美國
證券交易委員會
華盛頓特區，郵編：20549
形式
根據1934年《證券交易法》第13或15(D)條規定的季度報告 |
截至季度
根據1934年證券交易法第13或15（d）條的過渡報告 |
|
從_到_的過渡期 |
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委員會文件號：
（註冊人章程中規定的確切名稱）
（州或其他成立司法管轄區） |
(IRS僱主識別號） |
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（主要行政辦公室地址） |
(Zip代碼） |
(
（註冊人的電話號碼，包括地區代碼）
根據該法第12（b）條登記的證券：
(每節課的標題) |
（交易符號） |
(Name註冊的每個交易所） |
通過勾選標記確認註冊人是否（1）在過去12個月內（或在註冊人被要求提交此類報告的較短期限內）提交了1934年證券交易法第13或15（d）條要求提交的所有報告，以及（2）在過去90天內是否已遵守此類提交要求：
通過勾選標記檢查註冊人是否已在過去12個月內（或在註冊人被要求提交此類文件的較短期限內）以電子方式提交了根據S-t法規第405條（本章第232.405條）要求提交的所有交互數據文件。
用複選標記表示註冊人是大型加速申報公司、加速申報公司、非加速申報公司、較小的報告公司或新興成長型公司。請參閱《交易法》第12b-2條規則中「大型加速申報公司」、「加速申報公司」、「較小申報公司」和「新興成長型公司」的定義。
☒ |
加速編報公司 |
☐ |
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非加速歸檔 |
☐ |
小型上市公司 |
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新興成長型公司 |
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如果是新興成長型公司，請通過勾選標記表明註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13（a）條規定的任何新的或修訂的財務會計準則。☐
通過勾選標記檢查註冊人是否是空殼公司（定義見《交易法》第120條第2款）。是否
截至2024年11月6日，註冊人普通股的流通股數，面值0.001美金 是
BLACKROCk TCPITAL COP.
表格10-Q
截至2024年9月30日的三個月零九個月
表OF含量
第一部分： |
財務信息 |
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項目1. |
財務報表 |
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2 |
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3 |
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4 |
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5 |
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7 |
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31 |
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61 |
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65 |
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項目2. |
67 |
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項目3. |
83 |
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項目4. |
84 |
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第二部分。 |
85 |
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項目1. |
85 |
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第1A項。 |
85 |
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項目2. |
87 |
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項目3. |
87 |
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項目4. |
87 |
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第五項。 |
87 |
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第六項。 |
89 |
1
貝萊德信託資本公司
合併報表of資產和負債
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2024年9月30日 |
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2023年12月31日 |
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（未經審計） |
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資產 |
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按公允價值計算的投資： |
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非受控、非附屬投資（成本爲美元 |
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$ |
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$ |
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非受控、關聯投資（成本爲美元 |
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受控投資（成本爲美元 |
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總投資（成本爲美元 |
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現金及現金等價物 |
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應收利息、股息和費用 |
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遞延債務發行成本 |
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應收經紀人款項 |
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預付費用和其他資產 |
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總資產 |
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負債 |
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債務（扣除延期發行成本美元 |
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利息和債務相關應付款項 |
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應付激勵費用 |
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利率互換，按公允價值計算 |
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應向顧問報銷 |
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應付管理費 |
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應爲購買的投資支付 |
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應計費用和其他負債 |
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總負債 |
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淨資產 |
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$ |
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$ |
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適用於普通股股東的淨資產構成 |
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普通股，$ |
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$ |
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$ |
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超面值實繳資本 |
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可分配收益(虧損) |
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( |
) |
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( |
) |
淨資產總額 |
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總負債和淨資產 |
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$ |
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$ |
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每股淨資產 |
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$ |
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$ |
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見合併財務報表附註。
2
貝萊德信託資本公司
合併狀態運營計劃（未經審計）
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截至9月30日的三個月， |
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截至9月30日的9個月， |
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2024 |
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2023 |
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2024 |
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2023 |
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投資收益 |
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利息收入（不包括PIK）： |
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非受控、非附屬投資 |
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$ |
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$ |
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$ |
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$ |
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非受控、關聯投資 |
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受控投資 |
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PIk利息收入： |
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非受控、非附屬投資 |
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非受控、關聯投資 |
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受控投資 |
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股息收入： |
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非受控、非附屬投資 |
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非受控、關聯投資 |
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受控投資 |
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其他收入： |
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非受控、非附屬投資 |
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非受控、關聯投資 |
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總投資收益 |
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業務費用 |
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利息和其他債務費用 |
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獎勵費 |
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管理費 |
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專業費用 |
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行政費用 |
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董事收費 |
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保險費 |
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託管費 |
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其他運營費用 |
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總運營支出 |
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稅前淨投資收入 |
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消費稅支出 |
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淨投資收入 |
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投資和外幣已實現和未實現收益（損失） |
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已實現淨收益（虧損）： |
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非受控、非附屬投資 |
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( |
) |
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( |
) |
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( |
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( |
) |
非受控、關聯投資 |
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( |
) |
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已實現淨收益（損失） |
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( |
) |
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( |
) |
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( |
) |
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( |
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未實現增值淨變化 |
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非受控、非附屬投資 |
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( |
) |
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( |
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非受控、關聯投資 |
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( |
) |
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( |
) |
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( |
) |
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( |
) |
受控投資 |
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( |
) |
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( |
) |
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( |
) |
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( |
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利率互換 |
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未實現升值(折舊)淨變化 |
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( |
) |
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( |
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已實現和未實現淨收益(虧損) |
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( |
) |
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( |
) |
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( |
) |
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( |
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淨資產淨增加（減少） |
|
$ |
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$ |
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$ |
( |
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$ |
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每股基本收益和攤薄後收益(虧損) |
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$ |
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$ |
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$ |
( |
) |
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$ |
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基本和稀釋加權平均常用值 |
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(1) Includes $
See accompanying notes to the consolidated financial statements.
3
BlackRock TCP Capital Corp.
Consolidated Statements of Changes in Net Assets (Unaudited)
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Common Stock |
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Shares |
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Par Amount |
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Paid in Capital |
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Distributable |
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Total Net |
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Balance at December 31, 2023 |
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$ |
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$ |
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$ |
( |
) |
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$ |
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Issuance of common stock in connection with the Merger (Note 12) |
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— |
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Net investment income |
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— |
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— |
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— |
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Net realized and unrealized gain (loss) |
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— |
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— |
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— |
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( |
) |
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( |
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Dividends paid to shareholders |
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— |
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— |
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— |
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( |
) |
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( |
) |
Balance at March 31, 2024 |
|
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$ |
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$ |
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$ |
( |
) |
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$ |
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|||||
Net investment income |
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— |
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— |
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— |
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Net realized and unrealized gain (loss) |
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— |
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— |
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— |
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( |
) |
|
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( |
) |
Dividends paid to shareholders |
|
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— |
|
|
|
— |
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|
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— |
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( |
) |
|
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( |
) |
Balance at June 30, 2024 |
|
|
|
|
$ |
|
|
$ |
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$ |
( |
) |
|
$ |
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|||||
Net investment income |
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— |
|
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|
— |
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— |
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||
Net realized and unrealized gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Dividends paid to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance at September 30, 2024 |
|
|
|
|
$ |
|
|
$ |
|
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$ |
( |
) |
|
$ |
|
||||
|
|
Common Stock |
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||||||||
|
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Shares |
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Par Amount |
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Paid in Capital |
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Distributable |
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Total Net |
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|||||
Balance at December 31, 2022 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
|
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|
|||||
Net investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
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|
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|
||
Net realized and unrealized gain (loss) |
|
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— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Dividends paid to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance at March 31, 2023 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||||
Net investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Net realized and unrealized gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Dividends paid to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance at June 30, 2023 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Net realized and unrealized gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Dividends paid to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance at September 30, 2023 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
See accompanying notes to the consolidated financial statements.
4
BlackRock TCP Capital Corp.
Consolidated Statements of Cash Flows (Unaudited)
|
|
截至9月30日的9個月， |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
經營活動 |
|
|
|
|
|
|
||
經營淨資產淨增加（減少） |
|
$ |
( |
) |
|
$ |
|
|
調整以調節淨資產淨增加（減少） |
|
|
|
|
|
|
||
淨已實現（收益）損失 |
|
|
|
|
|
|
||
投資未實現（增值）淨折舊變化 |
|
|
|
|
|
( |
) |
|
投資折扣和溢價的淨攤銷 |
|
|
( |
) |
|
|
( |
) |
原發行債務折扣攤銷 |
|
|
|
|
|
|
||
以實物支付的利息和股息收入 |
|
|
( |
) |
|
|
( |
) |
延期債務發行成本攤銷 |
|
|
|
|
|
|
||
合併中獲得的現金 |
|
|
|
|
|
|
||
合併成本資本化爲收購價格 |
|
|
( |
) |
|
|
|
|
資產負債變化 (1): |
|
|
|
|
|
|
||
購買投資 (2) |
|
|
( |
) |
|
|
( |
) |
處置投資收益 |
|
|
|
|
|
|
||
應收利息、股息和費用減少（增加） |
|
|
|
|
|
( |
) |
|
經紀人應收賬款減少（增加） |
|
|
|
|
|
|
||
出售投資應收賬款減少（增加） |
|
|
|
|
|
|
||
預付費用和其他資產減少（增加） |
|
|
|
|
|
( |
) |
|
購買投資應付款增加（減少） |
|
|
( |
) |
|
|
( |
) |
應付激勵費增加（減少） |
|
|
( |
) |
|
|
|
|
利息和債務相關應付賬款增加（減少） |
|
|
|
|
|
( |
) |
|
按公允價值計算的利率互換增加（減少） |
|
|
( |
) |
|
|
|
|
應向顧問支付的報銷增加（減少） |
|
|
( |
) |
|
|
( |
) |
應付管理費增加（減少） |
|
|
( |
) |
|
|
( |
) |
應計費用和其他負債增加（減少） |
|
|
( |
) |
|
|
|
|
經營活動提供（用於）的淨現金 |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
融資活動 |
|
|
|
|
|
|
||
利用信貸設施 |
|
|
|
|
|
|
||
償還信貸便利提取 |
|
|
( |
) |
|
|
( |
) |
債務發行成本的支付 |
|
|
( |
) |
|
|
( |
) |
向股東支付股息 (3) |
|
|
( |
) |
|
|
( |
) |
償還無擔保票據 |
|
|
( |
) |
|
|
|
|
發行無擔保票據的收益 |
|
|
|
|
|
|
||
融資活動提供（用於）的淨現金 |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
||
現金及現金等值物（包括限制性現金）淨增加（減少） |
|
|
( |
) |
|
|
|
|
年初現金及現金等值物（包括限制性現金） |
|
|
|
|
|
|
||
期末現金及現金等值物（包括受限制現金） |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
補充現金流信息 |
|
|
|
|
|
|
||
利息支付 |
|
$ |
|
|
$ |
|
||
消費稅繳納 |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
合併產生的非現金運營和融資活動 |
|
|
|
|
|
|
||
收購合併子公司資產和負債 (4) |
|
|
|
|
|
|
||
收購的非現金資產： |
|
|
|
|
|
|
||
投資 (5) |
|
$ |
|
|
$ |
|
||
應收利息、股息和費用 |
|
|
|
|
|
|
||
應收經紀人款項 |
|
|
|
|
|
|
||
其他資產 |
|
|
|
|
|
|
||
購置的非現金資產總額 |
|
$ |
|
|
$ |
|
||
承擔的負債： |
|
|
|
|
|
|
||
債務 |
|
$ |
|
|
$ |
|
||
應付股利 |
|
|
|
|
|
|
||
應付管理費 |
|
|
|
|
|
|
||
利率互換，按公允價值計算 |
|
|
|
|
|
|
||
應付激勵費用 |
|
|
|
|
|
|
||
其他負債 |
|
|
|
|
|
|
||
承擔的總負債 |
|
$ |
|
|
$ |
|
||
與合併相關的股份發行 |
|
$ |
|
|
$ |
|
||
合併成本資本化爲收購價格 |
|
$ |
|
|
$ |
|
||
5
請參閱合併財務報表隨附的附註
6
貝萊德信託資本公司
綜合投資計劃（未經審計）
2024年9月30日
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||
Debt Investments (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ALCV Purchaser, Inc. (AutoLenders) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
G/N |
||||||||
ALCV Purchaser, Inc. (AutoLenders) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
AutoAlert, LLC |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
F/N |
||||||||
AutoAlert, LLC |
|
Second Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
F/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Air Distribution Technologies Inc |
|
Sr Secured First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Porcelain Acquisition Corporation (Paramount) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Trulite Holding Corp. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pico Quantitative Trading, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Pico Quantitative Trading, LLC |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PMA Parent Holdings, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PMA Parent Holdings, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Kellermeyer Bergensons Services, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Kellermeyer Bergensons Services, LLC |
|
Subordinated Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) |
|
First Lien Incremental Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Thermostat Purchaser III, Inc. (Reedy Industries) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Communications Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Plate Newco 1 Limited (Avanti) (United Kingdom) |
|
Subordinated E1 Term Loan |
|
Fixed |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/H/N |
||||||||
Plate Newco 1 Limited (Avanti) (United Kingdom) |
|
Subordinated E2 Term Loan |
|
Fixed |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/H/N |
||||||||
Plate Newco 1 Limited (Avanti) (United Kingdom) |
|
Subordinated F Term Loan |
|
Fixed |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/H/N |
||||||||
Plate Newco 1 Limited (Avanti) (United Kingdom) |
|
Subordinated G Term Loan |
|
Fixed |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/H/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Construction and Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Homerenew Buyer, Inc. (Project Dream) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Homerenew Buyer, Inc. (Renovo) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Homerenew Buyer, Inc. (Project Dream) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Homerenew Buyer, Inc. (Project Dream) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
7
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2024
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Hylan Intermediate Holding II, LLC |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
B/N |
||||||||
LJ Avalon Holdings, LLC (Ardurra) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
LJ Avalon Holdings, LLC (Ardurra) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
LJ Avalon Holdings, LLC (Ardurra) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PlayPower, Inc |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PlayPower, Inc |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Titan Home Improvement, LLC (Renuity) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Titan Home Improvement, LLC (Renuity) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Titan Home Improvement, LLC (Renuity) |
|
Sr Secured Revolver Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Vortex Companies, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Consumer Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Freedom Financial Network Funding, LLC |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Freedom Financial Network Funding, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Lucky US BuyerCo, LLC (Global Payments) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Lucky US BuyerCo, LLC (Global Payments) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Money Transfer Acquisition Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Containers & Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
BW Holding, Inc. (Brook & Whittle) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PVHC Holding Corp. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fusion Holding Corp. (Finalsite) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Fusion Holding Corp. (Finalsite) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Razor Group Holdings II, Inc. (Germany) |
|
First Lien A Term Loan |
|
Fixed |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Razor Group Holdings II, Inc. (Germany) |
|
First Lien C Term Loan |
|
Fixed |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
SellerX Germany GmbH (Germany) |
|
First Lien B Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
% |
|
C/H/K/N |
|||||
SellerX Germany GmbH (Germany) |
|
First Lien A1 Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/H/N |
||||||||
SellerX Germany GmbH (Germany) |
|
First Lien A2 Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/H/N |
||||||||
Thras.io, LLC |
|
First Out Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Thras.io, LLC |
|
Second Out Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2-10 Holdco, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
2-10 Holdco, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
8
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2024
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
|
Total |
|
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
36th Street Capital Partners Holdings, LLC |
|
Senior Note |
|
Fixed |
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
E/F/N |
||||||||||
Accordion Partners LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
Accordion Partners LLC |
|
First Lien Delayed Draw Term Loan A |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
Accordion Partners LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
Accordion Partners LLC |
|
First Lien Delayed Draw Term Loan B |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
Accuserve Solutions, Inc. |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
Accuserve Solutions, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||||
Callodine Commercial Finance, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
GC Champion Acquisition LLC (Numerix) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
GC Champion Acquisition LLC (Numerix) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
Gordon Brothers Finance Company |
|
Unsecured Debt |
|
LIBOR(M) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/F/N |
||||||||||
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) |
|
Second Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
SitusAMC Holdings Corporation |
|
First Lien Term Loan B |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
SitusAMC Holdings Corporation |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
TransNetwork, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
Wealth Enhancement Group, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
Wealth Enhancement Group, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||||
Worldremit Group Limited (United Kingdom) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||||
Worldremit Group Limited (United Kingdom) |
|
First Lien Incremental Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Aventiv Technologies, Inc. (Securus) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Electric Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Conergy Asia & ME Pte. Ltd. (Singapore) |
|
First Lien Term Loan |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
D/F/H/N |
||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) |
|
Bank Guarantee Credit Facility |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
D/F/H/N |
||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) |
|
Revolving Credit Facility |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
D/F/H/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Appriss Health, LLC (PatientPing) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
Appriss Health, LLC (PatientPing) |
|
Sr Secured Revolver |
|
SOFR(S) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
CareATC, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
CareATC, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||||
ESO Solutions, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
ESO Solutions, Inc. |
|
Sr Secured Revolver |
|
SOFR(S) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
Gainwell Acquisition Corp. |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
9
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2024
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Healthcare Providers and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
RecordXTechnologies, LLC (Ontellus) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
INH Buyer, Inc. (IMS Health) |
|
First Lien Term Loan ( |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/L/N |
||||||||
PHC Buyer, LLC (Patriot Home Care) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PHC Buyer, LLC (Patriot Home Care) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Team Services Group, LLC |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Hotels, Restaurants and Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
H/K/N |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Bad Boy Mowers JV Acquisition, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AmeriLife Holdings, LLC |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
AmeriLife Holdings, LLC |
|
Sr Secured Revolver |
|
SOFR(S) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Integrity Marketing Acquisition, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Integrity Marketing Acquisition, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
IT Parent, LLC (Insurance Technologies) |
|
First Lien Term Loan |
|
SOFR(A) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
IT Parent, LLC (Insurance Technologies) |
|
Sr Secured Revolver |
|
Prime |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Internet and Catalog Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CommerceHub, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Syndigo, LLC |
|
Second Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Internet Software and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Acquia, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Acquia, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Astra Acquisition Corp. (Anthology) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Bynder Bidco, Inc. (Netherlands) |
|
Sr Secured Revolver A |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
H/K/N |
||||||
Bynder Bidco, Inc. (Netherlands) |
|
First Lien Term Loan A |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Bynder Bidco B.V. (Netherlands) |
|
Sr Secured Revolver B |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
H/K/N |
||||||
Bynder Bidco B.V. (Netherlands) |
|
First Lien Term Loan B |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
10
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2024
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Domo, Inc. |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
L/N |
||||||||
Domo, Inc. |
|
First Lien PIK Term Loan |
|
Fixed |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
e-Discovery Acquireco, LLC (Reveal) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
e-Discovery Acquireco, LLC (Reveal) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Fishbowl, Inc. |
|
First Lien Term Loan ( |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
F/L/N |
||||||||
Gympass US, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Gympass US, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
InMoment, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Magenta Buyer, LLC (McAfee) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
|
||||||||
Magenta Buyer, LLC (McAfee) |
|
Second Lien Second Out Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
|
||||||||
Magenta Buyer, LLC (McAfee) |
|
Second Lien Third Out Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C |
||||||||
Magenta Buyer, LLC (McAfee) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
|
||||||||
Oranje Holdco, Inc. (KnowBe4) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Oranje Holdco, Inc. (KnowBe4) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Oranje Holdco, Inc. (KnowBe4) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Persado, Inc. |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
Pluralsight, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Pluralsight, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Pluralsight, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
ResearchGate GmBH (Germany) |
|
First Lien Term Loan ( |
|
EURIBOR(M) |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N/O |
||||||||
Sailpoint Technologies Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Sailpoint Technologies Holdings, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Spartan Bidco Pty Ltd (StarRez) (Australia) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Suited Connector, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Suited Connector, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Avalara, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Avalara, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Crewline Buyer, Inc. (New Relic) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Crewline Buyer, Inc. (New Relic) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Ensono, Inc. |
|
Second Lien Term Loan B |
|
SOFR(M) |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
Intercept Bidco, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Intercept Bidco, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Intercept Bidco, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Idera, Inc. |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G |
||||||||
11
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2024
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Madison Logic Holdings, Inc. |
|
Sr Secured Revolver |
|
SOFR(S) |
|
|
% |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
Madison Logic Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Serrano Parent, LLC (Sumo Logic) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Serrano Parent, LLC (Sumo Logic) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Xactly Corporation |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Leisure Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Blue Star Sports Holdings, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Blue Star Sports Holdings, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Blue Star Sports Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Alcami Corporation |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Alcami Corporation |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Alcami Corporation |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Machinery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sonny’s Enterprises, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Sonny’s Enterprises, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Sonny’s Enterprises, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
NEP Group, Inc. et al |
|
First Lien Term Loan ( |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L |
||||||||
NEP Group, Inc. et al |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G |
||||||||
Khoros, LLC (Lithium) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Streamland Media Midco LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Streamland Media Midco LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Terraboost Media Operating Company, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Oil, Gas and Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Iracore International Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/N |
||||||||
Palmdale Oil Company, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Paper and Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Alpine Acquisition Corp II (48Forty) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Alpine Acquisition Corp II (48Forty) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
FSK Pallet Holding Corp. (Kamps) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
12
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2024
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Nephron Pharmaceuticals Corp. et al |
|
First Lien Term Loan B |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
Nephron Pharmaceuticals Corp. et al |
|
First Lien Term Loan B-1 |
|
Fixed |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Applause App Quality, Inc. |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Applause App Quality, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
CIBT Solutions, Inc. |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
GI Consilio Parent, LLC |
|
Second Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
Huckabee Acquisition, LLC (MOREgroup) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Huckabee Acquisition, LLC (MOREgroup) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Huckabee Acquisition, LLC (MOREgroup) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
ICIMS, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
ICIMS, Inc. |
|
First Lien Incremental Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
ICIMS, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
ICIMS, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
TLE Holdings, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
TLE Holdings, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Real Estate Management and Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Community Merger Sub Debt LLC (CINC Systems) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Community Merger Sub Debt LLC (CINC Systems) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Greystone Affordable Housing Initiatives, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
I/N |
||||||||
Greystone Select Company II, LLC (Passco) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Road and Rail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Motive Technologies, Inc. (fka Keep Truckin, Inc.) |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
Motive Technologies, Inc. (fka Keep Truckin, Inc.) |
|
First Lien Incremental 3 Term Loan ( |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Semiconductors and Semiconductor Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Emerald Technologies (U.S.) AcquisitionCo, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
Emerald Technologies (U.S.) AcquisitionCo, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
13
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2024
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
AlphaSense, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
|||||||||
Aras Corporation |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Aras Corporation |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Backoffice Associates Holdings, LLC (Syniti) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Backoffice Associates Holdings, LLC (Syniti) |
|
First Lien Incremental Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Backoffice Associates Holdings, LLC (Syniti) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Bluefin Holding, LLC (Allvue) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Bluefin Holding, LLC (Allvue) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Cart.Com, Inc. |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
|||||||||
Clever Devices Ltd. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Clever Devices Ltd. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Disco Parent, Inc. (Duck Creek Technologies) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
||||||||
Disco Parent, Inc. (Duck Creek Technologies) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Douglas Holdings, Inc (Docupace) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Douglas Holdings, Inc (Docupace) |
|
First Lien Delayed Draw Term Loan A |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Douglas Holdings, Inc (Docupace) |
|
First Lien Delayed Draw Term Loan B |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Douglas Holdings, Inc (Docupace) |
|
First Lien PIK Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Douglas Holdings, Inc (Docupace) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Elastic Path Software, Inc. (Canada) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
|||||||||
Elastic Path Software, Inc. (Canada) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
|||||||||
Fusion Risk Management, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Fusion Risk Management, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
GTY Technology Holdings Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
GTY Technology Holdings Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
GTY Technology Holdings Inc. |
|
First Lien Incremental Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
GTY Technology Holdings Inc. |
|
Sr Secured Revolver |
|
Prime |
|
|
% |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Honey Intermediate, Inc. (iLobby) (Canada) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
|||||||||
Honey Intermediate, Inc. (iLobby) (Canada) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
H/K/N |
|||||||
Integrate.com, Inc. (Infinity Data, Inc.) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Integrate.com, Inc. (Infinity Data, Inc.) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Integrate.com, Inc. (Infinity Data, Inc.) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
JOBVITE, Inc. (Employ, Inc.) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
14
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2024
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
Total |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Kaseya, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
Kaseya, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Kaseya, Inc. |
|
First Lien Incremental Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Kaseya, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Kong Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Nvest, Inc. (SigFig) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Oversight Systems, Inc. |
|
First Lien Incremental Delayed Draw Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Oversight Systems, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
SEP Raptor Acquisition, Inc. (Loopio) (Canada) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
SEP Raptor Acquisition, Inc. (Loopio) (Canada) |
|
Sr Secured Revolver |
|
SOFR(S) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
H/K/N |
|||||||
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Trintech, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Trintech, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Zendesk Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Zendesk Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Zendesk Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Zilliant Incorporated |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Zilliant Incorporated |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Specialty Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Calceus Acquisition, Inc. (Cole Haan) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
Hanna Andersson, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SumUp Holdings Luxembourg S.A.R.L. (United Kingdom) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Textiles, Apparel and Luxury Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
James Perse Enterprises, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
James Perse Enterprises, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
K/N |
||||||||
PSEB, LLC (Eddie Bauer) |
|
First Lien Incremental Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
WH Borrower, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
OpenMarket, Inc. (Infobip) (United Kingdom) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Debt Investments - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
15
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2024
發行人 |
|
儀器 |
|
Ref |
|
|
|
|
|
總 |
|
到期 |
|
股份 |
|
|
成本 |
|
|
公平 |
|
|
占總數的% |
|
|
注意到 |
||||
股本證券 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
汽車 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AutoAlert，LLC |
|
普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
D/E/F/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
資本市場 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Marsico Holdings，LLC |
|
有限合夥/有限責任公司權益 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
筆克量化交易控股有限責任公司 |
|
購買會員單位的授權書 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
化學品 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AGY Equity，LLC |
|
A類優先股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
AGY Equity，LLC |
|
b類優先股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
AGY Equity，LLC |
|
C類普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
通信設備 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Plate Newco 1 Limited（Avanti）（英國） |
|
普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N/O |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
商業服務和用品 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Kellermeyer Bergensons Services，LLC |
|
優先股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/N |
||||
Kellermeyer Bergensons Services，LLC |
|
普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
建築與工程 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
海蘭全球有限責任公司 |
|
普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
多元化的消費服務 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
提升品牌控股公司 |
|
購買普通股的許可證 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
提升品牌控股公司 |
|
購買優先新超級優先股的認購證 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
MXP Prime Platform GmbH（SellerX）（德國） |
|
購買普通股的許可證 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
Razor US LP |
|
普通單位 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/N |
||||
Razor US LP |
|
A類首選單位 |
|
固定 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
Razor Group GmbH（德國） |
|
購買優先A1系列股票的授權書 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
Razor Group GmbH（德國） |
|
購買C系列股票的股票 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
TVG-Edmentum Holdings，LLC |
|
系列b-1公用單位 |
|
固定 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
|||||
TVG-Edmentum Holdings，LLC |
|
系列b-2常用單位 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
||||
TVG-Edmentum Holdings，LLC |
|
C-2系列首選單位 |
|
固定 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
|||||
Thras.io，LLC |
|
普通單位 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
多元化金融服務 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
36街資本合夥控股有限責任公司 |
|
會員單位 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
英/法/北 |
||||
常規貸款TCPHoldings，LLC |
|
會員單位 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
英/英 |
||||
16
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2024
Issuer |
|
Instrument |
|
Ref |
|
|
|
|
|
Total |
|
Expiration |
|
Shares |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Equity Securities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
GACP II, LP (Great American Capital) |
|
Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
E/I/N |
||||
Gordon Brothers Finance Company |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/F/N |
||||
Gordon Brothers Finance Company |
|
Preferred Stock |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/F/N |
|||||
Worldremit Group Limited (United Kingdom) |
|
Series X Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
||||
Worldremit Group Limited (United Kingdom) |
|
Warrants to Purchase Series D Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
Worldremit Group Limited (United Kingdom) |
|
Warrants to Purchase Series E Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Electric Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Conergy Asia Holdings Limited (United Kingdom) |
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/F/H/N |
||||
Conergy Asia Holdings Limited (United Kingdom) |
|
Ordinary Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/F/H/N |
||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) |
|
Ordinary Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/F/H/N |
||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) |
|
Series B Preferred Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/F/H/N |
||||
Utilidata, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Utilidata, Inc. |
|
Series A-2 Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Utilidata, Inc. |
|
Series A-1 Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Energy Equipment and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
GlassPoint, Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stitch Holdings, L.P. |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/N/E |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Internet Software and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Domo, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D |
||||
Domo, Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/N |
|||||
Domo, Inc. |
|
Warrants to Purchase Class B Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/N |
|||||
Fishbowl, Inc. |
|
Common Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/F/N |
||||
Foursquare Labs, Inc. |
|
Warrants to Purchase Series E Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
InMobi, Inc. (Singapore) |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
InMobi, Inc. (Singapore) |
|
Warrants to Purchase Series E Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
InMobi, Inc. (Singapore) |
|
Warrants to Purchase Series E Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
Pluralsight, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
ResearchGate Corporation (Germany) |
|
Warrants to Purchase Series D Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N/O |
|||||
SuCo Investors, LP (Suited Connector) |
|
Warrants to Purchase Class A Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
SnapLogic, Inc. |
|
Warrants to Purchase Series Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
17
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2024
發行人 |
|
儀器 |
|
Ref |
|
|
|
|
|
總 |
|
到期 |
|
股份 |
|
|
成本 |
|
|
公平 |
|
|
佔總數的% |
|
|
注意到 |
||||
股票證券（續） |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
It服務 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fidelis（SVR），LLC |
|
首選單元-C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
媒體 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
MBS Parent，LLC |
|
有限合夥/有限責任公司權益 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/N |
||||
Quora公司 |
|
購買D系列優先股的授權書 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
SoundCloud，Ltd.（英國） |
|
購買優先股的憑證 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
石油、天然氣和消耗性燃料 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Iracore Investments Holdings，Inc. |
|
A類普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
製藥業 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
伊諾蒂夫公司 |
|
普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
專業服務 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Anacomp公司 |
|
A類普通股 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/F/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
軟件 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
灰橙國際公司 |
|
購買普通股的許可證 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
貿易轉移公司 |
|
購買D系列優先股的授權書 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
貿易公司和分銷商 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
黑鳥控股公司(Ohio傳輸公司） |
|
優先股 |
|
固定 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
總股本證券- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
總投資- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
現金和現金等值物- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
現金和投資總額- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
% |
|
M |
||||||
|
|
截至2024年9月30日的利率互換 |
|
|||||||||||||||
|
|
公司收到固定費用 |
|
公司支付浮動 |
|
交易對手 |
|
到期日 |
|
支付頻率 |
|
名義金額 |
|
|
按公允價值計算的衍生負債 |
|
||
利率掉期 |
|
|
|
|
|
|
|
|
|
$ |
( |
) |
||||||
18
貝萊德信託資本公司
綜合投資計劃（未經審計）
2024年9月30日
綜合投資計劃註釋：
LIBOR/SOFR或EURIBOR每月（M）、季度（Q）、半年（S）或每年（A）重置。
不含$
請參閱合併財務報表隨附的附註。
19
貝萊德信託資本公司
綜合投資計劃
2023年12月31日
發行人 |
|
儀器 |
|
Ref |
|
地板 |
|
|
傳播 |
|
|
總 |
|
|
成熟 |
|
主要 |
|
|
成本 |
|
|
公平 |
|
|
佔總數的% |
|
|
注意到 |
|||||||
債務投資 （A） |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
汽車 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ALCV買方公司（AutoLenders） |
|
第一筆扣押定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
G/N |
||||||||
ALCV買方公司（AutoLenders） |
|
高級安全左輪手槍 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
AutoAlert，LLC |
|
第一筆優先權增量定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
F/N |
||||||||
AutoAlert，LLC |
|
第二次連續性增量定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
F/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
建築產品 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
瓷器收購公司（派拉蒙） |
|
第一筆扣押定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
資本市場 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pico Quantitative Trading，LLC |
|
第一次扣押定期貸款（ |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
Pico Quantitative Trading，LLC |
|
第一次扣押增量定期貸款（ |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
商業服務和用品 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Modigent，LLC（fka Pueblo Mechanical and Operations，LLC） |
|
第一筆扣押定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Modigent，LLC（fka Pueblo Mechanical and Operations，LLC） |
|
第一優先權延遲提取定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Modigent，LLC（fka Pueblo Mechanical and Operations，LLC） |
|
高級安全左輪手槍 |
|
ABR |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
— |
|
|
N |
|||||||
恒溫器買方III，Inc.（裏德工業） |
|
二次留置權定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
通信設備 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Plate Newco 1 Limited（Avanti）（英國） |
|
次級E1定期貸款 |
|
倫敦銀行同業拆借利率（Q） |
|
|
|
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
C/H/N |
|||||||||
Plate Newco 1 Limited（Avanti）（英國） |
|
次級E2定期貸款 |
|
倫敦銀行同業拆借利率（Q） |
|
|
|
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
C/H/N |
|||||||||
Plate Newco 1 Limited（Avanti）（英國） |
|
次級F期貸款 |
|
倫敦銀行同業拆借利率（Q） |
|
|
|
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
C/H/N |
|||||||||
Plate Newco 1 Limited（Avanti）（英國） |
|
次級G定期貸款 |
|
倫敦銀行同業拆借利率（Q） |
|
|
|
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
C/H/N |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
建築和工程 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
南大集團買家公司(Core州） |
|
高級安全左輪手槍 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
K/N |
||||||
南大集團買家公司(Core州） |
|
第一筆扣押定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
南大集團買家公司(Core州） |
|
第一優先權延遲提取定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
K/N |
||||||
Homerenee Buyer，Inc.（夢想計劃） |
|
第一筆扣押定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Homerenee Buyer，Inc.（夢想計劃） |
|
第一優先權延遲提取定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Homerenee Buyer，Inc.（夢想計劃） |
|
高級安全左輪手槍 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Hylan Intermediate Holding II，LLC |
|
二次留置權定期貸款 |
|
SOFR（S） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/N |
||||||||
Hylan Intermediate Holding II，LLC |
|
第一筆扣押定期貸款 |
|
SOFR（S） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/N |
||||||||
LJ Avalon Holdings，LLC（Ardurra） |
|
高級安全左輪手槍 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
|||||
LJ Avalon Holdings，LLC（Ardurra） |
|
第一優先權延遲提取定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
LJ Avalon Holdings，LLC（Ardurra） |
|
第一筆扣押定期貸款 |
|
SOFR（Q） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex公司，LLC |
|
第一優先權延遲提取定期貸款 |
|
SOFR（M） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex公司，LLC |
|
高級安全左輪手槍 |
|
SOFR（M） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
— |
|
|
N |
|||||||
Vortex公司，LLC |
|
第一筆扣押定期貸款 |
|
SOFR（M） |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
20
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2023
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
|
Total |
|
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Consumer Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Freedom Financial Network Funding, LLC |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
Freedom Financial Network Funding, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Lucky US BuyerCo, LLC (Global Payments) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
|||||
Lucky US BuyerCo, LLC (Global Payments) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Money Transfer Acquisition Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Containers & Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
BW Holding, Inc. (Brook & Whittle) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Colony Display, LLC |
|
First Lien Term Loan ( |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fusion Holding Corp. (Finalsite) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Fusion Holding Corp. (Finalsite) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
||||
Razor Group GmbH (Germany) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
|||||||||
Razor Group GmbH (Germany) |
|
First Lien Sr Secured Convertible Term Loan |
|
Fixed |
|
|
— |
|
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
SellerX Germany GmbH (Germany) |
|
First Lien B Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
H/K/N |
|||||
SellerX Germany GmbH (Germany) |
|
First Lien A1 Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
|||||||||
SellerX Germany GmbH (Germany) |
|
First Lien A2 Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
|||||||||
Thras.io, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C |
||||||||
Whele, LLC (PerchHQ) |
|
First Lien Incremental Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
2-10 Holdco, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
2-10 Holdco, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
||||
36th Street Capital Partners Holdings, LLC |
|
Senior Note |
|
Fixed |
|
|
— |
|
|
|
— |
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
E/F/N |
||||||
Accordion Partners LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Accordion Partners LLC |
|
First Lien Delayed Draw Term Loan A |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Accordion Partners LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
K/N |
||||
Accordion Partners LLC |
|
First Lien Delayed Draw Term Loan B |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GC Champion Acquisition LLC (Numerix) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GC Champion Acquisition LLC (Numerix) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) |
|
Second Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
TransNetwork, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Wealth Enhancement Group, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Wealth Enhancement Group, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
||||
Worldremit Group Limited (United Kingdom) |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
21
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2023
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
|
Total |
|
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diversified Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Aventiv Technologies, Inc. (Securus) |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
|
||||||||
Electric Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Conergy Asia & ME Pte. Ltd. (Singapore) |
|
First Lien Term Loan |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/F/H/N |
||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) |
|
Bank Guarantee Credit Facility |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
D/F/H/N |
||||||||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) |
|
Revolving Credit Facility |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
D/F/H/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Appriss Health, LLC (PatientPing) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Appriss Health, LLC (PatientPing) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
K/N |
||||||
CareATC, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
CareATC, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
K/N |
||||||
ESO Solutions, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
ESO Solutions, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Gainwell Acquisition Corp. |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Sandata Technologies, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Sandata Technologies, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Sandata Technologies, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Healthcare Providers and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
INH Buyer, Inc. (IMS Health) |
|
First Lien Term Loan ( |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
|||||||||
PHC Buyer, LLC (Patriot Home Care) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PHC Buyer, LLC (Patriot Home Care) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Team Services Group, LLC |
|
Second Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Hotels, Restaurants and Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fishbowl, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
F/N |
||||||||
Mesquite Bidco, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
|||||
Mesquite Bidco, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
— |
|
|
H/N |
|||||||
Showtime Acquisition, L.L.C. (World Choice) |
|
Sr Secured Revolver |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
|||||
Showtime Acquisition, L.L.C. (World Choice) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
|||||
Showtime Acquisition, L.L.C. (World Choice) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Bad Boy Mowers JV Acquisition, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
Notes |
||||||||
22
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2023
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
|
Total |
|
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AmeriLife Holdings, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
AmeriLife Holdings, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
AmeriLife Holdings, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
|||||
Integrity Marketing Acquisition, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
K/N |
|||||
Integrity Marketing Acquisition, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
IT Parent, LLC (Insurance Technologies) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
IT Parent, LLC (Insurance Technologies) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Internet and Catalog Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
CommerceHub, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Syndigo, LLC |
|
Second Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Internet Software and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Acquia, Inc. |
|
Sr Secured Revolver |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Acquia, Inc. |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Anaconda, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Astra Acquisition Corp. (Anthology) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
Bynder Bidco, Inc. (Netherlands) |
|
Sr Secured Revolver A |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
H/K/N |
|||||
Bynder Bidco, Inc. (Netherlands) |
|
First Lien Term Loan A |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Bynder Bidco B.V. (Netherlands) |
|
Sr Secured Revolver B |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
H/K/N |
|||||
Bynder Bidco B.V. (Netherlands) |
|
First Lien Term Loan B |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Domo, Inc. |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
|||||||||
Domo, Inc. |
|
First Lien PIK Term Loan |
|
Fixed |
|
|
— |
|
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
e-Discovery Acquireco, LLC (Reveal) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
|||||
e-Discovery Acquireco, LLC (Reveal) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Gympass US, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
InMoment, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Magenta Buyer, LLC (McAfee) |
|
First Lien Incremental Term Loan |
|
Fixed |
|
|
— |
|
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G |
|||||||
Magenta Buyer, LLC (McAfee) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G |
||||||||
Oranje Holdco, Inc. (KnowBe4) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
K/N |
|||||
Oranje Holdco, Inc. (KnowBe4) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Persado, Inc. |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
Pluralsight, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Pluralsight, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Quartz Holding Company (Quick Base) |
|
Second Lien Term Loan |
|
SOFR(M) |
|
|
— |
|
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||
23
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2023
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
|
Total |
|
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
ResearchGate GmBH (Germany) |
|
First Lien Term Loan ( |
|
EURIBOR(M) |
|
|
— |
|
|
|
% |
|
|
% |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
H/L/N/O |
|||||||
Sailpoint Technologies Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Sailpoint Technologies Holdings, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
||||
Spartan Bidco Pty Ltd (StarRez) (Australia) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/I/N |
|||||||||
Suited Connector, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Suited Connector, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Avalara, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
K/N |
||||
Avalara, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Crewline Buyer, Inc. (New Relic) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
||||
Crewline Buyer, Inc. (New Relic) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Ensono, Inc. |
|
Second Lien Term Loan B |
|
SOFR(M) |
|
|
— |
|
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
|||||||
Madison Logic Holdings, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
||||
Madison Logic Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Serrano Parent, LLC (Sumo Logic) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
||||
Serrano Parent, LLC (Sumo Logic) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Xactly Corporation |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
N |
||||
Xactly Corporation |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Leisure Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Blue Star Sports Holdings, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
— |
|
|
N |
||||||||
Blue Star Sports Holdings, Inc. |
|
Sr Secured Revolver |
|
SOFR(S) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Blue Star Sports Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Peloton Interactive, Inc. |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/J |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Alcami Corporation |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
— |
|
|
|
( |
) |
|
|
|
|
|
— |
|
|
K/N |
|||||
Alcami Corporation |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
K/N |
||||
Alcami Corporation |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Machinery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sonny’s Enterprises, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
NEP Group, Inc. et al |
|
Second Lien Term Loan |
|
SOFR(M) |
|
|
— |
|
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G |
|||||||
Khoros, LLC (Lithium) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Streamland Media Midco LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Terraboost Media Operating Company, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Oil, Gas and Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Iracore International Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/N |
||||||||
Palmdale Oil Company, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Paper and Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Alpine Acquisition Corp II (48Forty) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Alpine Acquisition Corp II (48Forty) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
FSK Pallet Holding Corp. (Kamps) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Nephron Pharmaceuticals Corp. et al |
|
First Lien Term Loan B |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
24
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2023
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
|
Total |
|
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Applause App Quality, Inc. |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
Applause App Quality, Inc. |
|
Sr Secured Revolver |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
— |
|
|
K/N |
||||||
CIBT Solutions, Inc. |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
|||||||||
DTI Holdco, Inc. (Epiq Systems, Inc.) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
GI Consilio Parent, LLC |
|
Second Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
ICIMS, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
K/N |
|||||||
ICIMS, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
— |
|
|
N |
|||||||
ICIMS, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Real Estate Management and Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Greystone Affordable Housing Initiatives, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
I/N |
||||||||
Greystone Select Company II, LLC (Passco) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Road and Rail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Motive Technologies, Inc. (fka Keep Truckin, Inc.) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Semiconductors and Semiconductor Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Emerald Technologies (U.S.) AcquisitionCo, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
Emerald Technologies (U.S.) AcquisitionCo, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Aerospike, Inc. |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
AlphaSense, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Aras Corporation |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Aras Corporation |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Backoffice Associates Holdings, LLC (Syniti) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Backoffice Associates Holdings, LLC (Syniti) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Bluefin Holding, LLC (Allvue) |
|
Sr Secured Revolver |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
|||||
Bluefin Holding, LLC (Allvue) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
— |
|
|
N |
|||||||
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
First Lien Incremental Amendment 4 Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Disco Parent, Inc. (Duck Creek Technologies) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
— |
|
|
K/N |
||||||
Disco Parent, Inc. (Duck Creek Technologies) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Elastic Path Software, Inc. (Canada) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Elastic Path Software, Inc. (Canada) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Fusion Risk Management, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
||||||
25
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2023
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
|
Total |
|
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fusion Risk Management, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
|||||||||
GTY Technology Holdings Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
GTY Technology Holdings Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
GTY Technology Holdings Inc. |
|
Sr Secured Revolver |
|
PRIME(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
— |
|
|
N |
|||||||
Integrate.com, Inc. (Infinity Data, Inc.) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Integrate.com, Inc. (Infinity Data, Inc.) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
K/N |
||||||||
JOBVITE, Inc. (Employ, Inc.) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Kaseya, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Kaseya, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
— |
|
|
N |
||||||||
Kaseya, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Kong Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Nvest, Inc. (SigFig) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Oversight Systems, Inc. |
|
First Lien Incremental Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
|||||
Oversight Systems, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
SEP Raptor Acquisition, Inc. (Loopio) (Canada) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
SEP Raptor Acquisition, Inc. (Loopio) (Canada) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
|||||||||
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
H/K/N |
||||||
Superman Holdings, LLC (Foundation Software) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Superman Holdings, LLC (Foundation Software) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
|||||
Trintech, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
— |
|
|
N |
|||||||
Trintech, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Zendesk Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
— |
|
|
K/N |
|||||||
Zendesk Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Zendesk Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
— |
|
|
K/N |
|||||||
Zilliant Incorporated |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
K/N |
||||||
Zilliant Incorporated |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Specialty Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Calceus Acquisition, Inc. (Cole Haan) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G |
||||||||
Hanna Andersson, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
SumUp Holdings Luxembourg S.A.R.L. (United Kingdom) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
26
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2023
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
|
Spread |
|
|
Total |
|
|
Maturity/ |
|
Principal/ |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Textiles, Apparel and Luxury Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
James Perse Enterprises, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
James Perse Enterprises, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
— |
|
|
K/N |
||||||
PSEB, LLC (Eddie Bauer) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
OpenMarket, Inc. (Infobip) (United Kingdom) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
% |
|
|
% |
|
|
% |
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total Debt Investments - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AutoAlert, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/F/N |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pico Quantitative Trading Holdings, LLC |
|
Warrants to Purchase Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AGY Equity, LLC |
|
Class A Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
D/E/N |
|||||
AGY Equity, LLC |
|
Class B Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
D/E/N |
||||
AGY Equity, LLC |
|
Class C Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|||||
Communications Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Plate Newco 1 Limited (Avanti) (United Kingdom) |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
D/E/H/N/O |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Hylan Novellus LLC |
|
Class A Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Elevate Brands Holdco, Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
% |
|
D/E/N |
|||||||
Elevate Brands Holdco, Inc. |
|
Warrants to Purchase Preferred New Super Senior Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
% |
|
D/E/N |
|||||||
MXP Prime Platform GmbH (SellerX) (Germany) |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||||
PerchHQ, LLC |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
D/E/N |
|||||
Razor Group GmbH (Germany) |
|
Warrants to Purchase Preferred Series A1 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||||
Razor Group GmbH (Germany) |
|
Warrants to Purchase Series C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||||
TVG-Edmentum Holdings, LLC |
|
Series B-1 Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/E/N |
|||||||
TVG-Edmentum Holdings, LLC |
|
Series B-2 Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||||
27
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2023
Issuer |
|
Instrument |
|
|
|
|
|
|
|
|
|
Expiration |
|
Shares |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Equity Securities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
36th Street Capital Partners Holdings, LLC |
|
Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
E/F/N |
||||
Conventional Lending TCP Holdings, LLC |
|
Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
E/F/I/N |
||||
GACP I, LP (Great American Capital) |
|
Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
E/I/N |
||||
GACP II, LP (Great American Capital) |
|
Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
E/I/N |
||||
Worldremit Group Limited (United Kingdom) |
|
Warrants to Purchase Series D Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
% |
|
D/E/H/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Electric Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Conergy Asia Holdings Limited (United Kingdom) |
|
Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
D/E/F/H/N |
||
Conergy Asia Holdings Limited (United Kingdom) |
|
Ordinary Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
D/E/F/H/N |
||
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) |
|
Ordinary Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
D/E/F/H/N |
|
Kawa Solar Holdings Limited (Conergy) (Cayman Islands) |
|
Series B Preferred Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
D/E/F/H/N |
||
Utilidata, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
D/E/N |
||
Utilidata, Inc. |
|
Series A-2 Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
D/E/N |
|||
Utilidata, Inc. |
|
Series A-1 Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
D/E/N |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|||
Energy Equipment and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GlassPoint, Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
Hotels, Restaurants and Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fishbowl, Inc. |
|
Common Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/F/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Internet Software and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Domo, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D |
||||
Foursquare Labs, Inc. |
|
Warrants to Purchase Series E Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
InMobi, Inc. (Singapore) |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
InMobi, Inc. (Singapore) |
|
Warrants to Purchase Series E Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
InMobi, Inc. (Singapore) |
|
Warrants to Purchase Series E Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
ResearchGate Corporation (Germany) |
|
Warrants to Purchase Series D Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
D/E/H/N/O |
||||
SuCo Investors, LP (Suited Connector) |
|
Warrants to Purchase Class A Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
D/E/N |
||
SnapLogic, Inc. |
|
Warrants to Purchase Series Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fidelis (SVC), LLC |
|
Preferred Unit-C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
D/E/N |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Quora, Inc. |
|
Warrants to Purchase Series D Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
SoundCloud, Ltd. (United Kingdom) |
|
Warrants to Purchase Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oil, Gas and Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Iracore Investments Holdings, Inc. |
|
Class A Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
||||
28
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2023
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
|
Total |
|
|
Expiration |
|
Shares |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||||
Equity Securities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Inotiv, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
— |
|
|
$ |
|
|
|
— |
|
|
D/E |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Anacomp, Inc. |
|
Class A Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/F/N |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Grey Orange International Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
D/E/N |
|||||
Tradeshift, Inc. |
|
Warrants to Purchase Series D Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Blackbird Holdco, Inc. (Ohio Transmission Corp.) |
|
Preferred Stock |
|
Fixed |
|
|
|
|
% |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
E/N |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Equity Securities - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Investments - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and Cash Equivalents - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
% |
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total Cash and Investments - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
% |
|
M |
||||||||
29
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2023
Notes to Consolidated Schedule of Investments:
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 $
See accompanying notes to the consolidated financial statements.
30
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
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
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
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
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
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 |
|
|
Equity |
|
|
Total |
|
||||
1 |
|
Quoted prices in active markets for identical |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
2 |
|
Other direct and indirect observable market |
|
|
|
|
|
|
|
|
|
|
|
|
||||
3 |
|
Independent third-party valuation sources |
|
|
|
|
|
|
|
|
|
|
|
|
||||
3 |
|
Valuation Designee valuations with significant unobservable inputs |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
33
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 |
|
$ |
|
|
Income approach |
|
Discount rate |
|
||
|
|
|
|
|
Market comparable companies |
|
Revenue multiples |
|
||
|
|
|
|
|
Market quotations |
|
Indicative bid/ask quotes |
|
||
|
|
|
|
|
Market comparable companies |
|
EBITDA multiples |
|
||
|
|
|
|
|
Asset approach (2) |
|
N/A |
|
N/A |
|
|
|
|
|
|
Option Pricing Model |
|
EBITDA/Revenue multiples |
|
||
|
|
|
|
|
|
|
Implied volatility |
|
||
|
|
|
|
|
|
|
Term |
|
||
Other Corporate Debt |
|
|
|
|
Market comparable companies |
|
Book value multiples |
|
||
|
|
|
|
|
Income approach |
|
Discount rate |
|
||
Equity |
|
|
|
|
Market comparable companies |
|
Book value multiples |
|
||
|
|
|
|
|
Option Pricing Model |
|
EBITDA/Revenue multiples |
|
||
|
|
|
|
|
|
|
Implied volatility |
|
||
|
|
|
|
|
|
|
Term |
|
||
|
|
|
|
|
Income approach |
|
Discount rate |
|
||
|
|
|
|
|
Market comparable companies |
|
Revenue multiples |
|
||
|
|
|
|
|
Market comparable companies |
|
EBITDA multiples |
|
||
|
|
|
|
|
Transaction approach (3) |
|
N/A |
|
N/A |
|
|
|
|
|
|
Asset approach (4) |
|
N/A |
|
N/A |
|
|
|
$ |
|
|
|
|
|
|
|
|
34
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 |
|
Impact to Value if |
Discount rate |
|
|
||
Revenue multiples |
|
|
||
EBITDA multiples |
|
|
||
Book value multiples |
|
|
||
Implied volatility |
|
|
||
Term |
|
|
||
Yield |
|
|
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 |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Acquisitions (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dispositions |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
Transfers out of Level 3 (2) |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
|
|
Valuation Designee Valuation |
|
|||||||||||||
|
|
Bank Debt |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
35
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 |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
Acquisitions (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dispositions |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
Transfers into Level 3 (2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
36
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 |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
At December 31, 2023, the Company’s investments were categorized as follows:
Level |
|
Basis for Determining Fair Value |
|
Bank Debt (1) |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
1 |
|
Quoted prices in active markets for identical |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
2 |
|
Other direct and indirect observable market |
|
|
|
|
|
|
|
|
|
|
|
|
||||
3 |
|
Independent third-party valuation sources that |
|
|
|
|
|
|
|
|
|
|
|
|
||||
3 |
|
Advisor valuations with significant unobservable inputs |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
37
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 |
|
$ |
|
|
Income approach |
|
Discount rate |
|
||
|
|
|
|
|
Market quotations |
|
Indicative bid/ask quotes |
|
||
|
|
|
|
|
Market comparable companies |
|
Revenue multiples |
|
||
|
|
|
|
|
Market comparable companies |
|
EBITDA multiples |
|
||
|
|
|
|
|
Option Pricing Model |
|
EBITDA/Revenue multiples |
|
||
|
|
|
|
|
|
|
Implied volatility |
|
||
|
|
|
|
|
|
|
Term |
|
||
|
|
|
|
|
Asset approach (2) |
|
N/A |
|
N/A |
|
Other Corporate Debt |
|
|
|
|
Market comparable companies |
|
Book value multiples |
|
||
Equity |
|
|
|
|
Income approach |
|
Discount rate |
|
||
|
|
|
|
|
Market comparable companies |
|
Revenue multiples |
|
||
|
|
|
|
|
Market comparable companies |
|
EBITDA multiples |
|
||
|
|
|
|
|
Market comparable companies |
|
Book value multiples |
|
||
|
|
|
|
|
Option Pricing Model |
|
EBITDA/Revenue multiples |
|
||
|
|
|
|
|
|
|
Implied volatility |
|
||
|
|
|
|
|
|
|
Term |
|
||
|
|
|
|
|
Transaction approach (4) |
|
N/A |
|
N/A |
|
|
|
|
|
|
Asset approach (3) |
|
N/A |
|
N/A |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38
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 |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
||
Acquisitions (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dispositions |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Transfers into Level 3 (2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Valuation Designee Valuation |
|
|||||||||||||
|
|
Bank Debt |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|||
39
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 |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
||
Acquisitions (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dispositions |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Transfers into Level 3 (2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reclassifications within Level 3 (3) |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
||
|
|
Valuation Designee Valuation |
|
|||||||||||||
|
|
Bank Debt |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net realized and unrealized gains (losses) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Acquisitions (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dispositions |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Reclassifications within Level 3 (2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|||
40
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
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
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
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 $
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 $(
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
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 $
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 |
|
$ |
|
|
|
|
|
|
|
Gross Unrealized Appreciation |
|
$ |
|
|
Gross Unrealized Depreciation |
|
|
( |
) |
Net Unrealized Appreciation (Depreciation) |
|
$ |
( |
) |
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
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
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
Accordingly, the Company’s base management fee was calculated at an annual rate of
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
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 $
Incentive compensation is only incurred to the extent the Company’s cumulative total return (after incentive compensation) exceeds a
44
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,
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
Total debt outstanding and available at September 30, 2024 was as follows:
|
|
Maturity |
|
Rate |
|
|
Carrying |
|
|
Available |
|
|
Total |
|
|
|||
Operating Facility |
|
|
SOFR+ |
(2) |
|
$ |
|
|
$ |
|
|
$ |
|
(3) |
||||
Funding Facility II |
|
|
SOFR+ |
(4) |
|
|
|
|
|
|
|
|
|
(5) |
||||
Merger Sub Facility(6) |
|
|
SOFR+ |
(7) |
|
|
|
|
|
|
|
|
|
(8) |
||||
SBA Debentures |
|
|
(9) |
|
|
|
|
|
|
|
|
|
|
|||||
2025 Notes ($ |
|
|
(10) |
|
|
|
|
|
|
|
|
|
|
|||||
2026 Notes ($ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
2029 Notes ($ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total leverage |
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|||
Unamortized issuance costs |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
||
Debt, net of unamortized issuance costs |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|||
45
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 |
|
|
Available |
|
|
Total |
|
|
|||
Operating Facility |
|
|
SOFR+ |
(2) |
|
$ |
|
|
$ |
|
|
$ |
|
(3) |
||||
Funding Facility II |
|
|
SOFR+ |
(4) |
|
|
|
|
|
|
|
|
|
(5) |
||||
SBA Debentures |
|
|
(6) |
|
|
|
|
|
|
|
|
|
|
|||||
2024 Notes ($ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
2026 Notes ($ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total leverage |
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|||
Unamortized issuance costs |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
||
Debt, net of unamortized issuance costs |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|||
The combined weighted-average interest rates on total debt outstanding at September 30, 2024 and December 31, 2023 were
Total expenses related to debt included the following:
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Interest expense |
|
$ |
|
|
$ |
|
||
Amortization of deferred debt issuance costs |
|
|
|
|
|
|
||
Commitment fees |
|
|
|
|
|
|
||
Total |
|
$ |
|
|
$ |
|
||
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 $
46
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 $
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
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
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 $
Unsecured Notes
On August 23, 2019, the Company issued $
On February 9, 2021, the Company issued $
47
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) $
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
On May 30, 2024, the Company issued $
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 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Original issue (discount)/ premium, net of accretion |
|
N/A |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|||
Carrying value of debt |
|
N/A |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
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 |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Amortization of original issue discount/ (premium) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||||
Total interest expense |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||||
48
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (unaudited) (Continued)
September 30, 2024
4.債務-(續)
運營設施
業務融資機制包括一項循環多幣種信貸安排，規定支取的金額最高可達#美元。
2021年6月22日，對運營機制進行了修訂，以(I)將到期日從
2023年6月15日，對運營安排進行了修訂，將利率條款從LIBOR更新爲SOFR，並對信用利差進行了調整
2024年8月1日，對《營運安排》進行了修訂，以(I)延長《營運安排》的到期日和根據其發放的貸款的到期日
第二期融資機制
第二期融資安排是一項高級擔保循環信貸安排，規定提取的金額最高可達#美元。
第二期融資機制下的借款利息爲倫敦銀行同業拆息加
自2023年2月28日起，融資安排II項下的借款利率爲SOFR加信貸利差調整
2023年8月4日，對第二次融資安排進行了修訂，將到期日從
49
貝萊德信託資本公司
合併財務報表附註（未經審計）（續）
2024年9月30日
4.債務-(續)
合併子融資機制
於二零二四年三月十八日，合併子公司訂立一項假設協議(「信貸假設協議」)，於成交時生效。信貸假設協議涉及BCIC(「初始借款人」)、花旗銀行(行政代理)、花旗(北亞)作爲行政代理及其他各方於二零一六年二月十九日、二零一六年二月十九日、二零一七年六月五日、二零一八年三月十五日、二零一九年八月三十日、二零二零年五月二十二日、二零二一年四月二十三日、二零二三年四月二十六日及二零二三年九月六日(經不時修訂、重述、修訂及重述、補充或以其他方式修訂)訂立的該等經修訂及重述的高級擔保循環信貸協議(經修訂)。合併次級機制規定的金額最高可達$
SBA債務
截至2024年9月30日，SBIC能夠發行最高可達$
截至2011年尚未償還的SBA債券 2024年9月30日如下：
發行日期 |
|
成熟 |
|
債券 |
|
|
固定 |
|
|
SBA |
|
|||
|
|
$ |
|
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|
% |
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% |
|||||
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|
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% |
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% |
|||||
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% |
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% |
|||||
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
|||||
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% |
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% |
|||||
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|
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$ |
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% |
* |
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|
|||
* 加權平均利率
50
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 |
|
|
Fixed |
|
|
SBA |
|
|||
|
|
$ |
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% |
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% |
|||||
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% |
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% |
|||||
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% |
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% |
|||||
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% |
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% |
|||||
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
|||||
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% |
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% |
|||||
|
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$ |
|
|
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% |
* |
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|||
* Weighted-average interest rate
51
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. |
|
|
$ |
|
|
$ |
|
|||
Accordion Partners LLC |
|
|
|
|
|
|
|
|||
Accuserve Solutions, Inc. |
|
|
|
|
|
N/A |
|
|||
Acquia, Inc. |
|
|
|
|
|
|
|
|||
Alcami Corporation |
|
|
N/A |
|
|
|
|
|||
Alcami Corporation |
|
|
|
|
|
|
|
|||
AlphaSense, Inc. |
|
|
|
|
|
N/A |
|
|||
Alpine Acquisition Corp II (48Forty) |
|
|
|
|
|
|
|
|||
AmeriLife Holdings, LLC |
|
|
|
|
|
|
|
|||
AmeriLife Holdings, LLC |
|
|
N/A |
|
|
|
|
|||
Applause App Quality, Inc. |
|
|
|
|
|
|
|
|||
Appriss Health, LLC (PatientPing) |
|
|
|
|
|
|
|
|||
Aras Corporation |
|
|
|
|
|
|
|
|||
LJ Avalon Holdings, LLC (Ardurra) |
|
|
N/A |
|
|
|
|
|||
LJ Avalon Holdings, LLC (Ardurra) |
|
|
|
|
|
|
|
|||
Avalara, Inc. |
|
|
|
|
|
|
|
|||
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
|
|
|
|
|
|
|||
Bluefin Holding, LLC (Allvue) |
|
|
|
|
|
|
|
|||
Bynder Bidco B.V. (Netherlands) |
|
|
|
|
|
|
|
|||
Bynder Bidco, Inc. (Netherlands) |
|
|
|
|
|
|
|
|||
CareATC, Inc. |
|
|
|
|
|
|
|
|||
Clever Devices Ltd. |
|
|
|
|
|
N/A |
|
|||
Community Merger Sub Debt LLC (CINC Systems) |
|
|
|
|
|
N/A |
|
|||
Crewline Buyer, Inc. (New Relic) |
|
|
|
|
|
|
|
|||
CSG Buyer, Inc. (Core States) |
|
|
N/A |
|
|
|
|
|||
CSG Buyer, Inc. (Core States) |
|
|
N/A |
|
|
|
|
|||
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
|
|
|
|
|
|
|||
Douglas Holdings, Inc |
|
|
|
|
|
N/A |
|
|||
Douglas Holdings, Inc |
|
|
|
|
|
N/A |
|
|||
Douglas Holdings, Inc |
|
|
|
|
|
N/A |
|
|||
Douglas Holdings, Inc |
|
|
|
|
|
N/A |
|
|||
Disco Parent, Inc. (Duck Creek Technologies) |
|
|
|
|
|
|
|
|||
e-Discovery Acquireco, LLC (Reveal) |
|
|
|
|
|
|
|
|||
Emerald Technologies (U.S.) AcquisitionCo, Inc. |
|
|
|
|
|
|
|
|||
ESO Solutions, Inc. |
|
|
|
|
|
|
|
|||
Fusion Holding Corp. (Finalsite) |
|
|
|
|
|
|
|
|||
Fusion Risk Management, Inc. |
|
|
|
|
|
|
|
|||
GTY Technology Holdings Inc. |
|
|
|
|
|
N/A |
|
|||
GTY Technology Holdings Inc. |
|
|
|
|
|
|
|
|||
Huckabee Acquisition, LLC (MOREgroup) |
|
|
|
|
|
N/A |
|
|||
Huckabee Acquisition, LLC (MOREgroup) |
|
|
|
|
|
N/A |
|
|||
ICIMS, Inc. |
|
|
|
|
|
|
|
|||
ICIMS, Inc. |
|
|
|
|
|
|
|
|||
Honey Intermediate, Inc. (iLobby) |
|
|
|
|
|
N/A |
|
|||
Integrate.com, Inc. (Infinity Data, Inc.) |
|
|
|
|
|
|
|
|||
Integrity Marketing Acquisition, LLC |
|
|
N/A |
|
|
|
|
|||
Integrity Marketing Acquisition, LLC |
|
|
|
|
|
N/A |
|
|||
52
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) |
|
|
|
|
|
N/A |
|
|||
Intercept Bidco, Inc. |
|
|
|
|
|
N/A |
|
|||
Intercept Bidco, Inc. |
|
|
|
|
|
N/A |
|
|||
IT Parent, LLC (Insurance Technologies) |
|
|
N/A |
|
|
|
|
|||
James Perse Enterprises, Inc. |
|
|
|
|
|
|
|
|||
Kaseya, Inc. |
|
|
|
|
|
|
|
|||
Kaseya, Inc. |
|
|
|
|
|
|
|
|||
Kellermeyer Bergensons Services, LLC |
|
|
|
|
|
N/A |
|
|||
Lucky US BuyerCo, LLC (Global Payments) |
|
|
|
|
|
|
|
|||
Madison Logic Holdings, Inc. |
|
|
|
|
|
|
|
|||
Mesquite Bidco, LLC |
|
|
N/A |
|
|
|
|
|||
Oranje Holdco, Inc. (KnowBe4) |
|
|
|
|
|
|
|
|||
Oversight Systems, Inc. |
|
|
N/A |
|
|
|
|
|||
PHC Buyer, LLC (Patriot Home Care) |
|
|
N/A |
|
|
|
|
|||
PlayPower, Inc |
|
|
|
|
|
N/A |
|
|||
Pluralsight, Inc. |
|
|
|
|
|
N/A |
|
|||
Pluralsight, Inc. |
|
|
N/A |
|
|
|
|
|||
Pluralsight, Inc. |
|
|
|
|
|
N/A |
|
|||
PMA Parent Holdings, LLC |
|
|
|
|
|
N/A |
|
|||
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) |
|
|
|
|
|
|
|
|||
Razor Group GmbH (Germany) |
|
|
N/A |
|
|
|
|
|||
Sailpoint Technologies Holdings, Inc. |
|
|
|
|
|
|
|
|||
Sandata Technologies, LLC |
|
|
N/A |
|
|
|
|
|||
SellerX Germany GmbH (Germany) |
|
|
|
|
|
|
|
|||
SEP Raptor Acquisition, Inc. (Loopio) (Canada) |
|
|
|
|
|
N/A |
|
|||
Serrano Parent, LLC (Sumo Logic) |
|
|
|
|
|
|
|
|||
Showtime Acquisition, L.L.C. (World Choice) |
|
|
N/A |
|
|
|
|
|||
Showtime Acquisition, L.L.C. (World Choice) |
|
|
N/A |
|
|
|
|
|||
Sonny’s Enterprises, LLC |
|
|
|
|
|
N/A |
|
|||
SumUp Holdings Luxembourg S.A.R.L. (United Kingdom) |
|
|
|
|
|
N/A |
|
|||
Superman Holdings, LLC (Foundation Software) |
|
|
N/A |
|
|
|
|
|||
Backoffice Associates Holdings, LLC (Syniti) |
|
|
|
|
|
|
|
|||
Wealth Enhancement Group, LLC |
|
|
N/A |
|
|
|
|
|||
Wealth Enhancement Group, LLC |
|
|
|
|
|
|
|
|||
Titan Home Improvement, LLC (Renuity) |
|
|
|
|
|
N/A |
|
|||
Titan Home Improvement, LLC (Renuity) |
|
|
|
|
|
N/A |
|
|||
Trintech, Inc. |
|
|
|
|
|
|
|
|||
Vortex Companies, LLC |
|
|
|
|
|
N/A |
|
|||
Vortex Companies, LLC |
|
|
|
|
|
|
|
|||
Xactly Corporation |
|
|
|
|
|
|
|
|||
Zendesk Inc. |
|
|
|
|
|
|
|
|||
Zendesk Inc. |
|
|
|
|
|
|
|
|||
Zilliant Incorporated |
|
|
|
|
|
|
|
|||
Total Unfunded Balances |
|
|
|
$ |
|
|
$ |
|
||
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
53
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,
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 $
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
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 |
|
|
Total Amount |
|
|
Reinvested Amount(1) |
|
|||
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||
In addition, the Company paid $
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 |
|
|
Total Amount |
|
|
Reinvested Amount(1) |
|
|||
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
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|
|
|
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|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||
54
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)
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
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 $
55
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 $
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.
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net increase (decrease) in net assets from operations |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings (loss) per share |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||
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 $
On November 6, 2024, the Company’s Board of Directors declared a fourth quarter regular dividend of $
56
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 |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Investment operations: |
|
|
|
|
|
|
||
Net investment income before excise taxes |
|
|
|
|
|
|
||
Excise taxes |
|
|
|
|
|
|
||
Net investment income (1) |
|
|
|
|
|
|
||
Net realized and unrealized gain (loss) (1) |
|
|
( |
) |
|
|
( |
) |
Total from investment operations |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
||
Net decrease in net assets as a result of issuance of shares in connection with the Merger (2) |
|
|
( |
) |
|
|
|
|
Dividends to common shareholders |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
||
Per share NAV at end of period |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Per share market price at end of period |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Total return based on market value (3) (4) |
|
|
( |
)% |
|
|
( |
)% |
Total return based on net asset value (3) (5) |
|
|
( |
)% |
|
|
% |
|
|
|
|
|
|
|
|
||
Shares outstanding at end of period |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Ratios to average common equity: (6) |
|
|
|
|
|
|
||
Net investment income |
|
|
% |
|
|
% |
||
Expenses before incentive fee |
|
|
% |
|
|
% |
||
Expenses and incentive fee |
|
|
% |
|
|
% |
||
|
|
|
|
|
|
|
||
Ending common shareholder equity |
|
$ |
|
|
$ |
|
||
Portfolio turnover rate |
|
|
% |
|
|
% |
||
Weighted-average debt outstanding |
|
$ |
|
|
$ |
|
||
Weighted-average interest rate on debt |
|
|
% |
|
|
% |
||
Weighted-average number of common shares |
|
|
|
|
|
|
||
Weighted-average debt per share |
|
$ |
|
|
$ |
|
||
(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
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 |
|
|
Asset Coverage |
|
|
Involuntary Liquidating |
|
|
Average Market |
|||
Operating Facility |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2024 (Unaudited) |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
Fiscal Year 2023 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2022 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2021 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2020 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2019 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2018 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2017 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2016 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2015 |
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
Fiscal Year 2018 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2017 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2016 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2015 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Funding Facility II |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2024 (Unaudited) |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
Fiscal Year 2023 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2022 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2021 |
|
|
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2020 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Merger Sub Facility |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2024 (Unaudited) |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
SBA Debentures |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2024 (Unaudited) |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
Fiscal Year 2023 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2022 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2021 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2020 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2019 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2018 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2017 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2016 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2015 |
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
Fiscal Year 2017 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2016 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2015 |
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
Fiscal Year 2020 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2019 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2018 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2017 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2016 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
58
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 |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
Fiscal Year 2019 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2018 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2017 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
2024 Notes |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2024 (Unaudited) |
|
N/A |
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2023 |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
Fiscal Year 2022 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2021 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2020 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2019 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
2025 Notes |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2024 (Unaudited) |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
2026 Notes |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2024 (Unaudited) |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
Fiscal Year 2023 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2022 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2021 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
2029 Notes |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2024 (Unaudited) |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
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
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
59
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
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) |
|
$ |
|
|
|
Transaction costs |
|
|
|
|
|
Total purchase price |
|
$ |
|
|
|
Assets acquired: |
|
|
|
|
|
Investments(2) |
|
$ |
|
|
|
Cash and cash equivalents |
|
|
|
|
|
Interest, dividends and fees receivable |
|
|
|
|
|
Due from broker |
|
|
|
|
|
Other assets |
|
|
|
|
|
Total assets acquired |
|
|
|
|
|
Liabilities assumed: |
|
|
|
|
|
Debt |
|
|
|
|
|
Dividends payable (3) |
|
|
|
|
|
Management fees payable |
|
|
|
|
|
Interest rate swap, at fair value |
|
|
|
|
|
Incentive fees payable |
|
|
|
|
|
Other liabilities |
|
|
|
|
|
Total liabilities assumed |
|
|
|
|
|
Net assets acquired |
|
$ |
|
|
|
60
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 |
|
|
Fair Value at |
|
|
Net realized |
|
|
Net increase |
|
|
Acquisitions (3) |
|
|
Dispositions (4) |
|
|
Fair Value at |
|
|||||||
Hylan Intermediate Holdings II LLC, 2nd Lien Term Loan, SOFR + |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
||||
Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Term Loan, SOFR + |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
||||||
Hylan Novellus LLC, Class A Units |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||||
Hylan Global LLC, Parent Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, SOFR + |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||||
Iracore Investments Holdings, Inc., Class A Common Stock |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
TVG-Edmentum Holdings, LLC, Series B-1 Common Units |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
TVG-Edmentum Holdings, LLC, Series B-2 Common Units |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:
61
BlackRock TCP Capital Corp.
Consolidated Schedule of Changes in Investments in Controlled Affiliates (1) (Unaudited)
Nine Months Ended September 30, 2024
Security |
|
Dividends |
|
|
Fair Value at |
|
|
Net realized |
|
|
Net increase |
|
|
Acquisitions (3) |
|
|
Dispositions (4) |
|
|
Fair Value at |
|
|||||||
36th Street Capital Partners Holdings, LLC, Senior Note, |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
36th Street Capital Partners Holdings, LLC, Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Anacomp, Inc., Class A Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AA Acquisition Aggregator, LLC, Ordinary Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Conventional Lending TCP Holdings, LLC, Membership Units |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Conergy Asia Holdings Limited, Ordinary Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Conergy Asia Holdings Limited, Class B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fishbowl INC., Common Membership Units |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
Gordon Brothers Finance Company, Unsecured Term Loan, SOFR + |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
Gordon Brothers Finance Company, Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Gordon Brothers Finance Company, Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Kawa Solar Holdings Limited, Ordinary Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Kawa Solar Holdings Limited, Series B Preferred Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates:
62
BlackRock TCP Capital Corp.
Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates (1)
Year Ended December 31, 2023
Security |
|
Dividends or |
|
|
Fair Value at |
|
|
Net realized |
|
|
Net increase |
|
|
Acquisitions (3) |
|
|
Dispositions (4) |
|
|
Fair Value at |
|
|||||||
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, LIBOR + |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
Iracore Investments Holdings, Inc., Class A Common Stock |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
Hylan Intermediate Holdings II LLC, 2nd Lien Term Loan, SOFR + |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
||||||
Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Term Loan, SOFR + |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Hylan Novellus LLC, Class A Units |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
TVG-Edmentum Holdings, LLC, Series A Preferred Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
TVG-Edmentum Holdings, LLC, Series B-1 Common Units |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
TVG-Edmentum Holdings, LLC, Series B-2 Common Units |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
Total |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|||||
Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:
63
BlackRock TCP Capital Corp.
Consolidated Schedule of Changes in Investments in Controlled Affiliates (1)
Year Ended December 31, 2023
Security |
|
Dividends |
|
|
Fair Value at |
|
|
Net realized |
|
|
Net increase |
|
|
Acquisitions (3) |
|
|
Dispositions (4) |
|
|
Fair Value at |
|
|||||||
36th Street Capital Partners Holdings, LLC, Membership Units |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|||||
36th Street Capital Partners Holdings, LLC, Senior Note, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Anacomp, Inc., Class A Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Conventional Lending TCP Holdings, LLC, Membership Units |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Kawa Solar Holdings Limited, Ordinary Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Kawa Solar Holdings Limited, Revolving Credit Facility, |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Fishbowl INC., Common Membership Units |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
||||||
AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AutoAlert, LLC, Class A Common Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
||||||
AutoAlert, LLC, Preferred Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
||||||
AA Acquisition Aggregator, LLC, Ordinary Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Total |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
||||||
Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates:
64
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 |
|
|
AGY Equity, LLC, Class B Preferred Units |
|
|
AGY Equity, LLC, Class C Common Units |
|
|
Blackbird Purchaser, Inc. (OTC) Preferred Stock |
|
|
Fidelis (SVC) LLC, Series C Preferred Units |
|
|
Foursquare Labs, Inc., Warrants to Purchase Series E Preferred Stock |
|
|
GACP II, LP (Great American Capital), Membership Units |
|
|
GlassPoint, Inc., Warrants to Purchase Common Stock |
|
|
Grey Orange International Inc., Warrants to Purchase Common Stock |
|
|
InMobi, Inc., Warrants to Purchase Common Stock |
|
|
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $ |
|
|
InMobi, Inc., Warrants to Purchase Series E Preferred Stock (Strike Price $ |
|
|
Inotiv, Inc., Common Shares |
|
|
Marsico Holdings, LLC Units |
|
|
Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units |
|
|
Plate Newco 1 Limited (Avanti), Common Stock |
|
|
Pluralsight, Inc., Common Stock |
|
|
Quora, Inc., Warrants to Purchase Series D Preferred Stock |
|
|
Razor US LP, Class A Preferred Units |
|
|
Razor Group GmbH, Warrants to Purchase Preferred Series A1 Shares |
|
|
Razor Group GmbH, Warrants to Purchase Series C Shares |
|
|
ResearchGate Corporation., Warrants to Purchase Series D Preferred Stock |
|
|
Elevate Brands HoldCo Inc., Warrants to Purchase Elevate Common Shares in MXP |
|
|
Elevate Brands HoldCo Inc., Warrants to Purchase Elevate Preferred New Super Senior Shares |
|
|
SellerX Germany GMBH & Co. KG,, Warrants to Purchase SellerX Common Shares in MXP |
|
|
SnapLogic, Inc., Warrants to Purchase Series Preferred Stock |
|
|
SoundCloud, Ltd., Warrants to Purchase Preferred Stock |
|
|
Stitch Holdings LP, LP Units |
|
|
Suited Connector, LLC, (Suco Investors, LP), Warrants to Purchase Class A Units |
|
|
Thras.io, LLC, Common Units |
|
|
Tradeshift, Inc., Warrants to Purchase Series D Preferred Stock |
|
|
Utilidata, Inc., Common Stock |
|
|
Utilidata, Inc., Series A-1 Preferred Stock |
|
|
Utilidata, Inc., Series A-2 Preferred Stock |
|
|
WorldRemit Group Limited, Series X Shares |
|
|
WorldRemit Group Limited, Warrants to Purchase Series D Stock |
|
|
WorldRemit Group Limited, Warrants to Purchase Series E Stock |
|
65
貝萊德信託資本公司
非附屬發行人限制性證券合併表
2023年12月31日
投資 |
|
收購日期 |
AGY Equity，LLC，A類優先單位 |
|
|
AGY Equity，LLC，b類優先單位 |
|
|
AGY Equity，LLC，C類普通單位 |
|
|
黑鳥採購商公司(OTC)優先股 |
|
|
Fidelis（SVR）LLC，C系列首選單位 |
|
|
Foursquare Labs，Inc.，購買E系列優先股的授權書 |
|
|
GACP I，LP（Great American Capital），會員單位 |
|
|
GACP II，LP（Great American Capital），會員單位 |
|
|
GlassPoint，Inc.，購買普通股的許可證 |
|
|
灰橙國際公司，購買普通股的許可證 |
|
|
InMobi，Inc.，購買普通股的許可證 |
|
|
InMobi，Inc.，購買E系列優先股的認購證（執行價$ |
|
|
InMobi，Inc.，購買E系列優先股的認購證（執行價$ |
|
|
伊諾蒂夫公司普通股 |
|
|
PerchHQ，普通單位的授權令 |
|
|
Pico Quantity Trading Holdings，LLC購買會員單位的認股權證 |
|
|
板新科1有限公司(Avanti)，普通股 |
|
|
Quora公司購買D系列優先股的認股權證 |
|
|
Rizor Group GmbH，認股權證購買A1系列優先股 |
|
|
Rizor認股權證將購買C系列股票 |
|
|
ResearchGate公司購買D系列優先股的認股權證 |
|
|
Elevate Brands HoldCo Inc.，認股權證購買MXP的Elevate普通股 |
|
|
Elevate Brands HoldCo Inc.，認股權證購買Elevate新的超級高級優先股 |
|
|
SellerX德國GmbH&Co.KG，認股權證購買MXP的SellerX普通股 |
|
|
SnapLogic公司購買系列優先股的認股權證 |
|
|
索拉公司購買優先股的認股權證 |
|
|
SoundCloud，Ltd.購買優先股的認股權證 |
|
|
Suite Connector，LLC(Suco Investors，LP)認股權證購買A類單位 |
|
|
Tradeshift公司購買D系列優先股的認股權證 |
|
|
公用事業數據公司，普通股 |
|
|
Utildata，Inc.，A-1系列優先股 |
|
|
Utildata，Inc.，A-2系列優先股 |
|
|
WorldRemit Group Limited，認股權證購買D系列股票 |
|
66
項目2.管理層的討論和分析 財務狀況和經營業績
本節包含的信息應與我們未經審計的合併財務報表以及本季度報告中其他地方出現的相關注釋一起閱讀，表格10-Q。本報告中的一些陳述（包括以下討論）構成1995年《私人證券訴訟改革法案》含義內的前瞻性陳述，與貝萊德信託資本公司的未來事件或未來業績或財務狀況有關。（「公司」、「我們」、「我們」或「我們的」），原名爲TCPCapital Corp.本報告中包含的前瞻性陳述涉及許多風險和不確定性，包括有關以下方面的陳述：
我們使用「預期」、「相信」、「期望」、「打算」、「將」、「應該」、「可能」、「計劃」等詞語來識別前瞻性陳述。本季度報告中包含的前瞻性陳述涉及風險和不確定性。出於任何原因，包括本報告中列爲「風險因素」的因素，我們的實際結果可能與前瞻性陳述中暗示或表達的結果存在重大差異。
我們基於本報告日期我們掌握的信息編制了本報告中包含的前瞻性陳述，並且我們不承擔更新任何此類前瞻性陳述的義務。儘管我們沒有義務修改或更新任何前瞻性陳述，無論是由於新信息、未來事件還是其他原因，但建議您諮詢我們可能直接向您或通過我們已提交或未來可能向SEC提交的報告向您提供的任何額外披露，包括10-k表格的年度報告、N-2表格的註冊聲明、表格10-Q的季度報告和表格8-k的當前報告。
67
概覽IEW
本公司是一家特拉華州公司，成立於2012年4月2日，是一家外部管理、封閉式、非多元化管理的投資公司。本公司由一家先前存在的封閉式投資公司轉換而成。根據經修訂的1940年投資公司法(「1940年法案」)，本公司選擇作爲業務發展公司(「BDC」)進行監管。
就美國聯邦所得稅而言，該公司已選擇被視爲RIC。作爲RIC，只要公司每年分配此類收入並滿足其他適用的所得稅要求，公司將不會對其收入徵稅。公司所有子公司均被視爲不受考慮的實體。
我們的槓桿計劃包括由國投公司發行的循環、多幣種信貸安排(「營運安排」)項下的30000美元萬可用債務、TCPC Funding II發行的高級擔保循環信貸安排項下的20000美元萬可用債務(「融資安排II」)、最初由北投公司發行並由合併子公司承擔的高級擔保循環信貸安排項下的未償還金額(「合併子安排」)、由北投公司最初發行並由合併子公司承擔的2025年12月到期的無擔保票據(「2025年票據」)、本公司於2026年到期的32500美元優先無抵押票據(「2026年票據」)，本公司於2029年到期的32500美元萬優先無抵押票據(「2029年票據」)及來自小企業管理局的已承諾槓桿14150美元(「小企業管理局計劃」，連同營運機制、融資機制II、合併子機制、2025年票據、2026年票據及2029年票據，稱爲「槓桿計劃」)。在於2022年3月1日償還之前，債務包括本公司於2022年3月到期的14000美元萬可轉換無擔保票據(「2022年可轉換票據」)。在於2024年8月23日償還之前，債務包括本公司於2024年8月到期的25000美元萬無抵押票據(「2024年票據」)。
爲了獲得RIC資格，我們必須（除其他外）滿足某些收入來源和資產多元化要求，並及時向股東分配至少90%的投資公司應稅收入（根據1986年國內稅收法（經修訂）的定義）每年。根據這次選擇，只要我們滿足這些要求，我們通常不必爲分配給股東的任何收入繳納公司層面的稅。
2023年9月6日，公司與BCIC、合併子公司以及BCIA和顧問（僅出於其中規定的有限目的）簽訂了合併協議。2024年3月18日，公司完成了之前宣佈的與BCIC的合併。根據合併協議，BCIC與Merger Sub合併，Merger Sub繼續作爲倖存的公司和SVCP的子公司。由於合併，BCIC的獨立存在停止。
根據合併協議的條款，在交易結束時，BCIC每股已發行普通股被轉換爲接收0.3834股普通股（「兌換比率」）的權利，每股面值爲0.001美元（BCIC股東收到現金代替公司普通股的零碎股份）。合併後，公司向前BCIC股東發行了27，823，870股普通股，並對BCIC股東接受現金代替零碎股份進行了調整。
有關合並協議和合並的更多信息，請參閱「注12 -與貝萊德資本投資公司的合併」。
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投資
我們的投資活動水平在不同時期可能而且確實存在很大差異，這取決於許多因素，包括中型市場公司可用的債務和股權資本金額、併購活動的水平、總體經濟環境和我們所做投資類型的競爭環境。
作爲BDS，我們必須遵守某些監管要求。例如，我們通常必須將至少70%的總資產投資於「合格資產」，包括美國私營公司、證券未在國家證券交易所上市或未根據1934年證券交易法註冊的美國上市公司的證券和債務，修訂後，市值低於25000萬美元的國內上市運營公司、現金、現金等值物、一年或更短時間內到期的美國政府證券和優質債務投資。我們還被允許進行某些跟蹤-對初始投資時符合投資組合資格但不再符合定義的公司的投資。截至2024年9月30日，我們總資產的83.1%投資於合格資產。
收入
我們的收入主要是以所持債務的利息形式產生的。我們還從股權的股息、處置投資的資本收益以及某些租賃、手續費和其他收入中獲得收入。我們對固定收益工具的投資一般預期期限爲三至五年，儘管我們對期限沒有下限或上限限制。我們債務投資的利息一般每季度或每半年支付一次。我們債務投資本金的支付可以在規定的投資期限內攤銷，可以推遲幾年，也可以在到期時完全到期。在某些情況下，我們的債務投資和優先股投資可能會推遲支付現金利息或股息或PIK。我們債務投資的任何未償還本金和任何應計但未支付的利息一般將在到期日到期。此外，我們可能以預付款、承諾、發起、結構或盡職調查費用、期末或退出費用、提供重要管理援助的費用、諮詢費和其他投資相關收入的形式產生收入。
費用
我們的主要運營費用包括支付基本管理費，以及根據我們的經營業績支付獎勵薪酬、根據管理協議可報銷的費用、管理費和根據管理協議可分配的管理費用部分。基本管理費和激勵性薪酬支付給顧問在確定、評估、談判、完成和監督我們的投資方面所做的工作。吾等與管理人的管理協議規定，管理人可獲補償管理人根據管理協議可分配給我們的辦公空間租金、辦公設備及公用設施的費用及開支，以及管理人或其關連公司與管理人或其關連公司向我們提供的任何非投資諮詢、行政或營運服務有關的任何費用及開支。我們還承擔我們的運營和交易的所有其他成本和支出(公司的普通股股東間接承擔公司、SVCP、TCPC Funding II、SBIC和合並子公司的所有成本和支出)，其中可能包括與以下方面相關的成本和支出：
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在完成之前，投資管理協議規定基本管理費按我們總資產的1.5%的年率計算（不包括現金和現金等值物）每季度拖欠付款;但前提是自2019年2月9日起，基本管理費按總資產的1.0%計算（不包括現金及現金等值物）超過公司資產淨值200%的金額。就計算基本管理費而言，「總資產」的確定不扣除任何借款或其他負債。基本管理費根據最近完成的日曆季度末的總資產價值和淨資產價值（不包括現金和現金等值物）計算。
就合併事項，本公司與顧問訂立經修訂及重訂的投資諮詢協議，據此，顧問將管理本公司的基本管理費稅率由1.50%降至1.25%，而其管理費的收費率等於或低於本公司資產淨值的200%，而計算基準則維持不變。截止交易前，對於等於或低於本公司資產淨值200%的資產，顧問管理本公司的基本管理費費率爲1.50%。超過本公司資產淨值200%的資產的基本管理費費率仍爲1.00%。本公司亦與顧問訂立豁免收費協議。費用豁免協議規定，倘本公司按每股計算的經調整投資淨收入(以本公司經調整投資淨收入除以本公司於相關季度的加權平均流通股厘定)在截至交易結束後的首四(4)個財政季度(首個財政季度爲發生交易的那個季度)有足夠的顧問費彌補該等虧損(某一特定季度的豁免金額不能超過該季度的顧問費總額)，則顧問將豁免全部或部分顧問費。
此外，日期爲2019年2月9日的先前投資管理協議及經修訂及重訂的投資顧問協議均規定，在某些情況下，顧問或其聯屬公司可能有權獲得激勵性薪酬。根據此類協議的條款，在2013年1月1日之前沒有發生任何激勵性補償。根據日期爲2019年2月9日的上一份投資管理協議及根據經修訂及重訂的投資諮詢協議續訂，獎勵補償等於(1)自2013年1月1日至2019年2月8日期間所有普通收入的20%及其後的17.5%，以及(2)自2013年1月1日至2019年2月8日的所有已實現資本收益淨額(扣除任何未實現資本淨折舊後)的20%及其後的17.5%，減去先前支付的普通收入獎勵補償及資本利得獎勵補償。然而，只有在公司扣除激勵性補償後的累計總回報以及包括此類支付在內的每日加權平均普通股權益年回報率等於或超過7%的情況下，才會支付激勵性補償。激勵性薪酬的確定受到1940年法案和1940年投資顧問法案的限制。
關鍵會計政策和估計
我們對財務狀況和經營業績的討論和分析基於我們的財務報表，該報表是根據GAAP編制的。編制這些財務報表需要管理層做出影響資產、負債、收入和費用報告金額的估計和假設。經濟環境、金融市場和用於確定此類估計的任何其他參數的變化可能會導致實際結果不同。管理層認爲以下關鍵會計政策對於理解財務報表很重要。除下文討論外，我們的關鍵會計政策在財務報表附註中進一步描述。
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有價證券投資估值
根據1940年法案的第2a-5條（「規則」），董事會指定顧問爲公司的估值指定人（「估值指定人」），以履行某些公允價值職能，包括執行公允價值確定，並已批准顧問爲確保遵守規則要求而採用的政策和程序。
我們根據估值指定人成立的委員會（「估值委員會」）審查和批准的政策和程序中規定的估值原則和方法，以公允價值對我們的投資組合投資進行估值。公允價值定義爲市場參與者在計量日之間的有序交易中出售資產將收到的價格。市場參與者是本金的買家和賣家資產的（或最有利的）市場（i）獨立於我們，（ii）知識淵博，根據所有可用信息對資產有合理的了解（包括通過通常和習慣的盡職調查工作可能獲得的信息），（iii）能夠對資產進行交易，及（iv）願意就資產或負債進行交易（即，他們是有動機的，但不是被迫或以其他方式被迫這樣做）。
容易獲得市場報價的投資按該市場報價計價，除非該報價被視爲不代表公允價值。我們一般從認可交易所、市場報價系統、獨立定價服務或一個或多個經紀-交易商或做市商獲取市場報價。然而，原始到期日一般爲三個月或以下的短期債務投資按攤銷成本進行估值，這接近於公允價值。債券及股權證券如未能即時取得市場報價，或市場報價被視爲不代表公允價值，則會根據估值委員會審閱及批准的文件估值政策及程序，採用一貫應用的估值程序，按公允價值估值。該等政策已由估值指定人採納，並獲董事會批准。由於確定沒有現成市場價值的投資的公允價值存在固有的不確定性和主觀性，我們投資的公允價值可能與此類投資存在現成市場價值的情況下所使用的價值大不相同，也可能與我們最終可能實現的價值大不相同。此外，市場環境和其他事件的變化可能會對用於評估我們某些投資的市場報價產生不同的影響，而不是對我們無法獲得市場報價的投資的公允價值產生不同的影響。在某些情況下，市場報價可能被視爲不代表公允價值，即我們認爲適用於發行人、賣方或買方或特定證券市場的事實和情況導致當前市場報價不能反映證券的公允價值。這些事件的例子可能包括以下情況：證券交易不頻繁地導致報價的買入或賣出價格變得陳舊，陷入困境的賣家「被迫」拋售，做市商之間的市場報價差異很大，或者買賣價差較大或買賣價差大幅增加。
估值指定人對市場報價不可即時或市場報價被視爲不代表公允價值的投資採用的估值程序如下：
市場報價不是現成的或市場報價被視爲不代表公允價值的投資，採用一種或多種方法進行估值，包括市場法、收益法，或就最近投資而言，酌情采用成本法進行估值。市場法使用涉及相同或可比資產或負債(包括企業)的市場交易所產生的價格和其他相關信息。收益法使用估值技術將未來金額(例如，現金流或收益)轉換爲單一現值(貼現)。這一計量是基於當前市場對這些未來金額的預期所表明的價值。在遵循這些方法時，估值指定人在確定我們投資的公允價值時可能考慮的因素類型包括，相關和其他因素：現有的當前市場數據，包括相關和適用的市場交易和交易可比、適用的市場收益率和倍數、證券契約、贖回保護條款、信息權、任何抵押品的性質和可變現價值、投資組合公司的支付能力、其收益和貼現現金流、投資組合公司開展業務的市場、上市、合併和收購可比較的同行公司的財務比率比較、我們的主要市場(作爲報告實體)和企業價值。
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在對所有投資進行估值時，我們努力最大限度地利用可觀察輸入數據並最大限度地減少不可觀察輸入數據的使用。輸入廣義上是指市場參與者在爲資產定價時使用的假設，包括有關風險的假設。輸入可能是可觀察的或不可觀察的。可觀察輸入數據是反映市場參與者在爲根據從獨立於我們的來源獲得的市場數據開發的資產或負債定價時使用的假設的輸入數據。不可觀察輸入數據是反映我們對市場參與者根據情況下可用的最佳信息爲資產或負債定價時使用的假設的輸入數據。
我們的投資可能會根據估值中使用的輸入類型進行分類。投資所在的GAAP估值層次結構中的水平基於對投資整體估值重要的最低水平輸入。根據GAAP，投資分爲以下三大級別：
1級-使用相同資產活躍市場未經調整的報價估值的投資。
2級-使用其他未經調整的可觀察市場輸入值估值的投資，例如不活躍市場的報價或可比工具的報價。
第3級-使用報價和儘可能多的其他可觀察市場數據估值的投資，但也考慮了對整體估值重要的一個或多個不可觀察輸入。
截至2024年9月30日，我們的投資中有0.0%被歸類爲第1級投資，1.5%被歸類爲第2級投資，98.4%被歸類爲根據獨立第三方來源的估值進行估值的第3級投資，0.1%被歸類爲根據估值指定人的估值進行估值的第3級投資。
截至2023年12月31日，我們的投資中有0.0%被歸類爲第1級，3.0%被歸類爲第2級，96.9%被歸類爲第3級投資，根據獨立第三方來源的估值進行估值，0.1%被歸類爲第3級投資，根據估值指定人的估值進行估值。
公允價值的確定涉及主觀判斷和估計。因此，我們的綜合財務報表附註表達了有關該估值以及該估值的任何變化對財務報表可能影響的不確定性。
收入確認
利息和股息收入（包括以實物支付的收入）在被視爲可收回的情況下按應計制記錄。就資本承諾賺取的發起、結構、結束、承諾和其他前期費用（包括原始發行折扣）通常在相應債務投資的有效期內攤銷或計入利息收入，償還債務投資時應收的期末費用或退出費用也是如此。其他費用，包括某些修改費、預付費和破裂交易的承諾費，均被視爲賺取。提前償還貸款或債務證券時到期的預付費和類似收入在賺取時確認並計入利息收入。
由於發行人的潛在信用風險和財務業績以及影響整個金融市場的一般市場因素，我們的某些債務投資是以低於面值的折扣購買的。收購公司債券的折扣通常採用有效利率或固定收益率法攤銷，假設沒有可收回性問題。當收到的貸款本金超過貸款的攤銷成本時，超出的本金付款記錄爲利息收入。
當本金或利息很可能不會根據合同條款收取時，債務投資通常被置於非應計項目狀態。當債務投資被置於非應計狀態時，應計和未付利息(包括任何應計PIK利息)通常被沖銷，貼現增加或溢價攤銷不再繼續。該公司不會沖銷之前資本化的PIK收入。非應計投資收到的付款可確認爲收入或用於本金，這取決於公司對未償還本金和利息是否可收回的判斷。如已支付逾期本金及利息，或根據本公司的判斷，預期會償還餘下的合約本金及利息，則非應計投資回覆至應計制狀態。如果本金和利息通過足夠的抵押品價值獲得擔保，並且正在通過法律行動或其他努力收回，預計將導致本金和利息的償還，本公司可能選擇不將不良債務投資置於非應計狀態。
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淨已實現損益和未實現增值或折舊淨變化
我們通過償還或出售的淨收益與投資的攤銷成本基礎之間的差額來衡量已實現的損益，而不考慮之前確認的未實現增值或折舊。使用特定識別方法計算實現的損益。未實現增值或折舊的淨變化反映了報告期內有價證券投資價值的變化，包括在實現損益時之前記錄的未實現增值或折舊的逆轉。
投資組合和投資活動
截至2024年9月30日的三個月內，我們投資了約7280萬美元，包括對6家新投資組合公司和3家現有投資組合公司的新投資，以及現有承諾的提取和之前投資收到的PIk。其中，6270萬美元（佔收購總額的86.2%）是優先擔保貸款，760萬美元（佔收購總額的10.4%）是優先擔保票據。其餘250萬美元（佔收購總額的3.4%）由股權投資組成。此外，截至2024年9月30日的三個月內，我們從出售或償還投資中收到了約13920萬美元的收益。
截至2023年9月30日的三個月內，我們投資了約9240萬美元，包括對4家新投資組合公司和4家現有投資組合公司的新投資，以及現有承諾的提取和之前投資收到的PIk。其中，9150萬美元（佔收購總額的99.0%）是高級擔保貸款。其餘90萬美元（佔收購總額的1.0%）由股權投資組成。此外，截至2023年9月30日的三個月內，我們從出售或償還投資中收到了約12560萬美元的收益。
截至2024年9月30日的九個月內，我們投資了約80950萬美元，其中58700萬美元的投資是因合併而收購的，其中95.8%爲高級擔保貸款，3.1%爲無擔保或次級債務證券，1.1%爲股權投資。截至2024年9月30日的九個月內，該公司進行的其餘22250萬美元投資包括對15家新投資組合公司和11家現有投資組合公司的新投資，以及現有承諾的提取和先前投資中收到的PIk。其中，20520萬美元（佔收購總額的92.2%）是優先擔保貸款，760萬美元（佔收購總額的3.4%）是優先擔保票據。其餘970萬美元（佔收購總額的4.4%）由股權投資組成。此外，截至2024年9月30日的九個月內，我們從出售或償還投資中收到了約34850萬美元的收益。
截至2023年9月30日的九個月內，我們投資了約18550萬美元，其中包括對14家新投資組合公司和8家現有投資組合公司的新投資，以及現有承諾的提取和之前投資收到的PIk。其中，18250萬美元（佔收購總額的98.4%）是高級擔保貸款。其餘300萬美元（佔收購總額的1.6%）由股權投資組成。此外，截至2023年9月30日的九個月內，我們從出售或償還投資中收到了約17650萬美元的收益。
截至2024年9月30日，我們的合併投資組合爲190910萬美元（按公允價值計算），由156家投資組合公司組成，90.9%投資於債務投資，主要投資於高級擔保債務。總體而言，我們的投資組合87.4%投資於優先擔保貸款，3.1%投資於優先擔保票據，0.4%投資於無擔保債務，9.1%投資於股權投資。我們按公允價值計算的投資組合公司平均投資約爲1220萬美元。截至2024年9月30日，我們基於公允價值的最大投資組合公司投資約佔我們投資組合的5.9%，我們基於公允價值的五大投資組合公司投資約佔我們投資組合的19.0%。
截至2023年12月31日，我們的投資組合爲155490萬美元（按公允價值計算），由142家投資組合公司組成，89.3%投資於債務投資，主要投資於高級擔保債務。總體而言，我們的投資組合86.0%投資於優先擔保貸款，3.3%投資於優先擔保票據，10.7%投資於股權投資。我們按公允價值計算的投資組合公司平均投資約爲1100萬美元。截至2023年12月31日，我們基於公允價值的最大投資組合公司投資約佔我們投資組合的6.6%，我們基於公允價值的五大投資組合公司投資約佔我們投資組合的19.8%。
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截至2024年9月30日，我們投資組合按公允價值計算的行業組成如下：
行業 |
|
百分比 |
|
|
互聯網軟件和服務 |
|
|
14.0 |
% |
軟件 |
|
|
13.7 |
% |
多元化金融服務 |
|
|
12.7 |
% |
多元化的消費服務 |
|
|
8.0 |
% |
專業服務 |
|
|
5.9 |
% |
保健技術 |
|
|
3.7 |
% |
It服務 |
|
|
3.2 |
% |
醫療保健提供者和服務 |
|
|
3.0 |
% |
公路和鐵路 |
|
|
2.9 |
% |
資本市場 |
|
|
2.8 |
% |
紡織品、服裝和奢侈品 |
|
|
2.6 |
% |
汽車 |
|
|
2.5 |
% |
建築和工程 |
|
|
2.4 |
% |
造紙和林業產品 |
|
|
2.2 |
% |
媒體 |
|
|
2.1 |
% |
保險 |
|
|
1.9 |
% |
專業零售 |
|
|
1.8 |
% |
技術硬件、存儲和外圍設備 |
|
|
1.8 |
% |
消費金融 |
|
|
1.5 |
% |
製藥業 |
|
|
1.4 |
% |
房地產管理與開發 |
|
|
1.1 |
% |
容器和包裝 |
|
|
1.1 |
% |
機械 |
|
|
1.0 |
% |
其他 |
|
|
6.7 |
% |
總 |
|
|
100.0 |
% |
我們基於公允價值的債務投資組合的加權平均有效收益率在2024年9月30日爲13.4%，在2023年12月31日爲14.1%，不包括非應計和非創收貸款。截至2024年9月30日，我們基於公允價值的總投資組合的加權平均有效收益率爲11.9%，截至2023年12月31日，加權平均有效收益率爲13.3%。截至2024年9月30日，我們投資組合中92.7%的債務投資以浮動利率(如SOFR、EURIBOR、聯邦基金利率或最優惠利率)計息，7.3%以固定利率計息。截至2024年9月30日，我們投資組合中受利率下限限制的浮動利率債務投資的百分比爲97.0%。截至2024年9月30日，10家投資組合公司的債務和優先股投資處於非應計狀態，按公允價值計算佔投資組合的3.8%，按成本計算佔9.3%。截至2023年12月31日，我們投資組合中95.6%的債務投資以浮動利率(如SOFR、EURIBOR、聯邦基金利率或最優惠利率)計息，4.4%以固定利率計息。截至2023年12月31日，我們投資組合中受利率下限限制的浮動利率債務投資的百分比爲94.0%。截至2023年12月31日，四家投資組合公司的債務投資處於非應計狀態，按公允價值計算佔投資組合的2.0%，按成本計算佔3.7%。
經營業績
投資收益
截至2024年9月30日和2023年9月30日的三個月，投資收入分別總計7，090萬美元和5，420萬美元，其中6，920萬美元和5，330萬美元歸因於我們債務投資的利息和費用，160萬美元和90萬美元分別歸因於股息收入，10萬美元和0萬美元歸因於其他收入。截至2024年9月30日和2023年9月30日的三個月，我們債務投資的利息和費用分別包括670萬美元和70萬美元與預付款相關的非經常性收入以及50萬美元和40萬美元的修改費。與截至2023年9月30日止三個月相比，截至2024年9月30日止三個月的投資收入增加主要反映了由於合併而收購的投資賺取的額外投資收入以及截至2024年9月30日止三個月期間SOFR利率上升，利息收入增加。
截至2024年9月30日和2023年9月30日的九個月，投資收入分別總計19820萬美元和15850萬美元，其中19300萬美元和15530萬美元歸因於我們債務投資的利息和費用，510萬美元和280萬美元分別歸因於股息收入，10萬美元和40萬美元歸因於其他收入。截至2024年9月30日和2023年9月30日止九個月，我們債務投資的利息和費用分別包括1310萬美元和100萬美元與預付款相關的非經常性收入以及90萬美元和90萬美元的修改費。與截至2023年9月30日的九個月相比，截至2024年9月30日的九個月投資收益的增加主要反映了利息的增加
74
截至2024年9月30日的九個月內，由於合併而收購的投資獲得的額外投資收入以及SOFR利率上升而產生的收入。
費用
截至2024年9月30日和2023年9月30日的三個月的總運營費用分別爲3710萬美元和2590萬美元，包括利息費用和相關費用2120萬美元和1210萬美元、激勵費費用650萬美元和600萬美元、基本管理費620萬美元和610萬美元，專業費用分別爲80萬美元和70萬美元，行政費用爲50萬美元和40萬美元，其他費用分別爲190萬美元和60萬美元。與截至2023年9月30日止三個月相比，截至2024年9月30日止三個月的運營費用增加主要反映了由於合併和發行2029年票據而假設的未償債務增加，以及截至2024年9月30日止三個月期間SOFR利率上升，利息費用增加，此外，截至2024年9月30日的三個月內賺取的激勵前淨投資收益增加導致激勵費用費用增加。
截至2024年9月30日和2023年9月30日止九個月的總運營費用分別爲10020萬美元和7710萬美元，包括利息費用和相關費用5410萬美元和3600萬美元、激勵費費用1920萬美元和1730萬美元、基本管理費1860萬美元和1810萬美元，專業費用分別爲240萬美元和150萬美元，行政費用爲170萬美元和110萬美元，其他費用分別爲420萬美元和310萬美元。與截至2023年9月30日止九個月相比，截至2024年9月30日止九個月的運營費用增加主要反映了由於合併和發行2029年票據而假設的未償債務增加，以及截至2024年9月30日止九個月期間SOFR利率上升，利息費用增加，此外，截至2024年9月30日的九個月內賺取的激勵前淨投資收益增加導致激勵費用費用增加。
淨投資收入
截至2024年9月30日和2023年9月30日的三個月，淨投資收益分別爲3390萬美元和2830萬美元。截至2024年9月30日止三個月的淨投資收益較截至2023年9月30日止三個月的增加主要反映了總投資收益的增加，但部分被截至2024年9月30日止三個月的費用增加所抵消。
截至2024年9月30日和2023年9月30日的九個月，淨投資收益分別爲9800萬美元和8130萬美元。截至2024年9月30日止九個月的淨投資收益與截至2023年9月30日止九個月的增加主要反映了總投資收益的增加，但部分被截至2024年9月30日止九個月的費用增加所抵消。
淨已實現和未實現損益
截至2024年9月30日和2023年9月30日止三個月的淨已實現收益（虧損）分別爲（3，140）萬美元和（10）萬美元。截至2024年9月30日止三個月的淨已實現虧損主要包括對Pluralsight和McAfee的投資重組分別造成的2410萬美元和740萬美元損失。重組後，我們對Pluralsight的債務投資恢復了應計狀態。
截至2024年9月30日和2023年9月30日止九個月的淨已實現收益（虧損）分別爲（6，710萬）美元和（3，120萬）美元。截至2024年9月30日止九個月的淨已實現虧損主要包括我們對Pluralsight、Thras.io、Hylan和McAfee的投資重組造成的2410萬美元、2280萬美元、1260萬美元和740萬美元的虧損。截至2023年9月30日止九個月的淨實現虧損主要包括重組AutoAlert投資造成的3070萬美元虧損。
截至2024年9月30日和2023年9月30日的三個月，未實現淨增值(折舊)的變化分別爲1920萬美元萬和1,540萬美元。截至2024年9月30日的三個月，未實現淨增值的變化主要反映了我們在Pluralsight和McAfee的投資重組導致的2,410萬和760萬未實現虧損的逆轉，我們對Securus的投資產生了420美元的萬未實現收益，我們對Domo的投資產生了360萬的未實現收益，以及整個投資組合中的其他未實現收益，但被我們在Gordon Brothers的投資的800美元萬未實現虧損、我們在Sell-X的投資的400萬未實現虧損、我們在InMoment的投資的330萬未實現虧損、我們在Edentum的投資的280美元萬未實現虧損以及我們在阿爾卑斯的投資的220美元萬未實現虧損部分抵消。截至2023年9月30日的三個月，未實現淨折舊的變化主要反映了我們在Edentum投資的450美元萬未實現虧損，我們在Khoros的投資400美元萬未實現虧損，我們在洋紅色買家的投資的360美元萬未實現虧損，我們在第36 Street Capital的投資的250美元萬未實現虧損，我們在希蘭的投資的240美元萬未實現虧損，以及我們在CIBT的投資的220美元萬未實現虧損，被我們在阿斯特拉收購的投資的320美元萬未實現收益所抵消。
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截至2024年和2023年9月30日的9個月，未實現淨增值(折舊)的變化分別爲5,540萬美元和160萬美元萬。未實現折舊變動(5,540萬美元)扣除萬未實現增值2,130美元，這是由於公司支付的購買折扣分配導致合併所收購投資的成本基礎減少所致。截至2024年9月30日的9個月，未實現淨折舊的變化主要反映了我們對Sell-X的投資的3,540美元的萬未實現虧損，我們對Edentum的投資的2020美元的萬未實現虧損，我們對鋰的投資的1,470美元的萬未實現虧損，我們對剃鬚刀的投資的1,330美元的未實現虧損，以及我們在Gordon Brothers的投資的7，20美元的未實現虧損，被我們在Thras.io、Hylan、Perch和McAfee的投資重組所產生的1,700美元、1,070美元、630美元和520美元的萬未實現虧損部分抵消。截至2023年9月30日的九個月，未實現淨增值的變化主要反映了我們在AutoAlert的投資重組中先前確認的未實現虧損的3,700美元萬逆轉，被我們在海蘭的800美元萬未實現虧損、我們在洋紅買家的投資的680美元萬未實現虧損、我們在第36街的投資的530美元萬未實現虧損、我們在Khoros的投資的510美元萬未實現虧損、我們在Edentum的投資的440萬未實現虧損、我們在阿斯特拉收購的投資的390美元萬未實現虧損以及我們在Perch的投資的390美元萬未實現虧損所抵消。
Incentive compensation
截至2024年9月30日和2023年9月30日止三個月的運營費用中包含的激勵費用分別爲650萬美元和600萬美元，截至2024年和2023年9月30日止九個月的運營費用分別爲1920萬美元和1730萬美元，由於我們的業績超過了這些期間的累計總回報閾值，因此應支付這些費用。與截至2023年9月30日的三個月和九個月相比，截至2024年9月30日的三個月和九個月的激勵費支出分別增加，是由於截至9月30日的三個月和九個月期間賺取的激勵費前淨投資收益增加，2024年，這是由於SOFR率上升以及合併後收購的投資賺取的額外投資收入推動的。
所得稅費用，包括消費稅
該公司已選擇根據該守則第m小節被視爲RIC，並以符合適用於RIC的稅務待遇的方式運營。爲了獲得RIC資格，公司必須（除其他外）及時向股東分配每年至少90%的投資公司應稅收入（定義見守則）。該公司已經並打算繼續向其股東進行必要的分配，這將總體上免除公司的美國聯邦所得稅。
根據納稅年度賺取的應稅收入水平，我們可以選擇將超過當年股息分配的應稅收入從當年應稅收入中結轉到下一個納稅年度，並對該收入繳納4%的消費稅。任何消費稅費用均在年底記錄，因爲已知金額。截至2024年9月30日的九個月內沒有產生消費稅。
2024年3月18日，公司完成了之前宣佈的與BCIC的合併。根據合併協議，BCIC與Merger Sub合併，Merger Sub繼續作爲倖存的公司和SVCP的子公司。此次合併被視爲免稅重組，公司已選擇出於稅收目的結轉所收購BCIC投資的歷史成本基礎。由於合併，BCIC的獨立存在停止。
經營淨資產淨增加（減少）
截至2024年9月30日和2023年9月30日的三個月，普通股股東因經營而適用的淨資產淨增加（減少）分別爲2160萬美元和1280萬美元。截至2024年9月30日的三個月內運營導致的淨資產增加主要是由於與截至2023年9月30日的三個月相比，淨投資收益增加以及淨已實現和未實現虧損減少。
截至2024年9月30日和2023年9月30日止九個月，普通股股東因經營而適用的淨資產淨增加（減少）分別爲（2，460萬）美元和5180萬美元。截至2024年9月30日止九個月內運營導致的淨資產減少主要是由於淨已實現和未實現虧損增加，但與截至2023年9月30日止九個月相比，淨投資收益增加部分抵消了這一減少。
由於各種因素，包括收購、新投資承諾的水平、已實現損益的確認以及投資組合未實現增值和折舊的變化，運營產生的淨資產淨增加（減少）可能會因不同時期而有所不同。
76
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:
77
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
||||||||||||||||||||||||||
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||||||||||||||||
|
Amount |
|
|
Per |
|
|
Amount |
|
|
Per |
|
|
Amount |
|
|
Per |
|
|
Amount |
|
|
Per |
|
||||||||
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
78
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 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 |
|
|
Available |
|
|
Total |
|
|
|||
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 |
|
|
|
|
|
|
|
|
||
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
79
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.
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.
80
The following tables summarize dividends declared for the nine months ended September 30, 2024 and 2023:
Date Declared |
|
Record Date |
|
Payment Date |
|
Type |
|
Amount |
|
|
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 |
|
Date Declared |
|
Record Date |
|
Payment Date |
|
Type |
|
Amount |
|
|
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 |
|
|
$ |
— |
|
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:
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.
81
Related Parties
We have entered into a number of business relationships with affiliated or related parties, including the following:
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.
82
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 |
|
|
Net Investment |
|
||
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 |
) |
83
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.
84
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:
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.
85
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:
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
86
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.
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.
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
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
87
December 31, 2024 and for each fiscal quarter in the years ended December 31, 2023 and December 31, 2022. On September 30, 2024, the reported closing price of our common stock was $
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Premium/ |
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Premium/ |
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Stock Price |
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of High Sales Price |
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of Low Sales Price |
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|||||||
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NAV(1) |
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High(2) |
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Low(2) |
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to NAV (3) |
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to NAV (3) |
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Declared Distributions |
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Fiscal Year ended December 31, 2024 |
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First Quarter |
$ |
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$ |
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$ |
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( |
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$ |
0.34 |
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Second Quarter |
$ |
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$ |
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$ |
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( |
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$ |
0.34 |
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Third Quarter |
$ |
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$ |
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$ |
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( |
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$ |
0.34 |
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Fiscal Year ended December 31, 2023 |
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First Quarter |
$ |
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$ |
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$ |
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( |
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$ |
0.32 |
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||||
Second Quarter |
$ |
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$ |
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$ |
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( |
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( |
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$ |
0.34 |
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|||
Third Quarter |
$ |
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$ |
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$ |
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( |
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$ |
0.44 |
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||||
Fourth Quarter |
$ |
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|
$ |
|
|
$ |
|
|
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( |
|
$ |
0.59 |
|
||||
Fiscal Year ended December 31, 2022 |
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|
|
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||||
First Quarter |
$ |
|
|
$ |
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|
$ |
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( |
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$ |
0.30 |
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||||
Second Quarter |
$ |
|
|
$ |
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|
$ |
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( |
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$ |
0.30 |
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||||
Third Quarter |
$ |
|
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$ |
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$ |
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( |
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$ |
0.30 |
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||||
Fourth Quarter |
$ |
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$ |
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$ |
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( |
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$ |
0.37 |
|
||||
88
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 |
|
|
3.1 |
|
|
3.2 |
|
Certificate of Amendment to the Certificate of Incorporation of the Registrant (3) |
3.3 |
|
|
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 |
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10.2 |
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10.3 |
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10.4 |
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10.5 |
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10.6 |
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10.7 |
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31.1 |
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31.2 |
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32.1 |
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101.INS |
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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.
89
90
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: |
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/s/ Erik L. Cuellar |
|
Name: |
|
Erik L. Cuellar |
|
Title: |
|
Chief Financial Officer |
91