Merger Sub Debt LLC (CINC Systems)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.75%

 

10.35%

 

1/18/2030

 

$

1,571,429

 

 

 

1,502,844

 

 

 

1,538,924

 

 

 

0.08

%

 

N

Community Merger Sub Debt LLC (CINC Systems)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

5.75%

 

10.35%

 

1/18/2030

 

$

—

 

 

 

(4,137

)

 

 

(8,865

)

 

 

0.00

%

 

K/N

Greystone Affordable Housing Initiatives, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.25

%

 

6.43%

 

11.57%

 

3/2/2026

 

$

6,533,333

 

 

 

6,464,091

 

 

 

6,526,800

 

 

 

0.32

%

 

I/N

Greystone Select Company II, LLC (Passco)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.50

%

 

6.61%

 

11.46%

 

3/21/2027

 

$

12,843,151

 

 

 

12,569,404

 

 

 

12,725,744

 

 

 

0.63

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,532,202

 

 

 

20,782,603

 

 

 

1.03

%

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (fka Keep Truckin, Inc.)

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

7.36%

 

12.21%

 

4/8/2027

 

$

53,000,000

 

 

 

52,340,133

 

 

 

52,682,000

 

 

 

2.62

%

 

L/N

Motive Technologies, Inc. (fka Keep Truckin, Inc.)

 

First Lien Incremental 3 Term Loan (1.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

7.36%

 

12.21%

 

4/8/2027

 

$

2,000,000

 

 

 

1,936,166

 

 

 

1,988,000

 

 

 

0.10

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,276,299

 

 

 

54,670,000

 

 

 

2.72

%

 

 

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

6.35%

 

11.20%

 

12/29/2027

 

$

7,064,286

 

 

 

6,807,655

 

 

 

5,792,715

 

 

 

0.29

%

 

G/N

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

6.10%

 

11.02%

 

12/29/2026

 

$

1,449,293

 

 

 

1,231,345

 

 

 

868,576

 

 

 

0.04

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,039,000

 

 

 

6,661,291

 

 

 

0.33

%

 

 

 

13

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AlphaSense, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

2.00

%

 

6.25%

 

 

11.11%

 

6/27/2029

 

$

23,208,319

 

 

$

22,935,414

 

 

$

22,935,042

 

 

 

1.14

%

 

N

Aras Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

5.50%

 

 

10.10%

 

4/13/2029

 

$

275,212

 

 

 

267,716

 

 

 

264,596

 

 

 

0.01

%

 

N

Aras Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.50%

 

 

10.10%

 

4/13/2029

 

$

17,951,251

 

 

 

17,599,792

 

 

 

17,789,689

 

 

 

0.88

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.65%

 

 

12.90%

 

4/30/2026

 

$

14,765,334

 

 

 

14,534,611

 

 

 

14,765,334

 

 

 

0.73

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

1.00

%

 

7.60%

 

 

12.56%

 

4/30/2026

 

$

406,992

 

 

 

400,012

 

 

 

406,992

 

 

 

0.02

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

7.60%

 

 

12.71%

 

4/30/2026

 

$

1,778,731

 

 

 

1,744,983

 

 

 

1,778,731

 

 

 

0.09

%

 

N

Bluefin Holding, LLC (Allvue)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

7.25%

 

 

12.20%

 

9/12/2029

 

$

—

 

 

 

(10,071

)

 

 

(6,865

)

 

 

0.00

%

 

K/N

Bluefin Holding, LLC (Allvue)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.25%

 

 

12.20%

 

9/12/2029

 

$

7,737,179

 

 

 

7,399,737

 

 

 

7,667,545

 

 

 

0.38

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

7.00%

 

 

12.33%

 

9/8/2027

 

$

420,392

 

 

 

414,203

 

 

 

416,266

 

 

 

0.02

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

7.00%

 

 

12.33%

 

9/8/2027

 

$

5,832,706

 

 

 

5,656,982

 

 

 

5,775,451

 

 

 

0.29

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

7.00%

 

 

12.33%

 

9/8/2027

 

$

322,223

 

 

 

318,030

 

 

 

316,769

 

 

 

0.02

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

—

 

 

12.35%

 

9/27/2027

 

$

1,916,674

 

 

 

1,868,629

 

 

 

1,922,002

 

 

 

0.10

%

 

N

Cart.Com, Inc.

 

First Lien Term Loan (2.5% Exit Fee)

 

SOFR(M)

 

 

1.50

%

 

7.75%

 

 

12.60%

 

5/22/2029

 

$

26,250,000

 

 

 

25,987,500

 

 

 

26,040,000

 

 

 

1.29

%

 

L/N

Clever Devices Ltd.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

6.00%

 

 

11.30%

 

6/12/2030

 

$

196,078

 

 

 

177,696

 

 

 

191,667

 

 

 

0.01

%

 

N

Clever Devices Ltd.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00%

 

 

11.30%

 

6/12/2030

 

$

1,760,294

 

 

 

1,716,287

 

 

 

1,749,732

 

 

 

0.09

%

 

N

Disco Parent, Inc. (Duck Creek Technologies)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

7.50%

 

 

12.56%

 

3/30/2029

 

$

—

 

 

 

(4,378

)

 

 

—

 

 

 

0.00

%

 

K/N

Disco Parent, Inc. (Duck Creek Technologies)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.50%

 

 

12.56%

 

3/30/2029

 

$

6,040,409

 

 

 

5,822,727

 

 

 

6,040,409

 

 

 

0.30

%

 

N

Douglas Holdings, Inc (Docupace)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.75%

 

 

10.35%

 

8/27/2030

 

$

15,259,318

 

 

 

15,032,897

 

 

 

14,999,910

 

 

 

0.75

%

 

N

Douglas Holdings, Inc (Docupace)

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

 

1.00

%

 

5.75%

 

 

10.35%

 

8/27/2030

 

$

—

 

 

 

(26,935

)

 

 

(62,032

)

 

 

0.00

%

 

K/N

Douglas Holdings, Inc (Docupace)

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

1.00

%

 

5.75%

 

 

10.35%

 

8/27/2030

 

$

—

 

 

 

(24,486

)

 

 

(56,393

)

 

 

0.00

%

 

K/N

Douglas Holdings, Inc (Docupace)

 

First Lien PIK Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

5.75%

 

 

10.35%

 

8/27/2030

 

$

83,266

 

 

 

83,266

 

 

 

51,235

 

 

 

0.00

%

 

N

Douglas Holdings, Inc (Docupace)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

5.75%

 

 

10.35%

 

8/27/2030

 

$

—

 

 

 

(19,599

)

 

 

(22,557

)

 

 

0.00

%

 

K/N

Elastic Path Software, Inc. (Canada)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.76%

 

 

12.82%

 

1/6/2026

 

$

3,719,435

 

 

 

3,674,353

 

 

 

3,718,059

 

 

 

0.18

%

 

H/N

Elastic Path Software, Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.76%

 

 

13.08%

 

1/6/2026

 

$

7,326,537

 

 

 

7,239,597

 

 

 

7,323,826

 

 

 

0.36

%

 

H/N

Fusion Risk Management, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.75% PIK

 

 

12.08%

 

5/22/2029

 

$

—

 

 

 

(10,952

)

 

 

(12,214

)

 

 

0.00

%

 

K/N

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.75% PIK

 

 

12.08%

 

5/22/2029

 

$

5,617,647

 

 

 

5,367,128

 

 

 

5,510,912

 

 

 

0.27

%

 

N

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

2.58% Cash + 4.30% PIK

 

 

11.48%

 

7/9/2029

 

$

2,392,986

 

 

 

2,262,950

 

 

 

2,326,157

 

 

 

0.12

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

2.58% Cash + 4.30% PIK

 

 

11.84%

 

7/9/2029

 

$

1,848,950

 

 

 

1,752,331

 

 

 

1,797,315

 

 

 

0.09

%

 

N

GTY Technology Holdings Inc.

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.67% Cash + 4.45% PIK

 

 

12.37%

 

7/9/2029

 

$

424,654

 

 

 

382,141

 

 

 

398,451

 

 

 

0.02

%

 

N

GTY Technology Holdings Inc.

 

Sr Secured Revolver

 

Prime

 

 

1.00

%

 

5.25%

 

 

13.75%

 

7/9/2029

 

$

—

 

 

 

(11,146

)

 

 

(11,029

)

 

 

0.00

%

 

K/N

Honey Intermediate, Inc. (iLobby) (Canada)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.75%

 

 

10.60%

 

9/26/2030

 

$

17,647,059

 

 

 

17,382,705

 

 

 

17,382,353

 

 

 

0.86

%

 

H/N

Honey Intermediate, Inc. (iLobby) (Canada)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

5.75%

 

 

10.60%

 

9/26/2030

 

$

—

 

 

 

(35,230

)

 

 

(35,294

)

 

 

0.00

%

 

H/K/N

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

4.65% Cash + 2.25% PIK

 

 

11.50%

 

12/17/2027

 

$

5,956,725

 

 

 

5,809,908

 

 

 

5,768,117

 

 

 

0.29

%

 

N

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

4.65% Cash + 2.25% PIK

 

 

12.20%

 

12/17/2027

 

$

297,784

 

 

 

280,758

 

 

 

288,356

 

 

 

0.01

%

 

N

Integrate.com, Inc. (Infinity Data, Inc.)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

4.65% Cash + 2.25% PIK

 

 

11.59%

 

12/17/2027

 

$

457,944

 

 

 

450,616

 

 

 

443,001

 

 

 

0.02

%

 

N

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

7.50%

 

 

12.63%

 

8/5/2028

 

$

8,017,052

 

 

 

7,673,865

 

 

 

7,890,868

 

 

 

0.39

%

 

N

 

14

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

Total
Coupon

 

Maturity/
Expiration

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kaseya, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.50%

 

10.75%

 

6/25/2029

 

$

9,251,221

 

 

$

8,983,367

 

 

$

9,251,221

 

 

 

0.46

%

 

N

Kaseya, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.00% Cash + 2.50% PIK

 

10.75%

 

6/25/2029

 

$

108,233

 

 

 

106,679

 

 

 

108,233

 

 

 

0.01

%

 

N

Kaseya, Inc.

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.50%

 

10.75%

 

6/25/2029

 

$

34,368

 

 

 

33,278

 

 

 

34,368

 

 

 

0.00

%

 

N

Kaseya, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

5.50%

 

10.10%

 

6/25/2029

 

$

140,252

 

 

 

136,416

 

 

 

140,251

 

 

 

0.01

%

 

N

Kong Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.50% Cash + 3.25% PIK

 

14.07%

 

11/1/2027

 

$

9,958,266

 

 

 

9,747,959

 

 

 

9,955,944

 

 

 

0.49

%

 

N

Nvest, Inc. (SigFig)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

7.50%

 

12.50%

 

9/15/2025

 

$

7,318,167

 

 

 

7,224,618

 

 

 

7,227,497

 

 

 

0.36

%

 

N

Oversight Systems, Inc.

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.85%

 

10.70%

 

9/24/2026

 

$

284,678

 

 

 

281,594

 

 

 

282,297

 

 

 

0.01

%

 

N

Oversight Systems, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.85%

 

10.70%

 

9/24/2026

 

$

6,231,658

 

 

 

6,133,891

 

 

 

6,179,525

 

 

 

0.31

%

 

N

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

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

5.75%

 

11.08%

 

3/31/2027

 

$

16,273,539

 

 

 

15,992,260

 

 

 

16,208,444

 

 

 

0.81

%

 

H/N

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

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

5.75%

 

11.08%

 

3/31/2027

 

$

—

 

 

 

—

 

 

 

(7,632

)

 

 

0.00

%

 

H/K/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 3.50% PIK

 

11.60%

 

5/9/2028

 

$

24,432,733

 

 

 

23,988,788

 

 

 

24,285,672

 

 

 

1.21

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

6.00%

 

11.06%

 

5/9/2028

 

$

730,053

 

 

 

708,095

 

 

 

716,871

 

 

 

0.04

%

 

H/N

Trintech, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

5.50%

 

10.35%

 

7/25/2029

 

$

60,857

 

 

 

54,233

 

 

 

55,166

 

 

 

0.00

%

 

N

Trintech, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.50%

 

10.35%

 

7/25/2029

 

$

2,748,232

 

 

 

2,613,380

 

 

 

2,674,805

 

 

 

0.13

%

 

N

Zendesk Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.00%

 

9.69%

 

11/22/2028

 

$

5,717,521

 

 

 

5,578,169

 

 

 

5,728,956

 

 

 

0.28

%

 

N

Zendesk Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.00%

 

9.69%

 

11/22/2028

 

$

—

 

 

 

10,220

 

 

 

2,786

 

 

 

0.00

%

 

N

Zendesk Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

5.00%

 

9.69%

 

11/22/2028

 

$

—

 

 

 

(572

)

 

 

—

 

 

 

0.00

%

 

K/N

Zilliant Incorporated

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

2.10% Cash + 5.00% PIK

 

11.95%

 

12/21/2027

 

$

—

 

 

 

(3,795

)

 

 

(13,926

)

 

 

0.00

%

 

K/N

Zilliant Incorporated

 

First Lien Term Loan (0.25% Exit Fee)

 

SOFR(M)

 

 

0.75

%

 

2.10% Cash + 5.00% PIK

 

11.95%

 

12/21/2027

 

$

3,992,533

 

 

 

3,835,262

 

 

 

3,804,884

 

 

 

0.19

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

259,517,879

 

 

 

262,387,763

 

 

 

13.04

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan

 

SOFR(Q)

 

 

2.00

%

 

6.50%

 

11.10%

 

8/15/2029

 

$

24,942,397

 

 

 

24,246,543

 

 

 

24,792,743

 

 

 

1.23

%

 

G/N

Hanna Andersson, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

6.35%

 

11.20%

 

7/2/2026

 

$

10,645,504

 

 

 

10,328,887

 

 

 

10,485,821

 

 

 

0.52

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,575,430

 

 

 

35,278,564

 

 

 

1.75

%

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.50%

 

11.62%

 

4/25/2031

 

$

34,673,627

 

 

 

34,336,894

 

 

 

34,890,338

 

 

 

1.73

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.25%

 

10.50%

 

9/8/2027

 

$

25,417,903

 

 

 

24,974,999

 

 

 

25,417,903

 

 

 

1.26

%

 

N

James Perse Enterprises, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

6.35%

 

10.60%

 

9/8/2027

 

$

—

 

 

 

14,835

 

 

 

—

 

 

 

0.00

%

 

K/N

PSEB, LLC (Eddie Bauer)

 

First Lien Incremental Term Loan

 

SOFR(S)

 

 

1.00

%

 

6.75%

 

11.49%

 

12/30/2026

 

$

24,375,000

 

 

 

24,191,303

 

 

 

23,229,375

 

 

 

1.15

%

 

N

WH Borrower, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

5.50%

 

10.79%

 

2/15/2027

 

$

99,747

 

 

 

99,747

 

 

 

99,747

 

 

 

0.00

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,280,884

 

 

 

48,747,025

 

 

 

2.41

%

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenMarket, Inc. (Infobip) (United Kingdom)

 

First Lien Term Loan

 

SOFR(Q)

 

 

—

 

 

6.51%

 

11.12%

 

9/17/2026

 

$

14,550,000

 

 

 

14,260,785

 

 

 

14,441,194

 

 

 

0.72

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 200.4% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,867,740,181

 

 

 

1,735,118,650

 

 

 

86.18

%

 

 

 

15

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

 

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AutoAlert, LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

540,248

 

 

$

9,085,917

 

 

$

10,134,401

 

 

 

0.50

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marsico Holdings, LLC

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

91,445

 

 

 

—

 

 

 

50,295

 

 

 

0.00

%

 

D/E/N

Pico Quantitative Trading Holdings, LLC

 

Warrants to Purchase Membership Units

 

 

 

 

 

 

 

 

 

2/7/2030

 

 

7,191

 

 

 

673,788

 

 

 

1,113,090

 

 

 

0.06

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

673,788

 

 

 

1,163,385

 

 

 

0.06

%

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGY Equity, LLC

 

Class A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

5,982,385

 

 

 

485,322

 

 

 

—

 

 

 

0.00

%

 

D/E/N

AGY Equity, LLC

 

Class B Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

4,187,669

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

AGY Equity, LLC

 

Class C Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

3,290,312

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

485,322

 

 

 

—

 

 

 

0.00

%

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

364

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/H/N/O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

171,813

 

 

 

285,933

 

 

 

136,734

 

 

 

0.01

%

 

D/N

Kellermeyer Bergensons Services, LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

171,813

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

285,933

 

 

 

136,734

 

 

 

0.01

%

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Global LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

738,447

 

 

 

738,447

 

 

 

739,924

 

 

 

0.04

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elevate Brands Holdco, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

3,980

 

 

 

73,107

 

 

 

—

 

 

 

0.00

%

 

D/E/N

Elevate Brands Holdco, Inc.

 

Warrants to Purchase Preferred New Super Senior Shares

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

15,793

 

 

 

287,104

 

 

 

—

 

 

 

0.00

%

 

D/E/N

MXP Prime Platform GmbH (SellerX) (Germany)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

5,430

 

 

 

66,734

 

 

 

—

 

 

 

0.00

%

 

D/E/H/N

Razor US LP

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

263,206

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/N

Razor US LP

 

Class A Preferred Units

 

Fixed

 

 

 

 

 

3.00%

 

 

 

 

26,320,670

 

 

 

22,711,306

 

 

 

13,449,862

 

 

 

0.67

%

 

D/E/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Preferred Series A1 Shares

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

698

 

 

 

13,654

 

 

 

—

 

 

 

0.00

%

 

D/E/H/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Series C Shares

 

 

 

 

 

 

 

 

 

12/23/2029

 

 

213

 

 

 

20,680

 

 

 

—

 

 

 

0.00

%

 

D/E/H/N

TVG-Edmentum Holdings, LLC

 

Series B-1 Common Units

 

Fixed

 

 

 

 

 

12.00%

 

 

 

 

17,858,122

 

 

 

22,583,551

 

 

 

14,769,562

 

 

 

0.73

%

 

B/D/E/N

TVG-Edmentum Holdings, LLC

 

Series B-2 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

13,421,162

 

 

 

14,769,562

 

 

 

0.73

%

 

B/D/E/N

TVG-Edmentum Holdings, LLC

 

Series C-2 Preferred Units

 

Fixed

 

 

 

 

 

15.00%

 

 

 

 

2,542

 

 

 

5,289,047

 

 

 

7,033,256

 

 

 

0.35

%

 

B/D/E/N

Thras.io, LLC

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

291,605

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

64,466,345

 

 

 

50,022,242

 

 

 

2.48

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

28,277,397

 

 

 

28,277,397

 

 

 

52,824,000

 

 

 

2.64

%

 

E/F/N

Conventional Lending TCP Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

17,800,591

 

 

 

17,675,790

 

 

 

14,418,479

 

 

 

0.72

%

 

E/F/I/N

 

16

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GACP II, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

861,529

 

 

$

861,529

 

 

$

661,910

 

 

 

0.03

%

 

E/I/N

Gordon Brothers Finance Company

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

10,612

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/F/N

Gordon Brothers Finance Company

 

Preferred Stock

 

Fixed

 

 

 

 

 

13.50%

 

 

 

 

34,285

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/F/N

Worldremit Group Limited (United Kingdom)

 

Series X Shares

 

 

 

 

 

 

 

 

 

 

 

 

3,721

 

 

 

373,524

 

 

 

390,561

 

 

 

0.02

%

 

D/E/H/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

 

2/11/2031

 

 

42,482

 

 

 

28,022

 

 

 

87,689

 

 

 

0.00

%

 

D/E/H/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series E Stock

 

 

 

 

 

 

 

 

 

8/17/2031

 

 

508

 

 

 

61

 

 

 

58

 

 

 

0.00

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,216,323

 

 

 

68,382,697

 

 

 

3.41

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia Holdings Limited (United Kingdom)

 

Class B Shares

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

—

 

 

 

0.00

%

 

D/E/F/H/N

Conergy Asia Holdings Limited (United Kingdom)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

5,318,860

 

 

 

7,833,333

 

 

 

—

 

 

 

0.00

%

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

2,332,594

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Series B Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

93,023

 

 

 

1,395,349

 

 

 

—

 

 

 

0.00

%

 

D/E/F/H/N

Utilidata, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

29,593

 

 

 

216,336

 

 

 

—

 

 

 

0.00

%

 

D/E/N

Utilidata, Inc.

 

Series A-2 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

257,369

 

 

 

153,398

 

 

 

36,032

 

 

 

0.00

%

 

D/E/N

Utilidata, Inc.

 

Series A-1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

500,000

 

 

 

500,000

 

 

 

5,000

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,098,416

 

 

 

41,032

 

 

 

0.00

%

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

9/12/2029

 

 

2,088,152

 

 

 

275,200

 

 

 

1,729,913

 

 

 

0.09

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stitch Holdings, L.P.

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

5,910

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/N/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

49,792

 

 

 

1,543,054

 

 

 

373,938

 

 

 

0.02

%

 

D

Domo, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

2/17/2028

 

 

94,136

 

 

 

—

 

 

 

995,959

 

 

 

0.05

%

 

D/N

Domo, Inc.

 

Warrants to Purchase Class B Common Stock

 

 

 

 

 

 

 

 

 

2/17/2028

 

 

482,404

 

 

 

—

 

 

 

3,772,399

 

 

 

0.19

%

 

D/N

Fishbowl, Inc.

 

Common Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

604,479

 

 

 

787,032

 

 

 

—

 

 

 

0.00

%

 

D/E/F/N

Foursquare Labs, Inc.

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

5/4/2027

 

 

2,187,500

 

 

 

508,805

 

 

 

138,885

 

 

 

0.01

%

 

D/E/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

8/15/2027

 

 

1,327,869

 

 

 

212,360

 

 

 

2,327,272

 

 

 

0.12

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

9/18/2025

 

 

1,049,996

 

 

 

276,492

 

 

 

1,877,717

 

 

 

0.09

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

10/3/2028

 

 

1,511,002

 

 

 

93,407

 

 

 

2,083,339

 

 

 

0.10

%

 

D/E/H/N

Pluralsight, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

2,865,672

 

 

 

7,995,225

 

 

 

7,998,138

 

 

 

0.40

%

 

D/E/N

ResearchGate Corporation (Germany)

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

10/30/2029

 

 

333,370

 

 

 

202,001

 

 

 

48,955

 

 

 

0.00

%

 

D/E/H/N/O

SuCo Investors, LP (Suited Connector)

 

Warrants to Purchase Class A Units

 

 

 

 

 

 

 

 

 

3/6/2033

 

 

20,072

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

SnapLogic, Inc.

 

Warrants to Purchase Series Preferred Stock

 

 

 

 

 

 

 

 

 

3/19/2028

 

 

1,860,000

 

 

 

377,722

 

 

 

5,204,946

 

 

 

0.26

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,996,098

 

 

 

24,821,548

 

 

 

1.24

%

 

 

 

17

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelis (SVC), LLC

 

Preferred Unit-C

 

 

 

 

 

 

 

 

 

 

 

 

657,932

 

 

$

2,001,384

 

 

$

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MBS Parent, LLC

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

546

 

 

 

21,204

 

 

 

17,500

 

 

 

0.00

%

 

D/N

Quora, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

4/11/2029

 

 

507,704

 

 

 

65,245

 

 

 

70,569

 

 

 

0.00

%

 

D/E/N

SoundCloud, Ltd. (United Kingdom)

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

4/29/2025

 

 

946,498

 

 

 

79,082

 

 

 

588,176

 

 

 

0.03

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

165,531

 

 

 

676,245

 

 

 

0.03

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore Investments Holdings, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

16,207

 

 

 

4,177,710

 

 

 

1,645,580

 

 

 

0.08

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inotiv, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

14,578

 

 

 

—

 

 

 

24,783

 

 

 

0.00

%

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anacomp, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

1,255,527

 

 

 

26,711,048

 

 

 

1,099,842

 

 

 

0.05

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grey Orange International Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

5/6/2032

 

 

10,538

 

 

 

546

 

 

 

2,108

 

 

 

0.00

%

 

D/E/N

Tradeshift, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

3/6/2027

 

 

1,712,930

 

 

 

577,843

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

578,389

 

 

 

2,108

 

 

 

0.00

%

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Holdco, Inc. (Ohio Transmission Corp.)

 

Preferred Stock

 

Fixed

 

 

 

 

 

12.50%

 

 

 

 

9,586

 

 

 

13,336,963

 

 

 

13,350,277

 

 

 

0.66

%

 

E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 20.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

193,292,814

 

 

 

173,970,711

 

 

 

8.65

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 220.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,061,032,995

 

 

$

1,909,089,361

 

 

 

94.83

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 12.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

104,181,765

 

 

 

5.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 232.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,013,271,126

 

 

 

100.00

%

 

M

 

 

 

 

 

Interest Rate Swap as of September 30, 2024

 

 

 

Company Receives Fixed

 

Company Pays Floating

 

Counterparty

 

Maturity Date

 

Payment Frequency

 

Notional Amount

 

 

Derivative Liability at Fair Value

 

Interest rate swap

 

2.633%

 

1 Day SOFR

 

CME

 

6/9/2025

 

Annual

 

 

35,000,000

 

 

$

(652,656

)

 

18

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2024

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 (the “Securities Act”). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
(B)
Non-controlled affiliate – as defined under the Investment Company Act of 1940 (the "1940 Act") (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.
(C)
Non-accruing debt investment.
(D)
Other non-income producing investment.
(E)
Restricted security. (See Note 2)
(F)
Controlled issuer – as defined under the 1940 Act (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 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(I)
Deemed an investment company under Section 3(c) of the 1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(J)
Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(K)
Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.
(L)
In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
(M)
All cash and investments, except those referenced in Note 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 U.S. dollars. Foreign currency denominated investments are generally hedged for currency exposure.

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

Excluding $586,903,708 of investments acquired in connection with the Merger, aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $222,465,128 and 348,509,035, respectively, for the nine months ended September 30, 2024. 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 September 30, 2024 was $1,903,792,831 or 94.6% of total cash and investments of the Company. As of September 30, 2024, approximately 16.9% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

19

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments

December 31, 2023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.39

%

 

4/15/2026

 

$

5,954,228

 

 

$

5,902,287

 

 

$

5,817,281

 

 

 

0.35

%

 

G/N

ALCV Purchaser, Inc. (AutoLenders)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.39

%

 

4/15/2026

 

$

662,974

 

 

 

658,294

 

 

 

647,726

 

 

 

0.04

%

 

G/N

AutoAlert, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.40

%

 

 

10.79

%

 

3/31/2028

 

$

18,812,631

 

 

 

18,812,631

 

 

 

18,812,631

 

 

 

1.13

%

 

F/N

AutoAlert, LLC

 

Second Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

9.40

%

 

 

14.79

%

 

3/31/2029

 

$

9,256,229

 

 

 

9,256,229

 

 

 

9,256,229

 

 

 

0.55

%

 

F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,629,441

 

 

 

34,533,867

 

 

 

2.07

%

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porcelain Acquisition Corporation (Paramount)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.10

%

 

 

11.45

%

 

4/30/2027

 

$

7,063,314

 

 

 

6,974,654

 

 

 

6,554,755

 

 

 

0.39

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

 

7.51

%

 

 

12.88

%

 

2/7/2025

 

$

21,791,007

 

 

 

21,536,495

 

 

 

21,965,335

 

 

 

1.32

%

 

L/N

Pico Quantitative Trading, LLC

 

First Lien Incremental Term Loan (1.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

 

7.51

%

 

 

12.89

%

 

2/7/2025

 

$

24,415,870

 

 

 

23,922,187

 

 

 

24,391,455

 

 

 

1.46

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,458,682

 

 

 

46,356,790

 

 

 

2.78

%

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.63

%

 

8/23/2028

 

$

357,969

 

 

 

350,756

 

 

 

352,349

 

 

 

0.02

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.60

%

 

8/23/2028

 

$

248,281

 

 

 

243,106

 

 

 

244,383

 

 

 

0.01

%

 

N

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

Sr Secured Revolver

 

ABR

 

 

0.75

%

 

 

5.25

%

 

 

13.75

%

 

8/23/2027

 

$

19,583

 

 

 

18,469

 

 

 

18,684

 

 

 

—

 

 

N

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.40

%

 

 

12.79

%

 

8/31/2029

 

$

7,767,802

 

 

 

7,676,913

 

 

 

7,426,019

 

 

 

0.45

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,289,244

 

 

 

8,041,435

 

 

 

0.48

%

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated E1 Term Loan

 

LIBOR(Q)

 

 

—

 

 

12.50% PIK

 

 

 

12.50

%

 

4/13/2024

 

$

88,455

 

 

 

58,350

 

 

 

—

 

 

 

—

 

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated E2 Term Loan

 

LIBOR(Q)

 

 

—

 

 

12.50% PIK

 

 

 

12.50

%

 

4/13/2024

 

$

265,368

 

 

 

174,283

 

 

 

—

 

 

 

—

 

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated F Term Loan

 

LIBOR(Q)

 

 

—

 

 

12.50% PIK

 

 

 

12.50

%

 

4/13/2024

 

$

1,071,041

 

 

 

650,880

 

 

 

—

 

 

 

—

 

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated G Term Loan

 

LIBOR(Q)

 

 

—

 

 

12.50% PIK

 

 

 

12.50

%

 

10/13/2024

 

$

315,185

 

 

 

198,154

 

 

 

—

 

 

 

—

 

 

C/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,081,667

 

 

 

—

 

 

 

—

 

 

 

Construction and Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CSG Buyer, Inc. (Core States)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.26

%

 

 

11.61

%

 

3/31/2028

 

$

—

 

 

 

(29,212

)

 

 

(36,515

)

 

 

—

 

 

K/N

CSG Buyer, Inc. (Core States)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.26

%

 

 

11.61

%

 

3/31/2028

 

$

8,825,389

 

 

 

8,648,881

 

 

 

8,604,754

 

 

 

0.51

%

 

N

CSG Buyer, Inc. (Core States)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.26

%

 

 

11.61

%

 

3/31/2028

 

$

—

 

 

 

(58,423

)

 

 

(73,029

)

 

 

—

 

 

K/N

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.19

%

 

11/23/2027

 

$

2,481,621

 

 

 

2,438,418

 

 

 

2,352,577

 

 

 

0.14

%

 

N

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.18

%

 

11/23/2027

 

$

2,788,293

 

 

 

2,744,082

 

 

 

2,643,302

 

 

 

0.16

%

 

N

Homerenew Buyer, Inc. (Project Dream)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.19

%

 

11/23/2027

 

$

690,482

 

 

 

679,463

 

 

 

654,577

 

 

 

0.04

%

 

N

Hylan Intermediate Holding II, LLC

 

Second Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

10.00

%

 

 

15.47

%

 

3/11/2027

 

$

5,237,535

 

 

 

5,086,500

 

 

 

5,232,821

 

 

 

0.31

%

 

B/N

Hylan Intermediate Holding II, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

8.00

%

 

 

13.47

%

 

2/22/2026

 

$

4,983,707

 

 

 

4,983,707

 

 

 

4,979,720

 

 

 

0.30

%

 

B/N

LJ Avalon Holdings, LLC (Ardurra)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.04

%

 

2/1/2030

 

$

—

 

 

 

(21,388

)

 

 

(12,565

)

 

 

—

 

 

K/N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.03

%

 

2/1/2030

 

$

816,228

 

 

 

761,052

 

 

 

784,845

 

 

 

0.05

%

 

N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.04

%

 

2/1/2030

 

$

5,126,947

 

 

 

4,990,101

 

 

 

5,050,043

 

 

 

0.30

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.36

%

 

9/4/2029

 

$

214,651

 

 

 

210,049

 

 

 

210,358

 

 

 

0.01

%

 

N

Vortex Companies, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.36

%

 

9/4/2029

 

$

9,578

 

 

 

7,913

 

 

 

8,016

 

 

 

—

 

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.36

%

 

9/4/2029

 

$

331,201

 

 

 

324,038

 

 

 

324,577

 

 

 

0.02

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,765,181

 

 

 

30,723,481

 

 

 

1.84

%

 

 

 

 

20

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2023

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.50

%

 

9/21/2027

 

$

7,500,000

 

 

$

7,346,913

 

 

$

7,237,500

 

 

 

0.43

%

 

N

Freedom Financial Network Funding, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.64

%

 

9/21/2027

 

$

2,500,000

 

 

 

2,450,322

 

 

 

2,412,500

 

 

 

0.14

%

 

N

Lucky US BuyerCo, LLC (Global Payments)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.85

%

 

3/30/2029

 

$

—

 

 

 

(7,333

)

 

 

(4,947

)

 

 

—

 

 

K/N

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.85

%

 

3/30/2029

 

$

2,159,767

 

 

 

2,100,379

 

 

 

2,121,323

 

 

 

0.13

%

 

N

Money Transfer Acquisition Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.35

%

 

 

13.71

%

 

12/14/2027

 

$

6,852,007

 

 

 

6,732,469

 

 

 

6,714,966

 

 

 

0.41

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,622,750

 

 

 

18,481,342

 

 

 

1.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Holding, Inc. (Brook & Whittle)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.50

%

 

 

13.04

%

 

12/14/2029

 

$

13,079,848

 

 

 

12,836,393

 

 

 

11,667,224

 

 

 

0.70

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colony Display, LLC

 

First Lien Term Loan (15% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

6.76% Cash + 3.00% PIK

 

 

 

15.11

%

 

6/30/2026

 

$

7,037,045

 

 

 

6,962,201

 

 

 

6,389,637

 

 

 

0.38

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.72

%

 

9/14/2029

 

$

457,642

 

 

 

449,013

 

 

 

453,477

 

 

 

0.03

%

 

N

Fusion Holding Corp. (Finalsite)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.72

%

 

9/15/2027

 

$

—

 

 

 

(631

)

 

 

(385

)

 

 

—

 

 

K/N

Razor Group GmbH (Germany)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

2.00

%

 

5.00% Cash + 5.00% PIK

 

 

 

15.37

%

 

4/30/2025

 

$

43,330,478

 

 

 

43,409,327

 

 

 

41,632,537

 

 

 

2.50

%

 

H/N

Razor Group GmbH (Germany)

 

First Lien Sr Secured Convertible Term Loan

 

Fixed

 

 

—

 

 

3.50% Cash + 3.50% PIK

 

 

 

7.00

%

 

4/30/2025

 

$

4,818,557

 

 

 

4,818,557

 

 

 

4,659,545

 

 

 

0.28

%

 

H/N

SellerX Germany GmbH (Germany)

 

First Lien B Delayed Draw Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.35

%

 

5/23/2026

 

$

—

 

 

 

—

 

 

 

(55,380

)

 

 

—

 

 

H/K/N

SellerX Germany GmbH (Germany)

 

First Lien A1 Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.35

%

 

5/23/2026

 

$

18,438,731

 

 

 

18,438,731

 

 

 

18,235,905

 

 

 

1.09

%

 

H/N

SellerX Germany GmbH (Germany)

 

First Lien A2 Term Loan

 

SOFR(Q)

 

 

2.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.35

%

 

5/23/2026

 

$

20,812,783

 

 

 

20,812,783

 

 

 

20,583,842

 

 

 

1.23

%

 

H/N

Thras.io, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

9.26

%

 

 

14.61

%

 

12/18/2026

 

$

33,034,714

 

 

 

32,603,849

 

 

 

16,076,839

 

 

 

0.96

%

 

C

Whele, LLC (PerchHQ)

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

1.00

%

 

11.50% PIK

 

 

 

13.82

%

 

10/15/2025

 

$

19,398,793

 

 

 

19,438,393

 

 

 

13,171,781

 

 

 

0.79

%

 

C/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

139,970,022

 

 

 

114,758,161

 

 

 

6.88

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-10 Holdco, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.10

%

 

 

11.46

%

 

3/26/2026

 

$

8,082,534

 

 

 

8,071,292

 

 

 

7,952,405

 

 

 

0.48

%

 

N

2-10 Holdco, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.10

%

 

 

11.46

%

 

3/26/2026

 

$

—

 

 

 

(841

)

 

 

(11,651

)

 

 

—

 

 

K/N

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed

 

 

—

 

 

 

—

 

 

 

12.00

%

 

11/30/2025

 

$

52,318,937

 

 

 

52,318,937

 

 

 

52,318,937

 

 

 

3.13

%

 

E/F/N

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.35

%

 

8/29/2029

 

$

1,263,739

 

 

 

1,239,642

 

 

 

1,276,376

 

 

 

0.08

%

 

N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.60

%

 

8/29/2029

 

$

101,227

 

 

 

99,281

 

 

 

102,239

 

 

 

0.01

%

 

N

Accordion Partners LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.35

%

 

8/31/2028

 

$

—

 

 

 

(1,973

)

 

 

—

 

 

 

—

 

 

K/N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.38

%

 

8/29/2029

 

$

154,375

 

 

 

151,371

 

 

 

155,919

 

 

 

0.01

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.71

%

 

8/21/2028

 

$

696,464

 

 

 

685,047

 

 

 

682,883

 

 

 

0.04

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.71

%

 

8/21/2028

 

$

193,462

 

 

 

190,274

 

 

 

189,690

 

 

 

0.01

%

 

N

Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)

 

Second Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.62

%

 

 

13.97

%

 

7/5/2026

 

$

17,633,544

 

 

 

17,441,040

 

 

 

17,280,873

 

 

 

1.04

%

 

N

TransNetwork, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

5.50

%

 

 

10.87

%

 

11/20/2030

 

$

1,000,000

 

 

 

960,000

 

 

 

997,500

 

 

 

0.06

%

 

N

Wealth Enhancement Group, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.85

%

 

 

11.23

%

 

10/4/2027

 

$

399,109

 

 

 

397,266

 

 

 

393,271

 

 

 

0.02

%

 

N

Wealth Enhancement Group, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

11.63

%

 

10/4/2027

 

$

—

 

 

 

(94

)

 

 

(335

)

 

 

—

 

 

K/N

Worldremit Group Limited (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

9.40

%

 

 

14.78

%

 

2/11/2025

 

$

43,629,951

 

 

 

43,288,691

 

 

 

42,102,902

 

 

 

2.52

%

 

H/L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

124,839,933

 

 

 

123,441,009

 

 

 

7.40

%

 

 

 

 

 

 

 

 

 

21

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aventiv Technologies, Inc. (Securus)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.25

%

 

 

14.26

%

 

10/31/2025

 

$

26,345,954

 

 

$

26,259,652

 

 

$

13,831,626

 

 

 

0.83

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia & ME Pte. Ltd. (Singapore)

 

First Lien Term Loan

 

Fixed

 

 

—

 

 

 

—

 

 

 

—

 

 

6/30/2024

 

$

2,110,141

 

 

 

2,110,141

 

 

 

—

 

 

 

—

 

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Bank Guarantee Credit Facility

 

Fixed

 

 

—

 

 

 

—

 

 

 

—

 

 

12/31/2023

 

$

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

 

 

—

 

 

 

—

 

 

 

—

 

 

12/31/2023

 

$

5,535,517

 

 

 

5,535,517

 

 

 

1,367,273

 

 

 

0.08

%

 

D/F/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,224,535

 

 

 

1,468,588

 

 

 

0.09

%

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.90

%

 

 

12.32

%

 

5/6/2027

 

$

8,086,281

 

 

 

7,990,592

 

 

 

7,932,642

 

 

 

0.48

%

 

N

Appriss Health, LLC (PatientPing)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.90

%

 

 

12.32

%

 

5/6/2027

 

$

—

 

 

 

(6,114

)

 

 

(10,346

)

 

 

—

 

 

K/N

CareATC, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.85

%

 

 

13.23

%

 

3/14/2026

 

$

13,767,771

 

 

 

13,638,522

 

 

 

13,492,416

 

 

 

0.81

%

 

N

CareATC, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.85

%

 

 

13.23

%

 

3/14/2026

 

$

—

 

 

 

(4,367

)

 

 

(12,146

)

 

 

—

 

 

K/N

ESO Solutions, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.36

%

 

5/3/2027

 

$

23,802,071

 

 

 

23,478,616

 

 

 

23,159,415

 

 

 

1.39

%

 

N

ESO Solutions, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.36

%

 

5/3/2027

 

$

1,050,166

 

 

 

1,029,786

 

 

 

1,002,909

 

 

 

0.06

%

 

N

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.10

%

 

 

13.52

%

 

10/2/2028

 

$

5,727,820

 

 

 

5,707,000

 

 

 

5,584,624

 

 

 

0.33

%

 

N

Sandata Technologies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.15

%

 

 

11.51

%

 

7/23/2024

 

$

860,842

 

 

 

841,342

 

 

 

860,842

 

 

 

0.05

%

 

N

Sandata Technologies, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

—

 

 

 

6.15

%

 

 

11.50

%

 

7/23/2024

 

$

20,250,000

 

 

 

20,206,261

 

 

 

20,169,000

 

 

 

1.21

%

 

N

Sandata Technologies, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

—

 

 

 

6.15

%

 

 

11.52

%

 

7/23/2024

 

$

1,200,000

 

 

 

1,195,468

 

 

 

1,191,000

 

 

 

0.07

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

74,077,106

 

 

 

73,370,356

 

 

 

4.40

%

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INH Buyer, Inc. (IMS Health)

 

First Lien Term Loan (1.5% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.50% PIK

 

 

 

12.45

%

 

6/28/2028

 

$

4,621,017

 

 

 

4,553,794

 

 

 

3,830,823

 

 

 

0.23

%

 

L/N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.50

%

 

5/4/2028

 

$

10,236,675

 

 

 

10,080,420

 

 

 

9,956,190

 

 

 

0.59

%

 

N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.39

%

 

5/4/2028

 

$

692,838

 

 

 

635,134

 

 

 

584,359

 

 

 

0.04

%

 

N

Team Services Group, LLC

 

Second Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.88

%

 

11/13/2028

 

$

27,855,847

 

 

 

27,242,251

 

 

 

26,184,497

 

 

 

1.57

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,511,599

 

 

 

40,555,869

 

 

 

2.43

%

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fishbowl, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.26

%

 

 

10.61

%

 

5/27/2027

 

$

12,089,579

 

 

 

12,089,579

 

 

 

12,089,579

 

 

 

0.73

%

 

F/N

Mesquite Bidco, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.48

%

 

11/30/2029

 

$

—

 

 

 

(47,562

)

 

 

(47,562

)

 

 

—

 

 

K/N

Mesquite Bidco, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.10

%

 

 

12.48

%

 

11/30/2029

 

$

26,159,150

 

 

 

25,382,587

 

 

 

25,374,376

 

 

 

1.52

%

 

N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.11

%

 

6/3/2027

 

$

228,588

 

 

 

225,234

 

 

 

225,296

 

 

 

0.01

%

 

H/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

5.75

%

 

 

11.11

%

 

6/3/2027

 

$

18,519

 

 

 

18,257

 

 

 

18,252

 

 

 

—

 

 

H/N

Showtime Acquisition, L.L.C. (World Choice)

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

7.60

%

 

 

12.98

%

 

8/7/2028

 

$

—

 

 

 

(32,730

)

 

 

(23,380

)

 

 

—

 

 

K/N

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.60

%

 

 

12.97

%

 

8/7/2028

 

$

—

 

 

 

(26,241

)

 

 

(18,704

)

 

 

—

 

 

K/N

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.60

%

 

 

12.98

%

 

8/7/2028

 

$

18,093,621

 

 

 

17,616,543

 

 

 

17,767,936

 

 

 

1.07

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,225,667

 

 

 

55,385,793

 

 

 

3.33

%

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bad Boy Mowers JV Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.37

%

 

11/9/2029

 

$

666,667

 

 

 

650,234

 

 

 

640,000

 

 

 

0.04

%

 

Notes

 

 

 

 

 

 

 

 

 

 

 

22

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.14

%

 

8/31/2029

 

$

1,800,000

 

 

$

1,769,190

 

 

$

1,782,000

 

 

 

0.11

%

 

N

AmeriLife Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.14

%

 

8/31/2029

 

$

375,115

 

 

 

367,470

 

 

 

370,601

 

 

 

0.02

%

 

N

AmeriLife Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

11.14

%

 

8/31/2028

 

$

—

 

 

 

(3,563

)

 

 

(2,273

)

 

 

—

 

 

K/N

Integrity Marketing Acquisition, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.39

%

 

8/27/2026

 

$

—

 

 

 

(535,197

)

 

 

—

 

 

 

—

 

 

K/N

Integrity Marketing Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.89

%

 

8/27/2026

 

$

10,152,275

 

 

 

10,015,937

 

 

 

10,152,275

 

 

 

0.61

%

 

N

IT Parent, LLC (Insurance Technologies)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.35

%

 

 

11.71

%

 

10/1/2026

 

$

4,784,799

 

 

 

4,733,187

 

 

 

4,540,774

 

 

 

0.27

%

 

N

IT Parent, LLC (Insurance Technologies)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.35

%

 

 

11.70

%

 

10/1/2026

 

$

520,833

 

 

 

514,360

 

 

 

488,958

 

 

 

0.03

%

 

N

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.11

%

 

 

11.47

%

 

11/1/2028

 

$

2,957,002

 

 

 

2,922,362

 

 

 

2,945,174

 

 

 

0.18

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,783,746

 

 

 

20,277,509

 

 

 

1.22

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CommerceHub, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.40

%

 

 

11.79

%

 

12/29/2027

 

$

954,643

 

 

 

899,762

 

 

 

888,295

 

 

 

0.05

%

 

N

Syndigo, LLC

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

8.00

%

 

 

13.48

%

 

12/14/2028

 

$

12,141,870

 

 

 

12,011,417

 

 

 

11,109,811

 

 

 

0.67

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,911,179

 

 

 

11,998,106

 

 

 

0.72

%

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.72

%

 

10/31/2025

 

$

930,531

 

 

 

918,376

 

 

 

930,531

 

 

 

0.06

%

 

N

Acquia, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.74

%

 

10/31/2025

 

$

25,299,736

 

 

 

25,087,954

 

 

 

25,299,736

 

 

 

1.52

%

 

N

Anaconda, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.85

%

 

8/22/2027

 

$

5,717,940

 

 

 

5,670,100

 

 

 

5,609,300

 

 

 

0.34

%

 

N

Astra Acquisition Corp. (Anthology)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

9.14

%

 

 

14.48

%

 

10/25/2029

 

$

20,715,038

 

 

 

20,393,463

 

 

 

12,429,023

 

 

 

0.75

%

 

G/N

Bynder Bidco, Inc. (Netherlands)

 

Sr Secured Revolver A

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.63

%

 

1/26/2029

 

$

—

 

 

 

(6,180

)

 

 

(4,180

)

 

 

—

 

 

H/K/N

Bynder Bidco, Inc. (Netherlands)

 

First Lien Term Loan A

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.63

%

 

1/26/2029

 

$

3,000,000

 

 

 

2,920,136

 

 

 

2,948,400

 

 

 

0.18

%

 

H/N

Bynder Bidco B.V. (Netherlands)

 

Sr Secured Revolver B

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.63

%

 

1/26/2029

 

$

—

 

 

 

(22,430

)

 

 

(15,170

)

 

 

—

 

 

H/K/N

Bynder Bidco B.V. (Netherlands)

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.63

%

 

1/26/2029

 

$

10,875,000

 

 

 

10,585,492

 

 

 

10,687,950

 

 

 

0.64

%

 

H/N

Domo, Inc.

 

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

 

SOFR(Q)

 

 

1.50

%

 

5.76% Cash + 2.50% PIK

 

 

 

13.64

%

 

4/1/2025

 

$

57,683,682

 

 

 

57,621,710

 

 

 

57,452,947

 

 

 

3.45

%

 

L/N

Domo, Inc.

 

First Lien PIK Term Loan

 

Fixed

 

 

—

 

 

9.50% PIK

 

 

 

9.50

%

 

4/1/2025

 

$

3,423,038

 

 

 

933,160

 

 

 

3,269,001

 

 

 

0.20

%

 

N

e-Discovery Acquireco, LLC (Reveal)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.89

%

 

8/29/2029

 

$

—

 

 

 

(1,970

)

 

 

(2,058

)

 

 

—

 

 

K/N

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.89

%

 

8/29/2029

 

$

916,667

 

 

 

894,416

 

 

 

894,025

 

 

 

0.05

%

 

N

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

4.00% Cash + 4.00% PIK

 

 

 

13.47

%

 

7/8/2027

 

$

530,257

 

 

 

526,407

 

 

 

530,257

 

 

 

0.03

%

 

N

InMoment, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

5.00% cash + 2.50% PIK

 

 

 

12.96

%

 

6/8/2028

 

$

7,749,018

 

 

 

7,627,539

 

 

 

7,520,422

 

 

 

0.45

%

 

N

Magenta Buyer, LLC (McAfee)

 

First Lien Incremental Term Loan

 

Fixed

 

 

—

 

 

 

12.00

%

 

 

12.00

%

 

7/27/2028

 

$

4,196,286

 

 

 

3,854,119

 

 

 

3,252,122

 

 

 

0.20

%

 

G

Magenta Buyer, LLC (McAfee)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

8.51

%

 

 

13.89

%

 

7/27/2029

 

$

20,000,000

 

 

 

19,770,718

 

 

 

8,000,000

 

 

 

0.48

%

 

G

Oranje Holdco, Inc. (KnowBe4)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.13

%

 

2/1/2029

 

$

—

 

 

 

(26,159

)

 

 

—

 

 

 

—

 

 

K/N

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.88

%

 

2/1/2029

 

$

9,838,988

 

 

 

9,620,806

 

 

 

9,947,217

 

 

 

0.60

%

 

N

Persado, Inc.

 

First Lien Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

 

1.80

%

 

 

7.50

%

 

 

12.84

%

 

6/10/2027

 

$

12,171,367

 

 

 

12,078,305

 

 

 

11,209,829

 

 

 

0.67

%

 

L/N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.15

%

 

 

13.56

%

 

4/6/2027

 

$

32,582,872

 

 

 

32,162,182

 

 

 

31,768,301

 

 

 

1.91

%

 

N

Pluralsight, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

8.15

%

 

 

13.56

%

 

4/6/2027

 

$

1,878,109

 

 

 

1,850,684

 

 

 

1,817,680

 

 

 

0.11

%

 

N

Quartz Holding Company (Quick Base)

 

Second Lien Term Loan

 

SOFR(M)

 

 

—

 

 

 

8.10

%

 

 

13.46

%

 

4/2/2027

 

$

9,903,019

 

 

 

9,797,435

 

 

 

9,903,019

 

 

 

0.59

%

 

N

 

 

 

 

 

 

23

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ResearchGate GmBH (Germany)

 

First Lien Term Loan (4.0% Exit Fee)

 

EURIBOR(M)

 

 

—

 

 

 

8.55

%

 

 

12.55

%

 

10/1/2024

 

$

7,500,000

 

 

$

8,205,097

 

 

$

8,017,274

 

 

 

0.47

%

 

H/L/N/O

Sailpoint Technologies Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.36

%

 

8/16/2029

 

$

462,462

 

 

 

454,559

 

 

 

462,092

 

 

 

0.03

%

 

N

Sailpoint Technologies Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.36

%

 

8/16/2028

 

$

—

 

 

 

(580

)

 

 

(83

)

 

 

—

 

 

K/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

0.90% Cash + 6.25% PIK

 

 

 

12.53

%

 

1/24/2028

 

$

541,794

 

 

 

533,702

 

 

 

536,431

 

 

 

0.03

%

 

H/I/N

Suited Connector, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

6.20% Cash + 2.00% PIK

 

 

 

13.58

%

 

12/1/2027

 

$

584,388

 

 

 

576,331

 

 

 

383,359

 

 

 

0.02

%

 

N

Suited Connector, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.20% Cash + 2.00% PIK

 

 

 

13.57

%

 

12/1/2027

 

$

3,629,082

 

 

 

3,577,053

 

 

 

2,380,678

 

 

 

0.14

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

235,602,425

 

 

 

215,228,103

 

 

 

12.92

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.60

%

 

10/19/2028

 

$

—

 

 

 

(903

)

 

 

—

 

 

 

—

 

 

K/N

Avalara, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.60

%

 

10/19/2028

 

$

450,000

 

 

 

440,589

 

 

 

456,750

 

 

 

0.03

%

 

N

Crewline Buyer, Inc. (New Relic)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.10

%

 

11/8/2030

 

$

—

 

 

 

(2,003

)

 

 

(818

)

 

 

—

 

 

K/N

Crewline Buyer, Inc. (New Relic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.10

%

 

11/8/2030

 

$

784,906

 

 

 

765,420

 

 

 

777,057

 

 

 

0.05

%

 

N

Ensono, Inc.

 

Second Lien Term Loan B

 

SOFR(M)

 

 

—

 

 

 

8.11

%

 

 

13.47

%

 

5/28/2029

 

$

15,000,000

 

 

 

14,897,865

 

 

 

14,610,000

 

 

 

0.88

%

 

G/N

Madison Logic Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.35

%

 

12/30/2027

 

$

—

 

 

 

(25,722

)

 

 

(29,959

)

 

 

—

 

 

K/N

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.35

%

 

12/29/2028

 

$

14,796,820

 

 

 

14,395,217

 

 

 

14,382,509

 

 

 

0.86

%

 

N

Serrano Parent, LLC (Sumo Logic)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.88

%

 

5/13/2030

 

$

—

 

 

 

(2,053

)

 

 

(540

)

 

 

—

 

 

K/N

Serrano Parent, LLC (Sumo Logic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.88

%

 

5/13/2030

 

$

900,000

 

 

 

878,238

 

 

 

894,600

 

 

 

0.05

%

 

N

Xactly Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.35

%

 

 

12.74

%

 

7/31/2025

 

$

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

N

Xactly Corporation

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.35

%

 

 

12.74

%

 

7/31/2025

 

$

14,671,682

 

 

 

14,671,682

 

 

 

14,671,682

 

 

 

0.88

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46,018,330

 

 

 

45,761,281

 

 

 

2.75

%

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blue Star Sports Holdings, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

6.00% cash + 3.50% PIK

 

 

 

14.92

%

 

6/15/2024

 

$

71,413

 

 

 

71,322

 

 

 

68,713

 

 

 

—

 

 

N

Blue Star Sports Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

6.00% cash + 3.50% PIK

 

 

 

14.94

%

 

6/15/2024

 

$

142,322

 

 

 

142,142

 

 

 

136,942

 

 

 

0.01

%

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.00% cash + 3.50% PIK

 

 

 

14.95

%

 

6/15/2024

 

$

1,959,653

 

 

 

1,956,621

 

 

 

1,885,579

 

 

 

0.11

%

 

N

Peloton Interactive, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

0.50

%

 

 

7.10

%

 

 

12.48

%

 

5/25/2027

 

$

98,500

 

 

 

95,531

 

 

 

99,214

 

 

 

0.01

%

 

G/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,265,616

 

 

 

2,190,448

 

 

 

0.13

%

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.10

%

 

 

12.46

%

 

12/21/2028

 

$

—

 

 

 

(16,005

)

 

 

10,925

 

 

 

—

 

 

K/N

Alcami Corporation

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.10

%

 

 

12.46

%

 

12/21/2028

 

$

—

 

 

 

(25,480

)

 

 

—

 

 

 

—

 

 

K/N

Alcami Corporation

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.10

%

 

 

12.46

%

 

12/21/2028

 

$

6,489,635

 

 

 

6,287,606

 

 

 

6,619,428

 

 

 

0.40

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,246,121

 

 

 

6,630,353

 

 

 

0.40

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny’s Enterprises, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.90

%

 

 

12.28

%

 

8/5/2028

 

$

13,593,271

 

 

 

13,341,301

 

 

 

13,865,137

 

 

 

0.83

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,341,301

 

 

 

13,865,137

 

 

 

0.83

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEP Group, Inc. et al

 

Second Lien Term Loan

 

SOFR(M)

 

 

—

 

 

 

7.11

%

 

 

12.47

%

 

10/19/2026

 

$

14,500,000

 

 

 

14,189,402

 

 

 

11,672,500

 

 

 

0.70

%

 

G

Khoros, LLC (Lithium)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

4.50% Cash + 4.50% PIK

 

 

 

14.39

%

 

1/3/2024

 

$

29,509,107

 

 

 

29,369,194

 

 

 

23,666,304

 

 

 

1.42

%

 

N

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

7.01% Cash + 0.50% PIK

 

 

 

12.89

%

 

12/31/2024

 

$

375,800

 

 

 

372,235

 

 

 

355,131

 

 

 

0.02

%

 

N

Terraboost Media Operating Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.00

%

 

8/23/2026

 

$

10,364,664

 

 

 

10,236,830

 

 

 

9,214,186

 

 

 

0.55

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,167,661

 

 

 

44,908,121

 

 

 

2.69

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore International Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

9.15

%

 

 

14.50

%

 

4/12/2024

 

$

1,324,151

 

 

 

1,324,151

 

 

 

1,324,151

 

 

 

0.08

%

 

B/N

Palmdale Oil Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.06

%

 

10/2/2029

 

$

1,000,000

 

 

 

970,518

 

 

 

975,000

 

 

 

0.06

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,294,669

 

 

 

2,299,151

 

 

 

0.14

%

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.44

%

 

11/30/2026

 

$

20,158,690

 

 

 

19,877,911

 

 

 

19,467,247

 

 

 

1.17

%

 

N

Alpine Acquisition Corp II (48Forty)

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.44

%

 

11/30/2026

 

$

107,443

 

 

 

104,030

 

 

 

101,300

 

 

 

0.01

%

 

N

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.25

%

 

 

6.15

%

 

 

11.56

%

 

12/23/2026

 

$

10,413,534

 

 

 

10,166,872

 

 

 

10,038,647

 

 

 

0.60

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,148,813

 

 

 

29,607,194

 

 

 

1.78

%

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nephron Pharmaceuticals Corp. et al

 

First Lien Term Loan B

 

SOFR(Q)

 

 

1.50

%

 

 

9.00

%

 

 

16.57

%

 

9/11/2026

 

$

23,709,677

 

 

 

22,839,598

 

 

 

20,508,871

 

 

 

1.23

%

 

N

 

24

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applause App Quality, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

5.00

%

 

 

10.40

%

 

9/20/2025

 

$

15,127,466

 

 

$

15,097,104

 

 

$

15,127,466

 

 

 

0.91

%

 

N

Applause App Quality, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

5.00

%

 

 

10.40

%

 

9/20/2025

 

$

—

 

 

 

(4,975

)

 

 

—

 

 

 

—

 

 

K/N

CIBT Solutions, Inc.

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

1.00% Cash + 6.75% PIK

 

 

 

7.75

%

 

6/1/2025

 

$

8,146,376

 

 

 

7,567,314

 

 

 

1,710,739

 

 

 

0.10

%

 

C/N

DTI Holdco, Inc. (Epiq Systems, Inc.)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.75

%

 

 

13.13

%

 

4/26/2030

 

$

7,500,000

 

 

 

7,377,765

 

 

 

6,562,500

 

 

 

0.39

%

 

G/N

GI Consilio Parent, LLC

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

7.50

%

 

 

12.97

%

 

5/14/2029

 

$

10,000,000

 

 

 

9,937,579

 

 

 

10,000,000

 

 

 

0.60

%

 

G/N

ICIMS, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

12.62

%

 

8/18/2028

 

$

—

 

 

 

—

 

 

 

(5,760

)

 

 

—

 

 

K/N

ICIMS, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.75

%

 

 

12.10

%

 

8/18/2028

 

$

66,269

 

 

 

60,824

 

 

 

63,690

 

 

 

—

 

 

N

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

12.62

%

 

8/18/2028

 

$

8,783,644

 

 

 

8,656,913

 

 

 

8,728,775

 

 

 

0.52

%

 

N

JobandTalent USA, Inc. (United Kingdom)

 

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

 

SOFR(M)

 

 

1.00

%

 

 

8.86

%

 

 

14.22

%

 

2/17/2025

 

$

18,590,587

 

 

 

18,462,713

 

 

 

18,107,231

 

 

 

1.10

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.86

%

 

 

14.22

%

 

2/17/2025

 

$

26,409,413

 

 

 

26,210,523

 

 

 

25,722,768

 

 

 

1.54

%

 

H/L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

93,365,760

 

 

 

86,017,409

 

 

 

5.16

%

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greystone Affordable Housing Initiatives, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.25

%

 

 

6.43

%

 

 

11.84

%

 

3/2/2026

 

$

4,666,667

 

 

 

4,666,667

 

 

 

4,634,000

 

 

 

0.28

%

 

I/N

Greystone Select Company II, LLC (Passco)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.50

%

 

 

6.61

%

 

 

11.97

%

 

3/21/2027

 

$

8,181,818

 

 

 

8,057,028

 

 

 

8,116,364

 

 

 

0.48

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,723,695

 

 

 

12,750,364

 

 

 

0.76

%

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (fka Keep Truckin, Inc.)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.68

%

 

 

13.18

%

 

4/8/2025

 

$

40,000,000

 

 

 

39,746,666

 

 

 

39,840,000

 

 

 

2.39

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.40

%

 

 

11.79

%

 

12/29/2027

 

$

5,354,918

 

 

 

5,276,269

 

 

 

4,872,975

 

 

 

0.29

%

 

G/N

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.10

%

 

 

11.46

%

 

12/29/2026

 

$

1,422,037

 

 

 

1,241,272

 

 

 

1,166,324

 

 

 

0.07

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,517,541

 

 

 

6,039,299

 

 

 

0.36

%

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospike, Inc.

 

First Lien Term Loan (0.50% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.97

%

 

12/29/2025

 

$

9,958,261

 

 

 

9,867,485

 

 

 

9,878,595

 

 

 

0.59

%

 

L/N

AlphaSense, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.47

%

 

3/11/2027

 

$

25,095,612

 

 

 

24,913,264

 

 

 

25,165,879

 

 

 

1.51

%

 

N

Aras Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.04

%

 

4/13/2027

 

$

756,022

 

 

 

746,002

 

 

 

728,107

 

 

 

0.04

%

 

N

Aras Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.65% Cash + 3.25% PIK

 

 

 

12.20

%

 

4/13/2027

 

$

13,071,448

 

 

 

12,935,644

 

 

 

12,653,162

 

 

 

0.76

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.14

%

 

4/30/2026

 

$

1,285,939

 

 

 

1,258,628

 

 

 

1,285,940

 

 

 

0.08

%

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.19

%

 

4/30/2026

 

$

11,299,209

 

 

 

11,115,593

 

 

 

11,412,201

 

 

 

0.68

%

 

N

Bluefin Holding, LLC (Allvue)

 

Sr Secured Revolver

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.72

%

 

9/12/2029

 

$

—

 

 

 

(2,132

)

 

 

(1,526

)

 

 

—

 

 

K/N

Bluefin Holding, LLC (Allvue)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.72

%

 

9/12/2029

 

$

910,256

 

 

 

888,370

 

 

 

894,782

 

 

 

0.05

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.60

%

 

9/8/2027

 

$

2,916,353

 

 

 

2,887,546

 

 

 

2,842,277

 

 

 

0.17

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.60

%

 

9/8/2027

 

$

83,334

 

 

 

80,684

 

 

 

76,278

 

 

 

—

 

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Incremental Amendment 4 Term Loan

 

SOFR(Q)

 

 

0.75

%

 

8.00% PIK

 

 

 

13.35

%

 

9/8/2027

 

$

866,891

 

 

 

855,048

 

 

 

854,668

 

 

 

0.05

%

 

N

Disco Parent, Inc. (Duck Creek Technologies)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.89

%

 

3/30/2029

 

$

—

 

 

 

(1,995

)

 

 

—

 

 

 

—

 

 

K/N

Disco Parent, Inc. (Duck Creek Technologies)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.89

%

 

3/30/2029

 

$

909,091

 

 

 

888,144

 

 

 

910,909

 

 

 

0.05

%

 

N

Elastic Path Software, Inc. (Canada)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.76

%

 

 

13.15

%

 

1/6/2026

 

$

2,758,041

 

 

 

2,739,098

 

 

 

2,738,734

 

 

 

0.16

%

 

H/N

Elastic Path Software, Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.76

%

 

 

13.18

%

 

1/6/2026

 

$

5,432,783

 

 

 

5,401,609

 

 

 

5,394,754

 

 

 

0.32

%

 

H/N

Fusion Risk Management, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.75% PIK

 

 

 

12.62

%

 

5/22/2029

 

$

—

 

 

 

(1,938

)

 

 

(2,250

)

 

 

—

 

 

K/N

 

25

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.75% PIK

 

 

 

12.62

%

 

5/22/2029

 

$

910,052

 

 

$

892,951

 

 

$

890,941

 

 

 

0.05

%

 

N

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.22

%

 

7/9/2029

 

$

270,653

 

 

 

266,496

 

 

 

270,464

 

 

 

0.02

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.22

%

 

7/9/2029

 

$

209,142

 

 

 

205,823

 

 

 

208,996

 

 

 

0.01

%

 

N

GTY Technology Holdings Inc.

 

Sr Secured Revolver

 

PRIME(Q)

 

 

0.75

%

 

 

5.25

%

 

 

13.75

%

 

7/9/2029

 

$

4,616

 

 

 

3,880

 

 

 

4,583

 

 

 

—

 

 

N

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

3.25% Cash + 3.00% PIK

 

 

 

11.43

%

 

12/17/2027

 

$

4,211,805

 

 

 

4,154,469

 

 

 

4,075,764

 

 

 

0.24

%

 

N

Integrate.com, Inc. (Infinity Data, Inc.)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.15

%

 

 

11.52

%

 

12/17/2027

 

$

323,333

 

 

 

318,904

 

 

 

312,567

 

 

 

0.02

%

 

K/N

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

8.00

%

 

 

13.43

%

 

8/7/2028

 

$

1,000,000

 

 

 

979,213

 

 

 

985,100

 

 

 

0.06

%

 

N

Kaseya, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.50% Cash + 2.50% PIK

 

 

 

11.38

%

 

6/25/2029

 

$

1,649,934

 

 

 

1,629,453

 

 

 

1,641,684

 

 

 

0.10

%

 

N

Kaseya, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.50% Cash + 2.50% PIK

 

 

 

11.38

%

 

6/25/2029

 

$

6,153

 

 

 

4,970

 

 

 

5,652

 

 

 

—

 

 

N

Kaseya, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

3.50% Cash + 2.50% PIK

 

 

 

11.38

%

 

6/25/2029

 

$

25,269

 

 

 

24,067

 

 

 

24,767

 

 

 

0.00

%

 

N

Kong Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.50% Cash + 3.25% PIK

 

 

 

14.21

%

 

11/1/2027

 

$

6,398,042

 

 

 

6,288,112

 

 

 

6,392,284

 

 

 

0.39

%

 

N

Nvest, Inc. (SigFig)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.50

%

 

 

13.40

%

 

9/15/2025

 

$

5,438,594

 

 

 

5,402,895

 

 

 

5,315,138

 

 

 

0.32

%

 

N

Oversight Systems, Inc.

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.10

%

 

 

11.48

%

 

9/24/2026

 

$

—

 

 

 

(3,460

)

 

 

(2,318

)

 

 

—

 

 

K/N

Oversight Systems, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.10

%

 

 

11.48

%

 

9/24/2026

 

$

4,679,002

 

 

 

4,623,559

 

 

 

4,628,001

 

 

 

0.28

%

 

N

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

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.15

%

 

 

12.50

%

 

3/31/2027

 

$

10,872,518

 

 

 

10,744,790

 

 

 

10,687,685

 

 

 

0.65

%

 

H/N

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

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.15

%

 

 

12.51

%

 

3/31/2027

 

$

1,163,276

 

 

 

1,150,316

 

 

 

1,143,500

 

 

 

0.07

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 3.50% PIK

 

 

 

11.87

%

 

5/9/2028

 

$

16,706,836

 

 

 

16,454,610

 

 

 

16,636,667

 

 

 

1.01

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

0.065

 

 

 

11.87

%

 

5/9/2028

 

$

—

 

 

 

(23,540

)

 

 

(6,727

)

 

 

—

 

 

H/K/N

Superman Holdings, LLC (Foundation Software)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.13

%

 

 

11.47

%

 

8/31/2027

 

$

10,073,776

 

 

 

9,928,598

 

 

 

9,993,186

 

 

 

0.60

%

 

N

Superman Holdings, LLC (Foundation Software)

 

Sr Secured Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.13

%

 

 

11.47

%

 

8/31/2026

 

$

—

 

 

 

(14,030

)

 

 

(10,048

)

 

 

—

 

 

K/N

Trintech, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.86

%

 

7/25/2029

 

$

17,388

 

 

 

15,674

 

 

 

15,635

 

 

 

—

 

 

N

Trintech, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.86

%

 

7/25/2029

 

$

791,143

 

 

 

768,243

 

 

 

768,358

 

 

 

0.05

%

 

N

Zendesk Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

 

0.75

%

 

3.00% Cash + 3.25% PIK

 

 

 

11.61

%

 

11/22/2028

 

$

—

 

 

 

(644

)

 

 

—

 

 

 

—

 

 

K/N

Zendesk Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.00% Cash + 3.25% PIK

 

 

 

11.61

%

 

11/22/2028

 

$

391,962

 

 

 

385,520

 

 

 

393,922

 

 

 

0.02

%

 

N

Zendesk Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.00% Cash + 3.25% PIK

 

 

 

11.61

%

 

11/22/2028

 

$

—

 

 

 

(1,560

)

 

 

478

 

 

 

—

 

 

K/N

Zilliant Incorporated

 

Sr Secured Revolver

 

SOFR(M)

 

 

0.75

%

 

2.10% Cash + 4.50% PIK

 

 

 

11.96

%

 

12/21/2027

 

$

—

 

 

 

(1,967

)

 

 

(7,259

)

 

 

—

 

 

K/N

Zilliant Incorporated

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

2.10% Cash + 4.50% PIK

 

 

 

11.96

%

 

12/21/2027

 

$

1,921,454

 

 

 

1,895,963

 

 

 

1,827,303

 

 

 

0.11

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

140,664,355

 

 

 

141,028,833

 

 

 

8.46

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan

 

SOFR(Q)

 

 

2.00

%

 

 

6.75

%

 

 

12.10

%

 

8/15/2029

 

$

20,773,018

 

 

 

20,186,136

 

 

 

20,170,600

 

 

 

1.21

%

 

G

Hanna Andersson, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.60

%

 

 

12.96

%

 

7/2/2026

 

$

4,456,250

 

 

 

4,406,443

 

 

 

4,327,019

 

 

 

0.26

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,592,579

 

 

 

24,497,619

 

 

 

1.47

%

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.27

%

 

2/17/2026

 

$

31,114,286

 

 

 

30,738,884

 

 

 

31,612,114

 

 

 

1.90

%

 

H/N

 

 

26

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2023

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity/
Expiration

 

Principal/
Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.25

%

 

 

11.61

%

 

9/8/2027

 

$

15,555,556

 

 

$

15,393,224

 

 

$

15,555,556

 

 

 

0.93

%

 

N

James Perse Enterprises, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.25

%

 

 

11.61

%

 

9/8/2027

 

$

—

 

 

 

(17,961

)

 

 

—

 

 

 

—

 

 

K/N

PSEB, LLC (Eddie Bauer)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.65

%

 

 

12.04

%

 

12/30/2026

 

$

24,562,500

 

 

 

24,322,997

 

 

 

22,695,750

 

 

 

1.36

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39,698,260

 

 

 

38,251,306

 

 

 

2.29

%

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenMarket, Inc. (Infobip) (United Kingdom)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.00

%

 

 

6.51

%

 

 

11.86

%

 

9/17/2026

 

$

9,775,000

 

 

 

9,629,432

 

 

 

9,679,205

 

 

 

0.58

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 202.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,486,675,592

 

 

 

1,389,190,356

 

 

 

83.33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AutoAlert, LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

540,248

 

 

 

9,016,151

 

 

 

9,985,207

 

 

 

0.60

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading Holdings, LLC

 

Warrants to Purchase Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

2/7/2030

 

 

7,030

 

 

 

645,121

 

 

 

1,438,087

 

 

 

0.09

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGY Equity, LLC

 

Class A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,786,785

 

 

 

485,322

 

 

 

—

 

 

 

—

 

 

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

 

 

 

—

 

 

 

—

 

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

364

 

 

 

—

 

 

 

—

 

 

 

—

 

 

D/E/H/N/O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Novellus LLC

 

Class A Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

117,124

 

 

 

13,817,817

 

 

 

2,827,373

 

 

 

0.17

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elevate Brands Holdco, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

2,895

 

 

 

—

 

 

 

308,983

 

 

 

0.02

%

 

D/E/N

Elevate Brands Holdco, Inc.

 

Warrants to Purchase Preferred New Super Senior Shares

 

 

 

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

11,532

 

 

 

—

 

 

 

1,230,810

 

 

 

0.07

%

 

D/E/N

MXP Prime Platform GmbH (SellerX) (Germany)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

3,966

 

 

 

—

 

 

 

293,563

 

 

 

0.02

%

 

D/E/H/N

PerchHQ, LLC

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

10/15/2027

 

 

295,667

 

 

 

—

 

 

 

—

 

 

 

—

 

 

D/E/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Preferred Series A1 Shares

 

 

 

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

516

 

 

 

—

 

 

 

485,055

 

 

 

0.03

%

 

D/E/H/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Series C Shares

 

 

 

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

158

 

 

 

—

 

 

 

687,200

 

 

 

0.04

%

 

D/E/H/N

TVG-Edmentum Holdings, LLC

 

Series B-1 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

20,377,566

 

 

 

24,629,566

 

 

 

1.47

%

 

B/E/N

TVG-Edmentum Holdings, LLC

 

Series B-2 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

13,421,162

 

 

 

24,629,566

 

 

 

1.48

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,798,728

 

 

 

52,264,743

 

 

 

3.13

%

 

 

 

27

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2023

Issuer

 

Instrument

 

 

 

 

 

 

 

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

27,214,897

 

 

$

27,214,897

 

 

$

50,541,000

 

 

 

3.03

%

 

E/F/N

Conventional Lending TCP Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

17,800,591

 

 

 

17,675,790

 

 

 

16,376,544

 

 

 

0.98

%

 

E/F/I/N

GACP I, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

351,847

 

 

 

351,847

 

 

 

107,310

 

 

 

0.01

%

 

E/I/N

GACP II, LP (Great American Capital)

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

3,716,866

 

 

 

3,716,866

 

 

 

3,914,270

 

 

 

0.23

%

 

E/I/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

 

2/11/2031

 

 

34,820

 

 

 

—

 

 

 

148,681

 

 

 

0.01

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,959,400

 

 

 

71,087,805

 

 

 

4.26

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia Holdings Limited (United Kingdom)

 

Class B Shares

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

—

 

 

 

—

 

 

D/E/F/H/N

Conergy Asia Holdings Limited (United Kingdom)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

5,318,860

 

 

 

7,833,333

 

 

 

—

 

 

 

—

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

2,332,594

 

 

 

—

 

 

 

—

 

 

 

—

 

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Series B Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

93,023

 

 

 

1,395,349

 

 

 

—

 

 

 

—

 

 

D/E/F/H/N

Utilidata, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

29,094

 

 

 

216,336

 

 

 

—

 

 

 

—

 

 

D/E/N

Utilidata, Inc.

 

Series A-2 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

257,369

 

 

 

153,398

 

 

 

34,000

 

 

 

—

 

 

D/E/N

Utilidata, Inc.

 

Series A-1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

500,000

 

 

 

500,000

 

 

 

2,000

 

 

 

—

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,098,416

 

 

 

36,000

 

 

 

—

 

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

9/12/2029

 

 

16

 

 

 

275,200

 

 

 

2,055,657

 

 

 

0.12

%

 

D/E/N

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fishbowl, Inc.

 

Common Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

604,479

 

 

 

787,032

 

 

 

135,403

 

 

 

0.01

%

 

D/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

49,792

 

 

 

1,543,054

 

 

 

512,360

 

 

 

0.03

%

 

D

Foursquare Labs, Inc.

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

5/4/2027

 

 

2,062,500

 

 

 

508,805

 

 

 

713,161

 

 

 

0.04

%

 

D/E/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

8/15/2027

 

 

1,327,869

 

 

 

212,360

 

 

 

3,112,163

 

 

 

0.19

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

9/18/2025

 

 

1,049,996

 

 

 

276,492

 

 

 

2,491,582

 

 

 

0.15

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

10/3/2028

 

 

1,511,002

 

 

 

93,407

 

 

 

1,288,026

 

 

 

0.08

%

 

D/E/H/N

ResearchGate Corporation (Germany)

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

10/30/2029

 

 

333,370

 

 

 

202,001

 

 

 

70,600

 

 

 

—

 

 

D/E/H/N/O

SuCo Investors, LP (Suited Connector)

 

Warrants to Purchase Class A Units

 

 

 

 

 

 

 

 

 

3/6/2033

 

 

14,337

 

 

 

—

 

 

 

—

 

 

 

—

 

 

D/E/N

SnapLogic, Inc.

 

Warrants to Purchase Series Preferred Stock

 

 

 

 

 

 

 

 

3/19/2028

 

 

1,860,000

 

 

 

377,722

 

 

 

5,300,000

 

 

 

0.32

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,213,841

 

 

 

13,487,892

 

 

 

0.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelis (SVC), LLC

 

Preferred Unit-C

 

 

 

 

 

 

 

 

 

 

 

657,932

 

 

 

2,001,384

 

 

 

—

 

 

 

—

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quora, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

4/11/2029

 

 

507,704

 

 

 

65,245

 

 

 

108,334

 

 

 

0.01

%

 

D/E/N

SoundCloud, Ltd. (United Kingdom)

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

4/29/2025

 

 

946,498

 

 

 

79,082

 

 

 

612,069

 

 

 

0.04

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

144,327

 

 

 

720,403

 

 

 

0.05

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore Investments Holdings, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

16,207

 

 

 

4,177,710

 

 

 

1,799,178

 

 

 

0.11

%

 

B/D/E/N

 

28

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2023

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

 

Total
Coupon

 

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inotiv, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,578

 

 

$

—

 

 

$

53,501

 

 

 

—

 

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anacomp, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,255,527

 

 

 

26,711,048

 

 

 

843,074

 

 

 

0.05

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grey Orange International Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

5/6/2032

 

 

7,706

 

 

 

—

 

 

 

1,541

 

 

 

—

 

 

D/E/N

Tradeshift, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

3/26/2027

 

 

1,712,930

 

 

 

577,843

 

 

 

—

 

 

 

—

 

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

577,843

 

 

 

1,541

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Holdco, Inc. (Ohio Transmission Corp.)

 

Preferred Stock

 

Fixed

 

 

 

 

12.50

%

 

 

12.50

%

 

 

 

 

7,108

 

 

 

9,005,081

 

 

 

9,014,890

 

 

 

0.54

%

 

E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 24.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

164,714,421

 

 

 

165,750,754

 

 

 

9.94

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 226.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,651,390,013

 

 

$

1,554,941,110

 

 

 

93.27

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 16.3% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

112,241,946

 

 

 

6.73

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 242.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,667,183,056

 

 

 

100.00

%

 

M

 

29

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2023

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. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
(B)
Non-controlled affiliate – as defined under the 1940 Act (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.
(C)
Non-accruing debt investment.
(D)
Other non-income producing investment.
(E)
Restricted security. (See Note 2)
(F)
Controlled issuer – as defined under the 1940 Act (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 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(I)
Deemed an investment company under Section 3(c) of the 1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(J)
Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(K)
Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.
(L)
In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
(M)
All cash and investments, except those referenced in Note 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 U.S. 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 $226,093,128 and $218,669,941, respectively, for the year ended December 31, 2023. 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 December 31, 2023 was $1,554,293,347 or 93.2% of total cash and investments of the Company. As of December 31, 2023, approximately 18.3% 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.

30

Table of Contents

 

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2024

 

1. Organization and Nature of Operations

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

Investment operations are conducted through the Company's wholly-owned subsidiaries, Special Value Continuation Partners LLC, a Delaware limited liability company ("SVCP"), TCPC Funding I, LLC, a Delaware limited liability company (“TCPC Funding”), TCPC Funding II, LLC, a Delaware limited liability company ("TCPC Funding II"), TCPC SBIC, LP, a Delaware limited partnership (the “SBIC”) and BCIC Merger Sub, LLC, a Delaware limited liability company and wholly-owned subsidiary of SVCP (“Merger Sub”). SVCP was organized as a limited partnership and had elected to be regulated as a BDC under the 1940 Act through July 31, 2018. On August 1, 2018, SVCP withdrew its election to be regulated as a BDC under the 1940 Act and withdrew the registration of its common limited partner interests under Section 12(g) of the Securities Exchange Act of 1934 (the “1934 Act”) and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. The SBIC was organized in June 2013, and, on April 22, 2014, received a license from the United States Small Business Administration (the “SBA”) to operate as a small business investment company under the provisions of Section 301(c) of the Small Business Investment Act of 1958. These consolidated financial statements include the accounts of the Company, SVCP (including effective from the closing (the "Closing") of the Merger (as defined below) on March 18, 2024, the consolidated accounts of Merger Sub), TCPC Funding, TCPC Funding II and the SBIC. All significant intercompany transactions and balances have been eliminated in the consolidation.

The Company has elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. All of the subsidiaries of the Company are treated as disregarded entities.

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

Company management consists of the Advisor and the Company’s Board of Directors (the “Board of Directors”). The Advisor directs and executes the day-to-day operations of the Company, subject to oversight from the Board of Directors, which sets the broad policies of the Company. The Board of Directors of the Company has delegated investment management of SVCP’s assets to the Advisor. The Board of Directors consists of seven persons, five of whom are independent.

On March 18, 2024, the Company completed its previously announced acquisition of BlackRock Capital Investment Corporation, a Delaware corporation (“BCIC”), pursuant to the Amended and Restated Agreement and Plan of Merger (the "Merger Agreement"), dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC, a Delaware limited liability company and investment advisor to BCIC (“BCIA”), and the Advisor. Pursuant to the Merger Agreement, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company (the "Merger"). As a result of, and as of the effective time of, the Merger, BCIC’s separate corporate existence ceased.

See “Note 12 – Merger with BlackRock Capital Investment Corporation” for further information regarding the Merger Agreement and the Merger.

31

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies

Basis of Presentation

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

Use of Estimates

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

Investment Valuation

Pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act, the Board of Directors designated the Advisor as the Company’s valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations and has approved policies and procedures adopted by the Advisor to seek to ensure compliance with the requirements of the Rule.

The Company’s investments are generally held by the Company's subsidiaries. Investments are recorded at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in the policies adopted by the Valuation Designee and approved by the Board of Directors. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date.

All investments are valued at least quarterly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Valuation Designee which in the aggregate comprise less than 5% of the assets of the Company. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation. Investments not listed on a recognized exchange or market quotation system, but for which reliable market quotations are readily available are valued using prices provided by a nationally recognized pricing service or by using quotations from broker-dealers.

Investments for which market quotations are either not readily available or are determined to be unreliable are priced at fair value using affirmative valuations performed by independent valuation services approved by the Valuation Designee or, for investments aggregating less than 5% of the total assets of the Company, using valuations determined directly by the Valuation Designee. Such valuations are determined under documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the “Valuation Committee”).

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

32

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies — (continued)

on the Company’s investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5% of the Company’s assets.

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

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

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

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

At September 30, 2024, the Company's investments were categorized as follows:

 

Level

 

Basis for Determining Fair Value

 

Bank Debt (1)

 

 

Other
Corporate
Debt (2)

 

 

Equity
Securities

 

 

Total

 

1

 

Quoted prices in active markets for identical
   assets

 

$

—

 

 

$

—

 

 

$

398,721

 

 

$

398,721

 

2

 

Other direct and indirect observable market
   inputs (3)

 

 

28,450,417

 

 

 

—

 

 

 

—

 

 

 

28,450,417

 

3

 

Independent third-party valuation sources
   that employ significant unobservable inputs

 

 

1,640,966,197

 

 

 

65,702,036

 

 

 

172,419,745

 

 

 

1,879,087,978

 

3

 

Valuation Designee valuations with significant unobservable inputs

 

 

—

 

 

 

—

 

 

 

1,152,245

 

 

 

1,152,245

 

Total

 

 

 

$

1,669,416,614

 

 

$

65,702,036

 

 

$

173,970,711

 

 

$

1,909,089,361

 

 

(1)
Includes senior secured loans
(2)
Includes senior secured notes, unsecured debt and subordinated debt
(3)
For example, quoted prices in inactive markets or quotes for comparable investments

 

33

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies — (continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of September 30, 2024 included the following:

 

Asset Type

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Avg.) (1)

Bank Debt

 

$

1,375,107,603

 

 

Income approach

 

Discount rate

 

8.4% - 30.6% (12.6%)

 

 

104,563,526

 

 

Market comparable companies

 

Revenue multiples

 

0.4x - 1.6x (1.1x)

 

 

101,589,786

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

57,994,120

 

 

Market comparable companies

 

EBITDA multiples

 

2.5x - 10.3x (6.2x)

 

 

1,483,063

 

 

Asset approach (2)

 

N/A

 

N/A

 

 

 

228,099

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

1.3x (1.3x)

 

 

 

 

 

 

Implied volatility

 

35.0% (35.0%)

 

 

 

 

 

 

Term

 

1.9 years (1.9 years)

Other Corporate Debt

 

 

59,756,437

 

 

Market comparable companies

 

Book value multiples

 

1.6x (1.6x)

 

 

 

5,945,599

 

 

Income approach

 

Discount rate

 

13.1% (13.1%)

Equity

 

 

67,242,479

 

 

Market comparable companies

 

Book value multiples

 

0.8x - 1.6x (1.4x)

 

 

54,219,545

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

0.8x - 13.8x (10.7x)

 

 

 

 

 

 

Implied volatility

 

45.0% - 75.0% (53.9%)

 

 

 

 

 

 

Term

 

0.5 years - 4.0 years (2.1 years)

 

 

 

26,800,139

 

 

Income approach

 

Discount rate

 

13.1 - 22.4% (17.9%)

 

 

20,395,766

 

 

Market comparable companies

 

Revenue multiples

 

0.7x - 4.8x (1.6x)

 

 

2,522,238

 

 

Market comparable companies

 

EBITDA multiples

 

2.5x - 10.3x (4.6x)

 

 

 

1,729,913

 

 

Transaction approach (3)

 

N/A

 

N/A

 

 

661,910

 

 

Asset approach (4)

 

N/A

 

N/A

 

$

1,880,240,223

 

 

 

 

 

 

 

 

(1)
Weighted by fair value.
(2)
Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.
(3)
Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.
(4)
Fair value was determined based on the most recently available net asset value of the issuer for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date.

 

34

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies — (continued)

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

 

Input

 

Impact to Value if
Input Increases

 

Impact to Value if
Input Decreases

Discount rate

 

Decrease

 

Increase

Revenue multiples

 

Increase

 

Decrease

EBITDA multiples

 

Increase

 

Decrease

Book value multiples

 

Increase

 

Decrease

Implied volatility

 

Increase

 

Decrease

Term

 

Increase

 

Decrease

Yield

 

Increase

 

Decrease

 

Changes in investments categorized as Level 3 during the three months ended September 30, 2024 were as follows:

 

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,725,877,106

 

 

$

66,236,621

 

 

$

160,956,803

 

 

$

1,953,070,530

 

Net realized and unrealized gains (losses)

 

 

(5,646,340

)

 

 

(7,972,085

)

 

 

979,871

 

 

 

(12,638,554

)

Acquisitions (1)

 

 

61,713,343

 

 

 

7,437,500

 

 

 

10,483,071

 

 

 

79,633,914

 

Dispositions

 

 

(139,090,785

)

 

 

—

 

 

 

—

 

 

 

(139,090,785

)

Transfers out of Level 3 (2)

 

 

(1,887,127

)

 

 

—

 

 

 

—

 

 

 

(1,887,127

)

Ending balance

 

$

1,640,966,197

 

 

$

65,702,036

 

 

$

172,419,745

 

 

$

1,879,087,978

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(3,546,233

)

 

$

(7,972,085

)

 

$

979,871

 

 

$

(10,538,447

)

 

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of one investment that was transferred to Level 2 due to increased number of market quotes.

 

 

 

Valuation Designee Valuation

 

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

—

 

 

$

—

 

 

$

877,248

 

 

$

877,248

 

Net realized and unrealized gains (losses)

 

 

—

 

 

 

—

 

 

 

274,997

 

 

 

274,997

 

Ending balance

 

$

—

 

 

$

—

 

 

$

1,152,245

 

 

$

1,152,245

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

 

$

—

 

 

$

274,997

 

 

$

274,997

 

 

35

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the nine months ended September 30, 2024 were as follows:

 

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,289,587,391

 

 

$

52,318,937

 

 

$

164,340,278

 

 

$

1,506,246,606

 

Net realized and unrealized gains (losses)

 

 

(74,496,967

)

 

 

(7,168,644

)

 

 

(33,451,961

)

 

 

(115,117,572

)

Acquisitions (1)

 

 

747,746,344

 

 

 

20,551,743

 

 

 

44,317,910

 

 

 

812,615,997

 

Dispositions

 

 

(326,743,546

)

 

 

—

 

 

 

(2,786,482

)

 

 

(329,530,028

)

Transfers into Level 3 (2)

 

 

4,872,975

 

 

 

—

 

 

 

—

 

 

 

4,872,975

 

Ending balance

 

$

1,640,966,197

 

 

$

65,702,036

 

 

$

172,419,745

 

 

$

1,879,087,978

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(58,869,518

)

 

$

(7,168,644

)

 

$

(31,733,365

)

 

$

(97,771,527

)

 

(1)
Includes payments received in kind and accretion of original issue and market discounts and Level 3 investments acquired in connection with the Merger.
(2)
Comprised of one investment that was transferred from Level 2 due to reduced number of market quotes.

 

36

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies — (continued)

 

 

 

Valuation Designee Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

—

 

 

$

—

 

 

$

844,615

 

 

$

844,615

 

Net realized and unrealized gains (losses)

 

 

—

 

 

 

—

 

 

 

307,630

 

 

 

307,630

 

Ending balance

 

$

—

 

 

$

—

 

 

$

1,152,245

 

 

$

1,152,245

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

 

$

—

 

 

$

307,630

 

 

$

307,630

 

 

At December 31, 2023, the Company’s investments were categorized as follows:

 

Level

 

Basis for Determining Fair Value

 

Bank Debt (1)

 

 

Other
Corporate Debt (2)

 

 

Equity
Securities

 

 

Total

 

 1

 

Quoted prices in active markets for identical
  assets

 

$

—

 

 

$

—

 

 

$

565,860

 

 

$

565,860

 

 2

 

Other direct and indirect observable market
  inputs (3)

 

 

47,284,029

 

 

 

—

 

 

 

—

 

 

 

47,284,029

 

 3

 

Independent third-party valuation sources that
  employ significant unobservable inputs

 

 

1,289,587,391

 

 

 

52,318,937

 

 

 

164,340,278

 

 

 

1,506,246,606

 

 3

 

Advisor valuations with significant unobservable inputs

 

 

—

 

 

 

—

 

 

 

844,615

 

 

 

844,615

 

Total

 

 

 

$

1,336,871,420

 

 

$

52,318,937

 

 

$

165,750,753

 

 

$

1,554,941,110

 

 

(1)
Includes senior secured loans.
(2)
Includes senior secured notes, unsecured debt and subordinated debt.
(3)
For example, quoted prices in inactive markets or quotes for comparable investments.

 

37

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies — (continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2023 included the following:

 

Asset Type

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Avg.) (1)

Bank Debt

 

$

1,132,856,927

 

 

Income approach

 

Discount rate

 

9.8% - 29.7% (14.3%)

 

 

67,806,880

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

81,471,300

 

 

Market comparable companies

 

Revenue multiples

 

0.6x - 3.3x (1.4x)

 

 

1,324,151

 

 

Market comparable companies

 

EBITDA multiples

 

3.8x (3.8x)

 

 

 

4,659,545

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

1.9x (1.9x)

 

 

 

 

 

 

Implied volatility

 

65.0% (65.0%)

 

 

 

 

 

 

Term

 

1.3 years (1.3 years)

 

 

 

1,468,588

 

 

Asset approach (2)

 

N/A

 

N/A

Other Corporate Debt

 

 

52,318,937

 

 

Market comparable companies

 

Book value multiples

 

1.6x (1.6x)

Equity

 

 

9,014,890

 

 

Income approach

 

Discount rate

 

13.6% (13.6%)

 

 

 

12,886,826

 

 

Market comparable companies

 

Revenue multiples

 

0.6x - 6.0x (1.8x)

 

 

53,885,683

 

 

Market comparable companies

 

EBITDA multiples

 

3.8x - 13.4x (12.6x)

 

 

66,917,544

 

 

Market comparable companies

 

Book value multiples

 

0.9x - 1.6x (1.4x)

 

 

16,402,713

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

1.9x - 15.3x (6.4x)

 

 

 

 

 

 

Implied volatility

 

20.0% - 65.0% (57.2%)

 

 

 

 

 

 

Term

 

0.8 years - 3.5 years (1.2 years)

 

 

2,055,657

 

 

Transaction approach (4)

 

N/A

 

N/A

 

 

4,021,580

 

 

Asset approach (3)

 

N/A

 

N/A

 

$

1,507,091,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Weighted by fair value.
(2)
Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.
(3)
Fair value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date.
(4)
Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

 

 

38

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended September 30, 2023 were as follows:

 

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,261,005,221

 

 

$

69,891,437

 

 

$

188,595,657

 

 

$

1,519,492,315

 

Net realized and unrealized gains (losses)

 

 

(1,037,535

)

 

 

1,473

 

 

 

(8,541,388

)

 

 

(9,577,450

)

Acquisitions (1)

 

 

92,775,943

 

 

 

238,527

 

 

 

1,211,612

 

 

 

94,226,082

 

Dispositions

 

 

(100,056,206

)

 

 

(20,000,000

)

 

 

(2,163,246

)

 

 

(122,219,452

)

Transfers into Level 3 (2)

 

 

42,152,540

 

 

 

—

 

 

 

—

 

 

 

42,152,540

 

Ending balance

 

$

1,294,839,963

 

 

$

50,131,437

 

 

$

179,102,635

 

 

$

1,524,074,035

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(98,945

)

 

$

—

 

 

$

(8,421,386

)

 

$

(8,520,331

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of three investments that were transferred from Level 2 due to reduced number of market quotes.

 

 

 

 

Valuation Designee Valuation

 

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

—

 

 

$

—

 

 

$

918,924

 

 

$

918,924

 

Net realized and unrealized gains (losses)

 

 

—

 

 

 

—

 

 

 

(303,716

)

 

 

(303,716

)

Ending balance

 

$

—

 

 

$

—

 

 

$

615,208

 

 

$

615,208

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

 

$

—

 

 

$

(136,671

)

 

$

(136,671

)

 

39

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the nine months ended September 30, 2023 were as follows:

 

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,258,052,376

 

 

$

68,451,437

 

 

$

187,504,790

 

 

$

1,514,008,603

 

Net realized and unrealized gains (losses)

 

 

(3,416,236

)

 

 

1,373,296

 

 

 

(17,863,231

)

 

 

(19,906,171

)

Acquisitions (1)

 

 

184,413,836

 

 

 

306,704

 

 

 

3,006,600

 

 

 

187,727,140

 

Dispositions

 

 

(160,817,496

)

 

 

(20,000,000

)

 

 

7,074,097

 

 

 

(173,743,399

)

Transfers into Level 3 (2)

 

 

16,607,483

 

 

 

—

 

 

 

—

 

 

 

16,607,483

 

Reclassifications within Level 3 (3)

 

 

—

 

 

 

—

 

 

 

(619,621

)

 

 

(619,621

)

Ending balance

 

$

1,294,839,963

 

 

$

50,131,437

 

 

$

179,102,635

 

 

$

1,524,074,035

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(9,501,868

)

 

$

—

 

 

$

(17,895,662

)

 

$

(29,397,530

)

 

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of three investments that were transferred from Level 2 due to reduced number of market quotes.
(3)
Comprised of one investment that was reclassified to Valuation Designee Valuation.

 

 

 

 

Valuation Designee Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

531,024

 

 

$

1,415,738

 

 

$

874,061

 

 

$

2,820,823

 

Net realized and unrealized gains (losses)

 

 

(1,400

)

 

 

(147,734

)

 

 

(878,474

)

 

 

(1,027,608

)

Acquisitions (1)

 

 

1,400

 

 

 

—

 

 

 

605,266

 

 

 

606,666

 

Dispositions

 

 

(531,024

)

 

 

(1,268,004

)

 

 

(605,266

)

 

 

(2,404,294

)

Reclassifications within Level 3 (2)

 

 

—

 

 

 

—

 

 

 

619,621

 

 

 

619,621

 

Ending balance

 

$

—

 

 

$

—

 

 

$

615,208

 

 

$

615,208

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

 

$

—

 

 

$

(617,033

)

 

$

(617,033

)

 

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of one investment that was reclassified from Independent Third-Party Valuation.

40

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies — (continued)

Investment Transactions

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

Cash and Cash Equivalents

Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally 60 days or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. There was no restricted cash at September 30, 2024 and December 31, 2023.

Restricted Investments

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

Foreign Currency Investments

The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency denominated investments comprised approximately 0.4% and 0.5% of total investments at September 30, 2024 and December 31, 2023, respectively. Such positions were converted at the respective closing foreign exchange rates in effect at September 30, 2024 and December 31, 2023 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

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

Derivatives

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

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

 

 

41

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies — (continued)

Merger Sub entered into a centrally-cleared interest rate swap (the “Interest Rate Swap”) to economically hedge the interest payable on the fixed rate tranche of Merger Sub’s 2025 Notes (as defined below) (see Note 4). The notional amount of the Interest Rate Swap is $35.0 million and matures on June 9, 2025. Under the swap agreement, Merger Sub receives a fixed interest rate of 2.633% and pays a floating interest rate of SOFR with payments due annually.

Pursuant to the contract, Merger Sub was required to deposit initial margin with the broker in the form of cash and has agreed to receive from or pay to the broker daily variation margin. The amounts related to the right to claim or the obligation to return cash collateral may not be used to offset amounts due under the Interest Rate Swap contract in the normal course of settlement. Both the initial margin and variation margin paid are included as assets within Due from broker on the Consolidated Statement of Assets and Liabilities at September 30, 2024.

Since the swap contract has not been designated as a hedge accounting relationship pursuant to ASC 815, Derivatives and Hedging, changes in the fair value of the swap contract, net of any periodic interest accruals, are presented as part of change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. As of September 30, 2024, the Interest Rate Swap had a fair value of $(0.7) million, which is reflected as a liability on the Consolidated Statements of Assets and Liabilities; such fair value is inclusive of any net periodic interest accruals and payments on the contract.

Interest rate swap agreements are valued utilizing quotes received from independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. The fair value of the Interest Rate Swap is classified as Level 2 with respect to the fair value hierarchy.

During the nine months ended September 30, 2024, the Company did not enter into any additional derivative transactions.

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

Deferred Debt Issuance Costs

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

Revenue Recognition

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

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

Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued PIK interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Company does not reverse previously capitalized PIK income. Payments received on non-accrual investments may either be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Company’s judgment, the repayment of the remaining contractual principal and interest is expected. The Company may opt not to place a distressed debt investment on non-

42

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies — (continued)

accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

Income Taxes

The Company intends to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to RICs, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required. The income or loss of SVCP (including effective from the Closing, the consolidated income or loss of Merger Sub), TCPC Funding, TCPC Funding II and the SBIC is reported in the respective members' or partners’ income tax returns, as applicable. In accordance with ASC Topic 740 - Income Taxes, the Company recognizes in its consolidated financial statements the effect of a tax position when it is determined that such position is more likely than not, based on the technical merits, to be sustained upon examination. The tax returns of the Company, SVCP, TCPC Funding, TCPC Funding II and the SBIC remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the Company as of September 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the consolidated financial statements.

The final tax characterization of distributions is determined after the fiscal year and is reported on Form 1099 and in the Company’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. As of December 31, 2023, the Company had non-expiring capital loss carryforwards in the amount of $206,680,323 available to offset future realized capital gains.

As of December 31, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

 

 

December 31, 2023

 

Tax Cost

 

$

1,631,931,217

 

 

 

 

Gross Unrealized Appreciation

 

$

65,463,168

 

Gross Unrealized Depreciation

 

 

(142,453,275

)

Net Unrealized Appreciation (Depreciation)

 

$

(76,990,107

)

On March 18, 2024, the Company completed its previously announced Merger with BCIC. Pursuant to the Merger Agreement, BCIC was merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP. The Merger was considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the acquired BCIC investments for tax purposes. As a result of the Merger, BCIC’s separate existence ceased.

 

Recent Accounting Pronouncements

In March 2020 and January 2021, the FASB issued ASU No. 2020-04 and ASU No. 2021-01, respectively, Reference Rate Reform (Topic 848), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective and can be adopted by all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of adopting ASU 2020-04 on its consolidated financial statements.

43

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

2. Summary of Significant Accounting Policies — (continued)

In August 2020, the FASB issued ASU No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, after adoption, a convertible debt instrument will be accounted for as a single liability measured at its amortized cost. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020 and can be adopted on either a fully retrospective or modified retrospective basis. The Company adopted ASU 2020-06 under the modified retrospective basis as of January 1, 2022. The impact of the Company’s adoption under the modified retrospective basis required an adjustment of $0.1 million to opening net assets for the remaining unamortized discount on the convertible senior unsecured notes due March 2022 issued by the Company (the “2022 Convertible Notes”), an increase to our debt balance in the amount of $0.1 million as a result of the recombination of the equity conversion component of the 2022 Convertible Notes, and $0.1 million lower interest expense on the Consolidated Statements of Operations. The Company’s adoption of this guidance did not have a material impact on the Company’s financial position, results of operations, or cash flows.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Company has concluded that this guidance will not have a material impact on its consolidated financial statements.

3. Management Fees, Incentive Fees and Other Expenses

On February 8, 2019, the shareholders of the Company approved an amended investment management agreement to be effective on February 9, 2019 between the Company and the Advisor which (i) reduced the base management fee on total assets (excluding cash and cash equivalents) that exceed an amount equal to 200% of the net asset value of the Company from 1.50% to 1.00%, (ii) reduced the incentive compensation on net investment income and net realized gains (reduced by any net unrealized losses) from 20% to 17.5% and (iii) reduced the cumulative total return hurdle from 8% to 7%.

Accordingly, the Company’s base management fee was calculated at an annual rate of 1.50% on total assets (excluding cash and cash equivalents) up to an amount equal to 200% of the net asset value of the Company, and 1.00% thereafter. The base management fee is calculated on a consolidated basis as of the beginning of each quarter and is payable to the Advisor quarterly in arrears.

In connection with the Merger, the Company and the Advisor entered into an amended and restated investment advisory agreement (the “Amended and Restated Investment Advisory Agreement”) that became effective at the Closing, pursuant to which the Advisor reduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of calculation. Prior to the Closing, the Advisor's base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The base management fee is calculated on a consolidated basis as of the beginning of each quarter and is payable to the Advisor quarterly in arrears.

In connection with the Merger, the Company also entered into a fee waiver agreement with the Advisor (the “Fee Waiver Agreement”). The Fee Waiver Agreement provides that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit (the waiver amount in a given quarter cannot exceed the total advisory fees for such quarter). For the quarter ended September 30, 2024, no advisory fee waiver was required.

Incentive compensation is only incurred to the extent the Company’s cumulative total return (after incentive compensation) exceeds a 7% annual rate on daily weighted-average contributed common equity. Subject to that limitation, incentive compensation is calculated on ordinary income (before incentive compensation) and net realized gains (net of any unrealized depreciation) at rates of 17.5% on income since the fee reduction on February 8, 2019 and 20% previously. Incentive compensation is computed as the difference between incentive compensation earned and incentive compensation paid, subject to the total return hurdle, on a cumulative basis since January 1, 2013, and is payable quarterly in arrears.

44

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

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

In connection with the Merger, the Company and the Advisor agreed that, for the purposes of calculating adjusted net investment income and for purposes of incentive fee calculations under the Amended and Restated Investment Advisory Agreement, any amortization of original issue discount to interest income or any gains and losses resulting solely from accounting adjustments to the cost basis of the BCIC assets acquired in the Merger as required under applicable accounting guidance under ASC 805 will be excluded.

A reserve for incentive compensation is accrued based on the amount of any additional incentive compensation that would have been payable to the Advisor assuming a hypothetical liquidation of the Company at net asset value on the balance sheet date. As of September 30, 2024 and December 31, 2023, no such reserve was accrued.

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

4. Debt

Debt is comprised of unsecured notes due December 2025 originally issued by BCIC and assumed by Merger Sub (the “2025 Notes”) as of the Closing, unsecured notes due February 2026 issued by the Company (the “2026 Notes”), unsecured notes due May 2029 issued by the Company (the “2029 Notes”), amounts outstanding under a senior secured revolving, multi-currency credit facility entered into by SVCP (the “Operating Facility”), amounts outstanding under a senior secured revolving credit facility entered into by TCPC Funding II (“Funding Facility II”), amounts outstanding under a senior secured revolving credit facility originally entered into by BCIC and assumed by Merger Sub (“Merger Sub Facility”), and debentures guaranteed by the SBA (the “SBA Debentures”). Prior to being repaid on March 1, 2022, debt included $140.0 million in convertible senior unsecured notes due March 2022 issued by the Company (the "2022 Convertible Notes"). Prior to being repaid on August 23, 2024, debt included $250.0 million in senior unsecured notes due August 2024 issued by the Company (the "2024 Notes").

Total debt outstanding and available at September 30, 2024 was as follows:

 

 

 

Maturity

 

Rate

 

 

Carrying
Value (1)

 

 

Available

 

 

Total
Capacity

 

 

Operating Facility

 

2029

 

SOFR+2.00%

(2)

 

$

121,253,796

 

 

$

178,746,204

 

 

$

300,000,000

 

(3)

Funding Facility II

 

2027

 

SOFR+2.05%

(4)

 

 

51,000,000

 

 

 

149,000,000

 

 

 

200,000,000

 

(5)

Merger Sub Facility(6)

 

2028

 

SOFR+2.00%

(7)

 

 

125,000,000

 

 

 

140,000,000

 

 

 

265,000,000

 

(8)

SBA Debentures

 

2025−2031

 

2.45%

(9)

 

 

131,500,000

 

 

 

10,000,000

 

 

 

141,500,000

 

 

2025 Notes ($92 million par)(6)

 

2025

 

Fixed/Variable

(10)

 

 

92,000,000

 

 

 

—

 

 

 

92,000,000

 

 

2026 Notes ($325 million par)

 

2026

 

2.85%

 

 

 

325,497,355

 

 

 

—

 

 

 

325,497,355

 

 

2029 Notes ($325 million par)

 

2029

 

6.95%

 

 

 

321,590,452

 

 

 

—

 

 

 

321,590,452

 

 

Total leverage

 

 

 

 

 

 

 

1,167,841,603

 

 

$

477,746,204

 

 

$

1,645,587,807

 

 

Unamortized issuance costs

 

 

 

 

 

 

 

(7,798,616

)

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

 

$

1,160,042,987

 

 

 

 

 

 

 

 

 

(1)
Except for the 2026 Notes and 2029 Notes all carrying values are the same as the principal amounts outstanding.
(2)
As of September 30, 2024, $113.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.11%. $8.3 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%.
(3)
Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.
(4)
Subject to certain funding requirements and a SOFR credit adjustment of 0.15%.
(5)
Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.
(6)
Debt assumed by the Company as a result of the Merger with BCIC.
(7)
The applicable margin for SOFR-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness.
(8)
Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.
(9)
Weighted-average interest rate, excluding fees of 0.35% or 0.36%.
(10)
The 2025 Notes consist of two tranches: $35.0 million aggregate principal amount with a fixed interest rate of 6.85% and $57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14%.

45

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

4. Debt — (continued)

Total debt outstanding and available at December 31, 2023 was as follows:

 

 

 

Maturity

 

Rate

 

 

Carrying
Value (1)

 

 

Available

 

 

Total
Capacity

 

 

Operating Facility

 

2026

 

SOFR+2.00%

(2)

 

$

163,168,808

 

 

$

136,831,192

 

 

$

300,000,000

 

(3)

Funding Facility II

 

2027

 

SOFR+2.05%

(4)

 

 

100,000,000

 

 

 

100,000,000

 

 

 

200,000,000

 

(5)

SBA Debentures

 

2024−2031

 

2.52%

(6)

 

 

150,000,000

 

 

 

10,000,000

 

 

 

160,000,000

 

 

2024 Notes ($250 million par)

 

2024

 

3.90%

 

 

 

249,596,009

 

 

 

—

 

 

 

249,596,009

 

 

2026 Notes ($325 million par)

 

2026

 

2.85%

 

 

 

325,791,013

 

 

 

—

 

 

 

325,791,013

 

 

Total leverage

 

 

 

 

 

 

 

988,555,830

 

 

$

246,831,192

 

 

$

1,235,387,022

 

 

Unamortized issuance costs

 

 

 

 

 

 

 

(3,355,221

)

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

 

$

985,200,609

 

 

 

 

 

 

 

 

 

 

(1)
Except for the 2024 Notes and the 2026 Notes, all carrying values are the same as the principal amounts outstanding.
(2)
As of December 31, 2023, $155.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.11%. $8.2 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%.
(3)
Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.
(4)
Subject to certain funding requirements and a SOFR credit adjustment of 0.15%.
(5)
Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.
(6)
Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

 

The combined weighted-average interest rates on total debt outstanding at September 30, 2024 and December 31, 2023 were 5.43% and 4.29%, respectively.

Total expenses related to debt included the following:

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Interest expense

 

$

49,848,875

 

 

$

33,163,104

 

Amortization of deferred debt issuance costs

 

 

3,371,840

 

 

 

2,219,197

 

Commitment fees

 

 

896,889

 

 

 

589,037

 

Total

 

$

54,117,604

 

 

$

35,971,338

 

 

Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of September 30, 2024, the estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures approximated their carrying values, the estimated fair value of the Merger Sub Facility was $115.6 million, and the 2025 Notes, the 2026 Notes and the 2029 Notes had estimated fair values of $92.8 million, $313.8 million and $331.3 million, respectively. As of December 31, 2023, the estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures approximated their carrying values, and the 2024 Notes and the 2026 Notes had estimated fair values of $246.0 million and $303.9 million, respectively. The estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures were determined by discounting projected remaining payments using market interest rates for borrowings of the Company and entities with similar credit risks at the measurement date. The estimated fair value of the Merger Sub Facility was derived by taking the average of the high and low quotes as obtained from a broker. The estimated fair values of the 2024 Notes, 2026 Notes and 2029 Notes were determined using market quotations, and the estimated fair value of the 2025 Notes was derived by an independent valuation firm. The estimated fair values of the Operating Facility, Funding Facility II, Merger Sub Facility, 2024 Notes, 2025 Notes, 2026 Notes, 2029 Notes and SBA Debentures as prepared for disclosure purposes were deemed to be Level 3 in the GAAP valuation hierarchy.

46

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

4. Debt — (continued)

Convertible Unsecured Notes

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

The 2022 Convertible Notes were accounted for in accordance with ASC Topic 470-20 – Debt with Conversion and Other Options. Upon conversion of any of the 2022 Convertible Notes, the Company intended to pay the outstanding principal amount in cash and, to the extent that the conversion value exceeds the principal amount, had the option to pay the excess amount in cash or shares of the Company’s common stock (or a combination of cash and shares), subject to the requirements of the respective indenture.

Prior to the adoption of ASU 2020-06, the Company had determined that the embedded conversion options in 2022 Convertible Notes were not required to be separately accounted for as derivatives under GAAP. At the time of issuance the estimated values of the debt and equity components of the 2022 Convertible Notes were approximately 97.6% and 2.4%, respectively. During the year ended December 31, 2022, the Company adopted ASU 2020-06 using the modified retrospective basis. In accordance with this guidance, the Company recombined the equity conversion component of our 2022 Convertible Notes outstanding, and accounted for the 2022 Convertible Notes as a single liability measured at amortized cost. This resulted in a cumulative decrease to additional paid in capital of $3.3 million, partially offset by a decrease to accumulated loss of $3.2 million as of January 1, 2022 (see Note 2).

Prior to the close of business on the business day immediately preceding September 1, 2021, holders were permitted to convert their 2022 Convertible Notes only under certain circumstances set forth in the indenture governing the terms of the 2022 Convertible Notes. On or after September 1, 2021 until the close of business on the scheduled trading day immediately preceding March 1, 2022, holders may have converted their 2022 Convertible Notes at any time. Upon conversion, the Company would pay or deliver, as the case may be, at its election, cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock, subject to the requirements of the indenture. No notes were converted prior to the notes maturing on March 1, 2022.

The original issue discounts equal to the equity components of the 2022 Convertible Notes were recorded in “paid-in capital in excess of par” in the accompanying Consolidated Statements of Assets and Liabilities. As a result, the Company records interest expense comprised of both stated interest and amortization of the original issue discounts. At the time of issuance, the equity components of the 2022 Convertible Notes were $3.3 million.

 

Unsecured Notes

On August 23, 2019, the Company issued $150.0 million of unsecured notes. On November 26, 2019, the Company issued an additional $50.0 million of the 2024 Notes and on October 2, 2020, the Company issued an additional $50.0 million of the 2024 Notes for a total outstanding aggregate principal amount of $250.0 million. The 2024 Notes were issued at a discount to the principal amount and bore interest at an annual rate of 3.900%, payable semi-annually. On August 23, 2024, the 2024 Notes matured and all principal was repaid.

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

47

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

4. Debt — (continued)

On March 18, 2024, Merger Sub entered into an assumption agreement (the “Note Assumption Agreement”), effective as of the Closing. The Note Assumption Agreement relates to Merger Sub’s assumption of (a) $35.0 million aggregate principal amount of BCIC’s 6.85% Series 2022A Senior Notes, Tranche A, due December 9, 2025 (the “Tranche A Notes”) and (b) $57.0 million aggregate principal amount of BCIC’s Floating Rate Series 2022A Senior Notes, Tranche B due December 9, 2025 (the “Tranche B Notes” and, collectively with the Tranche A Notes, the “2025 Notes”) and other obligations of BCIC under the Master Note Purchase Agreement, dated as of April 21, 2022 (as amended by the First Amendment to the Master Note Purchase Agreement, dated as of March 13, 2024 (the “First Amendment”), and as further amended, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”), among BCIC and certain institutional investors.

Pursuant to the Note Assumption Agreement, Merger Sub expressly assumed on behalf of BCIC the due and punctual payment of the principal of (and premium, if any) and interest on all the 2025 Notes outstanding, and the due and punctual performance and observance of every covenant and every condition of the Note Purchase Agreement and the 2025 Notes, to be performed or observed by BCIC.

The Tranche A Notes bear interest at a fixed rate equal to 6.85% per annum (which was increased from 5.82% per annum effective as of the Closing) that is payable semi-annually. The Tranche B Notes bear interest at a rate equal to the SOFR plus 3.14% that is payable quarterly. The 2025 Notes will be due on December 9, 2025 unless redeemed, purchased or prepaid prior to such date by Merger Sub or its affiliates in accordance with their terms. Merger Sub may prepay the 2025 Notes at its option, subject to a prepayment premium, in an amount equal to 1% on or before June 9, 2024, 0.5% after June 9, 2024 but on or before June 9, 2025 and zero after June 9, 2025. In addition, Merger Sub will be obligated to offer to repay the 2025 Notes at par if certain change in control events occur.

On May 30, 2024, the Company issued $325.0 million of unsecured notes that mature on May 30, 2029, unless previously repurchased or redeemed in accordance with their terms. The 2029 Notes were issued at a discount to the principal amount. The 2029 Notes bear interest at an annual rate of 6.95%, payable semi-annually, and all principal is due upon maturity. The 2029 Notes may be redeemed in whole or part at the Company's option at a redemption price equal to par plus a "make whole" premium, as determined pursuant to the indenture governing the 2029 Notes, and any accrued and unpaid interest.

As of September 30, 2024 and December 31, 2023, the components of the carrying value of 2024 Notes, 2025 Notes, 2026 Notes and 2029 Notes were as follows:

 

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

2024 Notes

 

2025 Notes

 

 

2026 Notes

 

 

2029 Notes

 

 

2024 Notes

 

 

2026 Notes

 

Principal amount of debt

 

N/A

 

$

92,000,000

 

 

$

325,000,000

 

 

$

325,000,000

 

 

$

250,000,000

 

 

$

325,000,000

 

Original issue (discount)/ premium, net of accretion

 

N/A

 

 

—

 

 

 

497,355

 

 

 

(3,409,548

)

 

 

(403,991

)

 

 

791,013

 

Carrying value of debt

 

N/A

 

$

92,000,000

 

 

$

325,497,355

 

 

$

321,590,452

 

 

$

249,596,009

 

 

$

325,791,013

 

 

For the nine months ended September 30, 2024 and 2023, the components of interest expense for the 2024 Notes, 2025 Notes, 2026 Notes and 2029 Notes were as follows:

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024 Notes

 

 

2025 Notes

 

 

2026 Notes

 

 

2029 Notes

 

 

2024 Notes

 

 

2026 Notes

 

Stated interest expense

 

$

6,283,333

 

 

$

3,955,054

 

 

$

6,946,875

 

 

$

7,529,167

 

 

$

7,312,499

 

 

$

6,946,875

 

Amortization of original issue discount/ (premium)

 

 

403,991

 

 

 

—

 

 

 

(293,659

)

 

 

204,452

 

 

 

446,428

 

 

 

(287,008

)

Total interest expense

 

$

6,687,324

 

 

$

3,955,054

 

 

$

6,653,216

 

 

$

7,733,619

 

 

$

7,758,927

 

 

$

6,659,867

 

 

48

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

4. Debt — (continued)

Operating Facility

The Operating Facility consists of a revolving, multi-currency credit facility which provides for amounts to be drawn up to $300.0 million, subject to certain collateral and other restrictions. The Operating Facility includes a $100.0 million accordion feature which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions. Most of the cash and investments held directly by SVCP, as well as the assets of TCPC Funding and 36th Street Capital Partners Holdings, LLC, are included in the collateral for the facility.

On June 22, 2021, the Operating Facility was amended to (i) extend the maturity date by two years from May 6, 2024 to May 6, 2026, (ii) change the interest rate applicable to borrowings to (a) LIBOR plus an applicable margin equal to either 1.75% or 2.00%, or (b) in the case of ABR borrowings, generally the prime rate in effect plus an applicable margin of either 0.75% or 1.00% depending on a ratio of the borrowing base to the facility commitments in both cases, and (iii) reduce commitment fees on the undrawn portion of the Operating Facility above the minimum utilization amount from 0.50% per annum to 0.375% per annum. Undrawn portions of the Operating Facility below the minimum utilization amount continued to accrue commitment fees at a rate of 0.50% per annum until March 1, 2022, the date on which the March 2022 Convertible Notes were terminated in full, after which time they accrue at a rate of 2.00% per annum.

On June 15, 2023, the Operating Facility was amended to update the terms of the interest rate from LIBOR to SOFR plus a credit spread adjustment of 0.11%, plus a margin equal to either 1.75% or 2.00%, depending on a ratio of the borrowing base to the facility commitments.

On August 1, 2024, the Operating Facility was amended to (i) extend the expiration date of the Operating Facility and the maturity date with respect to loans made thereunder from May 6, 2025 and May 6, 2026 to August 1, 2028 and August 1, 2029, respectively, (ii) delete references to the 2022 Notes, (iii) remove certain borrowing base restrictions, (iv) lower the SOFR credit spread adjustment to 0.10% for one month contracts and 0.15% for three month contracts, respectively, (v) update the minimum amount of stockholder’s equity figure, (vi) update the “change in control” provisions to account for personnel changes and structuring variations and (vii) update certain mechanical/administrative provisions, including provisions for replacing CDOR and other reference rates. The Operating Facility may be terminated, and any outstanding amounts there under may become due and payable, should SVCP fail to satisfy certain financial or other covenants. As of September 30, 2024, SVCP was in full compliance with such covenants.

Funding Facility II

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

Borrowings under Funding Facility II bore interest at a rate of LIBOR plus 2.00% per annum, subject to certain funding requirements, plus a 0.35% fee on drawn amounts and an agency fee of 0.15% per annum on the facility. The facility also accrued commitment fees of 0.35% per annum on the unused portion of the facility.

Since February 28, 2023, borrowings under Funding Facility II bore interest at a rate of SOFR plus a credit spread adjustment of 0.15%, plus a margin of 2.00% per annum, which is subject to increase after the end of the revolving period or under other customary circumstances. The facility also accrues a 0.35% fee on drawn amounts and an agency fee of 0.15% per annum on the facility. The facility also accrues commitment fees of 0.35% per annum on the unused portion of the facility.

On August 4, 2023, the Funding Facility II was amended to extend the maturity date from August 4, 2025 to August 4, 2027, and updated interest to a rate of SOFR plus a credit spread adjustment of 0.15%, plus a margin of 2.05%. The facility may be terminated, and any outstanding amounts thereunder may become due and payable, should TCPC Funding II fail to satisfy certain financial or other covenants. As of September 30, 2024, TCPC Funding II was in full compliance with such covenants.

49

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

4. Debt — (continued)

Merger Sub Facility

On March 18, 2024, Merger Sub entered into an assumption agreement (the “Credit Assumption Agreement”), effective as of the Closing. The Credit Assumption Agreement relates to Merger Sub’s assumption of that certain Second Amended and Restated Senior Secured Revolving Credit Agreement, originally entered into on February 19, 2016, as amended as of August 8, 2016, June 5, 2017, March 15, 2018, August 30, 2019, May 22, 2020, April 23, 2021, April 26, 2023 and September 6, 2023 (as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "Merger Sub Facility"), by and among BCIC (the "Initial Borrower"), Citibank, N.A., as administrative agent and the other parties thereto. The Merger Sub Facility provides for amounts to be drawn up to $265.0 million, by which Merger Sub may seek an increase in the commitments to $325.0 million in the aggregate (subject to satisfaction of certain conditions, including obtaining commitments). The Merger Sub Facility matures on September 6, 2028. Amounts outstanding under the Merger Sub Facility bear interest at a rate based on, at Merger Sub’s election, (i) in the case of ABR loans, a base reference rate equal to the highest of (a) the federal funds effective rate plus 0.50%, (b) the "Prime Rate" in effect on such day and (c) the adjusted term SOFR rate plus 1.00%, plus a margin ranging from 0.75% to 1.00% per annum, in the case of ABR loans, and 1.75% to 2.00% per annum, in the case of eurocurrency loans or SOFR loans, (ii) in the case of eurocurrency loans, a rate per annum equal to the adjusted CDOR rate or the adjusted EURIBOR rate, for loans denominated in Canadian dollars or in euros, respectively, plus, in either case, the Applicable Margin (as defined in the Merger Sub Facility) or (iii) in the case of SOFR loans, a rate per annum equal to the adjusted term SOFR rate plus the Applicable Margin. The Merger Sub Facility is secured by all of the assets held by Merger Sub as successor to BCIC.

SBA Debentures

As of September 30, 2024, the SBIC is able to issue up to $141.5 million in SBA Debentures, subject to funded regulatory capital and other customary regulatory requirements. As of September 30, 2024, SVCP had committed $87.5 million of regulatory capital to the SBIC, all of which had been funded. SBA Debentures are non-recourse and may be prepaid at any time without penalty. Once drawn, the SBIC debentures bear an interim interest rate of SOFR plus 30 basis points. The rate then becomes fixed at the time of SBA pooling, which occurs twice each year, and is set to the then-current 10-year treasury rate plus a spread and an annual SBA charge.

SBA Debentures outstanding as of September 30, 2024 were as follows:

Issuance Date

 

Maturity

 

Debenture
Amount

 

 

Fixed
Interest
Rate

 

 

SBA
Annual
Charge

 

March 25, 2015

 

March 1, 2025

 

$

9,500,000

 

 

 

2.52

%

 

 

0.36

%

September 23, 2015

 

September 1, 2025

 

 

10,800,000

 

 

 

2.83

%

 

 

0.36

%

March 23, 2016

 

March 1, 2026

 

 

4,000,000

 

 

 

2.51

%

 

 

0.36

%

September 21, 2016

 

September 1, 2026

 

 

18,200,000

 

 

 

2.05

%

 

 

0.36

%

September 20, 2017

 

September 1, 2027

 

 

14,000,000

 

 

 

2.52

%

 

 

0.36

%

March 21, 2018

 

March 1, 2028

 

 

8,000,000

 

 

 

3.19

%

 

 

0.35

%

September 19, 2018

 

September 1, 2028

 

 

15,000,000

 

 

 

3.55

%

 

 

0.35

%

September 25, 2019

 

September 1, 2029

 

 

40,000,000

 

 

 

2.28

%

 

 

0.35

%

September 22, 2021

 

September 1, 2031

 

 

12,000,000

 

 

 

1.30

%

 

 

0.35

%

 

 

 

 

$

131,500,000

 

 

 

2.45

%

*

 

 

 

* Weighted-average interest rate

50

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

SBA Debentures outstanding as of December 31, 2023 were as follows:

Issuance Date

 

Maturity

 

Debenture
Amount

 

 

Fixed
Interest
Rate

 

 

SBA
Annual
Charge

 

September 24, 2014

 

September 1, 2024

 

$

18,500,000

 

 

 

3.02

%

 

 

0.36

%

March 25, 2015

 

March 1, 2025

 

 

9,500,000

 

 

 

2.52

%

 

 

0.36

%

September 23, 2015

 

September 1, 2025

 

 

10,800,000

 

 

 

2.83

%

 

 

0.36

%

March 23, 2016

 

March 1, 2026

 

 

4,000,000

 

 

 

2.51

%

 

 

0.36

%

September 21, 2016

 

September 1, 2026

 

 

18,200,000

 

 

 

2.05

%

 

 

0.36

%

September 20, 2017

 

September 1, 2027

 

 

14,000,000

 

 

 

2.52

%

 

 

0.36

%

March 21, 2018

 

March 1, 2028

 

 

8,000,000

 

 

 

3.19

%

 

 

0.35

%

September 19, 2018

 

September 1, 2028

 

 

15,000,000

 

 

 

3.55

%

 

 

0.35

%

September 25, 2019

 

September 1, 2029

 

 

40,000,000

 

 

 

2.28

%

 

 

0.35

%

September 22, 2021

 

September 1, 2031

 

 

12,000,000

 

 

 

1.30

%

 

 

0.35

%

 

 

 

$

150,000,000

 

 

 

2.52

%

*

 

 

 

* Weighted-average interest rate

 

51

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

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

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

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

The Consolidated Schedules of Investments include certain revolving loan facilities and other commitments with unfunded balances at September 30, 2024 and December 31, 2023 as follows:

 

 

 

 

 

 

Unfunded Balances

 

Issuer

 

Maturity

 

September 30, 2024

 

 

December 31, 2023

 

2-10 Holdco, Inc.

 

3/26/2026

 

$

963,927

 

 

$

723,670

 

Accordion Partners LLC

 

8/31/2028

 

 

267,403

 

 

 

111,925

 

Accuserve Solutions, Inc.

 

3/15/2030

 

 

2,886,466

 

 

N/A

 

Acquia, Inc.

 

11/1/2025

 

 

1,134,794

 

 

 

960,792

 

Alcami Corporation

 

12/21/2028

 

N/A

 

 

 

546,266

 

Alcami Corporation

 

12/21/2028

 

 

1,167,666

 

 

 

874,025

 

AlphaSense, Inc.

 

6/27/2029

 

 

4,641,664

 

 

N/A

 

Alpine Acquisition Corp II (48Forty)

 

11/30/2026

 

 

144,348

 

 

 

71,628

 

AmeriLife Holdings, LLC

 

8/31/2028

 

 

742,492

 

 

 

227,273

 

AmeriLife Holdings, LLC

 

8/31/2029

 

N/A

 

 

 

76,212

 

Applause App Quality, Inc.

 

9/20/2027

 

 

1,133,535

 

 

 

1,133,535

 

Appriss Health, LLC (PatientPing)

 

5/6/2027

 

 

699,444

 

 

 

544,531

 

Aras Corporation

 

4/13/2029

 

 

904,265

 

 

 

116,311

 

LJ Avalon Holdings, LLC (Ardurra)

 

2/1/2030

 

N/A

 

 

 

1,275,925

 

LJ Avalon Holdings, LLC (Ardurra)

 

2/1/2029

 

 

1,121,737

 

 

 

837,680

 

Avalara, Inc.

 

10/19/2028

 

 

270,000

 

 

 

45,000

 

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

5/9/2028

 

 

1,460,107

 

 

 

1,601,742

 

Bluefin Holding, LLC (Allvue)

 

9/12/2029

 

 

762,821

 

 

 

89,744

 

Bynder Bidco B.V. (Netherlands)

 

1/26/2029

 

 

1,259,424

 

 

 

882,000

 

Bynder Bidco, Inc. (Netherlands)

 

1/26/2029

 

 

346,984

 

 

 

243,000

 

CareATC, Inc.

 

3/14/2026

 

 

945,362

 

 

 

607,288

 

Clever Devices Ltd.

 

6/12/2030

 

 

539,216

 

 

N/A

 

Community Merger Sub Debt LLC (CINC Systems)

 

1/18/2030

 

 

428,571

 

 

N/A

 

Crewline Buyer, Inc. (New Relic)

 

11/8/2030

 

 

163,522

 

 

 

81,761

 

CSG Buyer, Inc. (Core States)

 

3/31/2028

 

N/A

 

 

 

2,921,165

 

CSG Buyer, Inc. (Core States)

 

3/31/2028

 

N/A

 

 

 

1,460,583

 

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

9/8/2027

 

 

233,333

 

 

 

194,444

 

Douglas Holdings, Inc

 

8/27/2030

 

 

3,648,967

 

 

N/A

 

Douglas Holdings, Inc

 

8/27/2030

 

 

3,317,243

 

 

N/A

 

Douglas Holdings, Inc

 

8/27/2030

 

 

1,800,928

 

 

N/A

 

Douglas Holdings, Inc

 

8/27/2030

 

 

1,326,897

 

 

N/A

 

Disco Parent, Inc. (Duck Creek Technologies)

 

3/30/2029

 

 

604,041

 

 

 

90,909

 

e-Discovery Acquireco, LLC (Reveal)

 

8/29/2029

 

 

500,000

 

 

 

83,333

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

12/29/2026

 

 

1,179,932

 

 

 

531,907

 

ESO Solutions, Inc.

 

5/3/2027

 

 

1,088,609

 

 

 

700,111

 

Fusion Holding Corp. (Finalsite)

 

9/15/2027

 

 

299,035

 

 

 

37,736

 

Fusion Risk Management, Inc.

 

5/22/2029

 

 

642,857

 

 

 

107,143

 

GTY Technology Holdings Inc.

 

7/9/2029

 

 

1,016,653

 

 

N/A

 

GTY Technology Holdings Inc.

 

7/9/2029

 

 

394,917

 

 

 

41,538

 

Huckabee Acquisition, LLC (MOREgroup)

 

1/16/2030

 

 

322,581

 

 

N/A

 

Huckabee Acquisition, LLC (MOREgroup)

 

1/16/2030

 

 

193,548

 

 

N/A

 

ICIMS, Inc.

 

8/18/2028

 

 

2,710,538

 

 

 

886,195

 

ICIMS, Inc.

 

8/18/2028

 

 

1,015,113

 

 

 

330,556

 

Honey Intermediate, Inc. (iLobby)

 

9/26/2030

 

 

2,352,941

 

 

N/A

 

Integrate.com, Inc. (Infinity Data, Inc.)

 

12/17/2027

 

 

14,000

 

 

 

10,000

 

Integrity Marketing Acquisition, LLC

 

8/27/2026

 

N/A

 

 

 

10,254,564

 

Integrity Marketing Acquisition, LLC

 

8/25/2028

 

 

15,422,318

 

 

N/A

 

 

 

52

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

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

 

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

6/3/2027

 

 

438,327

 

 

N/A

 

Intercept Bidco, Inc.

 

6/3/2030

 

 

416,667

 

 

N/A

 

Intercept Bidco, Inc.

 

6/3/2030

 

 

277,778

 

 

N/A

 

IT Parent, LLC (Insurance Technologies)

 

10/1/2026

 

N/A

 

 

 

104,167

 

James Perse Enterprises, Inc.

 

9/8/2027

 

 

3,416,914

 

 

 

1,944,444

 

Kaseya, Inc.

 

6/25/2029

 

 

412,951

 

 

 

93,900

 

Kaseya, Inc.

 

6/25/2029

 

 

416,280

 

 

 

75,000

 

Kellermeyer Bergensons Services, LLC

 

11/6/2028

 

 

39,048

 

 

N/A

 

Lucky US BuyerCo, LLC (Global Payments)

 

3/30/2029

 

 

222,333

 

 

 

277,917

 

Madison Logic Holdings, Inc.

 

12/30/2027

 

 

1,053,250

 

 

 

1,069,947

 

Mesquite Bidco, LLC

 

11/30/2029

 

N/A

 

 

 

1,585,403

 

Oranje Holdco, Inc. (KnowBe4)

 

2/1/2029

 

 

1,646,924

 

 

 

1,229,873

 

Oversight Systems, Inc.

 

9/24/2026

 

N/A

 

 

 

212,667

 

PHC Buyer, LLC (Patriot Home Care)

 

5/4/2028

 

N/A

 

 

 

3,266,234

 

PlayPower, Inc

 

8/28/2030

 

 

1,313,131

 

 

N/A

 

Pluralsight, Inc.

 

8/22/2029

 

 

3,775,409

 

 

N/A

 

Pluralsight, Inc.

 

4/6/2027

 

N/A

 

 

 

539,019

 

Pluralsight, Inc.

 

8/22/2029

 

 

1,849,410

 

 

N/A

 

PMA Parent Holdings, LLC

 

1/31/2031

 

 

750,000

 

 

N/A

 

Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)

 

8/23/2027

 

 

80,100

 

 

 

39,167

 

Razor Group GmbH (Germany)

 

4/30/2025

 

N/A

 

 

 

3,834,569

 

Sailpoint Technologies Holdings, Inc.

 

8/16/2028

 

 

371,281

 

 

 

37,538

 

Sandata Technologies, LLC

 

7/23/2024

 

N/A

 

 

 

1,050,000

 

SellerX Germany GmbH (Germany)

 

5/23/2026

 

 

6,893,808

 

 

 

5,034,506

 

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

 

3/31/2027

 

 

1,908,116

 

 

N/A

 

Serrano Parent, LLC (Sumo Logic)

 

5/13/2030

 

 

697,970

 

 

 

90,000

 

Showtime Acquisition, L.L.C. (World Choice)

 

8/7/2028

 

N/A

 

 

 

1,039,117

 

Showtime Acquisition, L.L.C. (World Choice)

 

8/7/2028

 

N/A

 

 

 

1,298,896

 

Sonny’s Enterprises, LLC

 

8/5/2027

 

 

177,253

 

 

N/A

 

SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)

 

4/25/2031

 

 

8,668,407

 

 

N/A

 

Superman Holdings, LLC (Foundation Software)

 

8/31/2026

 

N/A

 

 

 

1,256,026

 

Backoffice Associates Holdings, LLC (Syniti)

 

4/30/2026

 

 

592,910

 

 

 

428,647

 

Wealth Enhancement Group, LLC

 

10/4/2027

 

N/A

 

 

 

71,696

 

Wealth Enhancement Group, LLC

 

10/4/2027

 

 

445,999

 

 

 

26,980

 

Titan Home Improvement, LLC (Renuity)

 

5/31/2030

 

 

348,837

 

 

N/A

 

Titan Home Improvement, LLC (Renuity)

 

5/31/2030

 

 

290,698

 

 

N/A

 

Trintech, Inc.

 

7/25/2029

 

 

152,143

 

 

 

43,469

 

Vortex Companies, LLC

 

9/4/2029

 

 

668,144

 

 

N/A

 

Vortex Companies, LLC

 

9/4/2029

 

 

129,281

 

 

 

68,547

 

Xactly Corporation

 

7/31/2027

 

 

854,898

 

 

 

854,898

 

Zendesk Inc.

 

11/22/2028

 

 

1,393,091

 

 

 

95,503

 

Zendesk Inc.

 

11/22/2028

 

 

573,626

 

 

 

39,325

 

Zilliant Incorporated

 

11/22/2028

 

 

296,296

 

 

 

148,148

 

Total Unfunded Balances

 

 

$

100,639,479

 

 

$

54,556,095

 

 

From time to time, the Company and the Advisor may be parties to certain legal proceedings incidental to the normal course of our business, including with respect to our investments in our portfolio companies. On September 13, 2023, the Company was named as a defendant, together with the Advisor and certain other funds managed by the Advisor, as well as certain other defendants, in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York. The suit relates to a third-party sponsored collateralized loan obligation in which the Company and certain other defendants invested. The suit alleges that the Company and the other defendants knew or should have known of certain fraudulent activities of the third-party manager relating to its management of the collateralized loan obligation that caused the plaintiffs to suffer investment losses. The suit seeks to recover from the Company approximately $15 million, plus interest, additional amounts from the other Defendants, and attorneys’ fees and costs from all Defendants. The Company, the affiliated funds and the Advisor intend to vigorously defend against these claims. At this time, however, the Company and the Advisor cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome, including any potential losses that could result. On November 6, 2023, the Company, the affiliated funds, and the Advisor, and certain other Defendants filed motions to dismiss the lawsuit, which was fully briefed on February 12, 2024 and was argued in court on March 6, 2024.

53

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

6. Other Related Party Transactions

The Company, SVCP, TCPC Funding, TCPC Funding II, the SBIC, Merger Sub, the Advisor and their members and affiliates may be considered related parties. From time to time, SVCP advances payments to third parties on behalf of the Company which are reimbursable through deductions from distributions to the Company. At September 30, 2024 and December 31, 2023, no such amounts were outstanding. From time to time, the Advisor advances payments to third parties on behalf of the Company and SVCP and receives reimbursement from the Company. At September 30, 2024 and December 31, 2023, amounts reimbursable to the Advisor totaled $0.2 million and $0.8 million, respectively, as reflected in the Consolidated Statements of Assets and Liabilities.

Pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement”), the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to the Company, as well as costs and expenses incurred by the Administrator or its affiliates relating to any administrative, operating, or other non-investment advisory services provided by the Administrator or its affiliates to the Company. For the nine months ended September 30, 2024 and 2023, expenses allocated pursuant to the Administration Agreement totaled $1.7 million and $1.1 million, respectively.

7. Stockholders’ Equity and Dividends

In accordance with the terms of the Merger Agreement, at the Closing, each outstanding share of BCIC’s common stock was converted into the right to receive 0.3834 shares (the “Exchange Ratio”) of common stock, par value $0.001 per share of the Company (with BCIC shareholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Merger, the Company issued 27,823,870 shares of its common stock on March 18, 2024 to former BCIC shareholders, after adjustment for BCIC shareholders receiving cash in lieu of fractional shares.

The Company’s dividends are recorded on the ex-dividend date. The following table summarizes the Company’s dividends declared and paid for the nine months ended September 30, 2024:

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

 

Reinvested Amount(1)

 

February 29, 2024

 

March 14, 2024

 

March 29, 2024

 

Regular

 

$

0.34

 

 

$

19,640,870

 

 

$

—

 

May 1, 2024

 

June 14, 2024

 

June 28, 2024

 

Regular

 

 

0.34

 

 

 

29,100,986

 

 

 

771,651

 

August 7, 2024

 

September 16, 2024

 

September 30, 2024

 

Regular

 

 

0.34

 

 

 

29,100,986

 

 

 

722,140

 

 

 

 

 

 

 

 

$

1.02

 

 

$

77,842,842

 

 

$

1,493,791

 

 

(1)
Dividends reinvested through purchase of shares in the open market.

 

In addition, the Company paid $7,257,191 of dividends payable assumed in the Merger that were declared on March 4, 2024 by the BCIC Board of Directors for the benefit of former BCIC shareholders of record as of March 15, 2024. Such amount was paid from BCIC cash and cash equivalents acquired by the Company in the Merger.

 

The following table summarizes the Company’s dividends declared and paid for the nine months ended September 30, 2023:

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

 

Reinvested Amount(1)

 

February 28, 2023

 

March 17, 2023

 

March 31, 2023

 

Regular

 

$

0.32

 

 

$

18,485,524

 

 

$

—

 

May 4, 2023

 

June 16, 2023

 

June 30, 2023

 

Regular

 

 

0.34

 

 

 

19,640,870

 

 

 

—

 

August 3, 2023

 

September 15, 2023

 

September 29, 2023

 

Regular

 

 

0.34

 

 

 

19,640,870

 

 

 

—

 

August 3, 2023

 

September 15, 2023

 

September 29, 2023

 

Special

 

 

0.10

 

 

 

5,776,726

 

 

 

—

 

 

 

 

 

 

 

 

$

1.10

 

 

$

63,543,990

 

 

$

—

 

 

 

(1)
No dividend reinvestment plan was effective for the nine months ended September 30, 2023.

 

54

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

7. Stockholders’ Equity and Dividends — (continued)

 

Dividend Reinvestment Plan

On February 27, 2024, the Board of Directors approved a new dividend reinvestment plan (the “DRIP”) for the Company. The DRIP was effective as of, and will apply to the reinvestment of cash distributions with a record date after March 18, 2024. Under the DRIP, shareholders will automatically receive cash dividends and distributions unless they “opt in” to the DRIP and elect to have their dividends and distributions reinvested in additional shares of the Company’s common stock. Notwithstanding the foregoing, the former shareholders of BCIC that participated in the BCIC dividend reinvestment plan at the time of the Merger have been automatically enrolled in the Company’s DRIP and will have their shares reinvested in additional shares of the Company’s common stock on future distributions, unless they “opt out” of the DRIP.

To “opt in”, a shareholder shall notify Computershare Trust Company, N.A., the DRIP plan administrator (the “Plan Administrator”), in writing so that such notice is received by the Plan Administrator no later than the record date fixed by the Board of Directors for the distribution involved. The Plan Administrator will set up an account for shares acquired pursuant to the DRIP for each shareholder who has elected to participate in the DRIP (each a “Participant”). The amount of common stock to be issued to Participants pursuant to the DRIP will be calculated by reference to all shares of common stock owned by the Participant, whether held in its DRIP account or elsewhere. Common stock will be acquired by the Plan Administrator for the Participants’ accounts, through either (i) the receipt from the Company of additional unissued but authorized common stock (“newly issued common stock”) or (ii) the purchase of outstanding common stock in the open market (“open-market purchases”).

The Plan Administrator will acquire newly issued common stock on behalf of Participants if, on the distribution payment date, the closing market price per share of the Company’s common stock on the NASDAQ Global Select Market (or if no sale is reported for such day, the midpoint of the reported bid and asked prices) plus estimated per share fees (which include any applicable brokerage commissions the Plan Administrator is required to pay) (the “Market Price”) is greater than the most recently published net asset value per common stock (“NAV”) (such condition referred to as a “market premium”). The number of shares of newly issued common stock to be credited to a Participant’s account will be determined by dividing the dollar amount of the distribution otherwise payable to the Participant by the greater of (i) the NAV or (ii) 95% of the Market Price on the distribution payment date.

Unless otherwise instructed by the Company at the direction of its Board of Directors, the Plan Administrator will acquire common Stock on behalf of Participants through open-market purchases if, on the distribution payment date, the Market Price is less than the most recently published NAV (such condition referred to as a “market discount”). In the event of a market discount on the distribution payment date, the Plan Administrator will have until the last business day before the next date on which the common stock trades on an “ex-distribution” basis or 30 days after the distribution payment date, whichever is sooner (the “last purchase date”), to invest the distribution amount in common stock acquired in open-market purchases. If shares are purchased in the open market with respect to a distribution, the number of shares to be credited to a Participant’s account shall be determined by dividing the dollar amount of the cash distribution otherwise payable to the Participant by the weighted average Market Price per share for all common stock purchased by the Plan Administrator in the open market. If the Plan Administrator is unable to invest the full distribution amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making open-market purchases and may use any uninvested portion to acquire newly issued shares. Investments in newly issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the distribution payment date. If the Company instructs the Plan Administrator to purchase new shares of common stock when there is a market discount, the shares of common stock will be acquired in accordance with the same terms as outlined above when there is a market premium.

There will be no fees with respect to shares of common stock issued directly by the Company. However, each Participant will pay the per share fees (which include any applicable brokerage commissions the Plan Administrator is required to pay) incurred in connection with open-market purchases. If a shareholder has shares held by a broker, such shareholder should contact his/her broker to participate in the DRIP. For the nine months ended September 30, 2024, approximately $1.5 million of cash distributions were reinvested for electing Participants through purchase of shares in the open market in accordance with the terms of the DRIP.

55

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

7. Stockholders’ Equity and Dividends — (continued)

Share Repurchase Plan

On February 24, 2015, the Company’s Board of Directors approved a stock repurchase plan (the “Company Repurchase Plan”) to acquire up to $50.0 million in the aggregate of the Company’s common stock at prices at certain thresholds below the Company’s net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the 1934 Act. The Company Repurchase Plan is designed to allow the Company to repurchase its common stock at times when it otherwise might be prevented from doing so under insider trading laws. The Company Repurchase Plan requires an agent selected by the Company to repurchase shares of common stock on the Company’s behalf if and when the market price per share is at certain thresholds below the most recently reported net asset value per share. Under the plan, the agent will increase the volume of purchases made if the price of the Company’s common stock declines, subject to volume restrictions. The timing and amount of any stock repurchased depends on the terms and conditions of the Company Repurchase Plan, the market price of the common stock and trading volumes, and no assurance can be given that any particular amount of common stock will be repurchased. The Company Repurchase Plan was re-approved on August 1, 2024, to be in effect through the earlier of April 30, 2025, unless further extended or terminated by the Company’s Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

No shares were repurchased by the Company under the Company Repurchase Plan for the nine months ended September 30, 2024 and 2023.

8. Earnings Per Share

In accordance with ASC 260, Earnings per Share, basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, if any, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The following information sets forth the computation of the net increase in net assets per share resulting from operations for three and nine months ended September 30, 2024 and 2023:

 

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net increase (decrease) in net assets from operations

 

$

21,632,960

 

 

$

12,822,932

 

 

$

(24,586,416

)

 

$

51,787,497

 

Weighted average shares outstanding

 

 

85,591,134

 

 

 

57,767,264

 

 

 

77,772,017

 

 

 

57,767,264

 

Earnings (loss) per share

 

$

0.25

 

 

$

0.22

 

 

$

(0.32

)

 

$

0.90

 

 

9. Subsequent Events

On October 30, 2024, the Company’s Board of Directors re-approved the Company Repurchase Plan, to be in effect through the earlier of April 30, 2025, unless further extended or terminated by the Company's Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

On November 6, 2024, the Company’s Board of Directors declared a fourth quarter regular dividend of $0.34 per share and a special dividend of $0.10 per share, both payable on December 31, 2024 to shareholders of record as of the close of business on December 17, 2024.

56

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

10. Financial Highlights

 

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

Per Common Share

 

 

 

 

 

 

Per share NAV at beginning of period

 

$

11.90

 

 

$

12.93

 

 

 

 

 

 

 

Investment operations:

 

 

 

 

 

 

Net investment income before excise taxes

 

 

1.26

 

 

 

1.40

 

Excise taxes

 

 

—

 

 

 

—

 

Net investment income (1)

 

 

1.26

 

 

 

1.40

 

Net realized and unrealized gain (loss) (1)

 

 

(1.75

)

 

 

(0.51

)

Total from investment operations

 

 

(0.49

)

 

 

0.89

 

 

 

 

 

 

 

Net decrease in net assets as a result of issuance of shares in connection with the Merger (2)

 

 

(0.28

)

 

 

—

 

Dividends to common shareholders

 

 

(1.02

)

 

 

(1.10

)

 

 

 

 

 

 

Per share NAV at end of period

 

$

10.11

 

 

$

12.72

 

 

 

 

 

 

 

Per share market price at end of period

 

$

8.29

 

 

$

11.74

 

 

 

 

 

 

 

Total return based on market value (3) (4)

 

 

(19.3

)%

 

 

(0.8

)%

Total return based on net asset value (3) (5)

 

 

(6.5

)%

 

 

6.9

%

 

 

 

 

 

 

Shares outstanding at end of period

 

 

85,591,134

 

 

 

57,767,264

 

 

 

 

 

Ratios to average common equity: (6)

 

 

 

 

 

 

Net investment income

 

 

16.2

%

 

 

15.1

%

Expenses before incentive fee

 

 

12.8

%

 

 

10.6

%

Expenses and incentive fee

 

 

15.1

%

 

 

12.9

%

 

 

 

 

 

 

Ending common shareholder equity

 

$

865,636,898

 

 

$

734,997,297

 

Portfolio turnover rate

 

 

11.9

%

 

 

10.8

%

Weighted-average debt outstanding

 

$

1,251,449,814

 

 

$

1,009,620,469

 

Weighted-average interest rate on debt

 

 

5.3

%

 

 

4.4

%

Weighted-average number of common shares

 

 

77,772,017

 

 

 

57,767,264

 

Weighted-average debt per share

 

$

16.09

 

 

$

17.48

 

 

(1) Amounts shown reflect the impact of the purchase discount recorded in connection with the Merger and were computed based on the actual amounts earned or incurred by the Company divided by the actual shares outstanding in the respective accounting periods before and after the closing of the Merger on March 18, 2024.

(2) Calculated as the number of shares issued by the Company in connection with the Merger times the discount per share based on the closing price per share and the NAV per share at the time of the closing of the Merger.

(3) Not annualized.

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

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

(6) Annualized, except for incentive compensation.

 

 

 

 

57

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

11. Senior Securities

Information about the Company's senior securities is shown in the following table as of the end of each of the last ten fiscal years and the period ended September 30, 2024.

 

 

Class and Year

 

Total Amount
Outstanding(1)

 

 

Asset Coverage
Per Unit(2)

 

 

Involuntary Liquidating
Preference Per Unit(3)

 

 

Average Market
Value Per Unit(4)

Operating Facility

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

$

121,254

 

 

$

6,386

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

 

163,169

 

 

 

5,244

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

 

123,890

 

 

 

6,906

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

 

154,480

 

 

 

11,020

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

 

120,454

 

 

 

9,508

 

 

 

—

 

 

N/A

Fiscal Year 2019

 

 

108,498

 

 

 

5,812

 

 

 

—

 

 

N/A

Fiscal Year 2018

 

 

82,000

 

 

 

5,221

 

 

 

—

 

 

N/A

Fiscal Year 2017

 

 

57,000

 

 

 

6,513

 

 

 

—

 

 

N/A

Fiscal Year 2016

 

 

100,500

 

 

 

4,056

 

 

 

—

 

 

N/A

Fiscal Year 2015

 

 

124,500

 

 

 

3,076

 

 

 

—

 

 

N/A

Funding Facility I

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2019

 

$

158,000

 

 

$

5,812

 

 

 

—

 

 

N/A

Fiscal Year 2018

 

 

212,000

 

 

 

5,221

 

 

 

—

 

 

N/A

Fiscal Year 2017

 

 

175,000

 

 

 

6,513

 

 

 

—

 

 

N/A

Fiscal Year 2016

 

 

175,000

 

 

 

4,056

 

 

 

—

 

 

N/A

Fiscal Year 2015

 

 

229,000

 

 

 

3,076

 

 

 

—

 

 

N/A

Funding Facility II

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

$

51,000

 

 

$

6,386

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

 

100,000

 

 

 

5,244

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

 

100,000

 

 

 

6,906

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

 

-

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

 

36,000

 

 

 

9,508

 

 

 

—

 

 

N/A

Merger Sub Facility

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

$

125,000

 

 

$

6,386

 

 

 

—

 

 

N/A

SBA Debentures

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

$

131,500

 

 

$

6,386

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

 

150,000

 

 

 

5,244

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

 

150,000

 

 

 

6,906

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

 

150,000

 

 

 

11,020

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

 

138,000

 

 

 

9,508

 

 

 

—

 

 

N/A

Fiscal Year 2019

 

 

138,000

 

 

 

5,812

 

 

 

—

 

 

N/A

Fiscal Year 2018

 

 

98,000

 

 

 

5,221

 

 

 

—

 

 

N/A

Fiscal Year 2017

 

 

83,000

 

 

 

6,513

 

 

 

—

 

 

N/A

Fiscal Year 2016

 

 

61,000

 

 

 

4,056

 

 

 

—

 

 

N/A

Fiscal Year 2015

 

 

42,800

 

 

 

3,076

 

 

 

—

 

 

N/A

2019 Convertible Notes

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2019

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2018

 

$

108,000

 

 

$

2,157

 

 

 

—

 

 

N/A

Fiscal Year 2017

 

 

108,000

 

 

 

2,335

 

 

 

—

 

 

N/A

Fiscal Year 2016

 

 

108,000

 

 

 

2,352

 

 

 

—

 

 

N/A

Fiscal Year 2015

 

 

108,000

 

 

 

2,429

 

 

 

—

 

 

N/A

2022 Convertible Notes

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

$

140,000

 

 

$

1,948

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

 

140,000

 

 

 

2,058

 

 

 

—

 

 

N/A

Fiscal Year 2019

 

 

140,000

 

 

 

1,992

 

 

 

—

 

 

N/A

Fiscal Year 2018

 

 

140,000

 

 

 

2,157

 

 

 

—

 

 

N/A

Fiscal Year 2017

 

 

140,000

 

 

 

2,335

 

 

 

—

 

 

N/A

Fiscal Year 2016

 

 

140,000

 

 

 

2,352

 

 

 

—

 

 

N/A

 

58

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

11. Senior Securities — (continued)

 

2022 Notes

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

$

175,000

 

 

$

2,058

 

 

 

—

 

 

N/A

Fiscal Year 2019

 

 

175,000

 

 

 

1,992

 

 

 

—

 

 

N/A

Fiscal Year 2018

 

 

175,000

 

 

 

2,157

 

 

 

—

 

 

N/A

Fiscal Year 2017

 

 

175,000

 

 

 

2,335

 

 

 

—

 

 

N/A

2024 Notes

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

$

250,000

 

 

$

1,643

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

 

250,000

 

 

 

1,929

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

 

250,000

 

 

 

1,948

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

 

250,000

 

 

 

2,058

 

 

 

—

 

 

N/A

Fiscal Year 2019

 

 

200,000

 

 

 

1,992

 

 

 

—

 

 

N/A

2025 Notes

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

$

92,000

 

 

$

1,832

 

 

 

—

 

 

N/A

2026 Notes

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

$

325,000

 

 

$

1,832

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

 

325,000

 

 

 

1,643

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

 

325,000

 

 

 

1,929

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

 

325,000

 

 

 

1,948

 

 

 

—

 

 

N/A

2029 Notes

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2024 (Unaudited)

 

$

325,000

 

 

$

1,832

 

 

 

—

 

 

N/A

 

(1)
Total amount of each class of senior securities outstanding at the end of the period presented (in 1,000’s).
(2)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. For the Operating Facility, Funding Facility I, Funding Facility II and Merger Sub Facility, the asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit.
(3)
The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.
(4)
The Company's senior securities are not registered for public trading.

 

 

12. Merger with BlackRock Capital Investment Corporation

On March 18, 2024, the Company completed its previously announced acquisition of BCIC, pursuant to that certain Amended and Restated Agreement and Plan of Merger, dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BCIA, and the Advisor. Pursuant to the Merger Agreement, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company. As a result of, and as of the effective time of, the Merger, BCIC’s separate corporate existence ceased.

In connection with the Merger, the Company and the Advisor entered into the Amended and Restated Investment Advisory Agreement that became effective as of the Closing, pursuant to which the Advisor reduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of the calculation. Prior to the Closing, the Advisor's base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The Company also entered into the Fee Waiver Agreement with the Advisor. The Fee Waiver Agreement provides that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit. The waiver amount in a given quarter cannot exceed the total advisory fees for such quarter.

In accordance with the terms of the Merger Agreement, at the Closing, each outstanding share of BCIC’s common stock was converted into the right to receive 0.3834 shares of common stock, par value $0.001 per share of the Company (with BCIC’s shareholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Merger, the Company issued 27,823,870 shares of its common stock to former BCIC shareholders, after adjustment for BCIC’s shareholders receiving cash in lieu of fractional shares.

59

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2024

12. Merger with BlackRock Capital Investment Corporation — (continued)

The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50 ("ASC 805"), Business Combinations-Related Issues. The Company determined the fair value of the shares of the Company's common stock that were issued to former BCIC shareholders pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Merger under ASC 805. The consideration paid to BCIC shareholders was less than the aggregate fair values of the BCIC assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The consideration paid was allocated to the individual BCIC assets acquired and liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets and liabilities (for example, cash) and did not give rise to goodwill. As a result, the purchase discount was allocated to the cost basis of the BCIC investments acquired by the Company on a pro-rata basis based on their relative fair values as of the effective time of the Merger. Immediately following the Merger, the investments were marked to their respective fair values in accordance with ASC 820 which resulted in immediate recognition of net unrealized appreciation in the Consolidated Statement of Operations as a result of the Merger. The purchase discount allocated to the BCIC debt investments acquired will amortize over the remaining life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation or depreciation on such investment acquired through its ultimate disposition. The purchase discount allocated to BCIC equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company may recognize a realized gain or loss with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

The Merger was considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the acquired BCIC investments for tax purposes.

Pursuant to the Merger Agreement, the Advisor, in the case of the Company, and BCIA, in the case of BCIC, would each bear 50% of the aggregate reasonable out-of-pocket costs and expenses incurred by the Company or BCIC, as applicable, up to a combined aggregate amount equal to $6.0 million (the “Merger transaction costs”). Net of Merger transaction costs borne by the Advisor, the Company capitalized $2.4 million of Merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of BCIC.

The following table summarizes the allocation of the consideration paid to the assets acquired and liabilities assumed as a result of the Merger:

 

Common stock issued by the Company (1)

 

$

280,464,610

 

 

Transaction costs

 

 

2,366,408

 

 

   Total purchase price

 

$

282,831,018

 

 

Assets acquired:

 

 

 

 

Investments(2)

 

$

586,983,708

 

 

Cash and cash equivalents

 

 

11,670,610

 

 

Interest, dividends and fees receivable

 

 

10,373,421

 

 

Due from broker

 

 

2,048,141

 

 

Other assets

 

 

3,731,006

 

 

   Total assets acquired

 

 

614,806,886

 

 

Liabilities assumed:

 

 

 

 

Debt

 

 

315,296,749

 

 

Dividends payable (3)

 

 

7,257,191

 

 

Management fees payable

 

 

1,888,664

 

 

Interest rate swap, at fair value

 

 

1,674,309

 

 

Incentive fees payable

 

 

1,363,625

 

 

Other liabilities

 

 

4,495,330

 

 

Total liabilities assumed

 

 

331,975,868

 

 

   Net assets acquired

 

$

282,831,018

 

 
(1)
Based on the Company's market price of $10.08 and 27,823,870 shares of common stock issued by the Company at closing.
(2)
Investments acquired were recorded at fair value at the date of the acquisition, which is also the Company's initial cost basis in the investments, and reflects the impact of a $21,886,848 purchase discount.
(3)
Declared on March 4, 2024 by the BCIC Board of Directors for the benefit of former BCIC shareholders of record as of March 15, 2024 and paid on March 29, 2024 out of BCIC cash and cash equivalents acquired by the Company.

60

Table of Contents

 

BlackRock TCP Capital Corp.

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

Nine Months Ended September 30, 2024

 

Security

 

Dividends or
Interest (2)

 

 

Fair Value at
December 31, 2023

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
September 30, 2024

 

Hylan Intermediate Holdings II LLC, 2nd Lien Term Loan, SOFR + 10%, 1% SOFR Floor, due 3/11/2027

 

$

231,308

 

 

$

5,232,821

 

 

$

(184,796

)

 

$

(146,321

)

 

$

(5,086,500

)

 

$

184,796

 

 

$

—

 

Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/29

 

 

658,577

 

 

 

—

 

 

 

—

 

 

 

(175,890

)

 

 

11,575,692

 

 

 

—

 

 

 

11,399,802

 

Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Term Loan, SOFR + 8%, 1% SOFR Floor, due 2/22/26

 

 

176,882

 

 

 

4,979,720

 

 

 

—

 

 

 

3,987

 

 

 

(4,983,707

)

 

 

—

 

 

 

—

 

Hylan Novellus LLC, Class A Units

 

 

—

 

 

 

2,827,373

 

 

 

(12,625,342

)

 

 

10,990,444

 

 

 

(1,192,475

)

 

 

—

 

 

 

—

 

Hylan Global LLC, Parent Common Units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,477

 

 

 

738,447

 

 

 

—

 

 

 

739,924

 

Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, SOFR + 9%, 1% SOFR Floor, due 4/12/26

 

 

139,721

 

 

 

1,324,151

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(481,509

)

 

 

842,642

 

Iracore Investments Holdings, Inc., Class A Common Stock

 

 

283,370

 

 

 

1,799,178

 

 

 

—

 

 

 

(153,598

)

 

 

—

 

 

 

—

 

 

 

1,645,580

 

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

 

 

2,205,986

 

 

 

24,629,566

 

 

 

—

 

 

 

(12,065,990

)

 

 

2,205,986

 

 

 

—

 

 

 

14,769,562

 

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

 

 

—

 

 

 

24,629,566

 

 

 

—

 

 

 

(9,860,004

)

 

 

—

 

 

 

—

 

 

 

14,769,562

 

TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units

 

 

258,248

 

 

 

—

 

 

 

—

 

 

 

1,744,209

 

 

 

5,289,047

 

 

 

—

 

 

 

7,033,256

 

Total

 

$

3,954,092

 

 

$

65,422,375

 

 

$

(12,810,138

)

 

$

(9,661,686

)

 

$

8,546,490

 

 

$

(296,713

)

 

$

51,200,328

 

 

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

(1)
The issuers of the securities listed on this schedule are considered non-controlled affiliates under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers' voting securities.
(2)
Also includes fee income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts and investments acquired in connection with the Merger.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.

61

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BlackRock TCP Capital Corp.

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

Nine Months Ended September 30, 2024

 

Security

 

Dividends
or Interest (2)

 

 

Fair Value at
December 31, 2023

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
September 30, 2024

 

36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/25

 

$

4,850,405

 

 

$

52,318,937

 

 

$

—

 

 

$

—

 

 

$

7,437,501

 

 

$

—

 

 

$

59,756,438

 

36th Street Capital Partners Holdings, LLC, Membership Units

 

 

254,720

 

 

 

50,541,000

 

 

 

—

 

 

 

1,220,500

 

 

 

1,062,500

 

 

 

—

 

 

 

52,824,000

 

Anacomp, Inc., Class A Common Stock

 

 

—

 

 

 

843,074

 

 

 

—

 

 

 

256,768

 

 

 

—

 

 

 

—

 

 

 

1,099,842

 

AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/28

 

 

1,534,981

 

 

 

18,812,631

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18,812,631

 

AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/29

 

 

1,820,224

 

 

 

9,256,229

 

 

 

—

 

 

 

—

 

 

 

1,073,771

 

 

 

—

 

 

 

10,330,000

 

AA Acquisition Aggregator, LLC, Ordinary Shares

 

 

—

 

 

 

9,985,207

 

 

 

—

 

 

 

79,428

 

 

 

69,766

 

 

 

—

 

 

 

10,134,401

 

Conventional Lending TCP Holdings, LLC, Membership Units

 

 

1,069,310

 

 

 

16,376,544

 

 

 

—

 

 

 

(1,958,065

)

 

 

—

 

 

 

—

 

 

 

14,418,479

 

Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/21

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Conergy Asia Holdings Limited, Ordinary Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Conergy Asia Holdings Limited, Class B Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Fishbowl INC., Common Membership Units

 

 

—

 

 

 

135,403

 

 

 

—

 

 

 

(135,403

)

 

 

—

 

 

 

—

 

 

 

—

 

Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/2027

 

 

1,399,935

 

 

 

12,089,579

 

 

 

—

 

 

 

(1,499,108

)

 

 

—

 

 

 

—

 

 

 

10,590,471

 

Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/2021

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,168,655

)

 

 

13,114,253

 

 

 

—

 

 

 

5,945,598

 

Gordon Brothers Finance Company, Preferred Stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Gordon Brothers Finance Company, Common Stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/21

 

 

—

 

 

 

101,315

 

 

 

—

 

 

 

(20,130

)

 

 

—

 

 

 

—

 

 

 

81,185

 

Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/21

 

 

—

 

 

 

1,367,273

 

 

 

—

 

 

 

34,605

 

 

 

—

 

 

 

—

 

 

 

1,401,878

 

Kawa Solar Holdings Limited, Ordinary Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Kawa Solar Holdings Limited, Series B Preferred Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

10,929,575

 

 

$

171,827,192

 

 

$

—

 

 

$

(9,190,060

)

 

$

22,757,791

 

 

$

—

 

 

$

185,394,923

 

 

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

(1)
The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers' voting securities.
(2)
Also includes fee income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts and investments acquired in connection with the Merger.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.

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BlackRock TCP Capital Corp.

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

Year Ended December 31, 2023

 

Security

 

Dividends or
Interest (2)

 

 

Fair Value at
December 31, 2022

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
December 31, 2023

 

Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + 9%, 1% LIBOR Floor, due 4/12/24

 

$

191,149

 

 

$

1,324,140

 

 

$

—

 

 

$

—

 

 

$

11

 

 

$

—

 

 

$

1,324,151

 

Iracore Investments Holdings, Inc., Class A Common Stock

 

 

—

 

 

 

2,983,163

 

 

 

—

 

 

 

(1,183,985

)

 

 

—

 

 

 

—

 

 

 

1,799,178

 

Hylan Intermediate Holdings II LLC, 2nd Lien Term Loan, SOFR + 10%, 1% SOFR Floor, due 3/11/2027

 

 

581,023

 

 

 

—

 

 

 

—

 

 

 

104,575

 

 

 

5,260,111

 

 

 

(131,865

)

 

 

5,232,821

 

Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Term Loan, SOFR + 8%, 1% SOFR Floor, due 2/22/26

 

 

683,947

 

 

 

—

 

 

 

—

 

 

 

1,495

 

 

 

4,978,225

 

 

 

—

 

 

 

4,979,720

 

Hylan Novellus LLC, Class A Units

 

 

—

 

 

 

 

 

 

—

 

 

 

(9,402,715

)

 

 

12,230,088

 

 

 

—

 

 

 

2,827,373

 

TVG-Edmentum Holdings, LLC, Series A Preferred Units

 

 

45,650

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

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

 

 

2,652,917

 

 

 

32,391,197

 

 

 

—

 

 

 

(10,414,537

)

 

 

2,652,906

 

 

 

—

 

 

 

24,629,566

 

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

 

 

—

 

 

 

32,391,197

 

 

 

—

 

 

 

(7,761,631

)

 

 

—

 

 

 

—

 

 

 

24,629,566

 

Total

 

$

4,154,686

 

 

$

69,089,697

 

 

$

—

 

 

$

(28,656,798

)

 

$

25,121,341

 

 

$

(131,865

)

 

$

65,422,375

 

 

 

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

(1)
The issuers of the securities listed on this schedule are considered non-controlled affiliates under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers' voting securities.
(2)
Also includes fee income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.

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BlackRock TCP Capital Corp.

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

Year Ended December 31, 2023

 

Security

 

Dividends
or Interest (2)

 

 

Fair Value at
December 31, 2022

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
December 31, 2023

 

36th Street Capital Partners Holdings, LLC, Membership Units

 

$

(680,883

)

 

$

56,272,000

 

 

$

—

 

 

$

(6,043,500

)

 

$

312,500

 

 

$

—

 

 

$

50,541,000

 

36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/1/25

 

 

5,937,130

 

 

 

50,131,437

 

 

 

—

 

 

 

—

 

 

 

2,187,500

 

 

 

—

 

 

 

52,318,937

 

Anacomp, Inc., Class A Common Stock

 

 

—

 

 

 

552,432

 

 

 

—

 

 

 

290,642

 

 

 

—

 

 

 

—

 

 

 

843,074

 

Conventional Lending TCP Holdings, LLC, Membership Units

 

 

1,674,050

 

 

 

16,146,544

 

 

 

—

 

 

 

(20,000

)

 

 

250,000

 

 

 

—

 

 

 

16,376,544

 

Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/22

 

 

—

 

 

 

101,315

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

101,315

 

Kawa Solar Holdings Limited, Ordinary Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/22

 

 

—

 

 

 

1,862,701

 

 

 

—

 

 

 

(495,428

)

 

 

—

 

 

 

—

 

 

 

1,367,273

 

Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, due 05/27/2027

 

 

1,261,826

 

 

 

12,089,579

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

12,089,579

 

Fishbowl INC., Common Membership Units

 

 

—

 

 

 

577,277

 

 

 

—

 

 

 

(441,874

)

 

 

—

 

 

 

—

 

 

 

135,403

 

AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/28

 

 

1,522,939

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,533,793

 

 

 

16,278,838

 

 

 

18,812,631

 

AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/29

 

 

997,865

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

651,700

 

 

 

8,604,529

 

 

 

9,256,229

 

AutoAlert, LLC, Class A Common Interest

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,713,886

)

 

 

4,713,886

 

 

 

—

 

AutoAlert, LLC, Preferred Equity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4,302,264

)

 

 

4,302,264

 

 

 

—

 

AA Acquisition Aggregator, LLC, Ordinary Shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

969,054

 

 

 

9,016,153

 

 

 

—

 

 

 

9,985,207

 

Total

 

$

10,712,927

 

 

$

137,733,285

 

 

$

—

 

 

$

(5,741,106

)

 

$

5,935,496

 

 

$

33,899,517

 

 

$

171,827,192

 

 

 

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

(1)
The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers' voting securities.
(2)
Also includes fee income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.

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BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers (Unaudited)

September 30, 2024

 

Investment

 

Acquisition Date

AGY Equity, LLC, Class A Preferred Units

 

9/3/2020

AGY Equity, LLC, Class B Preferred Units

 

9/3/2020

AGY Equity, LLC, Class C Common Units

 

9/3/2020

Blackbird Purchaser, Inc. (OTC) Preferred Stock

 

12/14/2021

Fidelis (SVC) LLC, Series C Preferred Units

 

12/31/2019

Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock

 

5/4/2017

GACP II, LP (Great American Capital), Membership Units

 

1/12/2018

GlassPoint, Inc., Warrants to Purchase Common Stock

 

2/7/2017

Grey Orange International Inc., Warrants to Purchase Common Stock

 

5/5/2022

InMobi, Inc., Warrants to Purchase Common Stock

 

8/22/2017

InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)

 

9/18/2015

InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)

 

10/1/2018

Inotiv, Inc., Common Shares

 

3/30/2022

Marsico Holdings, LLC Units

 

3/15/2024

Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units

2/7/2020

Plate Newco 1 Limited (Avanti), Common Stock

 

4/13/2022

Pluralsight, Inc., Common Stock

 

8/22/2024

Quora, Inc., Warrants to Purchase Series D Preferred Stock

 

4/12/2019

Razor US LP, Class A Preferred Units

 

2/28/2024

Razor Group GmbH, Warrants to Purchase Preferred Series A1 Shares

 

4/28/2021

Razor Group GmbH, Warrants to Purchase Series C Shares

 

12/23/2022

ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock

 

11/7/2019

Elevate Brands HoldCo Inc., Warrants to Purchase Elevate Common Shares in MXP

 

7/26/2023

Elevate Brands HoldCo Inc., Warrants to Purchase Elevate Preferred New Super Senior Shares

 

7/26/2023

SellerX Germany GMBH & Co. KG,, Warrants to Purchase SellerX Common Shares in MXP

 

11/23/2021

SnapLogic, Inc., Warrants to Purchase Series Preferred Stock

 

3/20/2018

SoundCloud, Ltd., Warrants to Purchase Preferred Stock

 

4/30/2015

Stitch Holdings LP, LP Units

 

3/15/2024

Suited Connector, LLC, (Suco Investors, LP), Warrants to Purchase Class A Units

 

3/6/2023

Thras.io, LLC, Common Units

 

6/18/2024

Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock

 

3/9/2017

Utilidata, Inc., Common Stock

 

7/6/2020

Utilidata, Inc., Series A-1 Preferred Stock

 

7/6/2020

Utilidata, Inc., Series A-2 Preferred Stock

 

7/6/2020

WorldRemit Group Limited, Series X Shares

 

6/24/2024

WorldRemit Group Limited, Warrants to Purchase Series D Stock

 

2/11/2021

WorldRemit Group Limited, Warrants to Purchase Series E Stock

 

3/15/2024

 

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BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers

December 31, 2023

 

Investment

 

Acquisition Date

AGY Equity, LLC, Class A Preferred Units

 

9/3/2020

AGY Equity, LLC, Class B Preferred Units

 

9/3/2020

AGY Equity, LLC, Class C Common Units

 

9/3/2020

Blackbird Purchaser, Inc. (OTC) Preferred Stock

 

12/14/2021

Fidelis (SVC) LLC, Series C Preferred Units

 

12/31/2019

Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock

 

5/4/2017

GACP I, LP (Great American Capital), Membership Units

 

10/1/2015

GACP II, LP (Great American Capital), Membership Units

 

1/12/2018

GlassPoint, Inc., Warrants to Purchase Common Stock

 

2/7/2017

Grey Orange International Inc., Warrants to Purchase Common Stock

 

5/5/2022

InMobi, Inc., Warrants to Purchase Common Stock

 

8/22/2017

InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $20.01)

 

9/18/2015

InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $28.58)

 

10/1/2018

Inotiv, Inc., Common Shares

 

3/30/2022

PerchHQ, Warrants for Common Units

 

9/30/2022

Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units

2/7/2020

Plate Newco 1 Limited (Avanti), Common Stock

 

4/13/2022

Quora, Inc., Warrants to Purchase Series D Preferred Stock

 

4/12/2019

Razor Group GmbH, Warrants to Purchase Preferred Series A1 Shares

 

4/28/2021

Razor Warrants to Purchase Series C Shares

 

12/23/2022

ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock

 

11/7/2019

Elevate Brands HoldCo Inc., Warrants to Purchase Elevate Common Shares in MXP

 

7/26/2023

Elevate Brands HoldCo Inc., Warrants to Purchase Elevate Preferred New Super Senior Shares

 

7/26/2023

SellerX Germany GMBH & Co. KG,, Warrants to Purchase SellerX Common Shares in MXP

 

11/23/2021

SnapLogic, Inc., Warrants to Purchase Series Preferred Stock

 

3/20/2018

Soraa, Inc., Warrants to Purchase Preferred Stock

 

8/29/2014

SoundCloud, Ltd., Warrants to Purchase Preferred Stock

 

4/30/2015

Suited Connector, LLC, (Suco Investors, LP) Warrants to Purchase Class A Units

 

3/6/2023

Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock

 

3/9/2017

Utilidata, Inc., Common Stock

 

7/6/2020

Utilidata, Inc., Series A-1 Preferred Stock

 

7/6/2020

Utilidata, Inc., Series A-2 Preferred Stock

 

7/6/2020

WorldRemit Group Limited, Warrants to Purchase Series D Stock

 

2/11/2021

 

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Table of Contents

 

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

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

•
our, or our portfolio companies’, future business, operations, operating results or prospects;
•
the return or impact of current and future investments;
•
the impact of a protracted decline in the liquidity of credit markets on our business;
•
the impact of fluctuations in interest rates on our business;
•
the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;
•
our contractual arrangements and relationships with third parties;
•
the general economy and its impact on the industries in which we invest;
•
the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;
•
our expected financings and investments;
•
the adequacy of our financing resources and working capital;
•
the ability of our investment advisor to locate suitable investments for us and to monitor and administer our investments;
•
the timing of cash flows, if any, from the operations of our portfolio companies;
•
the timing, form and amount of any dividend distributions;
•
our ability to maintain our qualification as a RIC and as a BDC; and
•
the ability to realize benefits anticipated by the Merger; and
•
the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks.

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

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

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Overview

The Company is a Delaware corporation formed on April 2, 2012 and is an externally managed, closed-end, non-diversified management investment company. The Company was formed through the conversion of a pre-existing closed-end investment company. The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to seek to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We invest primarily in the debt of middle-market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. Such investments may include an equity component, and, to a lesser extent, we may make equity investments directly. Certain investment operations are conducted through the Company’s wholly-owned subsidiaries, Special Value Continuation Partners LLC, a Delaware limited liability company (“SVCP”), TCPC Funding I, LLC (“TCPC Funding”), TCPC Funding II, LLC ("TCPC Funding II") TCPC SBIC, LP, a Delaware limited partnership (the “SBIC”) and BCIC Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of SVCP (“Merger Sub”). SVCP was organized as a limited partnership and had elected to be regulated as a BDC under the 1940 Act through July 31, 2018. On August 1, 2018, SVCP withdrew its election to be regulated as a BDC under the 1940 Act and withdrew the registration of its common limited partner interests under Section 12(g) of the 1934 Act and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. Series H of SVOF/MM, LLC (“SVOF/MM”) serves as the administrator (the “Administrator”) of the Company. The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II and the SBIC. On August 1, 2018, the Advisor merged with and into a wholly owned subsidiary of BlackRock Capital Investment Advisors, LLC, an indirect wholly owned subsidiary of BlackRock, Inc. with the Advisor as the surviving entity. The SBIC was organized as a Delaware limited partnership in June 2013. On April 22, 2014, the SBIC received a license from the United States Small Business Administration (the “SBA”) to operate as a small business investment company under the provisions of Section 301(c) of the Small Business Investment Act of 1958.

The Company has elected to be treated as a RIC for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. All of the subsidiaries of the Company are treated as disregarded entities.

Our leverage program is comprised of $300.0 million in available debt under a revolving, multi-currency credit facility issued by SVCP (the “Operating Facility”), $200.0 million in available debt under a senior secured revolving credit facility issued by TCPC Funding II (“Funding Facility II”), amounts outstanding under a senior secured revolving credit facility originally issued by BCIC and assumed by Merger Sub ("Merger Sub Facility"), unsecured notes due December 2025 originally issued by BCIC and assumed by Merger Sub (the "2025 Notes"), $325.0 million in senior unsecured notes issued by the Company maturing in 2026 (the “2026 Notes”), $325.0 million in senior unsecured notes issued by the Company maturing in 2029 (the “2029 Notes”) and $141.5 million in committed leverage from the SBA (the “SBA Program” and, together with the Operating Facility, Funding Facility II, Merger Sub Facility, the 2025 Notes, the 2026 Notes and the 2029 Notes, the “Leverage Program”). Prior to being repaid on March 1, 2022, debt included $140.0 million in Convertible unsecured notes due March 2022 issued by the Company (the "2022 Convertible Notes"). Prior to being repaid on August 23, 2024, debt included $250.0 million in unsecured notes due August 2024 issued by the Company (the "2024 Notes").

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

On September 6, 2023, the Company entered into the Merger Agreement with BCIC, Merger Sub, and, solely for the limited purposes set forth therein, BCIA and the Advisor. On March 18, 2024, the Company completed its previously announced Merger with BCIC. Pursuant to the Merger Agreement, BCIC was merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP. As a result of the Merger, BCIC’s separate existence ceased.

In accordance with the terms of the Merger Agreement, at the Closing, each outstanding share of BCIC’s common stock was converted into the right to receive 0.3834 shares (the “Exchange Ratio”) of common stock, par value $0.001 per share of the Company (with BCIC shareholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Merger, the Company issued 27,823,870 shares of its common stock to former BCIC shareholders, after adjustment for BCIC’s shareholders receiving cash in lieu of fractional shares.

See “Note 12 – Merger with BlackRock Capital Investment Corporation” for further information regarding the Merger Agreement and the Merger.

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Investments

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

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies, public U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended, public domestic operating companies having a market capitalization of less than $250.0 million, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We are also permitted to make certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of September 30, 2024, 83.1% of our total assets were invested in qualifying assets.

Revenues

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

Expenses

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

•
our organization;
•
calculating our net asset value (including the cost and expenses of any independent valuation firms);
•
interest payable on debt, if any, incurred to finance our investments;
•
costs of future offerings of our common stock and other securities, if any;
•
the base management fee and any incentive compensation;
•
dividends and distributions on our preferred shares, if any, and common shares;
•
administration fees payable under the administration agreement;
•
fees payable to third parties relating to, or associated with, making investments;
•
transfer agent and custodial fees; costs of preparing and filing reports or other documents with the SEC;
•
registration fees;
•
listing fees;
•
taxes;
•
director fees and expenses;

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•
•
costs of any reports, proxy statements or other notices to our shareholders, including printing costs;
•
our fidelity bond;
•
directors and officers/errors and omissions liability insurance, and any other insurance premiums;
•
indemnification payments;
•
direct costs and expenses of administration, including audit and legal costs; and
•
all other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the administration agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs.

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

In connection with the Merger, the Company and the Advisor entered into the Amended and Restated Investment Advisory Agreement, pursuant to which the Advisor reduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of calculation. Prior to the Closing, the Advisor’s base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The Company also entered into the Fee Waiver Agreement with the Advisor. The Fee Waiver Agreement provided that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit (the waiver amount in a given quarter cannot exceed the total advisory fees for such quarter).

Additionally, the previous investment management agreement dated February 9, 2019 and the Amended and Restated Investment Advisory Agreement each provide that the Advisor or its affiliates may be entitled to incentive compensation under certain circumstances. According to the terms of such agreements, no incentive compensation was incurred prior to January 1, 2013. Under the previous investment management agreement, dated February 9, 2019, and as continued under the Amended and Restated Investment Advisory Agreement, the incentive compensation equals the sum of (1) 20% of all ordinary income since January 1, 2013 through February 8, 2019 and 17.5% thereafter and (2) 20% of all net realized capital gains (net of any net unrealized capital depreciation) since January 1, 2013 through February 8, 2019 and 17.5% thereafter, less ordinary income incentive compensation and capital gains incentive compensation previously paid. However, incentive compensation will only be paid to the extent the cumulative total return of the Company after incentive compensation and including such payment would equal or exceed a 7% annual return on daily weighted-average contributed common equity. The determination of incentive compensation is subject to limitations under the 1940 Act and the Investment Advisers Act of 1940.

Critical accounting policies and estimates

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

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Valuation of portfolio investments

Pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act, the Board of Directors designated the Advisor as the Company’s valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations and has approved policies and procedures adopted by the Advisor to seek to ensure compliance with the requirements of the Rules.

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

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

The valuation process adopted by the Valuation Designee with respect to investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value is as follows:

•
The investment professionals of the Valuation Designee provide recent portfolio company financial statements and other reporting materials to independent valuation firms approved by the Valuation Committee.
•
Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented and discussed with senior management of the Valuation Designee.
•
The fair value of smaller investments comprising in the aggregate less than 5% of our total capitalization may be determined by the Valuation Designee in good faith in accordance with our valuation policy without the employment of an independent valuation firm.
•
The Valuation Designee determines the fair value of the remainder of investments in our portfolio in good faith based on the input of the Valuation Committee and the respective independent valuation firms.

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

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

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

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

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

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

As of September 30, 2024, 0.0% of our investments were categorized as Level 1, 1.5% were categorized as Level 2, 98.4% were categorized as Level 3 investments valued based on valuations by independent third-party sources, and 0.1% were categorized as Level 3 investments valued based on valuations by the Valuation Designee.

As of December 31, 2023, 0.0% of our investments were categorized as Level 1, 3.0% were categorized as Level 2, 96.9% were categorized as Level 3 investments valued based on valuations by independent third-party sources, and 0.1% were categorized as Level 3 investments valued based on valuations by the Valuation Designee.

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

Revenue recognition

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

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

Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued PIK interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Company does not reverse previously capitalized PIK income. Payments received on non-accrual investments may either be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Company’s judgment, the repayment of the remaining contractual principal and interest is expected. The Company may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

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

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

Portfolio and investment activity

During the three months ended September 30, 2024, we invested approximately $72.8 million, comprised of new investments in 6 new and 3 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $62.7 million, or 86.2% of total acquisitions, were in senior secured loans, and $7.6 million, or 10.4% of total acquisitions, were in senior secured notes. The remaining $2.5 million, or 3.4% of total acquisitions, was comprised of equity investments. Additionally, we received approximately $139.2 million in proceeds from sales or repayments of investments during the three months ended September 30, 2024.

During the three months ended September 30, 2023, we invested approximately $92.4 million, comprised of new investments in 4 new and 4 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $91.5 million, or 99.0% of total acquisitions, were in senior secured loans. The remaining $0.9 million (1.0% of total acquisitions) was comprised of equity investments. Additionally, we received approximately $125.6 million in proceeds from sales or repayments of investments during the three months ended September 30, 2023.

During the nine months ended September 30, 2024, we invested approximately $809.5 million, of which $587.0 million of investments were acquired as a result of the Merger which were comprised of 95.8% in senior secured loans, 3.1% in unsecured or subordinated debt securities and 1.1% in equity investments. The remaining $222.5 million of investments made by the Company during the nine months ended September 30, 2024, included new investments in 15 new and 11 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $205.2 million, or 92.2% of total acquisitions, were in senior secured loans, and $7.6 million, or 3.4% of total acquisitions, were in senior secured notes. The remaining $9.7 million or 4.4% of total acquisitions, was comprised of equity investments. Additionally, we received approximately $348.5 million in proceeds from sales or repayments of investments during the nine months ended September 30, 2024.

During the nine months ended September 30, 2023, we invested approximately $185.5 million, comprised of new investments in 14 new and 8 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $182.5 million, or 98.4% of total acquisitions, were in senior secured loans. The remaining $3.0 million (1.6% of total acquisitions) was comprised of equity investments. Additionally, we received approximately $176.5 million in proceeds from sales or repayments of investments during the nine months ended September 30, 2023.

At September 30, 2024, our consolidated investment portfolio of $1,909.1 million (at fair value) consisted of 156 portfolio companies and was invested 90.9% in debt investments, primarily in senior secured debt. In aggregate, our investment portfolio was invested 87.4% in senior secured loans, 3.1% in senior secured notes, 0.4% in unsecured debt and 9.1% in equity investments. Our average portfolio company investment at fair value was approximately $12.2 million. Our largest portfolio company investment based on fair value was approximately 5.9% of our portfolio and our five largest portfolio company investments based on fair value comprised approximately 19.0% of our portfolio at September 30, 2024.

At December 31, 2023, our investment portfolio of $1,554.9 million (at fair value) consisted of 142 portfolio companies and was invested 89.3% in debt investments, primarily in senior secured debt. In aggregate, our investment portfolio was invested 86.0% in senior secured loans, 3.3% in senior secured notes and 10.7% in equity investments. Our average portfolio company investment at fair value was approximately $11.0 million. Our largest portfolio company investment based on fair value was approximately 6.6% of our portfolio and our five largest portfolio company investments based on fair value comprised approximately 19.8% of our portfolio at December 31, 2023.

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The industry composition of our portfolio at fair value at September 30, 2024 was as follows:

 

Industry

 

Percent of
Total
Investments

 

Internet Software and Services

 

 

14.0

%

Software

 

 

13.7

%

Diversified Financial Services

 

 

12.7

%

Diversified Consumer Services

 

 

8.0

%

Professional Services

 

 

5.9

%

Health Care Technology

 

 

3.7

%

IT Services

 

 

3.2

%

Healthcare Providers and Services

 

 

3.0

%

Road and Rail

 

 

2.9

%

Capital Markets

 

 

2.8

%

Textiles, Apparel and Luxury Goods

 

 

2.6

%

Automobiles

 

 

2.5

%

Construction and Engineering

 

 

2.4

%

Paper and Forest Products

 

 

2.2

%

Media

 

 

2.1

%

Insurance

 

 

1.9

%

Specialty Retail

 

 

1.8

%

Technology Hardware, Storage and Peripherals

 

 

1.8

%

Consumer Finance

 

 

1.5

%

Pharmaceuticals

 

 

1.4

%

Real Estate Management and Development

 

 

1.1

%

Containers and Packaging

 

 

1.1

%

Machinery

 

 

1.0

%

Other

 

 

6.7

%

Total

 

 

100.0

%

 

The weighted average effective yield of our debt portfolio based on fair value was 13.4% at September 30, 2024 and 14.1% at December 31, 2023, excluding non-accrual and non-income producing loans. The weighted average effective yield of our total portfolio based on fair value was 11.9% at September 30, 2024 and 13.3% at December 31, 2023. At September 30, 2024, 92.7% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 7.3% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 97.0% at September 30, 2024. Debt and preferred equity investments in ten portfolio companies were on non-accrual status as of September 30, 2024, representing 3.8% of the portfolio at fair value and 9.3% at cost. At December 31, 2023, 95.6% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 4.4% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 94.0% at December 31, 2023. Debt investments in four portfolio companies were on non-accrual status as of December 31, 2023, representing 2.0% of the portfolio at fair value and 3.7% at cost.

Results of operations

Investment income

Investment income totaled $70.9 million and $54.2 million, respectively, for the three months ended September 30, 2024 and 2023, of which $69.2 million and $53.3 million were attributable to interest and fees on our debt investments, $1.6 million and $0.9 million to dividend income and $0.1 million and $0.0 million to other income, respectively. Included in interest and fees on our debt investments were $6.7 million and $0.7 million of non-recurring income related to prepayments and $0.5 million and $0.4 million in amendment fees for the three months ended September 30, 2024 and 2023, respectively. The increase in investment income for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 primarily reflects an increase in interest income due to additional investment income earned on investments acquired as a result of the Merger and higher SOFR rates during the three months ended September 30, 2024.

Investment income totaled $198.2 million and $158.5 million, respectively, for the nine months ended September 30, 2024 and 2023, of which $193.0 million and $155.3 million were attributable to interest and fees on our debt investments, $5.1 million and $2.8 million to dividend income and $0.1 million and $0.4 million to other income, respectively. Included in interest and fees on our debt investments were $13.1 million and $1.0 million of non-recurring income related to prepayments and $0.9 million and $0.9 million in amendment fees for the nine months ended September 30, 2024 and 2023, respectively. The increase in investment income for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 primarily reflects an increase in interest income due to additional investment income earned on investments acquired as a result of the Merger and higher SOFR rates during the nine months ended September 30, 2024.

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Expenses

Total operating expenses for the three months ended September 30, 2024 and 2023 were $37.1 million and $25.9 million, respectively, comprised of $21.2 million and $12.1 million in interest expense and related fees, $6.5 million and $6.0 million in incentive fee expense, $6.2 million and $6.1 million in base management fees, $0.8 million and $0.7 million in professional fees, $0.5 million and $0.4 million in administrative expenses and $1.9 million and $0.6 million in other expenses, respectively. The increase in operating expenses for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 primarily reflects an increase in interest expense as a result of the higher debt outstanding assumed as a result of the Merger and the issuance of the 2029 Notes and due to higher SOFR rates during the three months ended September 30, 2024, in addition to an increase in incentive fee expense from higher pre-incentive net investment income earned during the three months ended September 30, 2024.

Total operating expenses for the nine months ended September 30, 2024 and 2023 were $100.2 million and $77.1 million, respectively, comprised of $54.1 million and $36.0 million in interest expense and related fees, $19.2 million and $17.3 million in incentive fee expense, $18.6 million and $18.1 million in base management fees, $2.4 million and $1.5 million in professional fees, $1.7 million and $1.1 million in administrative expenses and $4.2 million and $3.1 million in other expenses, respectively. The increase in operating expenses for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 primarily reflects an increase in interest expense as a result of the higher debt outstanding assumed as a result of the Merger and the issuance of the 2029 Notes and due to higher SOFR rates during the nine months ended September 30, 2024, in addition to an increase in incentive fee expense from higher pre-incentive net investment income earned during the nine months ended September 30, 2024.

Net investment income

Net investment income was $33.9 million and $28.3 million, respectively, for the three months ended September 30, 2024 and 2023. The increase in net investment income for the three months ended September 30, 2024 compared to the three months ended September 30, 2023 primarily reflects the increase in total investment income, partially offset by the increase in expenses during the three months ended September 30, 2024.

Net investment income was $98.0 million and $81.3 million, respectively, for the nine months ended September 30, 2024 and 2023. The increase in net investment income for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 primarily reflects the increase in total investment income, partially offset by the increase in expenses during the nine months ended September 30, 2024.

Net realized and unrealized gain or loss

Net realized gain (loss) for the three months ended September 30, 2024 and 2023 was $(31.4) million and $(0.1) million, respectively. Net realized losses for the three months ended September 30, 2024 was comprised primarily of $24.1 million and $7.4 million in losses from the restructuring of our investments in Pluralsight and McAfee, respectively. Subsequent to its restructuring, our debt investment in Pluralsight is back on accrual status.

Net realized gain (loss) for the nine months ended September 30, 2024 and 2023 was $(67.1) million and $(31.2) million, respectively. Net realized losses for the nine months ended September 30, 2024 was comprised primarily of $24.1 million, $22.8 million, $12.6 million and $7.4 million in losses from the restructuring of our investments in Pluralsight, Thras.io, Hylan and McAfee, respectively. Net realized loss for the nine months ended September 30, 2023 was comprised primarily of a $30.7 million loss from reorganization of our investment in AutoAlert.

For the three months ended September 30, 2024 and 2023, the change in net unrealized appreciation (depreciation) was $19.2 million and $(15.4) million, respectively. The change in net unrealized appreciation for the three months ended September 30, 2024 primarily reflects $24.1 million and $7.6 million reversals of previous unrealized losses from the restructuring of our investments in Pluralsight and McAfee, respectively, a $4.2 million unrealized gain on our investment in Securus, a $3.6 million unrealized gain on our investment in Domo and other unrealized gains across the portfolio, partially offset by an $8.0 million unrealized loss on our investment in Gordon Brothers, a $4.0 million unrealized loss on our investment in Seller-X, a $3.3 million unrealized loss on our investment in InMoment, a $2.8 million unrealized loss on our investment in Edmentum and a $2.2 million unrealized loss on our investment in Alpine. The change in net unrealized depreciation for the three months ended September 30, 2023 primarily reflects a $4.5 million unrealized loss on our investment in Edmentum, a $4.0 million unrealized loss on our investment in Khoros, a $3.6 million unrealized loss on our investment in Magenta Buyer, a $2.5 million unrealized loss on our investment in 36th Street Capital, a $2.4 million unrealized loss on our investment in Hylan, and a $2.2 million unrealized loss on our investment in CIBT, offset by a $3.2 million unrealized gain on our investment in Astra Acquisition.

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For the nine months ended September 30, 2024 and 2023, the change in net unrealized appreciation (depreciation) was $(55.4) million and $1.6 million, respectively. The change in unrealized depreciation of $(55.4) million is net of $21.3 million in unrealized appreciation resulting from a reduction of the cost basis of investments acquired as a result of the Merger from allocation of the purchase discount paid by the Company. The change in net unrealized depreciation for the nine months ended September 30, 2024 primarily reflects a $35.4 million unrealized loss on our investment in Seller-X, a $20.2 million unrealized loss on our investment in Edmentum, a $14.7 million unrealized loss on our investment in Lithium, a $13.3 million unrealized loss on our investment in Razor, and a $7.2 million unrealized loss on our investment in Gordon Brothers, partially offset by $17.0 million, $10.7 million, $6.3 million, and $5.2 million reversals of previous unrealized losses from the restructuring of our investments in Thras.io, Hylan, Perch and McAfee, respectively. The change in net unrealized appreciation for the nine months ended September 30, 2023 primarily reflects a $37.0 million reversal of previously recognized unrealized losses from the reorganization of our investment in Autoalert, offset by a $8.0 million unrealized loss in Hylan, a $6.8 million unrealized loss on our investment in Magenta Buyer, a $5.3 million unrealized loss on our investment in 36th Street, a $5.1 million unrealized loss on our investment in Khoros, a $4.4 million unrealized loss on our investment in Edmentum, a $3.9 million unrealized loss on our investment in Astra Acquisition, and a $3.9 million unrealized loss on our investment in Perch.

Incentive compensation

Incentive fees, included in operating expenses for the three months ended September 30, 2024 and 2023 were $6.5 million and $6.0 million, and for the nine months ended September 30, 2024 and 2023 were $19.2 million and $17.3 million, respectively, and were each payable due to our performance exceeding the cumulative total return threshold during those periods. The increase in incentive fee expense for the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023, respectively, was the result of higher pre-incentive fee net investment income earned during the three and nine months ended September 30, 2024 which was driven by higher SOFR rates and additional investment income earned on investments acquired as a result of the Merger.

Income tax expense, including excise tax

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

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income. Any excise tax expense is recorded at year end as such amounts are known. No excise tax was incurred for the nine months ended September 30, 2024.

On March 18, 2024, the Company completed its previously announced Merger with BCIC. Pursuant to the Merger Agreement, BCIC was merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP. The Merger was considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the acquired BCIC investments for tax purposes. As a result of the Merger, BCIC’s separate existence ceased.

Net increase (decrease) in net assets resulting from operations

The net increase (decrease) in net assets applicable to common shareholders resulting from operations was $21.6 million and $12.8 million for the three months ended September 30, 2024 and 2023, respectively. The increase in net assets resulting from operations during the three months ended September 30, 2024 was primarily due to higher net investment income and lower net realized and unrealized losses compared to the three months ended September 30, 2023.

The net increase (decrease) in net assets applicable to common shareholders resulting from operations was $(24.6) million and $51.8 million for the nine months ended September 30, 2024 and 2023, respectively. The decrease in net assets resulting from operations during the nine months ended September 30, 2024 was primarily due to higher net realized and unrealized losses, partially offset by higher net investment income compared to the nine months ended September 30, 2023.

Net investment income, net realized and unrealized gain (loss) and net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio.

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Supplemental Non-GAAP information

On March 18, 2024, the Company completed its previously announced Merger with BCIC. The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50 ("ASC 805"), Business Combinations-Related Issues. The Company determined the fair value of the shares of the Company's common stock that were issued to former BCIC shareholders pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Merger under ASC 805. The consideration paid to BCIC shareholders was less than the aggregate fair values of the BCIC assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The consideration paid was allocated to the individual BCIC assets acquired and liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets and liabilities (for example, cash) and did not give rise to goodwill. As a result, the purchase discount was allocated to the cost basis of the BCIC investments acquired by the Company on a pro-rata basis based on their relative fair values as of the effective time of the Merger. Immediately following the Merger, the investments were marked to their respective fair values in accordance with ASC 820 which resulted in immediate recognition of net unrealized appreciation in the Consolidated Statement of Operations as a result of the Merger. The purchase discount allocated to the BCIC debt investments acquired will amortize over the remaining life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation or depreciation on such investment acquired through its ultimate disposition. The purchase discount allocated to BCIC equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company may recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

As a supplement to the Company’s reported GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful:

•
“Adjusted net investment income” – excludes the amortization of purchase accounting discount from net investment income calculated in accordance with GAAP;
•
“Adjusted net realized and unrealized gain (loss)” – excludes the unrealized appreciation resulting from the purchase discount and the corresponding reversal of the unrealized appreciation from the amortization of the purchase discount from the determination of net realized and unrealized gain (loss) determined in accordance with GAAP; and
•
“Adjusted net increase (decrease) in net assets resulting from operations” – calculates net increase (decrease) in net assets resulting from operations based on Adjusted net investment income and Adjusted net realized and unrealized gain (loss).

 

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Three months ended September 30,

 

 

Nine months ended September 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

Amount

 

 

Per
Share

 

 

Amount

 

 

Per
Share

 

 

Amount

 

 

Per
Share

 

 

Amount

 

 

Per
Share

 

Net investment income

$

33,877,641

 

 

 

0.40

 

 

$

28,319,912

 

 

 

0.49

 

 

$

97,964,446

 

 

 

1.26

 

 

$

81,297,518

 

 

 

1.41

 

   Less: Purchase accounting discount amortization

 

3,044,864

 

 

 

0.04

 

 

 

—

 

 

 

—

 

 

 

7,278,861

 

 

 

0.09

 

 

 

—

 

 

 

—

 

Adjusted net investment income

$

30,832,777

 

 

 

0.36

 

 

$

28,319,912

 

 

 

0.49

 

 

$

90,685,585

 

 

 

1.17

 

 

$

81,297,518

 

 

 

1.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gain (loss)

$

(12,244,681

)

 

 

(0.14

)

 

$

(15,496,980

)

 

 

(0.27

)

 

$

(122,550,862

)

 

 

(1.58

)

 

$

(29,510,021

)

 

 

(0.51

)

   Less: Realized gain (loss) due to the allocation of purchase discount

 

2,727,500

 

 

 

0.03

 

 

 

—

 

 

 

—

 

 

 

7,915,125

 

 

 

0.10

 

 

 

—

 

 

 

—

 

   Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount

 

(5,772,364

)

 

 

(0.07

)

 

 

—

 

 

 

—

 

 

 

6,692,862

 

 

 

0.09

 

 

 

—

 

 

 

—

 

Adjusted net realized and unrealized gain (loss)

$

(9,199,817

)

 

 

(0.10

)

 

$

(15,496,980

)

 

 

(0.27

)

 

$

(137,158,849

)

 

 

(1.77

)

 

$

(29,510,021

)

 

 

(0.51

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

$

21,632,960

 

 

 

0.25

 

 

$

12,822,932

 

 

 

0.22

 

 

$

(24,586,416

)

 

 

(0.32

)

 

$

51,787,497

 

 

 

0.90

 

   Less: Purchase accounting discount amortization

 

3,044,864

 

 

 

0.04

 

 

 

—

 

 

 

—

 

 

 

7,278,861

 

 

 

0.09

 

 

 

—

 

 

 

—

 

   Less: Realized gain (loss) due to the allocation of purchase discount

 

2,727,500

 

 

 

0.03

 

 

 

—

 

 

 

—

 

 

 

7,915,125

 

 

 

0.10

 

 

 

—

 

 

 

—

 

   Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount

 

(5,772,364

)

 

 

(0.07

)

 

 

—

 

 

 

—

 

 

 

6,692,862

 

 

 

0.09

 

 

 

—

 

 

 

—

 

Adjusted net increase (decrease) in assets resulting from operations

$

21,632,960

 

 

 

0.25

 

 

$

12,822,932

 

 

 

0.22

 

 

$

(46,473,264

)

 

 

(0.60

)

 

$

51,787,497

 

 

 

0.90

 

 

We believe that the adjustment to exclude the full effect of purchase discount accounting under ASC 805 from these financial measures is meaningful because of the potential impact on the comparability of these financial measures that we and investors use to assess our financial condition and results of operations period over period. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

Liquidity and capital resources

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

On February 27, 2024, the Board of Directors approved a new dividend reinvestment plan (the “DRIP”) for the Company. The DRIP was effective as of, and will apply to the reinvestment of cash distributions with a record date after March 18, 2024. Under the DRIP, shareholders will automatically receive cash dividends and distributions unless they “opt in” to the DRIP and elect to have their dividends and distributions reinvested in additional shares of the Company’s common stock. Notwithstanding the foregoing, the former shareholders of BCIC that participated in the BCIC dividend reinvestment plan at the time of the Merger have been automatically enrolled in the Company’s DRIP and will have their shares reinvested in additional shares of the Company’s common stock on future distributions, unless they “opt out” of the DRIP. For the nine months ended September 30, 2024, approximately $1.5 million of cash distributions were reinvested for electing Participants through purchase of shares in the open market in accordance with the terms of the DRIP.

On February 24, 2015, the Company’s Board of Directors approved a stock repurchase plan (the “Company Repurchase Plan”) to acquire up to $50.0 million in the aggregate of the Company’s common stock at prices at certain thresholds below the Company’s net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the 1934 Act. The Company Repurchase Plan is designed to allow the Company to repurchase its common stock at times when it otherwise might be prevented from doing so under insider trading laws. The Company Repurchase Plan requires an agent selected by the Company to repurchase shares of common stock on the Company’s behalf if and when the market price per share is at certain thresholds below the most recently reported net asset value per share. Under the plan, the agent will increase the volume of purchases made if the price of the Company’s common stock declines, subject to volume restrictions. The timing and amount of any stock repurchased depends on the terms and conditions of the Company Repurchase Plan, the market price of the common stock and trading volumes, and no assurance can be given that any particular amount of common stock will be repurchased.

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The Company Repurchase Plan was re-approved on August 1, 2024, to be in effect through the earlier of April 30, 2025, unless further extended or terminated by our Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions. No shares were repurchased by the Company under the Company Repurchase plan for the nine months ended September 30, 2024 and 2023.

Total leverage outstanding and available under the combined Leverage Program at September 30, 2024 were as follows:

 

 

 

Maturity

 

Rate

 

 

Carrying
Value (1)

 

 

Available

 

 

Total
Capacity

 

 

Operating Facility

 

2029

 

SOFR+2.00%

(2)

 

$

121,253,796

 

 

$

178,746,204

 

 

$

300,000,000

 

(3)

Funding Facility II

 

2027

 

SOFR+2.05%

(4)

 

 

51,000,000

 

 

 

149,000,000

 

 

 

200,000,000

 

(5)

Merger Sub Facility(6)

 

2028

 

SOFR+2.00%

(7)

 

 

125,000,000

 

 

 

140,000,000

 

 

 

265,000,000

 

(8)

SBA Debentures

 

2025−2031

 

2.45%

(9)

 

 

131,500,000

 

 

 

10,000,000

 

 

 

141,500,000

 

 

2025 Notes ($92 million par)(6)

 

2025

 

Fixed/Variable

(10)

 

 

92,000,000

 

 

 

—

 

 

 

92,000,000

 

 

2026 Notes ($325 million par)

 

2026

 

2.85%

 

 

 

325,497,355

 

 

 

—

 

 

 

325,497,355

 

 

2029 Notes ($325 million par)

 

2029

 

6.95%

 

 

 

321,590,452

 

 

 

—

 

 

 

321,590,452

 

 

Total leverage

 

 

 

 

 

 

 

1,167,841,603

 

 

$

477,746,204

 

 

$

1,645,587,807

 

 

Unamortized issuance costs

 

 

 

 

 

 

 

(7,798,616

)

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

 

$

1,160,042,987

 

 

 

 

 

 

 

 

 

(1)
Except for the 2026 Notes and 2029 Notes, all carrying values are the same as the principal amounts outstanding.
(2)
As of September 30, 2024, $113.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.11%. $8.3 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%.
(3)
Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.
(4)
Subject to certain funding requirements and a SOFR credit adjustment of 0.15%.
(5)
Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.
(6)
Debt assumed by the Company as a result of the Merger with BCIC.
(7)
The applicable margin for SOFR-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness.
(8)
Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.
(9)
Weighted-average interest rate, excluding fees of 0.35% or 0.36%.
(10)
The 2025 Notes consist of two tranches: $35.0 million aggregate principal amount with a fixed interest rate of 6.85% and $57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14%.

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

Effective November 7, 2018, the Company’s Board of Directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of our Board of Directors, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA (the “Asset Coverage Ratio Election”), which would have resulted (had the Company not received earlier shareholder approval) in our asset coverage requirement applicable to senior securities being reduced from 200% to 150%, effective on November 7, 2019. On February 8, 2019, the shareholders of the Company approved the Asset Coverage Ratio Election, and, as a result, effective on February 9, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of September 30, 2024, the Company’s asset coverage ratio was 183.2%.

On July 13, 2015, we obtained exemptive relief from the SEC to permit us to exclude debt outstanding under the SBA Debentures from our asset coverage test under the 1940 Act. The exemptive relief provides us with increased flexibility under the 150% asset coverage test by permitting the SBIC to borrow up to $141.5 million more than it would otherwise be able to absent the receipt of this exemptive relief.

Net cash provided by operating activities during the nine months ended September 30, 2024 was $221.5 million, consisting primarily of $84.8 million in net investment income (net of non-cash income and expenses) and the settlement of dispositions of investments (net of acquisitions) of $136.7 million.

Net cash used by financing activities was $229.5 million during the nine months ended September 30, 2024, consisting primarily of a $250.0 million repayment of the 2024 Notes, $208.3 million in net credit facility repayments, $85.1 million in dividends paid to common shareholders (including $7.3 million of dividends declared by BCIC prior to the Merger and paid to former BCIC shareholders out of cash and cash equivalents acquired) and $7.5 million in payments of associated debt issuance costs, offset by $321.4 million in proceeds from the issuance of the 2029 Notes.

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At September 30, 2024, we had $104.2 million in cash and cash equivalents.

The Operating Facility, Funding Facility II and Merger Sub Facility (in the aggregate) are secured by substantially all of the assets in our portfolio, including cash and cash equivalents, and are subject to compliance with customary affirmative and negative covenants, including the maintenance of a minimum shareholders’ equity, the maintenance of a ratio of not less than 150% of total assets (less total liabilities other than indebtedness) to total indebtedness, and restrictions on certain payments and issuance of debt. Unfavorable economic conditions may result in a decrease in the value of our investments, which would affect both the asset coverage ratios and the value of the collateral securing the Operating Facility, Funding Facility II and Merger Sub Facility, and may therefore impact our ability to borrow under the Operating Facility, Funding Facility II and Merger Sub Facility. In addition to regulatory restrictions that restrict our ability to raise capital, the Leverage Program contains various covenants which, if not complied with, could accelerate repayment of debt, thereby materially and adversely affecting our liquidity, financial condition and results of operations. At September 30, 2024, we were in compliance with all financial and operational covenants required by the Leverage Program.

Unfavorable economic conditions, while potentially creating attractive opportunities for us, may decrease liquidity and raise the cost of capital generally, which could limit our ability to renew, extend or replace the Leverage Program on terms as favorable as are currently included therein. If we are unable to renew, extend or replace the Leverage Program upon the various dates of maturity, we expect to have sufficient funds to repay the outstanding balances in full from our net investment income and sales of, and repayments of principal from, our portfolio company investments, as well as from anticipated debt and equity capital raises, among other sources. Unfavorable economic conditions may limit our ability to raise capital or the ability of the companies in which we invest to repay our loans or engage in a liquidity event, such as a sale, recapitalization or initial public offering. The Operating Facility, Funding Facility II, Merger Sub Facility, the 2025 Notes, the 2026 Notes and the 2029 Notes, mature in August 2029, August 2027, September 2028, December 2025, February 2026 and May 2029, respectively. Any inability to renew, extend or replace the Leverage Program could adversely impact our liquidity and ability to find new investments or maintain distributions to our shareholders.

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

Contractual obligations

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

Distributions

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

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The following tables summarize dividends declared for the nine months ended September 30, 2024 and 2023:

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

 

Reinvested Amount(1)

 

February 29, 2024

 

March 14, 2024

 

March 29, 2024

 

Regular

 

$

0.34

 

 

$

19,640,870

 

 

$

—

 

May 1, 2024

 

June 14, 2024

 

June 28, 2024

 

Regular

 

 

0.34

 

 

 

29,100,986

 

 

 

771,651

 

August 7, 2024

 

September 16, 2024

 

September 30, 2024

 

Regular

 

 

0.34

 

 

 

29,100,986

 

 

 

722,140

 

 

 

 

 

 

 

 

$

1.02

 

 

$

77,842,842

 

 

$

1,493,791

 

 

(1)
Dividends reinvested through purchase of shares in the open market.

 

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

 

Reinvested Amount(1)

 

February 28, 2023

 

March 17, 2023

 

March 31, 2023

 

Regular

 

$

0.32

 

 

$

18,485,524

 

 

$

—

 

May 4, 2023

 

June 16, 2023

 

June 30, 2023

 

Regular

 

 

0.34

 

 

 

19,640,870

 

 

 

—

 

August 3, 2023

 

September 15, 2023

 

September 29, 2023

 

Regular

 

 

0.34

 

 

 

19,640,870

 

 

 

—

 

August 3, 2023

 

September 15, 2023

 

September 29, 2023

 

Special

 

 

0.10

 

 

 

5,776,726

 

 

 

—

 

 

 

 

 

 

 

 

$

1.10

 

 

$

63,543,990

 

 

$

—

 

 

(1)
No dividend reinvestment plan was effective for the nine months ended September 30, 2023.

 

In addition, the Company paid $7.3 million of dividends payable assumed in the Merger that were declared on March 4, 2024 by the BCIC Board of Directors for the benefit of former BCIC shareholders of record as of March 15, 2024. Such amount was paid from BCIC cash and cash equivalents acquired by the Company in the Merger.

 

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

•
98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;
•
98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and
•
certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

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

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

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

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Related Parties

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

•
Each of the Company, TCPC Funding II, and the SBIC has entered into an investment management agreement with the Advisor.
•
The Administrator provides us with administrative services necessary to conduct our day-to-day operations. For providing these services, facilities and personnel, the Administrator may be reimbursed by us for expenses incurred by the Administrator in performing its obligations under the administration agreement, including our allocable portion of the cost of certain of our officers and the Administrator’s administrative staff and providing, at our request and on our behalf, significant managerial assistance to our portfolio companies to which we are required to provide such assistance. The Administrator is an affiliate of the Advisor and certain other series and classes of SVOF/MM, LLC serve as the general partner or managing member of certain other funds managed by the Advisor.
•
We have entered into a royalty-free license agreement with BlackRock and the Advisor, pursuant to which each of BlackRock and the Advisor has agreed to grant us a non-exclusive, royalty-free license to use the name "BlackRock" and "TCP."

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

Recent Developments

From October 1, 2024 through November 5, 2024, the Company has invested approximately $29.5 million primarily in two senior secured loans with a combined effective yield of approximately 10.7%.

On October 30, 2024, the Company’s Board of Directors re-approved the Company Repurchase Plan, to be in effect through the earlier of two trading days after the Company’s fourth quarter 2024 earnings release or such time as the approved $50 million repurchase amount has been fully utilized, subject to certain conditions.

On November 6, 2024, the Company’s Board of Directors declared a fourth quarter regular dividend of $0.34 per share and a special dividend of $0.10 per share, both payable on December 31, 2024 to shareholders of record as of the close of business on December 17, 2024.

 

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. At September 30, 2024, 92.7% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. At December 31, 2023, the percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 95.6%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor.

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

Based on our September 30, 2024 statement of assets and liabilities, the following table shows the annual impact on net investment income (excluding the related incentive compensation impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments and the fact that our assets and liabilities may not have the same base rate period as assumed in this table) assuming no changes in our investment and borrowing structure. Projected amounts in the table do not include the impact of interest rate changes on the Company's Interest Rate Swap.

 

Basis Point Change

 

Net Investment
Income

 

 

Net Investment
Income Per Share

 

Up 300 basis points

 

$

40,664,011

 

 

$

0.48

 

Up 200 basis points

 

 

27,109,340

 

 

 

0.32

 

Up 100 basis points

 

 

13,554,670

 

 

 

0.16

 

Down 100 basis points

 

 

(13,554,670

)

 

 

(0.16

)

Down 200 basis points

 

 

(27,109,340

)

 

 

(0.32

)

Down 300 basis points

 

 

(40,355,695

)

 

 

(0.47

)

 

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Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of the period covered by this report, we, including our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Internal Control Over Financial Reporting

There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

 

 

 

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PART II - Other Information.

 

Item 1. Legal Proceedings

From time to time, the Company and the Advisor may be parties to certain legal proceedings incidental to the normal course of our business, including with respect to our investments in our portfolio companies. On September 13, 2023, the Company was named as a defendant, together with the Advisor and certain other funds managed by the Advisor, as well as certain other defendants, in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York. The suit relates to a third-party sponsored collateralized loan obligation in which the Company and certain other defendants invested. The suit alleges that the Company and the other defendants knew or should have known of certain fraudulent activities of the third-party manager relating to its management of the collateralized loan obligation that caused the plaintiffs to suffer investment losses. The suit seeks to recover from the Company approximately $15 million, plus interest, additional amounts from the other defendants, and attorneys’ fees and costs from all defendants. The Company, the affiliated funds and the Advisor intend to vigorously defend against these claims and filed a motion to dismiss the lawsuit on November 6, 2023, which was argued in court on March 6, 2024, and which remains pending. At this time, however, the Company and the Advisor cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome, including any potential losses that could result.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed below and the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Our use of borrowed funds, including under the Leverage Program, to make investments exposes us to risks typically associated with leverage.

The Company borrows money, both directly and indirectly, through SVCP, TCPC Funding II, SBIC and Merger Sub. As a result:

•
our common stock is exposed to incremental risk of loss, and a decrease in the value of our investments would have a greater negative impact on the value of our common stock than if we did not use leverage;
•
adverse changes in interest rates, whether as a result of fluctuations in the reference rates for our floating rate debt, changes in margin, higher fixed rate debt or otherwise, could reduce or eliminate the incremental income we make with the proceeds of leverage;
•
we, and indirectly our common stockholders, bear the entire cost of issuing and paying interest or dividends on any borrowed funds issued by us or our subsidiaries; and
•
our ability to pay dividends on our common stock will be restricted if our asset coverage ratio is not at least 150% and any amounts used to service indebtedness would not be available for such dividends.

The use of leverage creates increased risk of loss and is considered a speculative investment technique. The use of leverage magnifies the potential gains and losses from an investment and increases the risk of loss of capital. To the extent that income derived by us from investments purchased with borrowed funds is greater than the cost of borrowing such funds, our net income will be greater than if leverage had not been used. Conversely, if the income from investments purchased from these sources is not sufficient to cover the cost of the leverage, our net investment income will be less than if leverage had not been used, and the amount available for ultimate distribution to the holders of common stock will be reduced. The extent of any gains and losses associated with our leverage generally will depend on the degree of leverage employed. We may, under some circumstances, be required to dispose of investments under unfavorable market conditions in order to maintain our leverage, thus causing us to recognize a loss that might not otherwise have occurred. In the event of a sale of investments upon default under our borrowing arrangements, secured creditors will be contractually entitled to direct such sales and may do so in their interest, rather than in the interests of the holders of common stock. Holders of common stock will incur losses if the proceeds from a sale in any of the foregoing circumstances are insufficient, after payment in full of amounts due and payable on leverage, including administrative and other fees and expenses, to repay the cost of such holders’ investment in our common stock. As a result, you could experience a total loss of your investment. Any decrease in our revenue would cause our net income to decline more than it would have had we not borrowed funds and could negatively affect our ability to make distributions on our common stock. The ability to service any debt that we have or may have outstanding depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. There is no limitation on the percentage of portfolio investments that can be pledged to secure borrowings. The amount of leverage that we employ at any particular time will depend on our Advisor’s and our board of director’s assessments of market and other factors at the time of any proposed borrowing.

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In addition to regulatory restrictions that restrict our ability to raise capital, the Leverage Program contains various covenants which, if not complied with, could accelerate repayment of our debt, which may materially and adversely affect our liquidity, financial condition and results of operations.

Under the Leverage Program, we must comply with certain financial and operational covenants. These covenants include:

•
restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets;
•
restrictions on our ability to make distributions and other restricted payments under certain circumstances;
•
restrictions on extraordinary events, such as mergers, consolidation and sales of assets;
•
restrictions on our ability to incur liens and incur indebtedness; and
•
maintenance of a minimum level of stockholders’ equity.

In addition, by limiting the circumstances in which borrowings may occur under the Operating Facility, Funding Facility II and Merger Sub Facility, the credit agreements related to such facilities (the “Credit Agreements”) in effect provide for various asset coverage, credit quality and diversification limitations on our investments. Such limitations may cause us to be unable to make or retain certain potentially attractive investments or to be forced to sell investments at an inappropriate time and consequently impair our profitability or increase losses or result in adverse tax consequences.

As of September 30, 2024, we were in compliance with applicable covenants under the Leverage Program. However our continued compliance with these covenants depends on many factors, some of which are beyond our control. Accordingly, there are no assurances that we will continue to comply with the covenants under the Leverage Program (including any covenants that may be included in future debt arrangements that become part of the Leverage Program). Failure to comply with these covenants would result in a default under our debt arrangements which, if we were unable to obtain a waiver from the applicable creditors, would enable the applicable creditors to accelerate outstanding balances under our debt and terminate their commitments to lend to us. This would be expected to have a material adverse impact on our financial condition and results of operations and place limitations on our operational flexibility.

The Operating Facility also has certain “key man” provisions. For example, it is an event of default if the Advisor is controlled by any person or group other than (i) BlackRock, Inc. or a wholly-owned subsidiary of BlackRock, Inc. or (ii) any two of a group of four listed individuals (or any replacement manager or individual reasonably acceptable to the administrative agent and approved by the required lenders), provided that if the Advisor is no longer under the control of at least two of such four individuals (or their previously approved replacements) through an event resulting in the death or disability of such individuals, the Advisor has 60 calendar days to replace such individuals with other managers or individuals reasonably acceptable to the administrative agent and approved by the required lenders, provided further that a default (but not an event of default) shall be deemed to exist during such period.

The Operating Facility matures on August 1, 2029, subject to extension by the lenders at the request of SVCP, the Funding Facility II matures on August 4, 2027, subject to extension by the lender at the request of TCPC Funding II and the Merger Sub Facility matures on September 6, 2028. Any inability to renew, extend or replace the Operating Facility, Funding Facility II or Merger Sub Facility could adversely impact our liquidity and ability to find new investments or maintain distributions to our stockholders.

The Operating Facility matures on August 1, 2029, subject to extension by the lenders at the request of SVCP. Borrowings under the Operating Facility generally bear interest at a rate of SOFR plus a credit spread adjustment of 0.10%, plus a margin equal to either 1.75% or 2.00%, depending on a ratio of the borrowing base thereunder to the facility commitments, subject to certain limitations. Funding Facility II matures on August 4, 2027, subject to extension by the lender at the request of TCPC Funding II. Borrowings under the Funding Facility II generally bear interest at a rate of SOFR plus a credit spread adjustment of 0.15%, plus a margin of 2.05%, subject to certain funding requirements, plus an agency fee of 0.15% per annum. The Merger Sub Facility matures on September 6, 2028. Borrowings under the Merger Sub Facility generally bear interest at a rate of SOFR plus a credit spread adjustment of 0.10%, plus a margin equal to either 1.75% or 2.00%, depending on a ratio of the borrowing base to the facility commitments, subject to certain limitations.

We do not currently know whether we will renew, extend or replace the Operating Facility, Funding Facility II or Merger Sub Facility upon their maturities or whether we will be able to do so on terms that are as favorable as the Operating Facility, Funding Facility II and Merger Sub Facility, as applicable.

Our ability to replace the Operating Facility, Funding Facility II and Merger Sub Facility may be constrained by then-current economic conditions affecting the credit markets. In the event that we are not able to replace the Operating Facility, Funding Facility II or Merger Sub Facility at the time of its respective maturity, this may require us to liquidate assets to repay amounts due under such facility and could have a material adverse effect on our liquidity and ability to fund new investments, our ability to make distributions to our stockholders and our ability to qualify as a RIC.

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Lenders under the Operating Facility may have a veto power over the Company’s investment policies.

If a default has occurred under the Operating Facility, the lenders under the Operating Facility may veto changes in investment policies. The Operating Facility and the Merger Sub Facility also have certain limitations on unusual types of investments such as commodities, real estate and speculative derivatives, which are not part of the Company’s investment strategy or policies in any event.

We may be unable to realize the benefits anticipated by the Merger, including estimated cost savings, or it may take longer than anticipated to achieve such benefits.

The realization of certain benefits anticipated as a result of the Merger will depend in part on our ability to realize estimated cost savings. It is possible that our estimates of the potential Merger-related cost savings ultimately could be incorrect. If our estimates turn out to be incorrect, the anticipated cost savings may not be fully realized or realized at all or may take longer to realize than expected.

We are dependent upon senior management personnel of the Advisor for our future success; if the Advisor is unable to retain qualified personnel or if the Advisor loses any member of its senior management team, our ability to achieve our investment objective could be significantly harmed.

The success of the Company is highly dependent on the financial and managerial expertise of the Advisor. The loss of one or more of the voting members of the Investment Committee could have a material adverse effect on the performance of the Company. Although the Advisor and the voting members of the Investment Committee devote a significant amount of their respective efforts to the Company, they actively manage investments for other clients and are not required to (and will not) devote all of their time to the Company’s affairs. In addition, in connection with the acquisition of the Advisor by BlackRock in August 2018, certain senior members of the Advisor's investment team and other key advisory personnel were granted retention bonuses. As the last of such retention bonuses have recently been paid, there may be less economic incentive for certain senior investment team members and certain other key personnel to remain with the Advisor than in prior periods. Certain members of the Advisor's investment team that received such bonuses have left the firm. The loss of key members of the Advisor’s investment team, or a material portion of other key advisory personnel, could have a material adverse effect on the performance of the Company if the Advisor were unable to replace such persons in a timely manner.

 

Item 2: Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities.

No shares were repurchased by the Company under a repurchase plan for the nine months ended September 30, 2024 and 2023.

 

Item 3: Default Upon Senior Securities.

Not Applicable

 

Item 4. Mine Safety Disclosures.

None
 

Item 5. Other Information.

During the nine months ended September 30, 2024, no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5–1 trading arrangement” or “non-Rule 10b5–1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Price Range of Common Stock

Our common stock began trading on April 5, 2012 and is currently traded on The NASDAQ Global Select Market under the symbol “TCPC.” The following table lists the high and low closing sale price for our common stock, the closing sale price as a percentage of ending net asset value, or NAV, and quarterly distributions per share in each fiscal quarter for the first three quarters of the year ended December 31, 2024 and for each fiscal quarter in the years ended December 31, 2023 and December 31, 2022.

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On September 30, 2024, the reported closing price of our common stock was $8.29 per share.

 

 

 

 

 

 

 

 

 

 

 

Premium/
(Discount)

 

Premium/
(Discount)

 

 

 

 

 

 

 

Stock Price

 

 

of High Sales Price

 

of Low Sales Price

 

 

 

 

NAV(1)

 

 

High(2)

 

 

Low(2)

 

 

to NAV (3)

 

to NAV (3)

 

Declared Distributions

 

Fiscal Year ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

$

11.14

 

 

$

11.99

 

 

$

9.90

 

 

7.6%

 

(11.1)%

 

$

0.34

 

Second Quarter

$

10.20

 

 

$

11.48

 

 

$

9.93

 

 

12.5%

 

(2.7)%

 

$

0.34

 

Third Quarter

$

10.11

 

 

$

11.02

 

 

$

8.08

 

 

9.0%

 

(20.1)%

 

$

0.34

 

Fiscal Year ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

$

13.00

 

 

$

13.37

 

 

$

9.73

 

 

2.8%

 

(25.2)%

 

$

0.32

 

Second Quarter

$

12.94

 

 

$

11.42

 

 

$

9.76

 

 

(11.7)%

 

(24.6)%

 

$

0.34

 

Third Quarter

$

12.72

 

 

$

12.89

 

 

$

11.00

 

 

1.3%

 

(13.5)%

 

$

0.44

 

Fourth Quarter

$

11.90

 

 

$

12.41

 

 

$

10.37

 

 

4.3%

 

(12.9)%

 

$

0.59

 

Fiscal Year ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

$

14.27

 

 

$

14.30

 

 

$

13.10

 

 

0.2%

 

(8.2)%

 

$

0.30

 

Second Quarter

$

13.97

 

 

$

14.36

 

 

$

11.87

 

 

2.8%

 

(15.0)%

 

$

0.30

 

Third Quarter

$

14.12

 

 

$

14.28

 

 

$

10.92

 

 

1.1%

 

(22.7)%

 

$

0.30

 

Fourth Quarter

$

12.93

 

 

$

13.54

 

 

$

10.84

 

 

4.7%

 

(16.2)%

 

$

0.37

 

 

(1)
NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.
(2)
The High/Low Stock Price is calculated as of the closing price on a given day in the applicable quarter.
(3)
Calculated as the respective High/Low Stock Price minus the quarter end NAV, divided by the quarter end NAV.

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Item 6. Exhibits

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

Number

Description

2.1

 

Amended and Restated Agreement and Plan of Merger among BlackRock Capital Investment Corporation, BlackRock TCP Capital Corp., BCIC Merger Sub, LLC and, for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC and Tennenbaum Capital Partners, LLC, dated as of January 10, 2024 (1) **

3.1

Certificate of Incorporation of the Registrant (2)

3.2

Certificate of Amendment to the Certificate of Incorporation of the Registrant (3)

3.3

Second Amended & Restated By-Laws of the Registrant (4)

4.13

 

Fourth Supplemental Indenture, dated as of May 30, 2024, between the BlackRock TCP Capital Corp. and U.S. Bank Trust Company, National Association, as the Trustee (11)

4.14

 

Form of Global Note of 6.95% due 2029 (included in Exhibit 4.13)(11)

10.1

 

Borrower Assumption Agreement, dated as of March 18, 2024, by BCIC Merger Sub, LLC and Citibank, N.A., as administrative agent (5)

10.2

 

Eighth Amendment to the Second Amended and Restated Senior Secured Revolving Credit Agreement, dated as of September 6, 2023, by and among BlackRock Capital Investment Corporation, the subsidiary guarantors party thereto, the lenders party thereto and Citibank, N.A., as Administrative Agent (6)

10.3

 

Assumption Agreement, dated as of March 18, 2024, made by BCIC Merger Sub, LLC for the benefit of the holders of Notes issued under the Master Note Purchase Agreement (7) **

10.4

 

Master Note Purchase Agreement, dated as of April 21, 2022, between BlackRock Capital Investment Corporation and the purchasers party thereto (8)

10.5

 

First Amendment to Master Note Purchase Agreement, dated as of March 13, 2024, among BlackRock Capital Investment Corporation and the holders of the Notes party thereto (9)

10.6

 

Dividend Reinvestment Plan (10)

10.7

 

Amendment No. 7 to Amended & Restated Senior Secured Revolving Credit Agreement, dated August 1, 2024, by and among Special Value Continuation Partners LLC, the subsidiary guarantors party thereto, ING Capital LLC, as administrative agent, arranger and bookrunner and the lenders party thereto (12)

31.1

Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*

31.2

Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*

32.1

Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S.C. 1350)*

101.INS

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

**Exhibits and schedules to Exhibits 2.1 and 10.3 have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request.

(1)
Incorporated by reference to Exhibit 2.1 to the Registrant’s Form 8-K, filed on January 11, 2024

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(2)
Incorporated by reference to Exhibit (a)(2) to the Registrant’s Registration Statement under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011
(3)
Incorporated by reference to Exhibit 99.2 to the Registrant’s Form 8-K, filed on August 2, 2018
(4)
Incorporated by reference to Exhibit 99.1 to the Registrant’s Form 8-K, filed on August 2, 2024
(5)
Incorporated by reference to Exhibit 10.1 to the Registrant’s Form 8-K, filed on March 18, 2024
(6)
Incorporated by reference to Exhibit 10.2 to the Registrant’s Form 8-K, filed on March 18, 2024
(7)
Incorporated by reference to Exhibit 10.3 to the Registrant’s Form 8-K, filed on March 18, 2024
(8)
Incorporated by reference to Exhibit 10.1 filed with BlackRock Capital Investment Corporation’s Current Report on Form 8-K (File No. 814-00712) on April 22, 2022
(9)
Incorporated by reference to Exhibit 10.1 filed with BlackRock Capital Investment Corporation’s Current Report on Form 8-K (File No. 814-00712) on March 14, 2024
(10)
Incorporated by reference to Exhibit 10.6 to the Registrant’s Form 8-K, filed on March 18, 2024
(11)
Incorporated by reference to Exhibit 4.13 to the Registrant's Form 8-K filed on May 30, 2024
(12)
Incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on August 5, 2024

 

 

 

 

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SIGNATURES

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

 

BlackRock TCP Capital Corp.

 Date: November 6, 2024

By:

/s/ Rajneesh Vig

Name:

Rajneesh Vig

Title:

Chief Executive Officer

 Date: November 6, 2024

By:

/s/ Erik L. Cuellar

Name:

Erik L. Cuellar

Title:

Chief Financial Officer

 

91

EX-31.1 2 tcpc-ex31_1.htm EX-31.1 EX-31.1

 

Exhibit 31.1

Certification of Chief Executive Officer

of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a)

I, Rajneesh Vig, certify that:

1.
I have reviewed this Quarterly Report on Form 10-Q of BlackRock TCP Capital Corp.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: November 6, 2024

By:

/s/ Rajneesh Vig

Rajneesh Vig

Chief Executive Officer

(Principal Executive Officer)

 

 
EX-31.2 3 tcpc-ex31_2.htm EX-31.2 EX-31.2

 

Exhibit 31.2

Certification of Chief Financial Officer

of Periodic Report Pursuant to Rule 13a-14(a) and Rule 15d-14(a)

I, Erik L. Cuellar, certify that:

1.
I have reviewed this Quarterly Report on Form 10-Q of BlackRock TCP Capital Corp.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: November 6, 2024

By:

/s/ Erik L. Cuellar

Erik L. Cuellar

Chief Financial Officer

(Principal Financial Officer)

 

 
EX-32.1 4 tcpc-ex32_1.htm EX-32.1 EX-32.1

 

Exhibit 32.1

Certification of Chief Executive Officer and Chief Financial Officer

Pursuant to

18 U.S.C. Section 1350

In connection with the Quarterly Report on Form 10-Q of BlackRock TCP Capital Corp. (the “Company”) for the quarter ended September 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Rajneesh Vig, as Chief Executive Officer of the Company, and Erik L. Cuellar, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: November 6, 2024

By:

/s/ Rajneesh Vig

Rajneesh Vig

Chief Executive Officer

(Principal Executive Officer)

 

Date: November 6, 2024

By:

/s/ Erik L. Cuellar

Erik L. Cuellar

Chief Financial Officer

(Principal Financial Officer)

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to BlackRock TCP Capital Corp. and will be retained by BlackRock TCP Capital Corp. and furnished to the Securities and Exchange Commission or its staff upon request.