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  4. [10-Q] BlackRock TCP Capital Corp. Quarterly Earnings Report

[10-Q] BlackRock TCP Capital Corp. Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
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(iLobby) (Canada) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 2.88% Cash + 3.38% PIK Total Coupon 10.41% Maturity 9/30/20302025-09-300001370755Debt Investments Healthcare Providers and Services PHC Buyer, LLC (Patriot Home Care) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 10.20% Maturity 5/4/20282025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001370755Debt Investments Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) 2nd Lien 3B Term Loan Ref Fixed Floor 0.00% Spread 15.00% PIK Total Coupon 15.00% Maturity 12/20/20292025-09-300001370755Debt Investments Insurance EBS Parent Holdings Inc. (The Difference Card) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.00% Maturity 7/1/20322025-09-3000013707552025-04-012025-06-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndTwentyOneSeptemberTwentyTwoMember2024-12-310001370755tcpc:UtilidataIncMembertcpc:SeriesATwoPreferredStockMember2024-01-012024-12-310001370755us-gaap:BaseRateMembertcpc:MergerSubFacilityMembersrt:MaximumMember2025-09-300001370755Equity Securities Construction & Engineering Homerenew Buyer (Renovo)Inc. Class A Preferred Units2025-09-300001370755tcpc:SEPEigerBidCoLtdBeqomSwitzerlandMember2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMemberus-gaap:EquitySecuritiesMember2025-09-300001370755Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) First Lien Term Loan A Ref SOFR(S) Floor 1.00% Spread 6.00% Total Coupon 10.14% Maturity 1/26/20292025-09-300001370755tcpc:WharfStreetRatingAcquisitionLLCKBRAOneMember2025-01-012025-09-300001370755Debt Investments Construction and Engineering LJ Avalon Holdings, LLC (Ardurra) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 9.53% Maturity 2/1/20302024-12-310001370755tcpc:DouglasHoldingsIncDocupaceOneMember2025-09-300001370755tcpc:ITServicesMemberus-gaap:DebtSecuritiesMember2024-12-310001370755us-gaap:InvestmentAffiliatedIssuerControlledMember2025-07-012025-09-300001370755tcpc:G-3ApolloAcquisitionCorpApprissRetailMember2025-01-012025-09-300001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/252024-01-012024-12-3100013707552024-04-012024-06-300001370755Debt Investments Textiles, Apparel and Luxury Goods PSEB, LLC (Eddie Bauer) First Lien Incremental Term Loan Ref SOFR(S) Floor 1.00% Spread 6.75% Total Coupon 11.49% Maturity 12/30/20262024-12-310001370755Debt Investments Commercial Services & Supplies Modigent, LLC (Pueblo) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 10.83% Maturity 8/23/20282024-12-310001370755Non-Controlled Affiliates, SellerX Preferred Non Convertible Shares Series Z2025-09-300001370755tcpc:G-3ApolloAcquisitionCorpApprissRetailOneMember2025-01-012025-09-300001370755tcpc:AnnualPercentageRateAPRMemberus-gaap:UnsecuredDebtMembertcpc:TwoThousandTwentyFourNotesMember2019-08-232019-08-230001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputImpliedVolatilityMembersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMember2024-12-310001370755Debt Investments Diversified Financial Services Accuserve Solutions, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.48% Maturity 3/15/20302025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001370755Debt Investments Hotels, Restaurants and Leisure OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) Second Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.25% Total Coupon 10.69% Maturity 6/3/20272024-12-310001370755us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001370755Equity Securities Internet Software and Services Domo, Inc. Warrants to Purchase Class B Common Stock Expiration 2/17/20282025-09-300001370755Debt Investments Software Zendesk Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.33% Maturity 11/22/20282024-12-310001370755tcpc:IntegrateComIncMember2025-01-012025-09-300001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2021-08-270001370755Debt Investments Health Care Technology ESO Solutions, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 10.95% Maturity 5/3/20272025-09-300001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.16% Maturity 9/4/2029 One2025-09-300001370755Debt Investments Insurance IT Parent, LLC First Lien Term Loan Ref SOFR(A) Floor 1.00% Spread 6.35% Total Coupon 10.60% Maturity 10/1/20262024-12-310001370755Debt Investments Internet Software and Services Spartan Bidco Pty Ltd (StarRez) (Australia). Sr Secured Revolver SOFR(M) Floor 0.75% Spread 6.90% Total Coupon 11.25% Maturity 1/24/20282024-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:BankDebtMember2025-09-300001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Common Stock Expiration 8/15/20272025-09-300001370755tcpc:S2025Q2DividendsMember2025-06-162025-06-160001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755tcpc:VortexCompaniesLlcOneMember2024-12-310001370755Debt Investments Building Products Trulite Holding Corp. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.59% Maturity 2/22/20302024-12-310001370755Debt Investments Professional Services ICIMS, Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 10.07% Maturity 8/18/20282025-09-300001370755tcpc:BonterraLlcFkaCyberGrantsHoldingsLlcMember2024-12-310001370755Debt Investments Diversified Financial Services Rialto Management Group, LLC First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 9.16% Maturity 12/5/20302025-09-300001370755Debt Investments Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) 2nd Lien 2B Term Loan Ref Fixed Floor 0.00% Spread 15.00% PIK Total Coupon 15.00% Maturity 12/20/20292025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:WeightedAverageMembertcpc:MeasurementInputImpliedVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMember2024-12-310001370755tcpc:AccordionPartnersLlcMember2025-09-300001370755us-gaap:RetailSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMembersrt:MaximumMember2025-09-300001370755Debt Investments Internet Software and Services Pluralsight, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 12.01% PIK Total Coupon 12.01% Maturity 8/22/20292024-12-310001370755tcpc:WarrantsToPurchaseCommonStockMembertcpc:GlassPointIncMember2025-01-012025-09-300001370755Debt Investments Diversified Financial Services SitusAMC Holdings Corporation First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.60% Total Coupon 9.93% Maturity 11/30/20272024-12-310001370755tcpc:OperatingFacilityMember2021-06-232022-03-010001370755Debt Investments Insurance Integrity Marketing Acquisition, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.51% Maturity 8/25/20282024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2025-06-300001370755Equity Securities Energy Equipment and Services GlassPoint, Inc. Warrants to Purchase Common Stock Expiration 9/12/20292024-01-012024-12-310001370755tcpc:JFAcquisitionLLCJFPetroleumMember2025-01-012025-09-300001370755us-gaap:EquitySecuritiesMembertcpc:ElectricUtilitiesMember2024-12-310001370755Debt Investments Professional Services Huckabee Acquisition, LLC (MOREgroup) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.31% Maturity 1/16/20302025-09-300001370755Equity Securities Internet Software and Service Fishbowl, Inc. Common Membership Units2025-09-300001370755Debt Investments Healthcare Providers and Services RecordXTechnologies, LLC (Ontellus) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.58% Maturity 5/20/20302024-12-310001370755Debt Investments Software Nvest, Inc. (SigFig) First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 7.50% Total Coupon 11.78% Maturity 9/15/20262025-09-300001370755us-gaap:PreferredStockMembertcpc:INHBuyerIncIMAHealthOneMember2024-01-012024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755us-gaap:PreferredStockMembertcpc:KellermeyerBergensonsServicesLLCMember2024-01-012024-12-310001370755Non-Controlled Affiliates, Hylan Global LLC, Parent Common Units2025-01-012025-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMember2025-01-012025-09-300001370755tcpc:ZendeskIncOneMember2024-12-310001370755tcpc:EmeraldTechnologiesUSAcquisitionCoIncMember2025-01-012025-09-300001370755Debt Investments Aerospace & Defense Skydio, Inc First Lien Delayed Draw Term Loan A Ref SOFR(M) Floor 2.50% Spread 2.75% + 2.75 PIK Total Coupon 9.82% Maturity 12/4/20292025-09-300001370755Debt Investments IT Services Intercept Bidco, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.47% Maturity 6/3/20302024-12-310001370755Equity Securities Electric Utilities Utilidata, Inc. Series A-2 Preferred Stock2025-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMembersrt:MaximumMember2023-06-150001370755Controlled Affiliates, Fishbowl INC., Common Membership Units2025-01-012025-09-300001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2020-12-310001370755tcpc:DeeplSeOneMember2025-09-300001370755tcpc:StonebridgeCompaniesLLCMember2025-09-300001370755Debt Investments Hotels, Restaurants and Leisure Stonebridge Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 9.16% Maturity 5/16/20312025-09-300001370755tcpc:SoundCloudLtdMembertcpc:WarrantsToPurchasePreferredStockMember2024-01-012024-12-310001370755Debt Investments Internet Software and Services Domo, Inc. First Lien PIK Term Loan Ref Fixed Floor 0.00% Spread 9.50% PIK Total Coupon 9.50% Maturity 8/19/20282025-09-300001370755Debt Investments Professional Service JobandTalent USA, Inc. (United Kingdom) First Lien Delayed Draw Term Loan (5.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.00% PIK Total Coupon 11.16% Maturity 10/13/2028 Two2025-09-300001370755tcpc:HuckabeeAcquisitionLLCMoregroupMember2025-09-300001370755us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001370755Debt Investments Software Fusion Risk Management, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.00% Cash + 3.25% PIK Total Coupon 11.08% Maturity 5/22/20292024-12-310001370755Debt Investments Software Elastic Path Software, Inc. (Canada) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.76% Total Coupon 11.96% Maturity 1/6/20262025-09-300001370755tcpc:VortexCompaniesLlcOneMember2025-09-300001370755Debt Investments Automobiles ALCV Purchaser, Inc. (AutoLenders) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.01% Total Coupon 11.01% Maturity 2/25/20262025-09-300001370755tcpc:BynderBidcoIncNetherlandsMember2025-01-012025-09-300001370755Debt Investments Paper and Forest Products FSK Pallet Holding Corp. (Kamps) First Lien Term Loan Ref SOFR(Q) Floor 1.25% Spread 6.65% Total Coupon 10.98% Maturity 12/23/20262025-09-300001370755Debt Investments Internet Software and Services Persado, Inc. First Lien Term Loan (6.575% Exit Fee) SOFR(M) Floor 1.80% Spread 7.50% Total Coupon 12.05% Maturity 6/10/20272024-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/282024-01-012024-12-310001370755Debt Investments Media NEP Group, Inc. et al First Lien Term Loan (2.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 3.36% Cash + 1.50% PIK Total Coupon 9.22% Maturity 8/19/20262024-12-310001370755Equity Securities Media SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock Expiration 4/29/20252024-12-310001370755tcpc:FundingFacilityIIMember2023-02-280001370755Debt Investments Software Bonterra LLC (fka CyberGrants Holdings, LLC) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.00% Total Coupon 11.43% Maturity 9/8/20272024-12-310001370755srt:MinimumMembertcpc:PubliclyTradedCompanyMember2024-12-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Ordinary Shares2025-01-012025-09-300001370755us-gaap:InterestRateSwapMember2024-07-012024-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2024-06-300001370755tcpc:WorldremitGroupLimitedMembertcpc:WarrantsToPurchaseSeriesEStockMember2025-01-012025-09-300001370755Controlled Affiliates, Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/20212025-01-012025-09-300001370755Equity Securities Chemicals AGY Equity, LLC Class B Preferred Stock2025-09-300001370755Debt Investments Professional Service JobandTalent USA, Inc. 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First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 10.03% Maturity 3/15/20302024-12-310001370755Equity Securities Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) Series A Preferred Units2025-09-300001370755tcpc:SBADebenturesMember2022-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292024-01-012024-12-310001370755us-gaap:CommonStockMember2024-03-3100013707552025-06-300001370755Debt Investments Road and Rail Motive Technologies, Inc. (Keep Trucking) First Lien Incremental Term Loan 1 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.53% Maturity 4/8/20272025-09-300001370755Non-Controlled Affiliates, HomeRenew Buyer,INC, Senior Secured Super Priority Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/302024-12-310001370755tcpc:S2025Q2DividendsMember2025-06-302025-06-300001370755Debt Investments Internet Software and Services Fishbowl, Inc. First Lien Term Loan (7.5% Exit Fee) Ref SOFR(Q) Floor 1.00% Spread 5.26% PIK Total Coupon 9.26% Maturity 5/27/20272025-09-300001370755Non-Controlled Affiliates, Vingil Holding 2 S. à r.l. (SellerX) Common Shares2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:BankDebtMember2025-09-300001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units2025-09-300001370755us-gaap:ShareBasedCompensationAwardTrancheTwoMembertcpc:TwoThousandTwentyFiveNotesMember2024-12-310001370755Debt Investments Software Logicmonitor, Inc Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.99% Maturity 11/19/20312024-12-310001370755tcpc:BynderBidcoIncNetherlandsMember2025-09-3000013707552020-12-310001370755Debt Investments IT Services Avalara, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.58% Maturity 10/19/20282024-12-310001370755tcpc:SBADebenturesMember2021-12-310001370755us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001370755Equity Securities Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) Common Shares2025-09-300001370755tcpc:WarrantsToPurchaseSeriesDPreferredStockMembertcpc:QuoraIncMember2024-01-012024-12-310001370755tcpc:ApplauseAppQualityIncMember2025-09-300001370755Debt Investments Specialty Retail Hanna Andersson, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.35% Total Coupon 10.66% Maturity 7/2/20262025-09-300001370755tcpc:PlaypowerIncMember2025-01-012025-09-300001370755us-gaap:EquitySecuritiesMembertcpc:SoftwareMember2025-09-300001370755Debt Investments Media Streamland Media Midco LLC First Out Term Loan Ref SOFR(Q) Floor 1.00% Spread 1.00% Cash + 4.50% PIK Total Coupon 9.76% Maturity 3/31/20292025-09-300001370755Controlled Affiliates, Fishbowl INC., Common Membership Units2025-09-300001370755Debt Investments Internet Software and Services e-Discovery Acquireco, LLC (Reveal) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.20% Maturity 8/23/20292025-09-300001370755tcpc:TwoThousandTwentySixNotesMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Ordinary Shares2024-01-012024-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods James Perse Enterprises, Inc. First Lien Term Loan Ref SOFR(A) Floor 1.00% Spread 6.25% Total Coupon 10.31% Maturity 9/8/20272025-09-300001370755tcpc:GreyOrangeInternationalIncMembertcpc:WarrantsToPurchaseCommonStockMember2024-01-012024-12-310001370755Equity Securities Capital Markets Pico Quantitative Trading Holdings, LLC Warrants to Purchase Membership Units Expiration 2/7/20302025-01-012025-09-300001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2022-01-012022-12-310001370755Debt Investments Professional Service Lighthouse Parent Holdings, Inc (Aperture) Sr Secured Revolve Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.26% Maturity 12/20/20312025-09-300001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755srt:MinimumMembertcpc:SBADebenturesMember2024-01-012024-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenSeptemberNineteenMember2025-09-300001370755Debt Investments Software G-3 Apollo Acquisition Corp (Appriss Retail) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 9.07% Maturity 3/10/20312025-09-300001370755tcpc:ZendeskIncOneMember2025-01-012025-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:FundingFacilityIIMember2023-02-280001370755Non-Controlled Affiliates, HomeRenew Buyer,INC, Senior Secured Priority Term Loan, SOFR + 7.00%, 2.5% SOFR Floor, due 4/14/302024-12-310001370755us-gaap:InvestmentUnaffiliatedIssuerMember2024-07-012024-09-300001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Series X Shares2024-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Common Stock2024-12-310001370755Non-Controlled Affiliates, Homerenew Buyer, Inc. (Renovo), Class B-1 Preferred Units2025-01-012025-09-300001370755tcpc:O2024Q3DividendsMember2024-08-070001370755tcpc:PicoQuantitativeTradingHoldingsLLCMembertcpc:WarrantsToPurchaseMembershipUnitsMember2024-01-012024-12-310001370755us-gaap:RetainedEarningsMember2024-04-012024-06-300001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedTermMember2025-01-012025-09-300001370755Equity Securities Internet Software and Services Foursquare Labs, Inc. Warrants to Purchase Series E Preferred Stock Expiration 5/4/20272025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2025-06-300001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Renovo) First Lien Term Loan Ref SOFR(M) Floor 2.50% Spread 11.10% PIK Total Coupon 15.44% Maturity 3/13/20252024-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:FundingFacilityIIMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755Equity Securities Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) Warrants to Purchase Preferred New Super Senior Shares Expiration 7/25/20302024-12-310001370755tcpc:TwoThousandTwentyTwoNotesMember2020-12-310001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock Expiration 12/18/20252025-09-300001370755tcpc:OperatingFacilityMember2020-12-310001370755tcpc:OneMonthContractsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2024-08-012024-08-010001370755tcpc:IntegrateComIncMember2024-12-310001370755tcpc:AccordionPartnersLlcOneMember2025-01-012025-09-300001370755srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001370755Debt Investments Software Aras Corporation First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.25% Total Coupon 9.58% Maturity 4/13/20292024-12-310001370755tcpc:OperatingFacilityMember2018-12-310001370755Equity Securities Internet Software and Services SnapLogic, Inc. Warrants to Purchase Series Preferred Stock Expiration 3/19/20282025-09-300001370755us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MaximumMember2024-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/282023-12-310001370755tcpc:O2025Q3DividendsMember2025-08-072025-08-070001370755tcpc:DouglasHoldingsIncDocupaceThreeMember2025-01-012025-09-300001370755Debt Investments Internet Software and Services Bynder Bidco ,B.V. (Netherlands) Sr Secured Revolver B Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.62% Maturity 1/26/20292024-12-310001370755tcpc:InterceptBidcoIncMember2024-12-310001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.50% Cash + 4.125% PIK Total Coupon 10.63% Maturity 7/9/20292025-09-300001370755Equity Securities Software Grey Orange International Inc. Warrants to Purchase Common Stock Expiration 5/6/20322024-01-012024-12-310001370755Debt Investments Software Bluefin Holding, LLC (Allvue) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 10.64% Maturity 9/12/20292024-12-310001370755us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001370755tcpc:ZendeskIncMember2025-09-300001370755srt:MinimumMember2019-02-082025-03-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSeventeenSeptemberTwentyMember2025-01-012025-09-300001370755tcpc:TwoThousandTwentyTwoNotesMember2018-12-310001370755Controlled Affiliates, Anacomp, Inc., Class A Common Stock2024-12-310001370755Controlled Affiliates, Fishbowl INC., Common Membership Units2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembersrt:MaximumMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755tcpc:PaperAndForestProductsMemberus-gaap:DebtSecuritiesMember2025-09-300001370755Controlled Affiliates, Conventional Lending TCP Holdings, LLC, Membership Units2024-12-310001370755srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001370755Debt Investments Internet Software and Services Astra Acquisition Corp. (Anthology) Second Lien Term Loan Ref Prime Floor 0.75% Spread 9.88% Total Coupon 17.13% Maturity 10/25/20292025-09-300001370755tcpc:TwoThousandTwentyFourNotesMember2019-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMembersrt:MaximumMember2024-12-310001370755Debt Investments Health Care Technology Appriss Health, LLC (PatientPing) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.85% Total Coupon 9.02% Maturity 5/6/20272025-09-300001370755Debt Investments Diversified Consumer Services Thras.io, LLC First Out Term Loan Ref SOFR(Q) Floor 1.00% Spread 10.26% PIK Total Coupon 14.55% Maturity 6/18/20292024-12-310001370755Debt Investments Construction and Engineering Titan Home Improvement, LLC (Renuity) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.75% Total Coupon 8.95% Maturity 5/31/20302025-09-300001370755Equity Securities Internet Software and Services Domo, Inc. Warrants to Purchase Common Stock Expiration 2/17/20282024-01-012024-12-310001370755tcpc:FundingFacilityIIMember2025-09-300001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-2 Common Units2024-12-310001370755Debt Investments Professional Services ICIMS, Inc. First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.57% Maturity 8/18/20282025-09-300001370755Debt Investments Software Kaseya, Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.09% Maturity 6/25/20292024-12-310001370755Debt Investments Specialty Retail Calceus Acquisition, Inc. (Cole Haan) First Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.75% Total Coupon 11.08% Maturity 8/15/20282024-12-310001370755Debt Investments Internet Software and Services Pluralsight, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% PIK Total Coupon 11.70% Maturity 8/22/20292025-09-300001370755srt:MaximumMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembertcpc:OtherCorporateDebtMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755srt:AffiliatedEntityMember2024-12-310001370755Debt Investments Hotels, Restaurants and Leisure Stonebridge Companies, LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.34% Maturity 5/16/20302025-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertcpc:MeasurementInputImpliedVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMember2024-12-3100013707552019-02-080001370755Debt Investments IT Services Idera, Inc. Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.75% Total Coupon 11.47% Maturity 2/4/20292024-12-310001370755Debt Investments Aerospace & Defense Skydio, Inc First Lien Delayed Draw Term Loan B Ref SOFR(M) Floor 2.50% Spread 2.75% Cash + 2.75% PIK Total Coupon 10.02% Maturity 12/4/20292024-12-310001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Tranche A1 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/282025-09-300001370755tcpc:SellerXGermanyGmbhAndCoKgMember2025-01-012025-09-300001370755tcpc:ExpressWashAcquisitionCompanyLLCMember2025-09-300001370755Debt Investments Diversified Consumer Services SellerX Germany GmbH (Germany) Sr Secured Revolver Ref SOFR(Q) Floor 0.00% Spread 5.00% Total Coupon 9.57% Maturity 10/28/20262024-12-310001370755Debt Investments Machinery Sonny’s Enterprises, LLC Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.65% Total Coupon 9.64% Maturity 8/5/20272025-09-300001370755tcpc:FundingFacilityIIMember2021-12-310001370755tcpc:TitanHomeImprovementLlcRenuityMember2025-01-012025-09-300001370755Debt Investments Insurance Integrity Marketing Acquisition, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.20% Maturity 8/25/20282025-09-300001370755Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 6.50% Total Coupon 10.71% Maturity 5/12/20302025-09-3000013707552025-03-310001370755tcpc:MBSParentLLCMembersrt:PartnershipInterestMember2025-01-012025-09-300001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Renovo) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.00% Spread 9.65% PIK Total Coupon 13.65% Maturity 4/14/20302025-09-300001370755Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) Sr Secured Revolver Ref SOFR(S) Floor 1.00% Spread 6.50% Total Coupon 10.71% Maturity 5/12/20302025-09-300001370755Equity Securities Diversified Consumer Services TVG-Edmentum Holdings, LLC Series C-2 Preferred Units Ref Fixed Total Coupon 15.00%2024-12-310001370755us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2024-12-310001370755us-gaap:RetainedEarningsMember2025-07-012025-09-300001370755Equity Securities Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) Series A-3 Preferred Units2025-09-300001370755Debt Investments Software GTY Technology Holdings Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 2.58% Cash + 4.30% PIK Total Coupon 11.21% Maturity 7/9/20292024-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembersrt:MaximumMembertcpc:MeasurementInputEBITDARevenueMultipleMember2024-12-310001370755Equity Securities Internet Software and Services Domo, Inc. Warrants to Purchase Class B Common Stock Expiration 2/17/20282024-01-012024-12-310001370755Debt Investments Software Bonterra LLC (fka CyberGrants Holdings, LLC) First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.75% PIK Total Coupon 12.08% Maturity 9/27/20272024-12-310001370755Equity Securities Pharmaceuticals Inotiv, Inc. Common Stock2024-12-310001370755Equity Securities Diversified Financial Services Gordon Brothers Finance Company Preferred Stock Ref Fixed Total Coupon 13.50%2025-09-300001370755Debt Investments Specialty Retail Hanna Andersson, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.35% Total Coupon 10.71% Maturity 7/2/20262024-12-3100013707552025-09-300001370755Controlled Affiliates, Gordon Brothers Finance Company, Preferred Stock2025-01-012025-09-300001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:UnsecuredDebtMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2024-03-182024-03-180001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:UnsecuredDebtMembertcpc:BlackrockCapitalInvestmentCorporationMember2025-07-312025-07-310001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Renovo) First Lien Term Loan Ref SOFR(M) Floor 2.50% Spread 9.10% PIK Total Coupon 13.54% Maturity 3/13/20252024-12-310001370755Debt Investments Diversified Financial Services 36th Street Capital Partners Holdings, LLC Senior Note Ref Fixed Floor 12.00% Spread 0.00% Total Coupon 12.00% Maturity 11/30/20252025-09-300001370755Equity Securities Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) Warrants to Purchase Preferred New Super Senior Shares Expiration 7/25/20302024-01-012024-12-310001370755tcpc:PluralsightIncMember2025-09-300001370755Debt Investments Insurance Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.83% Maturity 11/1/20282024-12-310001370755Debt Investments Media NEP Group, Inc. et al Second Lien Term Loan Ref SOFR(M) Spread 7.00% Total Coupon 11.47% Maturity 10/19/20262024-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Member2025-01-012025-09-300001370755Debt Investments Life Sciences Tools & Services Alcami Corporation First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.15% Total Coupon 11.35% Maturity 12/21/20282025-09-300001370755us-gaap:CommonStockMember2024-01-012024-03-310001370755Equity Securities Diversified Financial Services Gordon Brothers Finance Company Common Stock2025-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertcpc:BankDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755Debt Investments Health Care Technology ESO Solutions, Inc. 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Warrants to Purchase Series E Preferred Stock Expiration 5/4/20272024-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Common Stock2025-01-012025-09-300001370755Debt Investments Diversified Financial Services SitusAMC Holdings Corporation First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 5.60% Total Coupon 9.93% Maturity 6/28/20252024-12-310001370755us-gaap:FairValueInputsLevel1Member2024-12-310001370755tcpc:WarrantsToPurchaseSeriesDPreferredStockMembertcpc:ResearchGateCorporationMember2024-01-012024-12-310001370755tcpc:CrewlineBuyerIncMember2024-12-310001370755Debt Investments Software Zendesk Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.00% Maturity 11/22/20282025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2023-12-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series D Stock Expiration 2/11/20312025-01-012025-09-300001370755Debt Investments Electrical Equipment Griffon Bidco Inc Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.00% Maturity 07/31/20312025-09-300001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-1 Common Units2024-12-310001370755tcpc:WarrantsToPurchaseSeriesEPreferredStockMembertcpc:FoursquareLabsIncMember2024-01-012024-12-310001370755tcpc:O2024Q1DividendsMember2024-02-292024-02-290001370755Equity Securities Capital Markets Pico Quantitative Trading Holdings, LLC Warrants to Purchase Membership Units Expiration 2/7/20302024-01-012024-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755HomeRenew Buyer,INC, Senior Secured First Lien Term Loan, SOFR + 6.5%, 2.5% SOFR Floor, due 4/14/302024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2025-09-300001370755Debt Investments Diversified Financial Services 36th Street Capital Partners Holdings, LLC Senior Note Ref Fixed(Q) Spread 12.00% Total Coupon 12.00% Maturity 11/30/20252024-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:BankDebtMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2024-01-012024-09-300001370755tcpc:HPSLLCMember2025-01-012025-09-300001370755us-gaap:PreferredStockMembertcpc:BlackbirdPurchaserIncOhioTransmissionCorpMember2024-01-012024-12-310001370755tcpc:WarrantsToPurchaseClassAUnitsMembertcpc:SuitedConnectorLLCSucoInvestorsLPMember2025-01-012025-09-300001370755Debt Investments Software JOBVITE, Inc. (Employ, Inc.) First Lien Last Out Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.50% Total Coupon 11.73% Maturity 8/5/20282025-09-300001370755Debt Investments Internet Software and Services Oranje Holdco, Inc. (KnowBe4) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.75% Total Coupon 12.32% Maturity 2/1/20292024-12-310001370755Equity Securities Household Durables Stitch Holdings, L.P. Limited Partnership/Limited Liability Company Interests2024-12-310001370755tcpc:WarrantsToPurchaseSeriesDPreferredStockMembertcpc:TradeshiftIncMember2024-01-012024-12-310001370755Debt Investments Software Thunder Purchaser, Inc. (Vector Solutions) First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.40% Total Coupon 9.40% Maturity 6/30/20282025-09-300001370755us-gaap:UnsecuredDebtMembertcpc:TwoThousandTwentyFourNotesMember2024-01-012024-09-300001370755Debt Investments Semiconductors and Semiconductor Equipment Emerald Technologies (U.S.) AcquisitionCo, Inc. 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(Netherlands) Sr Secured Revolver A Ref SOFR(S) Floor 1.00% Spread 6.00% Total Coupon 10.14% Maturity 1/26/20292025-09-300001370755Debt Investments Electric Utilities Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Revolving Credit Facility Ref Fixed Maturity 6/30/20252024-12-310001370755Debt Investments Professional Services ICIMS, Inc. 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(KnowBe4) Sr Secured Revolve Ref SOFR(Q) Floor 1.00% Spread 7.75% Total Coupon 12.32% Maturity 2/1/20292024-12-310001370755Debt Investments Road and Rail Motive Technologies, Inc. (Keep Trucking) First Lien Incremental Term Loan 2 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.53% Maturity 4/8/20272025-09-300001370755tcpc:TwoThousandTwentyFourNotesMember2020-12-310001370755us-gaap:RetainedEarningsMember2025-06-300001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-07-012025-09-300001370755Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Second Lien Second Out Term Loan Ref SOFR(Q) Floor 0.75% Spread 1.76% Cash + 6.25% PIK Total Coupon 12.60% Maturity 7/27/20282024-12-310001370755Equity Securities Internet Software and Services Domo, Inc. 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Class A Common Stock2024-12-310001370755Equity Securities Media Quora, Inc. Warrants to Purchase Series D Preferred Stock Expiration 4/11/20292024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputImpliedVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-09-300001370755tcpc:ChronicleParentLLCMember2025-09-300001370755Debt Investments Health Care Technology Mpulse Mobile Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.75% Maturity 8/26/20322025-09-300001370755tcpc:ArasCorporationMember2024-12-310001370755tcpc:PicoQuantitativeTradingHoldingsLLCMembertcpc:WarrantsToPurchaseMembershipUnitsMember2025-01-012025-09-300001370755tcpc:DouglasHoldingsIncDocupaceThreeMember2025-09-3000013707552023-03-310001370755Debt Investments Building Products Trulite Holding Corp. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.29% Maturity 3/1/20302025-09-300001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMember2025-01-012025-09-300001370755srt:MinimumMembertcpc:SBADebenturesMember2025-01-012025-09-300001370755tcpc:MBSParentLLCMembersrt:PartnershipInterestMember2024-01-012024-12-310001370755tcpc:InfiniteCommerceHoldingsLLCRazorMembertcpc:CommonUnitsMember2025-01-012025-09-300001370755tcpc:DeemedInvestmentMembersrt:MinimumMember2024-12-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Series B Preferred Shares2025-09-300001370755Debt Investments Real Estate Management and Development Greystone Select Company II, LLC (Passco) First Lien Term Loan Ref SOFR(M) Floor 1.50% Spread 6.61% Total Coupon 10.78% Maturity 3/21/20272025-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenMarchTwentyOneMember2025-01-012025-09-300001370755tcpc:OtherCorporateDebtMember2024-12-310001370755Equity Securities Internet Software and Services Domo, Inc. Warrants to Purchase Class B Common Stock Expiration 2/17/2028 One2025-09-300001370755us-gaap:AerospaceSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001370755Debt Investments Internet Software and Services Acquia, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.15% Total Coupon 10.43% Maturity 11/1/20262025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembertcpc:BankDebtMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2024-12-310001370755Debt Investments Capital Markets PMA Parent Holdings, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.58% Maturity 1/31/20312024-12-310001370755srt:MinimumMember2019-02-080001370755Debt Investments Diversified Telecommunication Services Aventiv Technologies, Inc. (Securus) Second Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 1.26% Cash + 8.05% PIK Total Coupon 13.92% Maturity 10/31/20252024-12-310001370755tcpc:AmeriLifeHoldingsLLCMember2024-12-310001370755tcpc:ModigentLLCPuebloOneMember2024-12-310001370755tcpc:DeeplSeOneMember2025-01-012025-09-300001370755us-gaap:DebtInstrumentRedemptionPeriodThreeMemberus-gaap:UnsecuredDebtMember2024-03-182024-03-1800013707552022-12-310001370755Debt Investments Communications Equipment Plate Newco 1 Limited (Avanti) (United Kingdom) Subordinated E2 Term Loan Ref Fixed Spread 12.50% PIK Total Coupon 12.50% Maturity 6/30/20252024-12-310001370755tcpc:SBADebenturesMember2017-12-310001370755Debt Investments IT Services Xactly Corporation First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.35% Total Coupon 10.86% Maturity 7/31/20272024-12-310001370755us-gaap:CommercialAndIndustrialSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembersrt:WeightedAverageMembertcpc:OtherCorporateDebtMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755Equity Securities Diversified Consumer Services MXP Prime Platform GmbH (SellerX) (Germany) Warrants to Purchase Common Stock Expiration 7/25/20302024-01-012024-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenMarchTwentyOneMember2024-12-310001370755Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.00% Spread 5.00% Total Coupon 9.22% Maturity 8/21/20282025-09-300001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2019-12-310001370755Debt Investments Construction and Engineering PlayPower, Inc Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.55% Maturity 8/28/20302025-09-300001370755Debt Investments Consumer Finance Money Transfer Acquisition Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 8.35% Total Coupon 12.92% Maturity 12/14/20272024-12-310001370755Debt Investments Construction and Engineering Titan Home Improvement, LLC (Renuity) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.75% Total Coupon 8.95% Maturity 5/31/20302025-09-300001370755Controlled Affiliates, Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/212023-12-310001370755srt:MinimumMember2025-09-300001370755Debt Investments Internet and Catalog Retail Syndigo, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.17% Maturity 9/2/20322025-09-300001370755Debt Investments Textiles, Apparel and Luxury Goods James Perse Enterprises, Inc. First Lien Term Loan Ref SOFR(A) Floor 1.00% Spread 6.25% Total Coupon 10.31% Maturity 9/8/2027 One2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2025-09-300001370755Equity Securities Media MBS Parent, LLC Limited Partnership/Limited Liability Company Interests2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMember2024-09-300001370755tcpc:S2025Q1DividendsMember2025-03-172025-03-170001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock Expiration 10/3/20282024-12-310001370755tcpc:OperatingFacilityMembersrt:MinimumMembertcpc:LondonInterbankOfferedRateMember2021-06-220001370755tcpc:ICIMSIncMember2025-09-300001370755Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) Sr Secured Revolver Ref SOFR(S) Floor 1.00% Spread 6.50% Total Coupon 10.92% Maturity 5/13/20302024-12-310001370755Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) Sr Secured Revolver A Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.62% Maturity 1/26/20292024-12-310001370755tcpc:AccuserveSolutionsIncMember2025-01-012025-09-300001370755tcpc:SparkBuyerLLCSPARKSTONEOneMember2025-09-300001370755tcpc:BynderBidcoIncNetherlandsMember2024-12-310001370755tcpc:MROParentCorporationOneMember2025-09-300001370755us-gaap:MediaContentMemberus-gaap:EquitySecuritiesMember2025-09-300001370755Debt Investments Capital Markets Wharf Street Rating Acquisition, LLC (KBRA) Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 4.75% Total Coupon 8.91% Maturity 9/16/20322025-09-300001370755Debt Investments Life Sciences Tools & Services DNAnexus, Inc First Lien First Lien Term Loan Ref SOFR(M) Floor 3.00% Spread 5.25% Total Coupon 9.62% Maturity 12/20/20292024-12-310001370755Equity Securities Software Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock Expiration 3/6/20272024-12-310001370755tcpc:RazorUsLpMembertcpc:ClassAPreferredUnitsMember2024-01-012024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2024-09-300001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/282024-12-310001370755Equity Securities Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) Warrants to Purchase Common Stock Expiration 7/25/20302024-12-310001370755Debt Investments IT Services Crewline Buyer, Inc. (New Relic) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 11.35% Maturity 11/8/20302024-12-310001370755Controlled Affiliates, Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/20272025-01-012025-09-300001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationTechniqueMarketQuotationsMembertcpc:BankDebtMembertcpc:MeasurementInputIndicativeBidAskQuotesMember2025-09-300001370755Debt Investments Internet Software and Services Sailpoint Technologies Holdings, Inc. First Lien Term Loan SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 10.52% Maturity 8/16/20292024-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292025-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSixteenMarchTwentyThreeMember2025-09-300001370755Controlled Affiliates, Kawa Solar Holdings Limited, Series B Preferred Shares2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2025-07-012025-09-300001370755tcpc:GtyTechnologyHoldingsIncOneMember2025-01-012025-09-300001370755Controlled Affiliates, Conergy Asia Holdings Limited, Ordinary Shares2025-09-300001370755Debt Investments Professional Services JobandTalent USA, Inc. (United Kingdom) First Lien Term Loan (3.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 8.86% Total Coupon 13.22% Maturity 8/17/20252024-12-310001370755Debt Investments Commercial Services & Supplies Modigent, LLC (Pueblo) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.00% Maturity 8/23/20282025-09-300001370755Equity Securities Construction & Engineering Hylan Global LLC Common Stock2025-09-300001370755Debt Investments Internet Software and Services ResearchGate GmBH (Germany) First Lien Term Loan (4.0% Exit Fee) EURIBOR(M) Spread 8.55% Total Coupon 11.49% Maturity 10/30/20252024-12-310001370755Debt Investments Software Elastic Path Software, Inc. (Canada) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.76% Total Coupon 12.28% Maturity 1/6/20262024-12-3100013707552024-07-012024-09-300001370755Equity Securities Electric Utilities Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Ordinary Shares2025-09-300001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 2.50% Cash + 4.125% PIK Total Coupon 10.63% Maturity 7/9/20292025-09-300001370755tcpc:IntegrateComIncMember2025-09-300001370755Controlled Affiliates, Kawa Solar Holdings Limited, Ordinary Shares2023-12-310001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Term Loan, SOFR + 8%, 1% SOFR Floor, due 2/22/262024-01-012024-12-310001370755tcpc:FundingFacilityIIMember2024-12-310001370755Debt Investments Software Fusion Risk Management, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.20% Maturity 5/22/20292025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2024-01-012024-09-300001370755tcpc:KellermeyerBergensonsServicesLLCMemberus-gaap:CommonStockMember2025-01-012025-09-300001370755Debt Investments Diversified Financial Services Accordion Partners LLC First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.12% Maturity 11/15/20312025-09-300001370755Debt Investments Software Zilliant Incorporated First Lien Term Loan (0.5% Exit Fee) Ref SOFR(M) Floor 0.75% Spread 2.10% Cash + 5.00% PIK Total Coupon 11.26% Maturity 12/21/20272025-09-300001370755Equity Securities Diversified Consumer Services Razor US LP Class A Preferred Units Ref Fixed Total Coupon 3.00%2024-12-310001370755Debt Investments Professional Services Lighthouse Parent Holdings, Inc (Aperture) Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 9.37% Maturity 12/20/20312024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMembertcpc:MeasurementInputEBITDARevenueMultipleMember2024-12-3100013707552025-01-012025-06-300001370755Debt Investments Diversified Financial Services Accordion Partners LLC First Lien Delayed Draw Term Loan A Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.58% Maturity 11/15/20312024-12-310001370755Controlled Affiliates, AA Acquisition Aggregator, LLC, Ordinary Shares2025-09-300001370755tcpc:ExpressWashAcquisitionCompanyLLCMember2025-01-012025-09-300001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/252025-01-012025-09-300001370755tcpc:SBADebenturesMember2023-12-310001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Common Stock Expiration 8/15/20272025-01-012025-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSixteenMarchTwentyThreeMember2024-12-310001370755Controlled Affiliates, Conventional Lending TCP Holdings, LLC, Membership Units2024-01-012024-12-310001370755Equity Securities Professional Services Anacomp, Inc. Class A Common Stock2025-09-300001370755Debt Investments Professional Service Lighthouse Parent Holdings, Inc (Aperture) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 9.07% Maturity 12/20/20312025-09-300001370755tcpc:LighthouseParentHoldingsIncApertureMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMember2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMember2024-12-310001370755tcpc:SerranoParentLlcSumoLogicMember2024-12-310001370755Equity Securities Paper and Forest Products 48forty Intermediate Holdings, Inc. Common Stock2024-12-310001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien PIK Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Cash + 0.38% PIK Total Coupon 10.45% Maturity 8/27/20302024-12-310001370755tcpc:AGYEquityLLCMembertcpc:ClassCCommonUnitsMember2024-01-012024-12-310001370755tcpc:TwoThousandTwentySixNotesMember2024-01-012024-12-310001370755tcpc:IglooParentHoldingsLLCMembertcpc:CommonUnitsMember2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel1Membertcpc:BankDebtMember2025-09-300001370755us-gaap:InterestRateSwapMember2025-01-012025-09-300001370755Equity Securities Internet Software and Services SnapLogic, Inc. Warrants to Purchase Series Preferred Stock Expiration 3/19/20282024-01-012024-12-310001370755tcpc:BlackrockCapitalInvestmentCorporationMembersrt:MaximumMember2019-02-080001370755Debt Investments Construction and Engineering LJ Avalon Holdings, LLC (Ardurra) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.50% Total Coupon 8.67% Maturity 2/1/20302025-09-300001370755Debt Investments Machinery Sonny’s Enterprises, LLC Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.60% Total Coupon 10.05% Maturity 8/5/20272024-12-310001370755Debt Investments Software SEP Eiger BidCo Ltd. (Beqom) (Switzerland) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.00%Cash + 3.50% PIK Total Coupon 11.02% Maturity 5/9/20282024-12-310001370755tcpc:TwoThousandTwentyFourNotesMember2023-12-310001370755tcpc:SonnySEnterprisesLLCMember2025-01-012025-09-300001370755us-gaap:RetainedEarningsMember2024-12-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series E Stock Expiration 8/17/20312025-09-300001370755Equity Securities Electric Utilities Utilidata, Inc. Series A-1 Preferred Stock2024-12-310001370755Equity Securities Electric Utilities Utilidata, Inc. Series A-1 Preferred Stock2025-09-300001370755Debt Investments Internet Software and Services Astra Acquisition Corp. (Anthology) Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 9.14% Total Coupon 13.47% Maturity 10/25/20292024-12-310001370755tcpc:OranjeHoldcoIncKnowbe4IncMember2025-01-012025-09-300001370755tcpc:FundingFacilityIMember2018-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2024-01-012024-09-300001370755Debt Investments IT Services Madison Logic Holdings, Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.59% Cash + 1.51% PIK Total Coupon 11.84% Maturity 12/29/20282024-12-310001370755Non-Controlled Affiliates, SellerX Preferred Non Convertible Shares Series Z2025-01-012025-09-300001370755tcpc:DiscoParentIncDuckCreekTechnologiesMember2025-01-012025-09-300001370755us-gaap:ShareBasedCompensationAwardTrancheTwoMembertcpc:TwoThousandTwentyFiveNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:UnsecuredDebtMember2024-03-180001370755tcpc:S2025Q3DividendsMember2025-09-302025-09-300001370755Debt Investments Life Sciences Tools & Services DNAnexus, Inc First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 3.00% Spread 5.25% Total Coupon 9.62% Maturity 12/20/20292024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:OtherCorporateDebtMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2024-09-300001370755Debt Investments Internet Software and Services Bynder Bidco B.V. (Netherlands) First Lien Term Loan B Ref SOFR(S) Floor 1.00% Spread 6.00% Total Coupon 10.14% Maturity 1/26/20292025-09-300001370755Debt Investments Containers & Packaging PVHC Holding Corp. First Lien Term Loan Ref SOFR(Q) Floor 2.50% Spread 5.65% Cash + 0.75% PIK Total Coupon 10.39% Maturity 2/17/20272025-09-300001370755Non-Controlled Affiliates, Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, SOFR + 9%, 1% SOFR Floor, due 4/12/262024-01-012024-12-310001370755tcpc:SellerXGermanyGmbHCoKgGermanyMember2025-01-012025-09-3000013707552023-07-012023-09-300001370755tcpc:HoneyIntermediateIncIlobbyCanadaMember2024-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndFifteenMarchTwentyFiveMember2024-01-012024-12-310001370755Equity Securities Software Grey Orange International Inc. Warrants to Purchase Common Stock Expiration 5/6/20322025-01-012025-09-300001370755Equity Securities Commercial Services & Supplies Kellermeyer Bergensons Services, LLC Preferred Stock2025-09-300001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 6.13% Total Coupon 10.13% Maturity 8/27/20302025-09-300001370755tcpc:SerranoParentLlcSumoLogicMember2025-01-012025-09-300001370755Debt Investments Oil, Gas and Consumable Fuels Palmdale Oil Company, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.75% Total Coupon 11.23% Maturity 10/2/20292024-12-3100013707552024-01-012024-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods PSEB, LLC (Eddie Bauer) First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 10.85% Maturity 12/30/20262025-09-300001370755Equity Securities Diversified Consumer Services Razor Group GmbH (Germany) Warrants to Purchase Preferred Series A1 Shares Expiration 4/28/20282024-12-310001370755Debt Investments Software Integrate.com, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash + 2.25% PIK Total Coupon 11.23% Maturity 12/17/20272024-12-310001370755tcpc:CompanyRepurchasePlanMember2015-02-240001370755Non-Controlled Affiliates, Hylan Novellus LLC, Class A Units2024-01-012024-12-310001370755Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Second Lien Third Out Term Loan Ref SOFR(Q) Floor 0.75% Spread 1.76% Cash + 5.50% PIK Total Coupon 11.85% Maturity 7/27/20282024-12-310001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Renovo) First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 8.60% PIK Total Coupon 12.96% Maturity 11/23/20272024-12-310001370755Debt Investments Construction and Engineering Hylan Intermediate Holding II, LLC First Lien Term Loan Ref SOFR(M) Floor 2.00% Spread 6.25% Total Coupon 10.80% Maturity 4/5/20292024-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/252025-09-300001370755us-gaap:RetainedEarningsMember2024-09-300001370755Debt Investments Diversified Financial Services Rialto Management Group, LLC Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 9.53% Maturity 12/5/20302024-12-310001370755tcpc:ICIMSIncMember2025-01-012025-09-300001370755Equity Securities Software Grey Orange International Inc. Warrants to Purchase Common Stock Expiration 5/6/20322025-09-300001370755Debt Investments Software SEP Eiger BidCo Ltd. (Beqom) (Switzerland) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.00% Cash+3.50 PIK Total Coupon 10.73% Maturity 5/9/20282025-09-300001370755us-gaap:AdditionalPaidInCapitalMember2025-03-310001370755Debt Investments Software Bonterra LLC (fka CyberGrants Holdings, LLC) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 7.00% Total Coupon 11.33% Maturity 9/8/20272024-12-310001370755tcpc:WarrantsToPurchasePreferredSeriesA1SharesMembertcpc:RazorGroupGmbHMember2024-01-012024-12-310001370755Equity Securities Diversified Consumer Services TVG-Edmentum Holdings, LLC Series C-2 Common Units Ref Fixed Total Coupon 15.00%2025-09-300001370755Equity Securities Commercial Services & Supplies Kellermeyer Bergensons Services, LLC Common Stock2025-09-300001370755us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:ThreeMonthContractsMember2024-08-012024-08-010001370755tcpc:CleverDevicesLtdMember2025-09-300001370755Debt Investments Consumer Finance Freedom Financial Network Funding, LLC First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.00% Spread 9.25% Total Coupon 13.66% Maturity 9/21/20272024-12-3100013707552017-12-310001370755us-gaap:DebtSecuritiesMembertcpc:SoftwareMember2025-09-300001370755Debt Investments Health Care Technology Appriss Health, LLC (PatientPing) Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 4.90% Total Coupon 9.22% Maturity 5/6/20272025-09-300001370755tcpc:SemiconductorsAndSemiconductorEquipmentMemberus-gaap:DebtSecuritiesMember2025-09-300001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:UnsecuredDebtMember2024-03-182024-03-180001370755tcpc:GriffonBidcoIncMember2025-01-012025-09-300001370755Debt Investments Health Care Technology CareATC, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.35% Total Coupon 11.70% Maturity 3/14/20262024-12-310001370755tcpc:PluralsightIncOneMember2025-01-012025-09-300001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/292023-12-310001370755Debt Investments Software Clever Devices Ltd. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.66% Maturity 6/12/20302024-12-310001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock Expiration 12/18/20252025-01-012025-09-300001370755tcpc:BlackrockCapitalInvestmentCorporationMembersrt:MaximumMember2024-03-180001370755tcpc:SellerXGermanyGmbhAndCoKgOneMember2025-09-300001370755tcpc:SpartanBidcoPtyLtdStarRezAustraliaOneMember2025-09-300001370755Debt Investments IT Services Crewline Buyer, Inc. (New Relic) Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.75% Total Coupon 11.08% Maturity 11/8/20302025-09-300001370755Debt Investments Software FirstUp, Inc First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 10.75% Maturity 7/13/20272025-09-300001370755tcpc:FundingFacilityIIMember2022-12-310001370755Debt Investments Internet Software and Services Suited Connector, LLC Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.20% Cash + 1.00% PIK Total Coupon 11.63% Maturity 12/1/20272024-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2024-12-310001370755tcpc:CrewlineBuyerIncMember2025-01-012025-09-300001370755tcpc:ALCVPurchaserIncMember2025-09-300001370755tcpc:TwoThousandTwentyTwoNotesMember2024-12-310001370755Debt Investments Diversified Financial Services Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) Second Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 8.62% Total Coupon 12.97% Maturity 7/5/20262024-12-310001370755tcpc:S2025Q4DividendsMemberus-gaap:SubsequentEventMember2025-11-062025-11-060001370755Equity Securities Pharmaceuticals Inotiv, Inc. Common Stock2025-09-300001370755Debt Investments Life Sciences Tools & Services DNAnexus, Inc First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 3.00% Spread 5.25% Total Coupon 9.39% Maturity 12/18/20292025-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMembersrt:MinimumMember2025-09-300001370755Debt Investments Software Zendesk Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.32% Maturity 11/22/20282025-09-300001370755Non-Controlled Affiliates, HomeRenew Buyer,INC, Senior Secured Priority Term Loan, SOFR + 7.00%, 2.5% SOFR Floor, due 4/14/302025-01-012025-09-300001370755Debt Investments Diversified Financial Services Accordion Partners LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.00% Maturity 11/15/20312025-09-300001370755us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberus-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputExpectedTermMember2024-01-012024-12-310001370755tcpc:TwoThousandTwentySixNotesMember2021-12-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.16% Maturity 9/4/2029 Two2025-09-300001370755Debt Investments Diversified Financial Services Accordion Partners LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.55% Maturity 11/15/20312025-09-300001370755tcpc:SBADebenturesMembersrt:MaximumMember2025-01-012025-09-300001370755tcpc:AlphasenseIncMember2025-01-012025-09-300001370755Debt Investments Internet Software and Services Fishbowl, Inc. First Lien Term Loan (7.5% Exit Fee) Ref SOFR(Q) Floor 1.00% Spread 2.63% Cash + 2.63% PIK Total Coupon 9.59% Maturity 5/27/20272024-12-310001370755tcpc:OperatingFacilityMembersrt:MinimumMember2021-06-222021-06-220001370755tcpc:EDiscoveryAcquireCoLlcMember2025-09-300001370755tcpc:FidelisSVCLLCMembertcpc:PreferredUnit-CMember2025-01-012025-09-300001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:BankDebtMember2025-01-012025-09-300001370755Debt Investments Commercial Services & Supplies Thermostat Purchaser III, Inc. (Reedy Industries) Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.40% Total Coupon 11.60% Maturity 8/31/20292025-09-300001370755tcpc:FundingFacilityIIMembertcpc:AccordionMember2024-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods James Perse Enterprises, Inc. Sr Secured Revolver Ref SOFR(A) Floor 1.00% Spread 6.25% Total Coupon 10.34% Maturity 9/8/20272024-12-310001370755tcpc:OperatingFacilityMember2023-12-310001370755Debt Investments Construction and Engineering Brown & Settle, Inc. Sr Secured Revolver Ref SOFR(S) Floor 1.00% Spread 6.50% Total Coupon 10.51% Maturity 5/16/20302025-09-300001370755us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-07-012025-09-300001370755Debt Investments Internet Software and Services Gympass US, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 3.25% Cash +3.25% PIK Total Coupon 10.78% Maturity 8/29/20292025-09-300001370755tcpc:OperatingFacilityMember2017-12-310001370755Debt Investments Diversified Consumer Services Razor Group Holdings II, Inc. (Germany) First Lien C Term Loan Ref Fixed Spread 3.50% Cash + 3.50% PIK Total Coupon 7.00% Maturity 9/30/20282024-12-310001370755Debt Investments Software Honey Intermediate, Inc. (iLobby) (Canada) Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 2.88% Cash + 3.38% PIK Total Coupon 10.61% Maturity 9/26/20302024-12-310001370755tcpc:XactlyCorporationMember2025-09-300001370755tcpc:OperatingFacilityMembersrt:MaximumMember2021-06-222021-06-220001370755Debt Investments Internet Software and Services Persado, Inc. First Lien Term Loan (6.575% Exit Fee) Ref SOFR(M) Floor 1.80% Spread 7.50% Total Coupon 11.78% Maturity 6/10/20272025-09-300001370755tcpc:TheDifferenceCardProjectPurpleMember2025-01-012025-09-300001370755Debt Investments Software Zilliant Incorporated Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 2.00% Cash + 5.00% PIK Total Coupon 11.36% Maturity 12/21/20272024-12-310001370755Debt Investments Diversified Financial Services Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) Second Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 8.62% Total Coupon 12.78% Maturity 1/5/20262025-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputExpectedTermMember2024-01-012024-12-310001370755tcpc:TextilesApparelAndLuxuryGoodsMemberus-gaap:DebtSecuritiesMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755us-gaap:RetainedEarningsMember2024-06-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2025-09-300001370755Debt Investments Capital Markets Pico Quantitative Trading, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.50% Spread 7.51% Total Coupon 11.83% Maturity 2/8/20272025-09-300001370755tcpc:AlpineAcquisitionCorpIIMember2024-12-310001370755tcpc:TwoThousandNineteenConvertibleNotesMember2021-12-310001370755Debt Investments Real Estate Management and Development Community Merger Sub Debt LLC (CINC Systems) Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 9.58% Maturity 1/18/20302025-09-300001370755tcpc:ApplauseAppQualityIncMember2025-01-012025-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndTwentyOneSeptemberTwentyTwoMember2025-01-012025-09-300001370755tcpc:PluralsightIncMember2024-12-310001370755tcpc:WorldremitGroupLimitedMembertcpc:SeriesXSharesMember2024-01-012024-12-310001370755Debt Investments Software Honey Intermediate, Inc. (iLobby) (Canada) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 2.88% Cash + 3.38% PIK Total Coupon 10.61% Maturity 9/26/20302024-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:OtherCorporateDebtMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:MeasurementInputExpectedTermMember2024-01-012024-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Member2024-07-012024-09-300001370755us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-09-300001370755us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001370755us-gaap:BaseRateMembertcpc:MergerSubFacilityMembersrt:MaximumMember2024-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2024-12-310001370755us-gaap:MediaContentMemberus-gaap:DebtSecuritiesMember2025-09-300001370755tcpc:TwoThousandTwentyFourNotesMember2025-09-3000013707552024-10-012024-12-310001370755us-gaap:FairValueInputsLevel3Member2025-09-300001370755Debt Investments Diversified Consumer Services Thras.io, LLC First Out Term Loan Ref SOFR(Q) Floor 1.00% Spread 10.26% PIK Total Coupon 14.58% Maturity 6/18/20292025-09-300001370755Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.87% Maturity 8/21/20282024-12-310001370755us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001370755Debt Investments Health Care Technology Gainwell Acquisition Corp. Second Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 8.10% Total Coupon 12.39% Maturity 10/2/20282025-09-300001370755us-gaap:UnsecuredDebtMembertcpc:TwoThousandTwentyFourNotesMember2020-10-022020-10-020001370755Debt Investments Media Streamland Media Midco LLC First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.76% Total Coupon 9.82% Maturity 3/31/20292025-09-300001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Revolver, SOFR + 5%, 2% SOFR Floor, due 6/18/292025-01-012025-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSeventeenSeptemberTwentyMember2024-12-310001370755Debt Investments Automobiles AutoAlert, LLC First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.40% Total Coupon 9.99% Maturity 3/31/20282024-12-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units2024-12-310001370755Equity Securities Media Quora, Inc. Warrants to Purchase Series D Preferred Stock Expiration 4/11/20292024-01-012024-12-310001370755Debt Investments Life Sciences Tools & Services Alcami Corporation First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.15% Total Coupon 11.66% Maturity 12/21/20282024-12-310001370755Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.15% Total Coupon 10.32% Maturity 11/30/20292025-09-300001370755tcpc:FundingFacilityIIMembertcpc:AccordionMember2025-09-300001370755tcpc:O2024Q3DividendsMember2024-08-072024-08-070001370755Equity Securities IT Services Fidelis (SVC), LLC Preferred Unit-C2025-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputExpectedTermMember2025-01-012025-09-300001370755tcpc:LogicmonitorIncMember2025-09-300001370755tcpc:TwoThousandNineteenConvertibleNotesMember2020-12-310001370755tcpc:GriffonBidcoIncOneMember2025-01-012025-09-300001370755tcpc:MadisonLogicHoldingsIncMember2025-01-012025-09-300001370755Debt Investments Software Bluefin Holding, LLC (Allvue) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.50% Total Coupon 8.56% Maturity 9/12/20292025-09-300001370755tcpc:AlpineAcquisitionCorpIIMember2025-09-300001370755tcpc:SpartanBidcoPtyLtdStarrezAustraliaMember2025-01-012025-09-300001370755tcpc:WharfStreetRatingAcquisitionLlcKbraMember2025-01-012025-09-300001370755Debt Investments Internet Software and Services Acquia, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.15% Total Coupon 11.73% Maturity 11/1/20252024-12-310001370755Debt Investments Health Care Technology CareATC, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.35% Total Coupon 11.70% Maturity 3/14/20262024-12-310001370755tcpc:SparkBuyerLLCSPARKSTONEOneMember2024-12-310001370755Debt Investments Construction and Engineering PlayPower, Inc First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.58% Maturity 8/28/20302024-12-310001370755Debt Investments Specialty Retail Calceus Acquisition, Inc. (Cole Haan) First Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.50% Total Coupon 10.50% Maturity 8/15/20282025-09-300001370755tcpc:AlpineAcquisitionCorpIIMember2025-01-012025-09-300001370755Debt Investments Internet Software and Services Domo, Inc. First Lien PIK Term Loan Ref Fixed (M) Spread 9.50% PIK Total Coupon 9.50% Maturity 8/19/20282024-12-310001370755Non-Controlled Affiliates, Iracore Investments Holdings, Inc., Class A Common Stock2024-01-012024-12-310001370755tcpc:CareATCIncMember2024-12-310001370755Debt Investments Paper and Forest Products FSK Pallet Holding Corp. (Kamps) First Lien Term Loan Ref SOFR(Q) Floor 1.25% Spread 6.65% Total Coupon 11.33% Maturity 12/23/20262024-12-310001370755tcpc:MpulseMobileIncMember2025-09-300001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, 2nd Lien Term Loan, SOFR + 10%, 1% SOFR Floor, due 3/11/20272024-01-012024-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:FundingFacilityIIMember2025-09-300001370755Debt Investments Media Terraboost Media Operating Company, LLC First Lien Term Loan Ref SOFR (Q) Floor 0.00% Spread 6.65% Cash +1.31% PIK Total Coupon 11.95% Maturity 8/23/20262025-09-300001370755Non-Controlled Affiliates, Homerenew Buyer, Inc. (Renovo), Class B-1 Preferred Units2024-12-310001370755tcpc:SpartanBidcoPtyLtdStarRezAustraliaOneMember2025-01-012025-09-300001370755tcpc:SellerXGermanyGmbhAndCoKgOneMember2025-01-012025-09-300001370755Debt Investments Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) 2nd Lien 2A Term Loan Ref Fixed Floor 0.00% Spread 15.00% PIK Total Coupon 15.00% Maturity 12/20/20292025-09-300001370755tcpc:MadisonLogicHoldingsIncMember2024-12-310001370755Equity Securities Software Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock Expiration 3/6/20272024-01-012024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembersrt:MinimumMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-2 Common Units2024-01-012024-12-310001370755Debt Investments Software Zendesk Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.00% Maturity 11/22/20282025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2025-07-012025-09-300001370755Debt Investments Construction and Engineering RBS Buyer Inc. 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(Renovo) First Lien Term Loan Ref SOFR(Q) Floor 0.00% Spread 9.65% Total Coupon 13.88% Maturity 4/14/20302025-09-300001370755Debt Investments Life Sciences Tools & Services DNAnexus, Inc First Lien Term Loan Ref SOFR(M) Floor 3.00% Spread 5.25% Total Coupon 9.39% Maturity 12/20/20292025-09-300001370755tcpc:BrownAndSettleIncMember2025-01-012025-09-300001370755tcpc:ZendeskIncOneMember2025-09-300001370755Equity Securities Internet Software and Services Domo, Inc. 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(SellerX) Common Shares2025-09-300001370755tcpc:BlackrockCapitalInvestmentCorporationMember2024-01-012024-12-310001370755Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.56% Maturity 7/27/20282025-09-300001370755us-gaap:AdditionalPaidInCapitalMember2025-06-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2024-12-310001370755Debt Investments Software SEP Eiger BidCo Ltd. 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(SigFig) First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 7.50% Total Coupon 12.50% Maturity 9/15/20252024-12-310001370755Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.58% Maturity 9/14/20292024-12-310001370755tcpc:AGYEquityLLCMembertcpc:ClassAPreferredUnitsMember2025-01-012025-09-300001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Membership Units2025-09-300001370755Debt Investments Health Care Technology Gainwell Acquisition Corp. Second Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 8.10% Total Coupon 12.68% Maturity 10/2/20282024-12-310001370755srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001370755tcpc:SpartanBidcoPtyLtdStarrezAustraliaMember2024-12-310001370755tcpc:SyndigoLLCMember2025-09-300001370755tcpc:FusionHoldingCorpFinalsiteMember2025-09-300001370755tcpc:TwoThousandTwentyNineNotesMember2024-01-012024-12-310001370755Debt Investments IT Services Crewline Buyer, Inc. (New Relic) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 11.35% Maturity 11/8/20302024-12-310001370755Debt Investments Internet Software and Services Acquia, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.15% Total Coupon 10.45% Maturity 11/1/20252025-09-300001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Term Loan, SOFR + 8%, 1% SOFR Floor, due 2/22/262023-12-310001370755tcpc:BlackrockCapitalInvestmentCorporationMembersrt:MinimumMember2019-02-080001370755Debt Investments IT Services Madison Logic Holdings, Inc. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 4.73% Cash+2.37 PIK Total Coupon 11.33% Maturity 12/30/20272025-09-300001370755Debt Investments Software Bonterra LLC (fka CyberGrants Holdings, LLC) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.00% Total Coupon 11.33% Maturity 9/8/20272024-12-310001370755tcpc:O2024Q1ADividendsMember2024-03-152024-03-150001370755tcpc:InMobiIncOneMembertcpc:WarrantsToPurchaseSeriesEPreferredStockMember2024-01-012024-12-310001370755Equity Securities Internet Software and Services SuCo Investors, LP (Suited Connector) Warrants to Purchase Class A Units Expiration 03/06/20332025-09-300001370755tcpc:ModigentLLCPuebloMember2025-09-300001370755Debt Investments Healthcare Providers and Services PHC Buyer, LLC (Patriot Home Care) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 10.51% Maturity 5/4/20282024-12-310001370755tcpc:AccordionPartnersLlcMember2025-01-012025-09-300001370755Debt Investments Internet Software and Services Pluralsight, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.00% Cash + 1.50% PIK Total Coupon 8.70% Maturity 8/22/20292025-09-300001370755tcpc:O2025Q1DividendsMember2025-02-2700013707552018-12-310001370755Debt Investments Insurance Integrity Marketing Acquisition, LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.51% Maturity 8/25/20282024-12-310001370755tcpc:HuckabeeAcquisitionLLCMoregroupMember2024-12-310001370755Interest Rate Swap Company Receives Fixed 2.633% Company Pays Floating 1 Day SOFR Counterparty CME Maturity Date 6/9/2025 Payment Frequency Annual2024-12-310001370755tcpc:FundingFacilityIIMember2023-12-310001370755tcpc:TheDifferenceCardProjectPurpleOneMember2025-09-300001370755tcpc:SEPRaptorAcquisitionIncMember2025-01-012025-09-300001370755tcpc:AcquiaIncMember2025-01-012025-09-300001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock Expiration 10/3/20282024-01-012024-12-310001370755Debt Investments Professional Services ICIMS, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 10.34% Maturity 8/18/20282024-12-310001370755Debt Investments Software Douglas Holdings, Inc (Docupace) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.13% Total Coupon 10.13% Maturity 8/27/20302025-09-300001370755Debt Investments Electrical Equipment Spark Buyer, LLC (Sparkstone) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.44% Maturity 10/15/20312025-09-300001370755Equity Securities Energy Equipment and Services GlassPoint, Inc. Warrants to Purchase Common Stock Expiration 9/12/20292024-12-310001370755tcpc:KellermeyerBergensonsServicesLLCMemberus-gaap:CommonStockMember2024-01-012024-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods James Perse Enterprises, Inc. Sr Secured Revolver Ref SOFR(A) Floor 1.00% Spread 6.25% Total Coupon 10.51% Maturity 9/8/20272025-09-300001370755tcpc:InMobiIncMembertcpc:WarrantsToPurchaseSeriesEPreferredStockMember2024-01-012024-12-310001370755us-gaap:AdditionalPaidInCapitalMember2024-12-310001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Renovo) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 9.10% PIK Total Coupon 13.44% Maturity 11/23/20272024-12-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/212024-01-012024-12-310001370755us-gaap:AdditionalPaidInCapitalMember2023-12-310001370755Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 6.50% Total Coupon 10.92% Maturity 5/13/20302024-12-310001370755Debt Investments Construction and Engineering JF Acquisition, LLC (JF Petroleum) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 9.89% Maturity 6/18/20302025-09-300001370755tcpc:TwoThousandTwentySixNotesMember2023-12-310001370755tcpc:ABRBorrowingsMembertcpc:MergerSubFacilityMembersrt:MaximumMember2024-03-180001370755tcpc:OperatingFacilityMembertcpc:AccordionMember2024-12-310001370755tcpc:FundingFacilityIMember2021-12-310001370755tcpc:DeeplSeMember2025-01-012025-09-300001370755tcpc:AccuserveSolutionsIncMember2025-09-300001370755Controlled Affiliates, Conventional Lending TCP Holdings, LLC, Membership Units2023-12-310001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Common Stock Expiration 8/15/20272024-12-310001370755tcpc:IntegrityMarketingAcquisitionLLCMember2024-12-310001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:UnsecuredDebtMember2024-01-012024-09-300001370755Controlled Affiliates, AA Acquisition Aggregator, LLC, Ordinary Shares2024-12-3100013707552019-02-082025-03-310001370755Debt Investments Internet Software and Services Suited Connector, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.20% Cash + 2.00% PIK Total Coupon 12.72% Maturity 12/1/20272024-12-310001370755tcpc:MROParentCorporationMember2025-09-300001370755Controlled Affiliates, Kawa Solar Holdings Limited, Ordinary Shares2024-12-310001370755Debt Investments Professional Services Huckabee Acquisition, LLC (MOREgroup) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.58% Maturity 1/16/20302024-12-310001370755tcpc:FundingFacilityIMember2024-12-310001370755tcpc:FundingFacilityIMember2019-12-310001370755Debt Investments Professional Services Lighthouse Parent Holdings, Inc (Aperture) First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 9.37% Maturity 12/20/20312024-12-310001370755Debt Investments Media NEP Group, Inc. et al Second Lien Term Loan Ref SOFR(Q) Floor 0.00% Spread 7.26% Total Coupon 11.46% Maturity 10/19/20262025-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputExpectedTermMember2024-01-012024-12-310001370755tcpc:DNAnexusIncMember2024-12-310001370755Debt Investments Software Clever Devices Ltd. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 10.16% Maturity 6/12/20302025-09-300001370755us-gaap:EquitySecuritiesMember2024-12-310001370755tcpc:BluefinHoldingLlcAllvueMember2024-12-310001370755us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001370755tcpc:SparkBuyerLLCSPARKSTONEOneMember2025-01-012025-09-300001370755tcpc:FortyIntermediateHoldingsIncMemberus-gaap:CommonStockMember2024-01-012024-12-310001370755tcpc:QuoraIncMembertcpc:WarrantsToPurchaseSeriesDPreferredStockMember2025-01-012025-09-300001370755Controlled Affiliates, Anacomp, Inc., Class A Common Stock2023-12-310001370755us-gaap:UnsecuredDebtMembertcpc:TwoThousandTwentyFourNotesMember2020-10-020001370755Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 5.00% Total Coupon 9.22% Maturity 8/21/20282025-09-300001370755tcpc:DouglasHoldingsIncDocupaceMember2025-01-012025-09-300001370755tcpc:GtyTechnologyHoldingsIncOneMember2024-12-310001370755Debt Investments IT Services Madison Logic Holdings, Inc. Sr Secured Revolver Ref SOFR(S) Floor 1.00% Spread 7.50% Total Coupon 11.84% Maturity 12/30/20272024-12-310001370755us-gaap:EquitySecuritiesMembertcpc:ElectricUtilitiesMember2025-09-300001370755Debt Investments Software Trintech, Inc. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 5.50% Total Coupon 9.66% Maturity 7/25/20292025-09-300001370755Debt Investments Professional Services Huckabee Acquisition, LLC (MOREgroup) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.57% Maturity 1/16/20302025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMemberus-gaap:EquitySecuritiesMember2024-12-310001370755Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.84% Maturity 7/27/20282024-12-310001370755tcpc:TwoThousandTwentyFourNotesMember2021-12-310001370755tcpc:TwoThousandTwentyFiveNotesMember2025-01-012025-09-300001370755tcpc:DouglasHoldingsIncDocupaceTwoMember2025-01-012025-09-300001370755tcpc:LeisureProductsMemberus-gaap:DebtSecuritiesMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMemberus-gaap:EquitySecuritiesMember2025-06-300001370755Debt Investments Software SEP Raptor Acquisition, Inc. (Loopio) (Canada) First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 5.50% Total Coupon 9.93% Maturity 3/31/20272024-12-310001370755tcpc:O2024Q2DividendsMember2024-06-142024-06-140001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:BankDebtMember2025-06-300001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Tranche A1 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/282025-01-012025-09-300001370755Debt Investments Media TL Voltron Purchaser, LLC (GES) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.25% Total Coupon 9.61% Maturity 12/31/20302024-12-310001370755Controlled Affiliates, Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/20272024-01-012024-12-310001370755Debt Investments Software Logicmonitor, Inc First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.81% Maturity 11/19/20312025-09-300001370755Debt Investments Diversified Financial Services Rialto Management Group, LLC First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 9.53% Maturity 12/5/20302024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2024-06-300001370755Debt Investments Communications Equipment Plate Newco 1 Limited (Avanti) (United Kingdom) Subordinated E1 Term Loan Ref Fixed Spread 12.50% PIK Total Coupon 12.50% Maturity 6/30/20252024-12-310001370755Debt Investments Automobiles AutoAlert, LLC Second Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 9.40%PIK Total Coupon 13.99% Maturity 3/31/20292024-12-310001370755tcpc:TwoThousandTwentyFourNotesMember2022-12-310001370755Equity Securities Software Grey Orange International Inc. Warrants to Purchase Common Stock Expiration 5/6/20322024-12-310001370755Debt Investments Health Care Technology Appriss Health, LLC (PatientPing) Sr Secured Revolver Ref SOFR(S) Floor 1.00% Spread 7.25% Total Coupon 12.08% Maturity 5/6/20272024-12-310001370755tcpc:TwoThousandTwentyTwoNotesMember2023-12-310001370755Debt Investments Health Care Technology MRO Parent Corporation Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 9.08% Maturity 6/9/20322025-09-300001370755Debt Investments IT Services Idera, Inc. Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.75% Total Coupon 11.20% Maturity 2/4/20292025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2025-01-012025-09-300001370755Controlled Affiliates, Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/20212025-09-300001370755Debt Investments Life Sciences Tools & Services Alcami Corporation First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 11.24% Maturity 12/21/20282025-09-300001370755tcpc:AccuserveSolutionsIncMember2024-12-310001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 2.58% Cash + 4.30% PIK Total Coupon 11.21% Maturity 7/9/20292024-12-310001370755Debt Investments Commercial Services & Supplies Thermostat Purchaser III, Inc. (Reedy Industries) Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.10% Total Coupon 11.91% Maturity 8/31/20292024-12-310001370755tcpc:SailpointTechnologiesHoldingsIncMember2024-12-310001370755tcpc:LogicmonitorIncMember2024-12-310001370755tcpc:ZendeskIncMember2025-01-012025-09-300001370755tcpc:PluralsightIncMemberus-gaap:CommonStockMember2024-01-012024-12-310001370755Debt Investments Professional Services Lighthouse Parent Holdings, Inc (Aperture) First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 9.37% Maturity 12/20/20312024-12-310001370755Debt Investments Healthcare Providers and Services PHC Buyer, LLC (Patriot Home Care) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 10.51% Maturity 5/4/20282024-12-310001370755tcpc:DiscoParentIncDuckCreekTechnologiesMember2024-12-310001370755tcpc:HuckabeeAcquisitionLLCMoregroupMember2025-01-012025-09-300001370755us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-07-012024-09-300001370755Equity Securities Road and Rail Motive Technologies, Inc (Keep Trucking) Warrants to Purchase Common Stock2025-09-300001370755tcpc:GtyTechnologyHoldingsIncMember2025-01-012025-09-300001370755Debt Investments Software Trintech, Inc. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 5.50% Total Coupon 9.86% Maturity 7/25/20292024-12-310001370755tcpc:ConsumerFinanceMemberus-gaap:DebtSecuritiesMember2025-09-300001370755tcpc:TwoThousandTwentyNineNotesMember2024-12-310001370755Equity Securities Diversified Consumer Services SellerX Germany GMBH & Co. 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Sr Secured Revolver Ref SOFR(Q) Floor 1.50% Spread 6.00% Total Coupon 10.33% Maturity 10/24/20292024-12-310001370755Equity Securities Paper and Forest Products 48forty Intermediate Holdings, Inc. Common Stock2025-09-300001370755us-gaap:FairValueInputsLevel2Membertcpc:BankDebtMember2025-09-300001370755tcpc:RBSBuyerIncOneMember2025-01-012025-09-300001370755Debt Investments Software Thunder Purchaser, Inc. (Vector Solutions) First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.58% Maturity 6/30/20282024-12-310001370755Equity Securities Household Durables Igloo Parent Holdings LLC (InMoment) Common Units2025-09-300001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien Delayed Draw Term Loan A Ref SOFR(Q) Floor 1.00% Spread 5.75% Cash + 0.38% PIK Total Coupon 10.45% Maturity 8/27/20302024-12-310001370755Debt Investments Software Cart.Com, Inc. First Lien Term Loan (2.5% Exit Fee) Ref SOFR(M) Floor 1.50% Spread 7.75% Total Coupon 12.11% Maturity 5/22/20292024-12-310001370755Debt Investments Software Zilliant Incorporated First Lien Term Loan (0.25% Exit Fee) Ref SOFR(M) Floor 0.75% Spread 2.00% Cash + 5.00% PIK Total Coupon 11.36% Maturity 12/21/20272024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndFifteenMarchTwentyFiveMember2024-12-310001370755tcpc:TwoThousandTwentyNineNotesMember2024-12-310001370755Debt Investments Internet Software and Services Pluralsight, Inc. 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First Lien Term Loan Ref SOFR(Q) Floor 1.50% Spread 6.00% Total Coupon 10.33% Maturity 10/24/20292024-12-310001370755tcpc:ArasCorporationMember2025-09-300001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.36% Maturity 9/4/20292024-12-310001370755Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 1.00% Cash + 5.33% PIK Total Coupon 10.65% Maturity 11/30/20262024-12-310001370755tcpc:BlackrockCapitalInvestmentCorporationMember2024-03-170001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/292024-12-310001370755Debt Investments Insurance AmeriLife Holdings, LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.17% Maturity 8/31/20282025-09-300001370755Debt Investments Software Disco Parent, Inc. (Duck Creek Technologies) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.01% Maturity 3/30/20292024-12-310001370755tcpc:SonnySEnterprisesLLCMember2025-09-300001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2021-02-092021-02-090001370755us-gaap:FairValueInputsLevel2Membertcpc:BankDebtMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:MeasurementInputIndicativeBidAskQuotesMembertcpc:ValuationTechniqueTransactionApproachMember2025-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMembertcpc:TwoThousandTwentyFiveNotesMember2024-12-310001370755tcpc:IntegrityMarketingAcquisitionLLCMember2025-09-300001370755Debt Investments Software Clever Devices Ltd. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 10.16% Maturity 6/12/20302025-09-300001370755Debt Investments IT Services Xactly Corporation First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.35% Total Coupon 10.55% Maturity 7/31/20272025-09-300001370755Equity Securities Electric Utilities Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Ordinary Shares2024-12-310001370755Debt Investments Containers & Packaging BW Holding, Inc. (Brook & Whittle) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 9.25% Total Coupon 13.48% Maturity 3/14/20292025-09-300001370755Debt Investments Diversified Consumer Services SellerX Germany GmbH (Germany) First Lien A1 Term Loan Ref SOFR(Q) Floor 2.00% Spread 4.50% Cash + 4.50% PIK Total Coupon 14.33% Maturity 5/23/20262024-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2025-09-300001370755tcpc:FusionHoldingCorpFinalsiteMember2024-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Common Stock2025-09-300001370755Equity Securities Diversified Financial Services Conventional Lending TCP Holdings, LLC Membership Units2024-12-310001370755us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MaximumMember2025-09-3000013707552023-06-300001370755tcpc:DouglasHoldingsIncDocupaceTwoMember2025-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenSeptemberNineteenMember2024-01-012024-12-310001370755tcpc:SeriesTwoThousandTwentyTwoASeniorNotesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:UnsecuredDebtMembertcpc:BlackrockCapitalInvestmentCorporationMember2024-03-180001370755Debt Investments Automobiles ABC Technologies Inc. (TI Automotive) (Canada) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.88% Total Coupon 10.22% Maturity 8/22/20312025-09-300001370755Debt Investments Software Logicmonitor, Inc Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.78% Maturity 11/19/20312025-09-300001370755tcpc:PMAParentHoldingsLLCMember2024-12-310001370755us-gaap:InterestRateSwapMember2024-01-012024-09-300001370755Debt Investments Software Cart.Com, Inc. First Lien Term Loan (2.5% Exit Fee) Ref SOFR(M) Floor 1.50% Spread 7.75% Total Coupon 11.91% Maturity 5/30/20292025-09-300001370755Controlled Affiliates, Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/212025-01-012025-09-300001370755tcpc:O2024Q1DividendsMember2024-03-142024-03-140001370755tcpc:G-3ApolloAcquisitionCorpApprissRetailMember2025-09-300001370755Debt Investments Road and Rail Motive Technologies, Inc. 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First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.42% Maturity 6/30/20302025-09-300001370755tcpc:SkydioIncMember2024-12-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series E Stock Expiration 8/17/20312024-01-012024-12-310001370755tcpc:OperatingFacilityMembertcpc:LondonInterbankOfferedRateMembersrt:MaximumMember2021-06-220001370755tcpc:MergerSubFacilityMember2024-03-180001370755Debt Investments Software Integrate.com, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash + 2.25% PIK Total Coupon 10.90% Maturity 12/17/20272025-09-300001370755Non-Controlled Affiliates, Homerenew Buyer, Inc. (Renovo), Class A Preferred Units2025-09-300001370755Controlled Affiliates, Anacomp, Inc., Class A Common Stock2025-01-012025-09-300001370755us-gaap:RetainedEarningsMember2024-07-012024-09-300001370755tcpc:SumupHoldingsLuxembourgSARLLuxembourgMember2025-09-300001370755Debt Investments Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) Sr Secured Revolver Ref SOFR(Q) Floor 0.00% Spread 5.00% Total Coupon 9.00% Maturity 6/18/20292025-09-300001370755Debt Investments Automobiles AutoAlert, LLC Second Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 9.40% PIK Total Coupon 13.69% Maturity 3/31/20292025-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755tcpc:TwoThousandTwentyNineNotesMember2025-01-012025-09-300001370755Debt Investments Hotels, Restaurants and Leisure OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) First Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.25% Total Coupon 10.38% Maturity 6/3/20272025-09-300001370755tcpc:LighthouseParentHoldingsIncApertureOneMember2024-12-310001370755Debt Investments Machinery Sonny’s Enterprises, LLC First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.65% Total Coupon 9.88% Maturity 8/5/20282025-09-300001370755tcpc:O2025Q2DividendsMember2025-05-082025-05-080001370755tcpc:BynderBidcoBVNetherlandsOneMember2024-12-310001370755Controlled Affiliates, AA Acquisition Aggregator, LLC, Ordinary Shares2024-01-012024-12-310001370755Debt Investments Diversified Financial Services Callodine Commercial Finance, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 11.26% Total Coupon 15.59% Maturity 11/3/20252024-12-310001370755us-gaap:PreferredStockMembertcpc:KellermeyerBergensonsServicesLLCMember2025-01-012025-09-300001370755Debt Investments Construction and Engineering RBS Buyer Inc. 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First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.00% Spread 5.25% Total Coupon 9.42% Maturity 6/30/20302025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembersrt:MinimumMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Incremental Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.67% Cash + 4.55% PIK Total Coupon 11.68% Maturity 7/9/20292024-12-310001370755tcpc:OperatingFacilityMember2025-01-012025-09-300001370755Debt Investments Leisure Products Blue Star Sports Holdings, Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.90% Cash + 3.50% PIK Total Coupon 13.92% Maturity 6/15/20262024-12-310001370755Debt Investments Construction and Engineering Titan Home Improvement, LLC (Renuity) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.26% Maturity 5/31/20302024-12-310001370755tcpc:StonebridgeCompaniesLLCOneMember2025-09-300001370755tcpc:TwoThousandTwentySixNotesMember2024-12-310001370755tcpc:SparkBuyerLLCSPARKSTONEMember2025-01-012025-09-300001370755Debt Investments Capital Markets PMA Parent Holdings, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.75% Maturity 1/31/20312025-09-300001370755tcpc:PlaypowerIncMember2024-12-310001370755Debt Investments Diversified Consumer Services Fusion Holding Corp. 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Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.35% Total Coupon 11.66% Maturity 3/14/20262025-09-300001370755Debt Investments Commercial Services & Supplies Modigent, LLC (Pueblo) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 10.83% Maturity 8/23/20282024-12-310001370755tcpc:CommonUnitsMembertcpc:ThrasIoLLCMember2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:OtherCorporateDebtMember2024-01-012024-09-300001370755tcpc:JFAcquisitionLLCJFPetroleumMember2025-09-300001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series D Stock Expiration 2/11/20312024-12-310001370755Debt Investments Professional Services Applause App Quality, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.50% Spread 5.75% Total Coupon 9.76% Maturity 10/24/20292025-09-300001370755tcpc:RoadAndRailMemberus-gaap:DebtSecuritiesMember2025-09-300001370755tcpc:S2025Q1DividendsMember2025-02-272025-02-270001370755Equity Securities Internet Software and Services SuCo Investors, LP (Suited Connector) Warrants to Purchase Class A Units Expiration 03/06/20332024-12-310001370755Debt Investments Communications Equipment Plate Newco 1 Limited (Avanti) (United Kingdom) Subordinated G Term Loan Ref Fixed Spread 12.50% PIK Total Coupon 12.50% Maturity 6/30/20252024-12-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC Sr Secured Revolver Ref Prime Floor 1.00% Spread 4.00% Total Coupon 11.25% Maturity 9/4/20292025-09-300001370755Controlled Affiliates, Anacomp, Inc., Class A Common Stock2024-01-012024-12-310001370755tcpc:ZilliantIncorporatedMember2024-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:OtherCorporateDebtMember2024-09-300001370755tcpc:OcmLuxembourgBaccaratBidcoSARLInterblockSloveniaMember2024-12-310001370755Debt Investments Internet Software and Services InMoment, Inc. 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KG, Senior Secured First Lien Revolver, SOFR + 5.00%, 0% SOFR Floor, due 10/28/262024-12-310001370755tcpc:PubliclyTradedCompanyMember2025-09-300001370755tcpc:WarrantsToPurchaseSeriesDPreferredStockMembertcpc:TradeshiftIncMember2025-01-012025-09-300001370755Debt Investments Electrical Equipment Spark Buyer, LLC (Sparkstone) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.24% Maturity 10/15/20312025-09-300001370755tcpc:VortexCompaniesLlcOneMember2025-01-012025-09-300001370755tcpc:InfiniteCommerceHoldingsLLCRazorMembertcpc:SeriesA-3PreferredUnitsMember2025-01-012025-09-300001370755tcpc:SBADebenturesMember2018-12-310001370755Debt Investments Software JOBVITE, Inc. (Employ, Inc.) 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(Singapore) Warrants to Purchase Series E Preferred Stock Expiration 10/3/20282025-01-012025-09-300001370755tcpc:TwoThousandAndNineteenSeptemberTwentyFiveMembertcpc:SBADebenturesMember2024-12-310001370755us-gaap:FairValueInputsLevel1Membertcpc:OtherCorporateDebtMember2024-12-310001370755tcpc:SerranoParentLlcSumoLogicMember2025-09-300001370755Debt Investments Software FirstUp, Inc First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 10.75% Maturity 7/13/2027 One2025-09-300001370755Debt Investments Health Care Technology Appriss Health, LLC (PatientPing) First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 7.25% Total Coupon 12.08% Maturity 5/6/20272024-12-310001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, 2nd Lien Term Loan, SOFR + 10%, 1% SOFR Floor, due 3/11/20272023-12-310001370755tcpc:AGYEquityLLCMembertcpc:ClassCCommonUnitsMember2025-01-012025-09-300001370755tcpc:KaseyaIncOneMember2025-01-012025-09-300001370755tcpc:LuckyUsBuyercoLlcGlobalPaymentsMember2024-12-310001370755tcpc:ESOSolutionsIncMember2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2024-12-310001370755Debt Investments Road and Rail Motive Technologies, Inc. (Keep Trucking) First Lien Incremental Term Loan 3 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.53% Maturity 4/8/20272025-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertcpc:MeasurementInputImpliedVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMember2025-09-300001370755tcpc:AmeriLifeHoldingsLLCMember2025-01-012025-09-300001370755tcpc:BrownAndSettleIncMember2025-09-3000013707552023-09-300001370755us-gaap:FairValueInputsLevel3Member2024-12-310001370755us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2024-01-012024-09-300001370755tcpc:TwoThousandTwentyTwoNotesMember2025-09-300001370755Debt Investments Electrical Equipment Spark Buyer, LLC (Sparkstone) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.44% Maturity 10/15/20312025-09-300001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock Expiration 9/18/20252024-01-012024-12-310001370755Debt Investments Leisure Products Blue Star Sports Holdings, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.90% Cash + 3.50% PIK Total Coupon 13.39% Maturity 6/15/20262024-12-310001370755Debt Investments Software Kaseya, Inc. First Lien Incremental Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.09% Maturity 6/25/20292024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001370755Equity Securities Internet Software and Services SnapLogic, Inc. Warrants to Purchase Series Preferred Stock Expiration 3/19/20282025-01-012025-09-300001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Renovo) First Lien Term Loan Ref SOFR(M) Floor 2.50% Spread 11.10% PIK Total Coupon 15.46% Maturity 3/13/20252024-12-310001370755tcpc:FortyIntermediateHoldingsIncMemberus-gaap:CommonStockMember2025-01-012025-09-300001370755Debt Investments Insurance IT Parent, LLC First Lien Term Loan Ref SOFR(A) Floor 1.00% Spread 6.35% Total Coupon 10.67% Maturity 10/1/20262024-12-310001370755tcpc:TwoThousandTwentyNineNotesMembertcpc:AnnualPercentageRateAPRMemberus-gaap:UnsecuredDebtMember2024-05-302024-05-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2025-01-012025-09-300001370755tcpc:ConsumerFinanceMemberus-gaap:DebtSecuritiesMember2024-12-310001370755us-gaap:NonUsMembersrt:MinimumMember2024-12-310001370755Debt Investments Software Disco Parent, Inc. (Duck Creek Technologies) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.01% Maturity 3/30/20292024-12-310001370755Equity Securities Chemicals AGY Equity, LLC Class A Preferred Stock2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:BankDebtMember2024-01-012024-09-300001370755Debt Investments Internet Software and Services Pluralsight, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.00% Cash+ 1.50 PIK Total Coupon 8.70% Maturity 8/22/2029 One2025-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:FundingFacilityMember2025-09-300001370755Debt Investments Software G-3 Apollo Acquisition Corp (Appriss Retail) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 9.12% Maturity 3/10/20312025-09-300001370755Debt Investments Hotels, Restaurants and Leisure Stonebridge Companies, LLC First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.16% Maturity 5/16/20312025-09-300001370755tcpc:MergerSubFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2024-03-180001370755Debt Investments IT Services Intercept Bidco, Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.47% Maturity 6/3/20302024-12-310001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:UnsecuredDebtMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2024-03-180001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:BankDebtMember2024-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSixteenSeptemberTwentyOneMember2024-01-012024-12-310001370755tcpc:TwoThousandTwentySixNotesMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2024-12-310001370755Debt Investments Aerospace & Defense Skydio, Inc First Lien Term Loan Ref SOFR(M) Floor 2.50% Spread 2.75% Cash + 2.75% PIK Total Coupon 10.02% Maturity 12/4/20292024-12-310001370755us-gaap:CommercialAndIndustrialSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001370755Debt Investments Professional Services Applause App Quality, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.50% Spread 5.75% Total Coupon 10.07% Maturity 10/24/20292025-09-300001370755Debt Investments Machinery Sonny’s Enterprises, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.65% Total Coupon 9.89% Maturity 8/5/20282025-09-300001370755Debt Investments Software Flexport Capital, LLC First Lien Term Loan Ref SOFR(M) Floor 2.00% Spread 5.50% Total Coupon 9.65% Maturity 6/30/20292025-09-300001370755tcpc:TwoThousandTwentyFiveNotesMember2025-09-300001370755Debt Investments Capital Markets PMA Parent Holdings, LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.58% Maturity 1/31/20312024-12-310001370755tcpc:BeekeeperBuyerIncMember2025-01-012025-09-300001370755tcpc:FlexportCapitalLLCMember2025-01-012025-09-300001370755Non-Controlled Affiliates, Homerenew Buyer, Inc. (Renovo), Class C-1 Common Units2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001370755tcpc:ClassBPreferredUnitsMembertcpc:AGYEquityLLCMember2024-01-012024-12-310001370755Debt Investments Capital Markets Wharf Street Rating Acquisition, LLC (KBRA) First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 4.75% Total Coupon 8.91% Maturity 9/16/20322025-09-300001370755tcpc:FundingFacilityIIMembertcpc:AccordionMember2025-01-012025-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMember2023-06-150001370755Debt Investments Software Thunder Purchaser, Inc. (Vector Solutions) First Lien Incremental Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.40% Total Coupon 9.40% Maturity 6/30/20282025-09-300001370755tcpc:BlackrockCapitalInvestmentCorporationMember2024-03-182024-03-180001370755tcpc:MergerSubFacilityMembertcpc:AccordionMember2025-01-012025-09-300001370755tcpc:RestrictedSecuritiesAndBankDebtMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2025-09-300001370755tcpc:SBADebenturesMember2025-01-012025-09-300001370755Equity Securities Electric Utilities Conergy Asia Holdings Limited (United Kingdom) Class B Shares2024-12-310001370755Non-Controlled Affiliates, Hylan Global LLC, Parent Common Units2024-12-310001370755Controlled Affiliates, Conergy Asia Holdings Limited, Class B Shares2025-01-012025-09-300001370755Debt Investments Software Douglas Holdings, Inc (Docupace) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.75% Cash + 0.38% PIK Total Coupon 10.45% Maturity 8/27/20302024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2025-01-012025-09-300001370755tcpc:FirstUpIncMember2025-09-300001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:OtherCorporateDebtMember2025-09-300001370755Controlled Affiliates, Gordon Brothers Finance Company, Preferred Stock2024-12-310001370755Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.01% Total Coupon 11.60% Maturity 7/27/20282024-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/282025-01-012025-09-300001370755Non-Controlled Affiliates, Hylan Novellus LLC, Class A Units2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2024-06-300001370755Equity Securities Professional Services JobandTalent USA, Inc. (United Kingdom) F1 Preferred Stock2025-09-300001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/252023-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMemberus-gaap:EquitySecuritiesMember2024-12-310001370755tcpc:EmeraldTechnologiesUSAcquisitionCoIncMember2024-12-310001370755tcpc:SkydioIncOneMember2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2024-12-310001370755tcpc:MpulseMobileIncOneMember2025-01-012025-09-300001370755tcpc:CrewlineBuyerIncMember2025-09-300001370755Debt Investments Construction and Engineering PlayPower, Inc Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.58% Maturity 8/28/20302024-12-310001370755tcpc:FidelisSVCLLCMembertcpc:PreferredUnit-CMember2024-01-012024-12-310001370755tcpc:SemiconductorsAndSemiconductorEquipmentMemberus-gaap:DebtSecuritiesMember2024-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenSeptemberNineteenMember2024-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292023-12-310001370755Equity Securities Electric Utilities Conergy Asia Holdings Limited (United Kingdom) Class B Shares2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputImpliedVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2024-12-310001370755Equity Securities Diversified Consumer Services Razor Group GmbH (Germany) Warrants to Purchase Series C Shares Expiration 12/23/20292024-12-310001370755tcpc:O2024Q3DividendsMember2024-09-162024-09-160001370755Debt Investments Software Bluefin Holding, LLC (Allvue) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 10.57% Maturity 9/12/20292025-09-300001370755Debt Investments Real Estate Management and Development Greystone Select Company II, LLC (Passco) First Lien Term Loan Ref SOFR(M) Floor 1.50% Spread 6.61% Total Coupon 10.97% Maturity 3/21/20272024-12-310001370755tcpc:SparkBuyerLLCSPARKSTONEMember2024-12-310001370755Non-Controlled Affiliates, Iracore Investments Holdings, Inc., Class A Common Stock2025-01-012025-09-300001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2021-02-090001370755tcpc:ZilliantIncorporatedMember2025-09-300001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 5.75% Cash + 0.38% PIK Total Coupon 10.45% Maturity 8/27/20302024-12-310001370755Debt Investments Software Trintech, Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.50% Total Coupon 9.66% Maturity 7/25/20292025-09-300001370755us-gaap:NonUsMembersrt:MinimumMember2025-09-300001370755tcpc:PubliclyTradedCompanyMember2024-12-310001370755tcpc:SellerXGermanyGmbhAndCoKgMembertcpc:WarrantsToPurchaseCommonStockMember2024-01-012024-12-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-2 Common Units2025-09-300001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/292025-09-300001370755Debt Investments Insurance AmeriLife Holdings, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.17% Maturity 8/31/20292025-09-300001370755tcpc:RBSBuyerIncOneMember2025-09-300001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292024-12-310001370755tcpc:ZilliantIncorporatedMember2025-01-012025-09-300001370755Debt Investments Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) Sr Secured Revolver Ref SOFR(Q) Floor 0.00% Spread 5.00% Total Coupon 9.32% Maturity 11/05/20262025-09-300001370755Equity Securities Software Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock Expiration 3/6/20272025-09-300001370755Controlled Affiliates, Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/212024-12-310001370755us-gaap:FairValueInputsLevel1Membertcpc:BankDebtMember2024-12-310001370755Equity Securities Internet Software and Services SnapLogic, Inc. Warrants to Purchase Series Preferred Stock Expiration 3/19/20282024-12-3100013707552024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2025-09-300001370755tcpc:ArasCorporationMember2025-01-012025-09-300001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Member2024-01-012024-09-300001370755us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001370755tcpc:InternetSoftwareAndServicesMemberus-gaap:EquitySecuritiesMember2025-09-300001370755us-gaap:CommonStockMember2024-12-310001370755tcpc:ThunderPurchaserIncVectorSolutionsMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:AdvisorValuationsMemberus-gaap:EquitySecuritiesMember2024-12-310001370755tcpc:UtilidataIncMembertcpc:SeriesATwoPreferredStockMember2025-01-012025-09-300001370755Controlled Affiliates, Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/212024-12-310001370755Debt Investments Oil, Gas and Consumable Fuels Iracore International Holdings, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 9.15% Total Coupon 13.48% Maturity 4/12/20262024-12-310001370755Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.15% Total Coupon 10.32% Maturity 11/30/20292025-09-300001370755tcpc:FusionRiskManagementIncMember2025-09-300001370755us-gaap:CommonStockMember2024-06-300001370755us-gaap:UnsecuredDebtMembertcpc:TwoThousandTwentyFourNotesMember2022-01-012022-12-310001370755tcpc:InMobiIncMembertcpc:WarrantsToPurchaseCommonStockMember2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationTechniqueMarketQuotationsMembertcpc:BankDebtMembertcpc:MeasurementInputIndicativeBidAskQuotesMember2024-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:BankDebtMember2024-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Membership Units2024-12-310001370755Non-Controlled Affiliates, Iracore Investments Holdings, Inc., Class A Common Stock2025-09-300001370755Debt Investments Professional Service JobandTalent USA, Inc. (United Kingdom) First Lien Delayed Draw Term Loan (5.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.00% PIK Total Coupon 11.16% Maturity 10/13/2028 One2025-09-300001370755Debt Investments Health Care Technology Mpulse Mobile Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.75% Maturity 8/26/20322025-09-300001370755Equity Securities Construction & Engineering Homerenew Buyer Inc. (Renovo) Class C-1 Common Units2025-09-300001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755tcpc:AccordionPartnersLlcOneMember2024-12-310001370755tcpc:HuckabeeAcquisitionLLCMoregroupOneMember2025-01-012025-09-300001370755Controlled Affiliates, Gordon Brothers Finance Company, Preferred Stock2025-09-300001370755Debt Investments Construction and Engineering Brown & Settle, Inc. First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 6.50% Total Coupon 10.51% Maturity 5/16/20302025-09-300001370755Debt Investments Internet Software and Services Domo, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) Ref SOFR(Q) Floor 1.50% Spread 3.30% Cash +5.00% PIK Total Coupon 12.19% Maturity 8/19/20282025-09-300001370755tcpc:StreamlandMediaMidcoLlcMember2025-09-300001370755Equity Securities Internet Software and Services Domo, Inc. Warrants to Purchase Common Stock Expiration 2/17/20282024-12-310001370755Debt Investments Internet Software and Services Persado, Inc. First Lien Delayed Draw Term Loan (6.575% Exit Fee) Ref SOFR(M) Floor 1.80% Spread 7.50% Total Coupon 11.78% Maturity 6/10/20272025-09-300001370755us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2025-09-300001370755tcpc:TwoThousandTwentyNineNotesMemberus-gaap:UnsecuredDebtMember2024-01-012024-09-300001370755Debt Investments Software Zendesk Inc. 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Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash + 2.25% PIK Total Coupon 11.23% Maturity 12/17/20272024-12-310001370755tcpc:InterestRateOfEURIBORPlusMember2024-12-310001370755Equity Securities Electric Utilities Utilidata, Inc. Series A-2 Preferred Stock2024-12-310001370755tcpc:DouglasHoldingsIncDocupaceOneMember2024-12-310001370755tcpc:S2025Q3DividendsMember2025-09-162025-09-160001370755Non-Controlled Affiliates, Homerenew Buyer, Inc. (Renovo), Class A Preferred Units2025-01-012025-09-300001370755tcpc:XactlyCorporationMember2024-12-310001370755us-gaap:CommonStockMember2025-06-300001370755Non-Controlled Affiliates, Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, SOFR + 9%, 1% SOFR Floor, due 4/12/262025-01-012025-09-300001370755tcpc:DragosIncOneMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2023-12-310001370755tcpc:PluralsightIncMemberus-gaap:CommonStockMember2025-01-012025-09-300001370755Debt Investments Software Kaseya, Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.09% Maturity 6/25/20292024-12-310001370755Controlled Affiliates, Conergy Asia Holdings Limited, Class B Shares2025-09-300001370755Debt Investments Wireless Telecommunication Services OpenMarket, Inc. (Infobip) (United Kingdom) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 9.75% Maturity 6/11/20292025-09-300001370755tcpc:S2025Q2DividendsMember2025-05-082025-05-080001370755tcpc:FundingFacilityIIMember2025-01-012025-09-300001370755Debt Investments Insurance AmeriLife Holdings, LLC First Lien Term Loan Ref SOFR(S) Floor 0.75% Spread 5.00% Total Coupon 9.70% Maturity 8/31/20292024-12-310001370755us-gaap:FairValueInputsLevel1Member2025-09-300001370755Debt Investments Professional Services Chronicle Parent LLC (Lexitas) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 9.00% Maturity 4/15/20312025-09-300001370755Debt Investments Road and Rail Motive Technologies, Inc. (Keep Trucking) First Lien Term Loan (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.72% Maturity 4/8/20272024-12-310001370755Debt Investments Commercial Services & Supplies Kellermeyer Bergensons Services, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 1.90% Cash + 3.50% PIK Total Coupon 9.99% Maturity 11/6/20282024-12-310001370755Debt Investments Internet Software and Services Gympass US, LLC First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 3.25% Cash + 3.25% PIK Total Coupon 10.97% Maturity 8/29/20292024-12-310001370755us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-12-310001370755tcpc:OneMonthContractsMember2024-08-012024-08-010001370755tcpc:TwoThousandTwentyTwoNotesMember2017-12-310001370755Debt Investments Capital Markets Wharf Street Rating Acquisition, LLC (KBRA) First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.75% Total Coupon 8.91% Maturity 9/16/20322025-09-300001370755tcpc:TwoThousandNineteenConvertibleNotesMember2018-12-310001370755Debt Investments Professional Services Huckabee Acquisition, LLC (MOREgroup) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.58% Maturity 1/16/20302024-12-310001370755tcpc:TwoThousandAndNineteenSeptemberTwentyFiveMembertcpc:SBADebenturesMember2025-01-012025-09-300001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Renovo) Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 8.60% PIK Total Coupon 12.94% Maturity 11/23/20272024-12-310001370755us-gaap:RealEstateSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001370755Debt Investments Internet Software and Services Oranje Holdco, Inc. (KnowBe4) First Lien Incremental Term Loan SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 11.82% Maturity 2/1/20292024-12-310001370755Debt Investments Leisure Products Blue Star Sports Holdings, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.90% Cash + 3.50% PIK Total Coupon 13.99% Maturity 6/15/20262024-12-310001370755tcpc:WorldremitGroupLimitedMembertcpc:SeriesXSharesMember2025-01-012025-09-3000013707552016-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenSeptemberNineteenMember2025-01-012025-09-300001370755Debt Investments Containers & Packaging BW Holding, Inc. (Brook & Whittle) Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.65% Total Coupon 12.16% Maturity 12/14/20292024-12-310001370755tcpc:DeemedInvestmentMembersrt:MinimumMember2025-09-300001370755Debt Investments Diversified Consumer Services SellerX Germany GmbH (Germany) Sr Secured Revolver Ref SOFR(Q) Floor 0.00% Spread 9.00% Total Coupon 13.49% Maturity 11/22/20292024-12-310001370755tcpc:BynderBidcoBVNetherlandsOneMember2025-01-012025-09-300001370755us-gaap:RetainedEarningsMember2025-09-300001370755Debt Investments Professional Services ICIMS, Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 10.38% Maturity 8/18/20282024-12-310001370755Debt Investments Construction and Engineering Titan Home Improvement, LLC (Renuity) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 10.26% Maturity 5/31/20302024-12-310001370755Debt Investments Electrical Equipment Spark Buyer, LLC (Sparkstone) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.77% Maturity 10/15/20312024-12-310001370755tcpc:IntegrityMarketingAcquisitionLLCMember2025-01-012025-09-300001370755tcpc:JobandTalentUSAIncMembertcpc:F1PreferredStockMember2024-01-012024-12-310001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Renovo) First Lien Term Loan Ref SOFR(Q) Floor 0.00% Spread 8.15% PIK Total Coupon 12.38% Maturity 4/14/20302025-09-300001370755us-gaap:DebtSecuritiesMembertcpc:SoftwareMember2024-12-310001370755tcpc:PluralsightIncOneMember2024-12-310001370755us-gaap:MachineryAndEquipmentMemberus-gaap:DebtSecuritiesMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-09-300001370755Debt Investments Professional Services CIBT Solutions, Inc. Second Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.75% PIK Total Coupon 11.11% Maturity 12/31/20272024-12-310001370755Debt Investments Hotels, Restaurants and Leisure OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) First Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.25% Total Coupon 10.69% Maturity 6/3/20272024-12-310001370755tcpc:ITServicesMemberus-gaap:DebtSecuritiesMember2025-09-300001370755Debt Investments Real Estate Management and Development Greystone Affordable Housing Initiatives, LLC First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.25% Spread 6.43% Total Coupon 11.57% Maturity 3/2/20262024-12-310001370755Debt Investments Software G-3 Apollo Acquisition Corp (Appriss Retail) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 9.07% Maturity 3/10/20312025-09-300001370755Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.15% Total Coupon 10.32% Maturity 11/30/2029 One2025-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2024-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:BankDebtMember2025-07-012025-09-300001370755Equity Securities Diversified Consumer Services Razor US LP Common Units2024-12-310001370755Debt Investments Household Durables Bad Boy Mowers JV Acquisition, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.25% Total Coupon 9.39% Maturity 11/9/20292025-09-300001370755tcpc:TwoThousandTwentySixNotesMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertcpc:BankDebtMemberus-gaap:MeasurementInputRevenueMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755Debt Investments Building Products Porcelain Acquisition Corporation (Paramount) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.10% Total Coupon 10.43% Maturity 4/30/20272024-12-310001370755tcpc:USGovernmentMoneyMarketFundMember2024-12-310001370755Debt Investments Diversified Financial Services SitusAMC Holdings Corporation First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.50% Maturity 5/14/20312025-09-300001370755Debt Investments Textiles, Apparel and Luxury Goods WH Borrower, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 5.50% Total Coupon 10.15% Maturity 2/15/20272024-12-310001370755tcpc:RoadAndRailMemberus-gaap:DebtSecuritiesMember2024-12-310001370755tcpc:ChronicleParentLLCMember2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputImpliedVolatilityMembersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMember2025-09-300001370755tcpc:AccordionPartnersLlcOneMember2025-09-300001370755tcpc:TwoThousandTwentySixNotesMember2022-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertcpc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:MeasurementInputExpectedTermMember2024-01-012024-12-310001370755Equity Securities Software Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock Expiration 3/6/20272025-01-012025-09-300001370755us-gaap:ChemicalsSectorMemberus-gaap:EquitySecuritiesMember2025-09-300001370755tcpc:G-3ApolloAcquisitionCorpApprissRetailOneMember2025-09-300001370755tcpc:O2024Q2DividendsMember2024-05-010001370755tcpc:FundingFacilityIMember2020-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/252024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2024-07-012024-09-300001370755tcpc:RialtoManagementGroupLLCMember2025-09-300001370755tcpc:BeekeeperBuyerIncMember2025-09-300001370755Debt Investments Internet Software and Services Spartan Bidco Pty Ltd (StarRez) (Australia) First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread 0.90% Cash + 6.25% PIK Total Coupon 11.78% Maturity 1/24/20282024-12-310001370755us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001370755Debt Investments Healthcare Providers and Services Team Services Group, LLC Second Lien Term Loan Ref Prime Floor 1.00% Spread 9.11% Total Coupon 13.47% Maturity 11/13/20282024-12-310001370755tcpc:InterceptBidcoIncMember2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:AssetApproachValuationTechniqueMembertcpc:BankDebtMember2024-12-310001370755Equity Securities Internet Software and Services Pluralsight, Inc. Common Stock2024-12-310001370755Debt Investments Professional Service JobandTalent USA, Inc. (United Kingdom) First Lien Term Loan (5.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.00% PIK Total Coupon 11.16% Maturity 10/13/20282025-09-300001370755tcpc:PMAParentHoldingsLLCMember2025-01-012025-09-300001370755tcpc:SkydioIncMember2025-09-300001370755tcpc:CompanyRepurchasePlanMember2024-01-012024-09-300001370755Debt Investments Containers & Packaging PVHC Holding Corp. First Lien Term Loan Ref SOFR(Q) Floor 2.50% Spread 6.15% Cash + 0.75% PIK Total Coupon 11.18% Maturity 2/17/20272024-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:OtherCorporateDebtMember2025-07-012025-09-300001370755tcpc:SeriesAOnePreferredStockMembertcpc:UtilidataIncMember2024-01-012024-12-310001370755tcpc:SBADebenturesMember2024-12-310001370755Debt Investments Media Khoros, LLC (Lithium) First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.50% Cash + 4.50% PIK Total Coupon 15.59% Maturity 1/3/20252024-12-310001370755Debt Investments Electrical Equipment Griffon Bidco Inc First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.00% Maturity 07/31/20312025-09-3000013707552023-01-012023-03-310001370755tcpc:WorldremitGroupLimitedMembertcpc:WarrantsToPurchaseSeriesDStockMember2025-01-012025-09-300001370755Debt Investments IT Services Intercept Bidco, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.32% Maturity 6/3/20302025-09-300001370755tcpc:ESOSolutionsIncMember2024-12-310001370755Debt Investments Diversified Financial Services Rialto Management Group, LLC Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 9.33% Maturity 12/5/20302025-09-300001370755Debt Investments Consumer Finance Lucky US BuyerCo, LLC (Global Payments) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 11.83% Maturity 3/30/20292024-12-310001370755srt:MinimumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-09-300001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-09-300001370755Equity Securities Diversified Financial Services 36th Street Capital Partners Holdings, LLC Membership Units2025-09-300001370755us-gaap:HealthcareSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001370755us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-09-300001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series D Stock Expiration 2/11/20312024-01-012024-12-310001370755HomeRenew Buyer,INC, Senior Secured First Lien Term Loan, SOFR + 6.5%, 2.5% SOFR Floor, due 4/14/302025-09-300001370755tcpc:SBADebenturesMember2019-12-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.16% Maturity 9/4/20292025-09-300001370755Debt Investments Construction and Engineering Homerenew Buyer, Inc. (Renovo) First Lien Team Loan Ref SOFR(Q) Floor 0.00% Spread 6.65% PIK Total Coupon 10.88% Maturity 4/14/20302025-09-300001370755tcpc:StonebridgeCompaniesLLCMember2024-12-310001370755Non-Controlled Affiliates, Iracore Investments Holdings, Inc., Class A Common Stock2023-12-310001370755Debt Investments Automobiles AutoAlert, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.40% Total Coupon 9.69% Maturity 3/31/20282025-09-300001370755Debt Investments Software GTY Technology Holdings Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.00% Maturity 7/9/20292025-09-300001370755Debt Investments Professional Services ICIMS, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 10.06% Maturity 8/18/20282025-09-300001370755Debt Investments Software Integrate.com, Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash + 2.25% PIK Total Coupon 10.90% Maturity 12/17/20272025-09-300001370755tcpc:OperatingFacilityMember2016-12-310001370755Debt Investments Consumer Finance Money Transfer Acquisition Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 8.35% Total Coupon 12.51% Maturity 12/14/20272025-09-300001370755Debt Investments Software Aras Corporation First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 9.00% Maturity 4/13/20292025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2024-06-300001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-2 Common Units2025-01-012025-09-300001370755tcpc:AGYEquityLLCMembertcpc:ClassAPreferredUnitsMember2024-01-012024-12-310001370755tcpc:OilGasAndConsumableFuelsMemberus-gaap:DebtSecuritiesMember2024-12-310001370755Debt Investments Diversified Financial Services Accordion Partners LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.58% Maturity 11/15/20312024-12-310001370755Equity Securities Internet Software and Services SuCo Investors, LP (Suited Connector) Warrants to Purchase Class A Units Expiration 03/06/20332024-01-012024-12-310001370755tcpc:TitanHomeImprovementLlcRenuityMember2025-09-300001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Membership Units2024-01-012024-12-310001370755tcpc:MergerSubFacilityMember2025-09-300001370755tcpc:MpulseMobileIncMember2025-01-012025-09-300001370755tcpc:DouglasHoldingsIncDocupaceThreeMember2024-12-310001370755tcpc:BonterraLlcFkaCyberGrantsHoldingsLlcMember2025-01-012025-09-300001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series E Stock Expiration 8/17/20312025-01-012025-09-300001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/292025-01-012025-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenMarchTwentyOneMember2024-01-012024-12-310001370755us-gaap:RetainedEarningsMember2025-01-012025-03-310001370755us-gaap:CommonStockMember2025-01-012025-03-310001370755srt:MaximumMember2019-02-080001370755tcpc:LighthouseParentHoldingsIncApertureOneMember2025-09-300001370755tcpc:BankDebtMember2025-09-300001370755tcpc:RialtoManagementGroupLLCMember2024-12-310001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2016-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMembertcpc:OtherCorporateDebtMemberus-gaap:IncomeApproachValuationTechniqueMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2025-09-300001370755tcpc:LuckyUsBuyercoLlcGlobalPaymentsMember2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:AdvisorValuationsMembertcpc:BankDebtMember2024-12-310001370755Debt Investments Construction and Engineering JF Acquisition, LLC (JF Petroleum) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.75% Total Coupon 9.89% Maturity 6/18/20302025-09-300001370755tcpc:SeriesTwoThousandTwentyTwoASeniorNotesMemberus-gaap:UnsecuredDebtMembertcpc:BlackrockCapitalInvestmentCorporationMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2024-03-180001370755us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001370755tcpc:OperatingFacilityMember2022-12-310001370755us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-09-300001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2025-09-300001370755Debt Investments IT Services Crewline Buyer, Inc. (New Relic) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.75% Total Coupon 10.91% Maturity 11/8/20302025-09-300001370755Debt Investments Diversified Consumer Services Razor Group Holdings II, Inc. (Germany) First Lien A Term Loan Ref Fixed Spread 2.50% Cash + 5.00% PIK Total Coupon 7.50% Maturity 9/30/20282024-12-310001370755tcpc:FusionHoldingCorpFinalsiteMember2025-01-012025-09-300001370755tcpc:LighthouseParentHoldingsIncApertureOneMember2025-01-012025-09-300001370755tcpc:GreyOrangeInternationalIncMembertcpc:WarrantsToPurchaseCommonStockMember2025-01-012025-09-300001370755tcpc:TwoThousandNineteenConvertibleNotesMember2019-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenMarchTwentyOneMember2025-09-300001370755Non-Controlled Affiliates, HomeRenew Buyer, Inc., Senior Secured Super Priority Delayed Draw Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/302025-01-012025-09-300001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSixteenSeptemberTwentyOneMember2025-09-300001370755us-gaap:FairValueInputsLevel2Membertcpc:OtherCorporateDebtMember2024-12-310001370755Debt Investments Technology Hardware, Storage & Peripherals SumUp Holdings Luxembourg S.A.R.L. (Luxembourg) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.01% Maturity 4/25/20312024-12-310001370755tcpc:LjAvalonHoldingsLlcArdurraMember2025-01-012025-09-300001370755tcpc:AlcamiCorporationMember2025-01-012025-09-300001370755tcpc:SBADebenturesMember2025-09-300001370755tcpc:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2025-09-300001370755tcpc:ApprissHealthLLCMember2025-01-012025-09-300001370755Debt Investments Construction and Engineering LJ Avalon Holdings, LLC (Ardurra) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 9.51% Maturity 2/1/20302024-12-310001370755Equity Securities Communications Equipment Plate Newco 1Limited (Avanti) (United Kingdom) Common Stock2024-12-310001370755tcpc:KaseyaIncOneMember2024-12-310001370755Equity Securities Automobiles AA Acquisition Aggregator, LLC (AutoAlert) Common Stock2024-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMember2025-01-012025-09-300001370755tcpc:TitanHomeImprovementLlcRenuityMember2024-12-310001370755Debt Investments Automobiles ALCV Purchaser, Inc. (AutoLenders) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.01% Total Coupon 11.34% Maturity 2/25/20262024-12-310001370755tcpc:MROParentCorporationMember2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2024-07-012024-09-300001370755tcpc:S2025Q3DividendsMember2025-08-072025-08-070001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:UnsecuredDebtMembertcpc:BlackrockCapitalInvestmentCorporationMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2025-07-210001370755us-gaap:DebtSecuritiesMembertcpc:ElectricUtilitiesMember2024-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMember2024-03-180001370755tcpc:LuckyUsBuyercoLlcGlobalPaymentsMember2025-09-300001370755tcpc:OranjeHoldcoIncKnowbe4IncMember2024-12-310001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Cash + 0.38% PIK Total Coupon 10.45% Maturity 8/27/20302024-12-310001370755Debt Investments Software Honey Intermediate, Inc. (iLobby) (Canada) Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 2.88% Cash+3.38 PIK Total Coupon 10.58% Maturity 9/26/20302025-09-300001370755tcpc:AcquiaIncMember2024-12-310001370755Debt Investments Software Integrate.com, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash+2.25 PIK Total Coupon 10.90% Maturity 12/17/20272025-09-300001370755us-gaap:AdditionalPaidInCapitalMember2024-09-300001370755tcpc:DNAnexusIncMember2025-01-012025-09-300001370755Debt Investments Software Kong Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.50%Cash + 3.25% PIK Total Coupon 13.42% Maturity 11/1/20272024-12-310001370755tcpc:StreamlandMediaMidcoLlcMember2025-01-012025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:OtherCorporateDebtMember2024-06-300001370755tcpc:DeeplSeMember2025-09-300001370755tcpc:BluefinHoldingLlcAllvueMember2025-01-012025-09-300001370755tcpc:SkydioIncOneMember2024-12-310001370755Debt Investments Software Clever Devices Ltd. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 10.36% Maturity 6/12/20302024-12-310001370755Debt Investments Internet Software and Services e-Discovery Acquireco, LLC (Reveal) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 10.76% Maturity 8/29/20292024-12-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units2023-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Membership Units2025-01-012025-09-300001370755tcpc:ApprissHealthLLCMember2024-12-310001370755Debt Investments Internet Software and Services Spartan Bidco Pty Ltd (StarRez) (Australia) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 6.65% Total Coupon 10.93% Maturity 1/24/20282025-09-300001370755Controlled Affiliates, Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/20272025-09-300001370755Non-Controlled Affiliates, Hylan Novellus LLC, Class A Units2023-12-310001370755Debt Investments Software Flexport Capital, LLC First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 2.00% Spread 5.50% Total Coupon 9.65% Maturity 6/30/20292025-09-300001370755tcpc:AlphasenseIncMember2025-09-300001370755us-gaap:RetailSectorMemberus-gaap:DebtSecuritiesMember2024-12-310001370755Debt Investments Semiconductors and Semiconductor Equipment Emerald Technologies (U.S.) AcquisitionCo, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.15% Total Coupon 10.14% Maturity 12/29/20262025-09-300001370755us-gaap:FairValueInputsLevel2Member2024-12-310001370755tcpc:TitanHomeImprovementLlcRenuityOneMember2025-09-300001370755Debt Investments Healthcare Providers and Services INH Buyer, Inc. (IMA Health) First Lien Term Loan (1.5% Exit Fee) Ref SOFR(Q) Floor 1.00% Spread 7.00% Total Coupon 11.43% Maturity 6/28/20282024-12-310001370755tcpc:JobandTalentUSAIncMembertcpc:F3PreferredStockMember2024-01-012024-12-310001370755Non-Controlled Affiliates, Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, SOFR + 9%, 1% SOFR Floor, due 4/12/262023-12-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/212025-09-300001370755us-gaap:MachineryAndEquipmentMemberus-gaap:DebtSecuritiesMember2024-12-310001370755Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) First Lien Participation Tranche 1 Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.15% Total Coupon 10.32% Maturity 11/30/20292025-09-300001370755tcpc:EDiscoveryAcquireCoLlcMember2025-01-012025-09-300001370755tcpc:TwoThousandTwentyNineNotesMember2025-09-300001370755Debt Investments Capital Markets Pico Quantitative Trading, LLC First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.50% Spread 7.51% Total Coupon 12.10% Maturity 2/8/20272024-12-310001370755Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) First Lien Term Loan A Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.62% Maturity 1/26/20292024-12-310001370755Controlled Affiliates, AA Acquisition Aggregator, LLC, Ordinary Shares2023-12-310001370755tcpc:ABRBorrowingsMembertcpc:OperatingFacilityMembersrt:MaximumMember2021-06-220001370755tcpc:S2025Q1DividendsMember2025-03-312025-03-310001370755tcpc:OperatingFacilityMember2021-12-310001370755tcpc:OperatingFacilityMember2024-12-310001370755tcpc:BankDebtMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembertcpc:OtherCorporateDebtMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755tcpc:RialtoManagementGroupLLCMember2025-01-012025-09-300001370755tcpc:SumupHoldingsLuxembourgSARLLuxembourgMember2024-12-310001370755tcpc:UtilidataIncMemberus-gaap:CommonStockMember2024-01-012024-12-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Series B Preferred Shares2024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMemberus-gaap:EquitySecuritiesMember2025-09-300001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2024-12-310001370755Debt Investments Real Estate Management and Development Greystone Affordable Housing Initiatives, LLC First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.25% Spread 6.43% Total Coupon 10.63% Maturity 3/2/20262025-09-300001370755tcpc:GriffonBidcoIncMember2025-09-300001370755tcpc:FlexportCapitalLLCMember2025-09-300001370755Debt Investments Machinery Sonny’s Enterprises, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.65% Total Coupon 10.17% Maturity 8/5/20282024-12-310001370755srt:MinimumMembertcpc:PubliclyTradedCompanyMember2025-09-300001370755Equity Securities Electric Utilities Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Series B Preferred Shares2025-09-300001370755Debt Investments Wireless Telecommunication Services OpenMarket, Inc. (Infobip) (United Kingdom) First Lien Term Loan Ref SOFR(Q) Floor 0.00% Spread 6.51% Total Coupon 10.84% Maturity 9/17/20262024-12-310001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Common Stock Expiration 8/15/20272024-01-012024-12-310001370755Non-Controlled Affiliates, HomeRenew Buyer, Inc., Senior Secured Super Priority Delayed Draw Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/302024-12-310001370755Debt Investments IT Services Intercept Bidco, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.47% Maturity 6/3/20302024-12-310001370755Equity Securities Electric Utilities Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Series B Preferred Shares2024-12-310001370755Debt Investments Capital Markets PMA Parent Holdings, LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.80% Maturity 1/31/20312025-09-300001370755Debt Investments Health Care Technology Mpulse Mobile Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.75% Maturity 8/26/20322025-09-300001370755us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MinimumMember2024-12-310001370755us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2024-12-310001370755tcpc:MergerSubFacilityMembersrt:MinimumMembertcpc:EurocurrencyLoansMember2024-03-180001370755tcpc:O2024Q3DividendsMember2024-09-302024-09-300001370755Debt Investments Building Products Air Distribution Technologies Inc First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 10.55% Maturity 8/12/20302024-12-310001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien PIK Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.13% Total Coupon 10.13% Maturity 8/27/20302025-09-300001370755Non-Controlled Affiliates, Homerenew Buyer, Inc. (Renovo), Class C-1 Common Units2025-01-012025-09-300001370755tcpc:PluralsightIncOneMember2025-09-300001370755Controlled Affiliates, Fishbowl INC., Common Membership Units2023-12-310001370755Debt Investments Software Aras Corporation Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 5.25% Total Coupon 9.59% Maturity 4/13/20292024-12-310001370755Debt Investments Internet Software and Services Domo, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) Ref SOFR(Q) Floor 1.50% Spread 3.00% Cash + 5.00% PIK Total Coupon 12.49% Maturity 8/19/20282024-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods James Perse Enterprises, Inc. First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 6.35% Total Coupon 10.50% Maturity 9/8/20272024-12-310001370755tcpc:EconomicRecessionsOrDownturnsMember2025-01-012025-09-300001370755us-gaap:RetainedEarningsMember2024-03-310001370755us-gaap:DebtSecuritiesMember2024-12-310001370755tcpc:KaseyaIncMember2025-01-012025-09-300001370755Debt Investments Software Dragos, Inc. First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.00% Spread 5.25% Total Coupon 9.42% Maturity 6/30/2030 One2025-09-300001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMembertcpc:MeasurementInputEBITDARevenueMultipleMember2024-12-310001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2021-12-310001370755Debt Investments Internet Software and Services Spartan Bidco Pty Ltd (StarRez) (Australia) First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.65% Total Coupon 10.96% Maturity 1/24/20282025-09-300001370755Debt Investments Software Elastic Path Software, Inc. (Canada) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.76% Total Coupon 12.04% Maturity 1/6/20272025-09-300001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 9.16% Maturity 9/4/20292025-09-300001370755Debt Investments Construction and Engineering RBS Buyer Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 9.35% Maturity 7/31/20312025-09-300001370755tcpc:TwoThousandTwentyTwoNotesMember2019-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-09-300001370755Debt Investments Construction and Engineering Hylan Intermediate Holding II, LLC First Lien Term Loan Ref SOFR(S) Floor 2.00% Spread 6.25% Total Coupon 10.33% Maturity 4/5/20292025-09-300001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Revolver, SOFR + 5%, 2% SOFR Floor, due 6/18/292025-09-300001370755us-gaap:CommercialAndIndustrialSectorMemberus-gaap:EquitySecuritiesMember2024-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/20212024-12-310001370755tcpc:FundingFacilityIIMember2023-02-282023-02-280001370755tcpc:BlackrockCapitalInvestmentCorporationMember2024-03-180001370755Debt Investments Diversified Consumer Services Razor Group Holdings II, Inc. (Germany) First Out Delayed Draw Term Loan Ref Fixed Floor 0.00% Spread 15.00% Total Coupon 15.00% Maturity 9/15/20272024-12-310001370755tcpc:CommunicationsEquipmentMemberus-gaap:DebtSecuritiesMember2024-12-310001370755Equity Securities Diversified Consumer Services Razor Group GmbH (Germany) Warrants to Purchase Preferred Series A1 Shares Expiration 4/28/20282024-01-012024-12-310001370755Debt Investments Electrical Equipment Griffon Bidco Inc First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.00% Maturity 07/31/20312025-09-300001370755tcpc:PaperAndForestProductsMemberus-gaap:DebtSecuritiesMember2024-12-310001370755tcpc:FundingFacilityIMember2023-12-310001370755Debt Investments Capital Markets Pico Quantitative Trading, LLC First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.50% Spread 7.51% Total Coupon 11.82% Maturity 2/8/20272025-09-300001370755Non-Controlled Affiliates, Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, SOFR + 9%, 1% SOFR Floor, due 4/12/262025-09-300001370755Controlled Affiliates, Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/212023-12-310001370755Equity Securities Construction & Engineering Hylan Global LLC Common Stock2024-12-310001370755tcpc:SBADebenturesMember2025-09-300001370755tcpc:SeriesAOnePreferredStockMembertcpc:UtilidataIncMember2025-01-012025-09-300001370755Debt Investments Professional Services Chronicle Parent LLC (Lexitas) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 9.34% Maturity 4/15/20312025-09-300001370755tcpc:DNAnexusIncMember2025-09-300001370755Debt Investments Textiles, Apparel and Luxury Goods PSEB, LLC (Eddie Bauer) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 10.85% Maturity 12/30/20262025-09-300001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-1 Common Units2024-01-012024-12-310001370755Debt Investments Diversified Financial Services Beekeeper Buyer Inc. (Archway) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 9.55% Maturity 6/30/20312025-09-300001370755tcpc:TrintechIncMember2025-09-300001370755Debt Investments Software Fusion Risk Management, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 3.00% Cash + 3.25% PIK Total Coupon 11.08% Maturity 5/22/20292024-12-310001370755us-gaap:InterestRateSwapMember2025-07-012025-09-300001370755tcpc:SEPRaptorAcquisitionIncMember2024-12-310001370755us-gaap:FairValueInputsLevel2Membertcpc:OtherCorporateDebtMember2025-09-300001370755Equity Securities Internet Software and Service Fishbowl, Inc. Common Membership Units2024-12-31xbrli:purexbrli:sharestcpc:Segmentiso4217:USDxbrli:sharesiso4217:USD

Table of Contents

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

☒

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

For the Quarterly Period Ended September 30, 2025

☐

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

For the Transition Period From ____ to ____

 

 

Commission File Number: 814-00899

 

 

BLACKROCK TCP CAPITAL CORP.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware

56-2594706

(State or Other Jurisdiction of Incorporation)

(IRS Employer Identification No.)

 

 

2951 28th Street, Suite 1000

 

Santa Monica, California

90405

(Address of Principal Executive Offices)

(Zip Code)

 

(310) 566-1000

(Registrant’s telephone number, including area code)

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

 

Common Stock, par value $0.001 per share

TCPC

Nasdaq Global Select Market

(Title of each class)

(Trading Symbol(s) )

(Name of each exchange on which registered)

 

 

 

 

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

 

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

 

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

 

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

 

 

 

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

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

 

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of November 6, 2025 was 84,841,037.

 

 

 

 

 

Table of Contents

 

BLACKROCK TCP CAPITAL CORP.

 

FORM 10-Q

 

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

 

TABLE OF CONTENTS

 

Part I.

Financial Information

Item 1.

Financial Statements

 

Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024

2

Consolidated Statements of Operations for the three and nine months ended September 30, 2025 (unaudited) and September 30, 2024 (unaudited)

3

Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2025 (unaudited) and September 30, 2024 (unaudited)

4

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 (unaudited) and September 30, 2024 (unaudited)

5

Consolidated Schedule of Investments as of September 30, 2025 (unaudited) and December 31, 2024

7

Notes to Consolidated Financial Statements (unaudited)

32

Consolidated Schedule of Changes in Investments in Affiliates for the nine months ended September 30, 2025 (unaudited) and year ended December 31, 2024

63

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of September 30, 2025 (unaudited) and December 31, 2024

67

Item 2.

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

69

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

86

Item 4.

Controls and Procedures

87

Part II.

Other Information

88

Item 1.

Legal Proceedings

88

Item 1A.

Risk Factors

88

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

90

Item 3.

Defaults upon Senior Securities

90

Item 4.

Mine Safety Disclosures

90

Item 5.

Other Information

91

Item 6.

Exhibits

92

 

1

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments, at fair value:

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $1,488,291,010 and $1,737,804,418, respectively)

 

$

1,461,922,496

 

 

$

1,565,603,753

 

Non-controlled, affiliated investments (cost of $112,014,280 and $59,606,472, respectively)

 

 

100,498,613

 

 

 

49,444,695

 

Controlled investments (cost of $194,707,405 and $221,803,172, respectively)

 

 

154,270,308

 

 

 

179,709,888

 

Total investments (cost of $1,795,012,695 and $2,019,214,062, respectively)

 

 

1,716,691,417

 

 

 

1,794,758,336

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

60,994,300

 

 

 

91,589,702

 

Interest, dividends and fees receivable

 

 

24,486,892

 

 

 

22,784,825

 

Deferred debt issuance costs

 

 

5,730,840

 

 

 

6,235,009

 

Receivable for investments sold

 

 

567,899

 

 

 

4,487,697

 

Due from broker

 

 

—

 

 

 

817,969

 

Prepaid expenses and other assets

 

 

2,409,284

 

 

 

2,357,825

 

Total assets

 

 

1,810,880,632

 

 

 

1,923,031,363

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Debt (net of deferred issuance costs of $5,868,338 and $7,974,601, respectively)

 

 

1,051,615,309

 

 

 

1,118,340,225

 

Interest and debt related payables

 

 

9,804,900

 

 

 

8,306,126

 

Management fees payable

 

 

3,522,791

 

 

 

5,750,971

 

Reimbursements due to the Advisor

 

 

1,721,040

 

 

 

932,224

 

Interest Rate Swap, at fair value

 

 

—

 

 

 

731,830

 

Payable for investments purchased

 

 

—

 

 

 

99,494

 

Accrued expenses and other liabilities

 

 

4,192,929

 

 

 

3,746,826

 

Total liabilities

 

 

1,070,856,969

 

 

 

1,137,907,696

 

 

 

 

 

 

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

$

740,023,663

 

 

$

785,123,667

 

 

 

 

 

 

 

Composition of net assets applicable to common shareholders

 

 

 

 

 

 

Common stock, $0.001 par value; 200,000,000 shares authorized, 85,011,001 and 85,080,447 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

 

$

85,011

 

 

$

85,080

 

Paid-in capital in excess of par

 

 

1,730,593,448

 

 

 

1,731,057,459

 

Distributable earnings (loss)

 

 

(990,654,796

)

 

 

(946,018,872

)

Total net assets

 

 

740,023,663

 

 

 

785,123,667

 

Total liabilities and net assets

 

$

1,810,880,632

 

 

$

1,923,031,363

 

 

 

 

 

 

 

Net assets per share

 

$

8.71

 

 

$

9.23

 

 

See accompanying notes to the consolidated financial statements.

2

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Investment income

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (excluding PIK):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

40,969,242

 

 

$

61,647,228

 

 

$

126,035,196

 

 

$

173,856,058

 

Non-controlled, affiliated investments

 

 

912,871

 

 

 

381,494

 

 

 

1,589,518

 

 

 

1,113,813

 

Controlled investments

 

 

2,258,585

 

 

 

2,980,201

 

 

 

6,838,396

 

 

 

8,535,851

 

PIK interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

3,346,311

 

 

 

3,827,236

 

 

 

14,584,650

 

 

 

8,267,269

 

Non-controlled, affiliated investments

 

 

1,011,878

 

 

 

—

 

 

 

1,011,878

 

 

 

92,675

 

Controlled investments

 

 

415,661

 

 

 

388,897

 

 

 

1,491,424

 

 

 

1,092,618

 

Dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

463,624

 

 

 

141,677

 

 

 

1,349,150

 

 

 

1,048,373

 

Non-controlled, affiliated investments

 

 

221,500

 

 

 

1,015,415

 

 

 

1,444,050

 

 

 

2,747,604

 

Controlled investments

 

 

913,861

 

 

 

423,031

 

 

 

3,521,218

 

 

 

1,301,106

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

2,244

 

 

 

127,308

 

 

 

4,209

 

 

 

132,654

 

Total investment income

 

 

50,515,777

 

 

 

70,932,487

 

 

 

157,869,689

 

 

 

198,188,021

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

 

16,816,947

 

 

 

21,160,551

 

 

 

50,989,413

 

 

 

54,117,604

 

Management fees

 

 

5,544,927

 

 

 

6,185,025

 

 

 

16,489,889

 

 

 

18,567,719

 

Professional fees

 

 

825,189

 

 

 

842,389

 

 

 

2,640,088

 

 

 

2,443,988

 

Administrative expenses

 

 

414,900

 

 

 

547,458

 

 

 

1,566,294

 

 

 

1,702,669

 

Insurance expense

 

 

215,873

 

 

 

214,102

 

 

 

652,799

 

 

 

565,168

 

Director fees

 

 

182,500

 

 

 

202,500

 

 

 

567,500

 

 

 

616,719

 

Custody fees

 

 

91,880

 

 

 

96,574

 

 

 

276,413

 

 

 

285,639

 

Incentive fees

 

 

—

 

 

 

6,540,286

 

 

 

—

 

 

 

19,236,336

 

Other operating expenses

 

 

990,597

 

 

 

1,265,961

 

 

 

3,105,305

 

 

 

2,687,733

 

Total operating expenses, before management fee waiver

 

 

25,082,813

 

 

 

37,054,846

 

 

 

76,287,701

 

 

 

100,223,575

 

Management fee waiver (Note 3)

 

 

(1,848,309

)

 

 

—

 

 

 

(5,496,629

)

 

 

—

 

Total operating expenses, after management fee waiver

 

 

23,234,504

 

 

 

37,054,846

 

 

 

70,791,072

 

 

 

100,223,575

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

27,281,273

 

 

 

33,877,641

 

 

 

87,078,617

 

 

 

97,964,446

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(77,727,536

)

 

 

(31,425,777

)

 

 

(184,932,758

)

 

 

(54,297,646

)

Non-controlled, affiliated investments

 

 

(4,097,709

)

 

 

—

 

 

 

(4,097,709

)

 

 

(12,810,138

)

Controlled investments

 

 

(15,212,153

)

 

 

—

 

 

 

(15,212,153

)

 

 

—

 

Interest Rate Swap

 

 

—

 

 

 

—

 

 

 

(9,491

)

 

 

—

 

Net realized gain (loss)

 

 

(97,037,398

)

 

 

(31,425,777

)

 

 

(204,252,111

)

 

 

(67,107,784

)

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

79,382,048

 

 

 

27,118,840

 

 

 

146,250,740

 

 

 

(36,652,226

)

Non-controlled, affiliated investments

 

 

915,853

 

 

 

(3,594,328

)

 

 

(1,366,401

)

 

 

(9,661,686

)

Controlled investments

 

 

13,827,936

 

 

 

(4,539,213

)

 

 

1,656,187

 

 

 

(9,190,060

)

Interest Rate Swap

 

 

—

 

 

 

195,797

 

 

 

(9,316

)

 

 

60,894

 

Net change in unrealized appreciation (depreciation)

 

 

94,125,837

 

 

 

19,181,096

 

 

 

146,531,210

 

 

 

(55,443,078

)

 

 

 

 

 

 

 

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

(2,911,561

)

 

 

(12,244,681

)

 

 

(57,720,901

)

 

 

(122,550,862

)

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting
   from operations

 

$

24,369,712

 

 

$

21,632,960

 

 

$

29,357,716

 

 

$

(24,586,416

)

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per share

 

$

0.29

 

 

$

0.25

 

 

$

0.35

 

 

$

(0.32

)

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average common
   shares outstanding

 

 

85,034,351

 

 

 

85,591,134

 

 

 

85,051,475

 

 

 

77,772,017

 

 

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

 

See accompanying notes to the consolidated financial statements.

3

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital
in Excess of Par

 

 

Distributable
earnings (loss)

 

 

Total Net
Assets

 

Balance at December 31, 2024

 

 

85,080,447

 

 

$

85,080

 

 

$

1,731,057,459

 

 

$

(946,018,872

)

 

$

785,123,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(3,150

)

 

 

(3

)

 

 

(26,912

)

 

 

—

 

 

 

(26,915

)

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

32,202,669

 

 

 

32,202,669

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(11,308,081

)

 

 

(11,308,081

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(24,672,416

)

 

 

(24,672,416

)

Balance at March 31, 2025

 

85,077,297

 

 

$

85,077

 

 

$

1,731,030,547

 

 

$

(949,796,700

)

 

$

781,318,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(40,830

)

 

 

(41

)

 

 

(274,422

)

 

 

—

 

 

 

(274,463

)

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27,594,675

 

 

 

27,594,675

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(43,501,259

)

 

 

(43,501,259

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(24,660,939

)

 

 

(24,660,939

)

Balance at June 30, 2025

 

85,036,467

 

 

$

85,036

 

 

$

1,730,756,125

 

 

$

(990,364,223

)

 

$

740,476,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(25,466

)

 

$

(25

)

 

$

(162,677

)

 

 

—

 

 

 

(162,702

)

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

27,281,273

 

 

 

27,281,273

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,911,561

)

 

 

(2,911,561

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(24,660,285

)

 

 

(24,660,285

)

Balance at September 30, 2025

 

85,011,001

 

 

$

85,011

 

 

$

1,730,593,448

 

 

$

(990,654,796

)

 

$

740,023,663

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital
in Excess of Par

 

 

Distributable
earnings (loss)

 

 

Total Net
Assets

 

Balance at December 31, 2023

 

 

57,767,264

 

 

$

57,767

 

 

$

967,643,255

 

 

$

(280,099,476

)

 

$

687,601,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

27,823,870

 

 

 

27,824

 

 

 

280,436,786

 

 

 

—

 

 

 

280,464,610

 

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

28,261,273

 

 

 

28,261,273

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(23,204,132

)

 

 

(23,204,132

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(19,640,870

)

 

 

(19,640,870

)

Balance at March 31, 2024

 

85,591,134

 

 

$

85,591

 

 

$

1,248,080,041

 

 

$

(294,683,205

)

 

$

953,482,427

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

35,825,532

 

 

 

35,825,532

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(87,102,049

)

 

 

(87,102,049

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(29,100,986

)

 

 

(29,100,986

)

Balance at June 30, 2024

 

85,591,134

 

 

$

85,591

 

 

$

1,248,080,041

 

 

$

(375,060,708

)

 

$

873,104,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

33,877,641

 

 

 

33,877,641

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(12,244,681

)

 

 

(12,244,681

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(29,100,986

)

 

 

(29,100,986

)

Balance at September 30, 2024

 

85,591,134

 

 

$

85,591

 

 

$

1,248,080,041

 

 

$

(382,528,734

)

 

$

865,636,898

 

 

 

 

 

 

 

 

See accompanying notes to the consolidated financial statements.

4

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

Operating activities

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

29,357,716

 

 

$

(24,586,416

)

Adjustments to reconcile net increase (decrease) in net assets resulting
   from operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Net realized (gain) loss

 

 

204,252,111

 

 

 

67,107,784

 

Change in net unrealized (appreciation) depreciation of investments

 

 

(146,531,210

)

 

 

55,493,801

 

Net amortization of investment discounts and premiums

 

 

(11,008,069

)

 

 

(15,810,820

)

Amortization of original issue discount on debt

 

 

197,110

 

 

 

314,784

 

Interest and dividend income paid in kind

 

 

(17,087,952

)

 

 

(9,452,562

)

Amortization of deferred debt issuance costs

 

 

3,994,405

 

 

 

3,371,840

 

Cash acquired in the Merger

 

 

—

 

 

 

11,670,610

 

Merger costs capitalized into purchase price

 

 

—

 

 

 

(2,366,408

)

Changes in assets and liabilities (1):

 

 

 

 

 

 

Purchases of investments (2)

 

 

(221,064,089

)

 

 

(211,099,269

)

Proceeds from disposition of investments

 

 

272,118,126

 

 

 

348,509,035

 

Decrease (increase) in interest, dividends and fees receivable

 

 

(4,195,917

)

 

 

8,324,184

 

Decrease (increase) in due from broker

 

 

851,683

 

 

 

1,299,363

 

Decrease (increase) in receivable for investments sold

 

 

3,919,798

 

 

 

671,442

 

Decrease (increase) in prepaid expenses and other assets

 

 

(51,459

)

 

 

1,358,241

 

Increase (decrease) in payable for investments purchased

 

 

(99,494

)

 

 

(1,454,317

)

Increase (decrease) in incentive fees payable

 

 

—

 

 

 

(171,050

)

Increase (decrease) in interest and debt related payables

 

 

1,498,774

 

 

 

171,473

 

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

 

 

(774,861

)

 

 

(996,337

)

Increase (decrease) in reimbursements due to the Advisor

 

 

788,816

 

 

 

(625,162

)

Increase (decrease) in management fees payable

 

 

(2,228,180

)

 

 

(7,578,769

)

Increase (decrease) in accrued expenses and other liabilities

 

 

446,103

 

 

 

(2,691,641

)

Net cash provided by (used in) operating activities

 

 

114,383,411

 

 

 

221,459,806

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Draws on credit facilities

 

 

248,000,000

 

 

 

351,406,248

 

Repayments of credit facility draws

 

 

(225,137,120

)

 

 

(559,697,767

)

Payments of debt issuance costs

 

 

(1,383,973

)

 

 

(7,514,435

)

Dividends paid to shareholders (3)

 

 

(73,993,640

)

 

 

(85,100,033

)

Repurchase of shares

 

 

(464,080

)

 

 

—

 

Repayment of unsecured notes

 

 

(92,000,000

)

 

 

(250,000,000

)

Proceeds from issuance of unsecured notes

 

 

—

 

 

 

321,386,000

 

Net cash provided by (used in) financing activities

 

 

(144,978,813

)

 

 

(229,519,987

)

 

 

 

 

 

 

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

 

 

(30,595,402

)

 

 

(8,060,181

)

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

 

 

91,589,702

 

 

 

112,241,946

 

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

 

$

60,994,300

 

 

$

104,181,765

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

Interest payments

 

$

43,762,820

 

 

$

49,362,618

 

Excise tax payments

 

$

478,159

 

 

$

165,495

 

 

 

 

 

 

 

 

Non-cash operating and financing activities from the Merger

 

 

 

 

 

 

Acquisition of Merger Sub assets and liabilities (4)

 

 

 

 

 

 

Non-cash assets acquired:

 

 

 

 

 

 

Investments (5)

 

$

—

 

 

$

586,983,708

 

Interest, dividends and fees receivable

 

 

—

 

 

 

10,373,421

 

Due from broker

 

 

—

 

 

 

2,048,141

 

Other assets

 

 

—

 

 

 

3,731,006

 

Total non-cash assets acquired

 

$

—

 

 

$

603,136,276

 

Liabilities assumed:

 

 

 

 

 

 

Debt

 

$

—

 

 

$

315,296,749

 

Dividends payable

 

 

—

 

 

 

7,257,191

 

Management fees payable

 

 

—

 

 

 

1,888,664

 

Interest Rate Swap, at fair value

 

 

—

 

 

 

1,674,309

 

Incentive fees payable

 

 

—

 

 

 

1,363,625

 

Other liabilities

 

 

—

 

 

 

4,495,330

 

Total liabilities assumed

 

$

—

 

 

$

331,975,868

 

Issuance of shares in connection with the Merger

 

$

—

 

 

$

280,464,610

 

Merger costs capitalized into purchase price

 

$

—

 

 

$

2,366,408

 

 

 

 

 

5

Table of Contents

 

 

(1)
Adjusted for assets acquired and liabilities assumed as a result of the Merger (as defined in Note 1 “Organization and Nature of Operations”), as applicable for the nine months ended September 30, 2024.
(2)
Excludes $586,983,708 of cost of investments acquired in connection with the Merger for the nine months ended September 30, 2024.
(3)
Includes payment of dividends payable of $7,257,191 assumed in the Merger declared on March 4, 2024 by the BlackRock Capital Investment
Corporation ("BCIC") board of directors for the benefit of former BCIC shareholders of record as of March 15, 2024.
(4)
On March 18, 2024, in connection with the Merger, BlackRock TCP Capital Corp. (the “Company”) acquired net assets in exchange for shares issued of the Company’s common stock with a market value of $280,464,610 plus $2,366,408 in merger costs capitalized into the purchase price.
(5)
Investments acquired were recorded at fair value at the date of the acquisition, which is also the Company’s initial cost basis in the investments, and reflects the impact of a $21,886,848 purchase discount for the nine months ended September 30, 2024.

 

See accompanying notes to the consolidated financial statements

6

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

September 30, 2025

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skydio, Inc

 

First Lien Term Loan

 

SOFR(M)

 

2.50%

 

2.75% Cash + 2.75% PIK

 

9.75%

 

12/4/2029

 

$

13,398,198

 

 

$

13,287,974

 

 

$

13,277,614

 

 

 

0.75

%

 

N

Skydio, Inc

 

First Lien Delayed Draw Term Loan B

 

SOFR(M)

 

2.50%

 

2.75% Cash + 2.75% PIK

 

9.82%

 

12/4/2029

 

$

—

 

 

 

(54,853

)

 

 

(59,063

)

 

 

0.00

%

 

K/N

Skydio, Inc

 

First Lien Delayed Draw Term Loan A

 

SOFR(M)

 

2.50%

 

2.75% Cash + 2.75% PIK

 

9.82%

 

12/4/2029

 

$

—

 

 

 

(54,853

)

 

 

(59,063

)

 

 

0.00

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,178,268

 

 

 

13,159,488

 

 

 

0.75

%

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABC Technologies Inc. (TI Automotive) (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.88%

 

10.22%

 

8/22/2031

 

$

2,450,000

 

 

 

2,751,550

 

 

 

2,772,718

 

 

 

0.16

%

 

H/N/O

ABC Technologies Inc. (TI Automotive) (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.75%

 

10.10%

 

8/22/2031

 

$

4,145,859

 

 

 

3,992,000

 

 

 

3,993,157

 

 

 

0.22

%

 

H/N/O

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.01%

 

11.01%

 

2/25/2026

 

$

7,498,185

 

 

 

7,463,882

 

 

 

7,498,185

 

 

 

0.42

%

 

G/N

ALCV Purchaser, Inc. (AutoLenders)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

7.01%

 

11.01%

 

2/25/2026

 

$

448,202

 

 

 

444,581

 

 

 

448,202

 

 

 

0.03

%

 

G/N

AutoAlert, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.40%

 

9.69%

 

3/31/2028

 

$

18,812,631

 

 

 

18,812,631

 

 

 

18,812,631

 

 

 

1.06

%

 

F/N

AutoAlert, LLC

 

Second Lien Term Loan

 

SOFR(Q)

 

1.00%

 

9.40% PIK

 

13.69%

 

3/31/2029

 

$

11,880,421

 

 

 

11,880,421

 

 

 

11,880,421

 

 

 

0.67

%

 

F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,345,065

 

 

 

45,405,314

 

 

 

2.56

%

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TL Alpine Holding Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.00%

 

8/1/2030

 

$

1,985,380

 

 

 

1,951,052

 

 

 

1,997,293

 

 

 

0.11

%

 

N

Porcelain Acquisition Corporation (Paramount)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

6.10%

 

10.26%

 

4/30/2027

 

$

9,403,496

 

 

 

9,238,111

 

 

 

6,845,745

 

 

 

0.39

%

 

N

Trulite Holding Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.29%

 

3/1/2030

 

$

1,604,167

 

 

 

1,549,482

 

 

 

1,608,177

 

 

 

0.09

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,738,645

 

 

 

10,451,215

 

 

 

0.59

%

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.50%

 

7.51%

 

11.83%

 

2/8/2027

 

$

22,291,007

 

 

 

22,236,202

 

 

 

22,402,462

 

 

 

1.26

%

 

N

Pico Quantitative Trading, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.50%

 

7.51%

 

11.82%

 

2/8/2027

 

$

17,285,388

 

 

 

17,212,809

 

 

 

17,285,388

 

 

 

0.97

%

 

N

PMA Parent Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.75%

 

1/31/2031

 

$

5,223,783

 

 

 

4,973,565

 

 

 

5,172,128

 

 

 

0.29

%

 

N

PMA Parent Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.80%

 

1/31/2031

 

$

—

 

 

 

(13,344

)

 

 

(7,416

)

 

 

0.00

%

 

K/N

Wharf Street Rating Acquisition, LLC (KBRA)

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

4.75%

 

8.91%

 

9/16/2032

 

$

—

 

 

 

(2,710

)

 

 

(2,727

)

 

 

0.00

%

 

K/N

Wharf Street Rating Acquisition, LLC (KBRA)

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

4.75%

 

8.91%

 

9/16/2032

 

$

2,454,545

 

 

 

2,430,000

 

 

 

2,430,000

 

 

 

0.14

%

 

N

Wharf Street Rating Acquisition, LLC (KBRA)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

0.75%

 

4.75%

 

8.91%

 

9/16/2032

 

$

—

 

 

 

(1,355

)

 

 

(2,727

)

 

 

0.00

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46,835,167

 

 

 

47,277,108

 

 

 

2.66

%

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apollo Group Holdco, LLC (Topsail)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.00%

 

12/26/2030

 

$

481,250

 

 

 

472,850

 

 

 

475,956

 

 

 

0.03

%

 

N

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.40% PIK

 

9.68%

 

11/6/2028

 

$

1,425,820

 

 

 

1,398,339

 

 

 

1,425,820

 

 

 

0.08

%

 

N

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

8.15% PIK

 

12.43%

 

11/7/2026

 

$

645,924

 

 

 

451,834

 

 

 

338,464

 

 

 

0.02

%

 

C/N

Modigent, LLC (Pueblo)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.00%

 

8/23/2028

 

$

1,680,160

 

 

 

1,625,259

 

 

 

1,661,609

 

 

 

0.09

%

 

N

Modigent, LLC (Pueblo)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.00%

 

8/23/2028

 

$

1,165,449

 

 

 

1,130,728

 

 

 

1,152,581

 

 

 

0.06

%

 

N

Modigent, LLC (Pueblo)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.00%

 

8/23/2028

 

$

1,569,088

 

 

 

1,534,293

 

 

 

1,551,764

 

 

 

0.09

%

 

N

Modigent, LLC (Pueblo)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.00%

 

8/23/2027

 

$

168,631

 

 

 

159,805

 

 

 

164,160

 

 

 

0.01

%

 

N

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Term Loan

 

SOFR(Q)

 

0.75%

 

7.40%

 

11.60%

 

8/31/2029

 

$

10,383,054

 

 

 

10,180,756

 

 

 

10,383,054

 

 

 

0.58

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,953,864

 

 

 

17,153,408

 

 

 

0.96

%

 

 

Construction and Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brown & Settle, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

1.00%

 

6.50%

 

10.51%

 

5/16/2030

 

$

731,708

 

 

 

708,939

 

 

 

719,024

 

 

 

0.04

%

 

N

Brown & Settle, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

6.50%

 

10.51%

 

5/16/2030

 

$

8,889,024

 

 

 

8,677,882

 

 

 

8,773,467

 

 

 

0.49

%

 

N

Homerenew Buyer, Inc. (Renovo)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.00%

 

9.65% PIK

 

13.65%

 

4/14/2030

 

$

1,700,605

 

 

 

1,168,918

 

 

 

1,700,605

 

 

 

0.10

%

 

B/N

Homerenew Buyer, Inc. (Renovo)

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

6.65% PIK

 

10.88%

 

4/14/2030

 

$

2,979,209

 

 

 

2,979,209

 

 

 

2,979,209

 

 

 

0.17

%

 

B/N

Homerenew Buyer, Inc. (Renovo)

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

8.15% PIK

 

12.38%

 

4/14/2030

 

$

1,293,699

 

 

 

1,293,699

 

 

 

1,293,699

 

 

 

0.07

%

 

B/N

Homerenew Buyer, Inc. (Renovo)

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

9.65% PIK

 

13.88%

 

4/14/2030

 

$

5,647,061

 

 

 

5,647,061

 

 

 

5,647,061

 

 

 

0.32

%

 

B/N

Hylan Intermediate Holding II, LLC

 

First Lien Term Loan

 

SOFR(S)

 

2.00%

 

6.25%

 

10.33%

 

4/5/2029

 

$

11,709,782

 

 

 

11,575,692

 

 

 

11,000,170

 

 

 

0.62

%

 

B/N

JF Acquisition, LLC (JF Petroleum)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.89%

 

6/18/2030

 

$

—

 

 

 

(15,250

)

 

 

(10,795

)

 

 

0.00

%

 

K/N

JF Acquisition, LLC (JF Petroleum)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.75%

 

10.06%

 

6/18/2030

 

$

—

 

 

 

(12,701

)

 

 

(6,677

)

 

 

0.00

%

 

K/N

JF Acquisition, LLC (JF Petroleum)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.75%

 

9.89%

 

6/18/2030

 

$

5,778,728

 

 

 

5,676,224

 

 

 

5,720,941

 

 

 

0.32

%

 

N

 

 

 

7

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2025

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

4.50%

 

8.67%

 

2/1/2030

 

$

2,761,070

 

 

$

2,728,008

 

 

$

2,761,070

 

 

 

0.16

%

 

N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

4.50%

 

8.77%

 

2/1/2030

 

$

6,744,444

 

 

 

6,566,167

 

 

 

6,744,444

 

 

 

0.38

%

 

N

PlayPower, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

9.25%

 

8/28/2030

 

$

8,600,000

 

 

 

8,488,999

 

 

 

8,557,000

 

 

 

0.48

%

 

N

PlayPower, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

9.25%

 

8/28/2030

 

$

1,262,588

 

 

 

1,250,880

 

 

 

1,256,275

 

 

 

0.07

%

 

N

PlayPower, Inc

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.25%

 

9.55%

 

8/28/2030

 

$

—

 

 

 

(16,173

)

 

 

(17,333

)

 

 

0.00

%

 

K/N

RBS Buyer Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.00%

 

9.35%

 

7/31/2031

 

$

—

 

 

 

(12,151

)

 

 

(12,000

)

 

 

0.00

%

 

K/N

RBS Buyer Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

9.31%

 

7/31/2031

 

$

—

 

 

 

(3,645

)

 

 

(7,200

)

 

 

0.00

%

 

K/N

RBS Buyer Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

9.31%

 

7/31/2031

 

$

3,400,000

 

 

 

3,357,965

 

 

 

3,359,200

 

 

 

0.19

%

 

N

Titan Home Improvement, LLC (Renuity)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.75%

 

8.95%

 

5/31/2030

 

$

1,841,860

 

 

 

1,795,814

 

 

 

1,860,279

 

 

 

0.10

%

 

N

Titan Home Improvement, LLC (Renuity)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

4.75%

 

8.95%

 

5/31/2030

 

$

—

 

 

 

—

 

 

 

3,488

 

 

 

0.00

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

Prime

 

1.00%

 

4.00%

 

11.25%

 

9/4/2029

 

$

99,476

 

 

 

94,251

 

 

 

104,712

 

 

 

0.01

%

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

9.16%

 

9/4/2029

 

$

1,085,291

 

 

 

1,070,028

 

 

 

1,093,973

 

 

 

0.06

%

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

9.16%

 

9/4/2029

 

$

877,519

 

 

 

844,123

 

 

 

884,539

 

 

 

0.05

%

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

9.16%

 

9/4/2029

 

$

650,781

 

 

 

632,952

 

 

 

655,987

 

 

 

0.04

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

9.16%

 

9/4/2029

 

$

849,733

 

 

 

838,531

 

 

 

856,531

 

 

 

0.05

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

9.16%

 

9/4/2029

 

$

421,782

 

 

 

433,488

 

 

 

425,156

 

 

 

0.02

%

 

N

Vortex Companies, LLC

 

Sr Secured Revolver

 

Prime

 

1.00%

 

4.00%

 

11.25%

 

9/4/2029

 

$

60,054

 

 

 

59,589

 

 

 

60,054

 

 

 

0.00

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65,828,499

 

 

 

66,402,879

 

 

 

3.74

%

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lucky US BuyerCo, LLC (Global Payments)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

7.50%

 

11.50%

 

3/30/2029

 

$

460,230

 

 

 

451,557

 

 

 

450,913

 

 

 

0.03

%

 

N

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.50%

 

11.50%

 

3/30/2029

 

$

4,243,371

 

 

 

4,113,607

 

 

 

4,172,239

 

 

 

0.23

%

 

N

Money Transfer Acquisition Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

8.35%

 

12.51%

 

12/14/2027

 

$

8,094,342

 

 

 

7,968,368

 

 

 

7,948,644

 

 

 

0.45

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,533,532

 

 

 

12,571,796

 

 

 

0.71

%

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Holding, Inc. (Brook & Whittle)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

9.25%

 

13.48%

 

3/14/2029

 

$

18,067,808

 

 

 

16,906,861

 

 

 

7,046,445

 

 

 

0.40

%

 

C/N

PVHC Holding Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

2.50%

 

5.65% Cash + 0.75% PIK

 

10.39%

 

2/17/2027

 

$

5,028,114

 

 

 

4,938,470

 

 

 

5,090,966

 

 

 

0.29

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,845,331

 

 

 

12,137,411

 

 

 

0.69

%

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Express Wash Acquisition Company, LLC (Whistle)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.25%

 

10.59%

 

4/10/2031

 

$

—

 

 

 

(15,382

)

 

 

(26,666

)

 

 

0.00

%

 

K/N

Express Wash Acquisition Company, LLC (Whistle)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.25%

 

10.58%

 

4/10/2031

 

$

28,262,551

 

 

 

27,986,406

 

 

 

27,810,350

 

 

 

1.56

%

 

N

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

6.25%

 

10.25%

 

9/29/2028

 

$

3,562,450

 

 

 

3,447,392

 

 

 

3,481,258

 

 

 

0.20

%

 

N

Fusion Holding Corp. (Finalsite)

 

Sr Secured Revolver

 

Prime

 

0.75%

 

6.25%

 

10.25%

 

9/15/2027

 

$

—

 

 

 

(1,730

)

 

 

(4,377

)

 

 

0.00

%

 

N

Infinite Commerce Holdings LLC (Razor)

 

2nd Lien 2A Term Loan

 

Fixed

 

0.00%

 

15.00% PIK

 

15.00%

 

12/20/2029

 

$

3,074,451

 

 

 

3,077,118

 

 

 

3,077,218

 

 

 

0.17

%

 

N

Infinite Commerce Holdings LLC (Razor)

 

2nd Lien 2B Term Loan

 

Fixed

 

0.00%

 

15.00% PIK

 

15.00%

 

12/20/2029

 

$

1,353,054

 

 

 

1,354,271

 

 

 

1,354,271

 

 

 

0.08

%

 

N

Infinite Commerce Holdings LLC (Razor)

 

2nd Lien 3B Term Loan

 

Fixed

 

0.00%

 

15.00% PIK

 

15.00%

 

12/20/2029

 

$

20,462,578

 

 

 

15,762,324

 

 

 

16,018,106

 

 

 

0.90

%

 

C/N

SellerX Germany GMBH & Co. KG (Germany)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.00%

 

5.00%

 

9.32%

 

11/5/2026

 

$

807,613

 

 

 

800,199

 

 

 

807,613

 

 

 

0.05

%

 

B/H/N

SellerX Germany GMBH & Co. KG (Germany)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.00%

 

5.00%

 

9.00%

 

6/18/2029

 

$

10,890,726

 

 

 

11,129,493

 

 

 

10,890,725

 

 

 

0.61

%

 

B/H/N

SellerX Germany GMBH & Co. KG (Germany)

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

3.00% Cash + 6.00% PIK

 

13.00%

 

12/31/2028

 

$

7,286,727

 

 

 

7,286,727

 

 

 

7,286,727

 

 

 

0.41

%

 

B/H/N

SellerX Germany GMBH & Co. KG (Germany)

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

3.00% Cash + 6.00% PIK

 

13.00%

 

12/31/2028

 

$

8,360,256

 

 

 

8,360,256

 

 

 

8,360,256

 

 

 

0.47

%

 

B/H/N

Thras.io, LLC

 

First Out Term Loan

 

SOFR(Q)

 

1.00%

 

10.26% PIK

 

14.58%

 

6/18/2029

 

$

6,373,339

 

 

 

6,243,590

 

 

 

6,373,339

 

 

 

0.36

%

 

N

Thras.io, LLC

 

Second Out Term Loan

 

SOFR(Q)

 

1.00%

 

10.26% PIK

 

14.58%

 

6/18/2029

 

$

18,488,431

 

 

 

15,397,713

 

 

 

13,907,534

 

 

 

0.78

%

 

C/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,828,377

 

 

 

99,336,354

 

 

 

5.59

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed

 

0.00%

 

12.00%

 

12.00%

 

11/30/2025

 

$

59,756,438

 

 

 

59,756,438

 

 

 

59,756,438

 

 

 

3.36

%

 

E/F/N

Accordion Partners LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.25%

 

9.55%

 

11/15/2031

 

$

—

 

 

 

(2,801

)

 

 

—

 

 

 

0.00

%

 

K/N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.12%

 

11/15/2031

 

$

157,256

 

 

 

152,970

 

 

 

157,256

 

 

 

0.01

%

 

N

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.00%

 

11/15/2031

 

$

5,876,190

 

 

 

5,849,727

 

 

 

5,876,190

 

 

 

0.33

%

 

N

Accuserve Solutions, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

9.48%

 

3/15/2030

 

$

2,323,873

 

 

 

2,310,496

 

 

 

2,247,185

 

 

 

0.13

%

 

N

 

 

 

8

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2025

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accuserve Solutions, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

9.59%

 

3/15/2030

 

$

—

 

 

$

(11,674

)

 

$

(65,010

)

 

 

0.00

%

 

K/N

Beekeeper Buyer Inc. (Archway)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.25%

 

9.55%

 

6/30/2031

 

$

—

 

 

 

(1,919

)

 

 

(1,800

)

 

 

0.00

%

 

K/N

Beekeeper Buyer Inc. (Archway)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

9.25%

 

6/30/2031

 

$

800,000

 

 

 

792,099

 

 

 

792,800

 

 

 

0.04

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

5.00%

 

9.22%

 

8/21/2028

 

$

7,664,429

 

 

 

7,395,165

 

 

 

7,600,355

 

 

 

0.43

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

1.00%

 

5.00%

 

9.22%

 

8/21/2028

 

$

2,129,008

 

 

 

2,054,025

 

 

 

2,111,210

 

 

 

0.12

%

 

N

Gordon Brothers Finance Company

 

Unsecured Debt

 

LIBOR(M)

 

1.00%

 

11.00%

 

15.30%

 

6/3/2026

 

$

34,644,008

 

 

 

10,575,543

 

 

 

127,490

 

 

 

0.01

%

 

C/F/N

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

 

Second Lien Term Loan

 

SOFR(M)

 

1.00%

 

8.62%

 

12.78%

 

1/5/2026

 

$

9,430,643

 

 

 

9,380,014

 

 

 

9,524,950

 

 

 

0.54

%

 

N

Rialto Management Group, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

5.00%

 

9.33%

 

12/5/2030

 

$

—

 

 

 

(1,492

)

 

 

—

 

 

 

0.00

%

 

I/K/N

Rialto Management Group, LLC

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

5.00%

 

9.16%

 

12/5/2030

 

$

4,620,690

 

 

 

4,579,606

 

 

 

4,666,897

 

 

 

0.26

%

 

I/N

SitusAMC Holdings Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.50%

 

5/14/2031

 

$

18,227,001

 

 

 

18,140,672

 

 

 

18,336,363

 

 

 

1.03

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

120,968,869

 

 

 

111,130,324

 

 

 

6.26

%

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Griffon Bidco Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.00%

 

7/31/2031

 

$

—

 

 

 

(34,007

)

 

 

(35,000

)

 

 

0.00

%

 

K/N

Griffon Bidco Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.00%

 

7/31/2031

 

$

—

 

 

 

(17,002

)

 

 

(35,000

)

 

 

0.00

%

 

K/N

Griffon Bidco Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.00%

 

7/31/2031

 

$

19,250,000

 

 

 

19,058,083

 

 

 

19,057,500

 

 

 

1.07

%

 

N

Spark Buyer, LLC (Sparkstone)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

9.44%

 

10/15/2031

 

$

—

 

 

 

(58,170

)

 

 

(349,655

)

 

 

-0.02

%

 

K/N

Spark Buyer, LLC (Sparkstone)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.25%

 

9.24%

 

10/15/2031

 

$

762,069

 

 

 

762,069

 

 

 

587,241

 

 

 

0.03

%

 

N

Spark Buyer, LLC (Sparkstone)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

9.44%

 

10/15/2031

 

$

11,122,845

 

 

 

10,971,988

 

 

 

10,255,263

 

 

 

0.58

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,682,961

 

 

 

29,480,349

 

 

 

1.66

%

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

4.85%

 

9.02%

 

5/6/2027

 

$

5,382,416

 

 

 

5,317,467

 

 

 

5,436,240

 

 

 

0.31

%

 

N

Appriss Health, LLC (PatientPing)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

4.90%

 

9.22%

 

5/6/2027

 

$

—

 

 

 

(4,919

)

 

 

—

 

 

 

0.00

%

 

K/N

CareATC, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.35%

 

11.38%

 

3/14/2026

 

$

21,003,126

 

 

 

20,859,552

 

 

 

20,772,092

 

 

 

1.17

%

 

N

CareATC, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

7.35%

 

11.66%

 

3/14/2026

 

$

—

 

 

 

(2,269

)

 

 

(10,399

)

 

 

0.00

%

 

K/N

ESO Solutions, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.95%

 

5/3/2027

 

$

32,182,664

 

 

 

31,731,916

 

 

 

32,053,933

 

 

 

1.80

%

 

N

ESO Solutions, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.95%

 

5/3/2027

 

$

2,366,541

 

 

 

2,341,744

 

 

 

2,357,075

 

 

 

0.13

%

 

N

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

SOFR(Q)

 

1.00%

 

8.10%

 

12.39%

 

10/2/2028

 

$

7,744,557

 

 

 

7,621,608

 

 

 

7,583,913

 

 

 

0.43

%

 

N

Mpulse Mobile Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.75%

 

8/26/2032

 

$

—

 

 

 

(5,486

)

 

 

(5,508

)

 

 

0.00

%

 

K/N

Mpulse Mobile Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.75%

 

8/26/2032

 

$

3,895,997

 

 

 

3,857,130

 

 

 

3,857,461

 

 

 

0.22

%

 

N

Mpulse Mobile Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.75%

 

8/26/2032

 

$

—

 

 

 

(3,795

)

 

 

(3,670

)

 

 

0.00

%

 

K/N

MRO Parent Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

4.50%

 

8.62%

 

6/9/2032

 

$

—

 

 

 

(533

)

 

 

(593

)

 

 

0.00

%

 

K/N

MRO Parent Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

4.75%

 

9.08%

 

6/9/2032

 

$

—

 

 

 

(1,064

)

 

 

(593

)

 

 

0.00

%

 

K/N

MRO Parent Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.50%

 

8.62%

 

6/9/2032

 

$

851,852

 

 

 

839,343

 

 

 

845,037

 

 

 

0.05

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,550,694

 

 

 

72,884,988

 

 

 

4.11

%

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

6.00%

 

10.20%

 

5/4/2028

 

$

13,748,553

 

 

 

13,450,265

 

 

 

13,499,336

 

 

 

0.76

%

 

N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

6.00%

 

10.20%

 

5/4/2028

 

$

3,197,338

 

 

 

3,183,033

 

 

 

3,139,381

 

 

 

0.18

%

 

N

Team Services Group, LLC

 

Second Lien Term Loan

 

SOFR(Q)

 

1.00%

 

9.26%

 

13.57%

 

10/1/2028

 

$

34,410,390

 

 

 

33,616,807

 

 

 

34,410,390

 

 

 

1.94

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,250,105

 

 

 

51,049,107

 

 

 

2.88

%

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

10.38%

 

6/3/2027

 

$

5,314,709

 

 

 

5,170,252

 

 

 

5,291,520

 

 

 

0.30

%

 

H/N

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

 

Second Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

10.38%

 

3/15/2029

 

$

3,318,335

 

 

 

3,158,847

 

 

 

3,303,857

 

 

 

0.19

%

 

H/N

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

 

Sr Secured Revolver

 

SOFR(M)

 

2.00%

 

6.25%

 

10.41%

 

6/3/2027

 

$

438,327

 

 

 

435,123

 

 

 

436,414

 

 

 

0.02

%

 

H/N

Stonebridge Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.16%

 

5/16/2031

 

$

—

 

 

 

(1,369

)

 

 

(2,323

)

 

 

0.00

%

 

K/N

Stonebridge Companies, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.34%

 

5/16/2030

 

$

—

 

 

 

(1,795

)

 

 

(1,548

)

 

 

0.00

%

 

K/N

 

9

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2025

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stonebridge Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

5.00%

 

9.16%

 

5/16/2031

 

$

677,419

 

 

$

667,603

 

 

$

669,290

 

 

 

0.04

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,428,661

 

 

 

9,697,210

 

 

 

0.55

%

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bad Boy Mowers JV Acquisition, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.25%

 

9.39%

 

11/9/2029

 

$

5,258,461

 

 

 

5,073,576

 

 

 

5,311,045

 

 

 

0.30

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.17%

 

8/31/2029

 

$

7,226,455

 

 

 

6,977,877

 

 

 

7,226,455

 

 

 

0.41

%

 

N

AmeriLife Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.17%

 

8/31/2028

 

$

123,749

 

 

 

116,775

 

 

 

123,749

 

 

 

0.01

%

 

N

EBS Parent Holdings Inc. (The Difference Card)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.00%

 

7/1/2032

 

$

—

 

 

 

(3,742

)

 

 

(7,764

)

 

 

0.00

%

 

K/N

EBS Parent Holdings Inc. (The Difference Card)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.34%

 

7/1/2032

 

$

—

 

 

 

(2,495

)

 

 

(2,588

)

 

 

0.00

%

 

K/N

EBS Parent Holdings Inc. (The Difference Card)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.00%

 

7/1/2032

 

$

3,105,469

 

 

 

3,074,649

 

 

 

3,074,414

 

 

 

0.17

%

 

N

Integrity Marketing Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.20%

 

8/25/2028

 

$

2,360,169

 

 

 

2,342,230

 

 

 

2,360,169

 

 

 

0.13

%

 

N

Integrity Marketing Acquisition, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.32%

 

8/25/2028

 

$

—

 

 

 

(279,651

)

 

 

—

 

 

 

0.00

%

 

K/N

IT Parent, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.60%

 

9.80%

 

10/1/2026

 

$

743,803

 

 

 

734,639

 

 

 

747,522

 

 

 

0.04

%

 

N

IT Parent, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.60%

 

9.80%

 

10/1/2026

 

$

5,834,063

 

 

 

5,762,961

 

 

 

5,863,233

 

 

 

0.33

%

 

N

IT Parent, LLC

 

Sr Secured Revolver

 

Prime

 

1.00%

 

4.50%

 

11.75%

 

10/1/2026

 

$

875,000

 

 

 

864,862

 

 

 

875,000

 

 

 

0.05

%

 

N

IT Parent, LLC

 

First Lien Term Loan

 

SOFR(A)

 

1.00%

 

5.60%

 

9.92%

 

10/1/2026

 

$

3,090,997

 

 

 

3,065,946

 

 

 

3,106,452

 

 

 

0.17

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,654,051

 

 

 

23,366,642

 

 

 

1.31

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Syndigo, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

5.00%

 

9.31%

 

9/2/2032

 

$

—

 

 

 

(7,030

)

 

 

(7,109

)

 

 

0.00

%

 

K/N

Syndigo, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.17%

 

9/2/2032

 

$

5,289,100

 

 

 

5,236,536

 

 

 

5,236,209

 

 

 

0.29

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,229,506

 

 

 

5,229,100

 

 

 

0.29

%

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.15%

 

10.45%

 

11/1/2025

 

$

1,891,323

 

 

 

1,892,441

 

 

 

1,891,323

 

 

 

0.11

%

 

N

Acquia, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.15%

 

10.43%

 

11/1/2026

 

$

25,299,736

 

 

 

25,261,170

 

 

 

25,299,736

 

 

 

1.42

%

 

N

Astra Acquisition Corp. (Anthology)

 

Second Lien Term Loan

 

Prime

 

0.75%

 

9.88%

 

17.13%

 

10/25/2029

 

$

27,879,880

 

 

 

20,205,334

 

 

 

3

 

 

 

0.00

%

 

C/N

Bynder Bidco, Inc. (Netherlands)

 

Sr Secured Revolver A

 

SOFR(S)

 

1.00%

 

6.00%

 

10.14%

 

1/26/2029

 

$

—

 

 

 

(5,220

)

 

 

—

 

 

 

0.00

%

 

H/K/N

Bynder Bidco, Inc. (Netherlands)

 

First Lien Term Loan A

 

SOFR(S)

 

1.00%

 

6.00%

 

10.14%

 

1/26/2029

 

$

4,283,754

 

 

 

4,176,945

 

 

 

4,289,169

 

 

 

0.24

%

 

H/N

Bynder Bidco B.V. (Netherlands)

 

Sr Secured Revolver B

 

SOFR(S)

 

1.00%

 

6.00%

 

10.14%

 

1/26/2029

 

$

—

 

 

 

(18,948

)

 

 

—

 

 

 

0.00

%

 

H/K/N

Bynder Bidco B.V. (Netherlands)

 

First Lien Term Loan B

 

SOFR(S)

 

1.00%

 

6.00%

 

10.14%

 

1/26/2029

 

$

15,528,609

 

 

 

15,142,820

 

 

 

15,548,236

 

 

 

0.87

%

 

H/N

Domo, Inc.

 

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

 

SOFR(Q)

 

1.50%

 

3.00% Cash +5.00% PIK

 

12.19%

 

8/19/2028

 

$

62,250,279

 

 

 

62,250,279

 

 

 

62,250,279

 

 

 

3.50

%

 

N

Domo, Inc.

 

First Lien PIK Term Loan

 

Fixed

 

0.00%

 

9.50% PIK

 

9.50%

 

8/19/2028

 

$

4,051,230

 

 

 

1,561,353

 

 

 

3,877,027

 

 

 

0.22

%

 

N

e-Discovery Acquireco, LLC (Reveal)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.20%

 

8/23/2029

 

$

398,971

 

 

 

389,814

 

 

 

398,971

 

 

 

0.02

%

 

N

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.20%

 

8/23/2029

 

$

5,500,000

 

 

 

5,286,604

 

 

 

5,555,000

 

 

 

0.31

%

 

N

Fishbowl, Inc.

 

First Lien Term Loan (7.5% Exit Fee)

 

SOFR(Q)

 

1.00%

 

5.26% PIK

 

9.26%

 

5/27/2027

 

$

13,333,127

 

 

 

13,224,044

 

 

 

6,293,236

 

 

 

0.35

%

 

C/F/N

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

3.25% Cash + 3.25% PIK

 

10.78%

 

8/29/2029

 

$

2,700,531

 

 

 

2,648,324

 

 

 

2,727,537

 

 

 

0.15

%

 

N

Gympass US, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

3.25% Cash + 3.25% PIK

 

10.78%

 

8/29/2029

 

$

4,961,249

 

 

 

4,979,559

 

 

 

5,010,861

 

 

 

0.28

%

 

N

Magenta Buyer, LLC (McAfee)

 

First Lien First Out Term Loan

 

SOFR(Q)

 

0.75%

 

7.01%

 

11.32%

 

7/27/2028

 

$

2,318,424

 

 

 

2,056,845

 

 

 

1,907,541

 

 

 

0.11

%

 

N

Magenta Buyer, LLC (McAfee)

 

Second Lien Second Out Term Loan

 

SOFR(Q)

 

0.75%

 

7.26%

 

11.57%

 

7/27/2028

 

$

5,578,386

 

 

 

4,604,807

 

 

 

2,465,647

 

 

 

0.14

%

 

N

Magenta Buyer, LLC (McAfee)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

6.25%

 

10.56%

 

7/27/2028

 

$

873,530

 

 

 

864,875

 

 

 

888,598

 

 

 

0.05

%

 

N

Persado, Inc.

 

First Lien Delayed Draw Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

1.80%

 

7.50%

 

11.78%

 

6/10/2027

 

$

5,122,246

 

 

 

5,063,132

 

 

 

4,978,823

 

 

 

0.28

%

 

L/N

Persado, Inc.

 

First Lien Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

1.80%

 

7.50%

 

11.78%

 

6/10/2027

 

$

7,434,095

 

 

 

7,220,166

 

 

 

7,225,940

 

 

 

0.41

%

 

L/N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

3.00% Cash +1.50% PIK

 

8.70%

 

8/22/2029

 

$

5,805,885

 

 

 

5,575,981

 

 

 

5,805,885

 

 

 

0.33

%

 

N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.50% PIK

 

11.70%

 

8/22/2029

 

$

9,714,422

 

 

$

9,364,207

 

 

$

8,852,753

 

 

 

0.50

%

 

N

 

10

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2025

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

3.00% Cash +1.50% PIK

 

8.70%

 

8/22/2029

 

$

3,059,609

 

 

 

3,059,609

 

 

 

3,059,609

 

 

 

0.17

%

 

N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

6.65%

 

10.96%

 

1/24/2028

 

$

9,686,006

 

 

 

9,553,677

 

 

 

9,645,457

 

 

 

0.54

%

 

H/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

0.75%

 

6.65%

 

10.96%

 

1/24/2028

 

$

5,012,679

 

 

 

4,879,630

 

 

 

4,991,694

 

 

 

0.28

%

 

H/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

6.65%

 

10.93%

 

1/24/2028

 

$

—

 

 

 

(11,141

)

 

 

(3,361

)

 

 

0.00

%

 

H/K/N

Suited Connector, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

3.00% Cash + 4.20% PIK

 

11.43%

 

12/1/2027

 

$

929,249

 

 

 

876,116

 

 

 

641,182

 

 

 

0.04

%

 

N

Suited Connector, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

3.00% Cash + 4.20% PIK

 

11.43%

 

12/1/2027

 

$

6,017,615

 

 

 

5,683,988

 

 

 

4,152,154

 

 

 

0.23

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

215,786,411

 

 

 

187,753,300

 

 

 

10.55

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crewline Buyer, Inc. (New Relic)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

6.75%

 

11.08%

 

11/8/2030

 

$

—

 

 

 

(1,623

)

 

 

(327

)

 

 

0.00

%

 

K/N

Crewline Buyer, Inc. (New Relic)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

6.75%

 

10.91%

 

11/8/2030

 

$

1,569,811

 

 

 

1,529,358

 

 

 

1,566,672

 

 

 

0.09

%

 

N

Idera, Inc.

 

Second Lien Term Loan

 

SOFR(Q)

 

0.75%

 

6.75%

 

11.20%

 

2/4/2029

 

$

1,923,186

 

 

 

1,837,399

 

 

 

1,557,781

 

 

 

0.09

%

 

G

Intercept Bidco, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.17%

 

6/3/2030

 

$

1,805,556

 

 

 

1,759,722

 

 

 

1,783,889

 

 

 

0.10

%

 

N

Intercept Bidco, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.17%

 

6/3/2030

 

$

—

 

 

 

—

 

 

 

(5,000

)

 

 

0.00

%

 

K/N

Intercept Bidco, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.32%

 

6/3/2030

 

$

—

 

 

 

—

 

 

 

(3,333

)

 

 

0.00

%

 

K/N

Madison Logic Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

4.73% Cash + 2.37% PIK

 

11.33%

 

12/30/2027

 

$

—

 

 

 

(11,388

)

 

 

(46,644

)

 

 

0.00

%

 

K/N

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

4.73% Cash + 2.37% PIK

 

11.16%

 

12/29/2028

 

$

19,876,699

 

 

 

19,299,064

 

 

 

18,644,344

 

 

 

1.05

%

 

N

Serrano Parent, LLC (Sumo Logic)

 

Sr Secured Revolver

 

SOFR(S)

 

1.00%

 

6.50%

 

10.71%

 

5/12/2030

 

$

—

 

 

 

(2,380

)

 

 

(22,335

)

 

 

0.00

%

 

K/N

Serrano Parent, LLC (Sumo Logic)

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

6.50%

 

10.71%

 

5/12/2030

 

$

6,979,701

 

 

 

6,769,515

 

 

 

6,756,351

 

 

 

0.38

%

 

N

Xactly Corporation

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

6.35%

 

10.55%

 

7/31/2027

 

$

14,671,682

 

 

 

14,671,682

 

 

 

14,671,682

 

 

 

0.83

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,851,349

 

 

 

44,903,080

 

 

 

2.54

%

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

7.10%

 

11.24%

 

12/21/2028

 

$

626,832

 

 

 

615,415

 

 

 

626,832

 

 

 

0.04

%

 

N

Alcami Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

7.15%

 

11.48%

 

12/21/2028

 

$

—

 

 

 

(16,703

)

 

 

—

 

 

 

0.00

%

 

K/N

Alcami Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.15%

 

11.35%

 

12/21/2028

 

$

8,516,665

 

 

 

8,363,223

 

 

 

8,516,665

 

 

 

0.48

%

 

N

DNAnexus, Inc

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

3.00%

 

5.25%

 

9.39%

 

12/18/2029

 

$

1,312,500

 

 

 

1,145,858

 

 

 

1,115,625

 

 

 

0.06

%

 

N

DNAnexus, Inc

 

First Lien Term Loan

 

SOFR(M)

 

3.00%

 

5.25%

 

9.39%

 

12/20/2029

 

$

6,562,500

 

 

 

6,505,120

 

 

 

6,496,875

 

 

 

0.37

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,612,913

 

 

 

16,755,997

 

 

 

0.95

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny’s Enterprises, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.65%

 

9.89%

 

8/5/2028

 

$

19,405,688

 

 

 

19,115,948

 

 

 

18,551,837

 

 

 

1.04

%

 

N

Sonny’s Enterprises, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.65%

 

9.88%

 

8/5/2028

 

$

201,619

 

 

 

199,903

 

 

 

192,748

 

 

 

0.01

%

 

N

Sonny’s Enterprises, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.65%

 

9.64%

 

8/5/2027

 

$

71,131

 

 

 

71,132

 

 

 

63,332

 

 

 

0.00

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,386,983

 

 

 

18,807,917

 

 

 

1.05

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Khoros, LLC (Lithium)

 

First Lien Term Loan

 

Fixed

 

0.00%

 

10.00%

 

10.00%

 

5/23/2030

 

$

5,978,250

 

 

 

5,978,250

 

 

 

5,978,250

 

 

 

0.34

%

 

N

NEP Group, Inc. et al

 

Second Lien Term Loan

 

SOFR(Q)

 

0.00%

 

7.26%

 

11.46%

 

10/19/2026

 

$

17,631,760

 

 

 

17,181,665

 

 

 

16,926,490

 

 

 

0.95

%

 

G/N

Streamland Media Midco LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.00%

 

1.00% Cash + 4.50% PIK

 

9.83%

 

3/31/2029

 

$

42,432

 

 

 

42,432

 

 

 

42,432

 

 

 

0.00

%

 

N

Streamland Media Midco LLC

 

First Out Term Loan

 

SOFR(Q)

 

1.00%

 

1.00% Cash + 4.50% PIK

 

9.76%

 

3/31/2029

 

$

305,031

 

 

 

305,031

 

 

 

305,031

 

 

 

0.02

%

 

N

Streamland Media Midco LLC

 

Last Out Term Loan

 

SOFR(Q)

 

0.00%

 

1.00% Cash + 5.50% PIK

 

10.76%

 

3/31/2029

 

$

276,938

 

 

 

269,999

 

 

 

238,997

 

 

 

0.01

%

 

C/N

Streamland Media Midco LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.76%

 

9.82%

 

3/31/2029

 

$

24,382

 

 

 

24,382

 

 

 

24,382

 

 

 

0.00

%

 

N

Terraboost Media Operating Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

6.65% Cash + 1.31% PIK

 

11.95%

 

8/23/2026

 

$

13,481,095

 

 

 

13,291,178

 

 

 

13,346,284

 

 

 

0.75

%

 

N

TL Voltron Purchaser, LLC (GES)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.25%

 

9.41%

 

12/31/2030

 

$

12,051,786

 

 

 

11,837,148

 

 

 

11,846,905

 

 

 

0.67

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,930,085

 

 

 

48,708,771

 

 

 

2.74

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Palmdale Oil Company, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

6.75%

 

10.90%

 

10/2/2029

 

$

3,268,229

 

 

 

3,135,856

 

 

 

3,268,229

 

 

 

0.18

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.15%

 

10.32%

 

11/30/2029

 

$

1,334,039

 

 

 

1,278,023

 

 

 

634,862

 

 

 

0.04

%

 

C/N

Alpine Acquisition Corp II (48Forty)

 

First Lien Participation Tranche 1 Term Loan

 

SOFR(Q)

 

1.00%

 

6.15%

 

10.32%

 

11/30/2029

 

$

15,163,075

 

 

 

14,863,189

 

 

 

7,216,020

 

 

 

0.41

%

 

C/N

 

11

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2025

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.15%

 

10.32%

 

11/30/2029

 

$

11,409,966

 

 

$

11,250,648

 

 

$

5,429,937

 

 

 

0.31

%

 

C/N

Alpine Acquisition Corp II (48Forty)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

6.15%

 

10.32%

 

11/30/2029

 

$

4,285,044

 

 

 

4,115,767

 

 

 

2,039,228

 

 

 

0.11

%

 

C/N

Alpine Acquisition Corp II (48Forty)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.15%

 

10.32%

 

11/30/2029

 

$

678,014

 

 

 

642,879

 

 

 

232,991

 

 

 

0.01

%

 

C/N

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

1.25%

 

6.65%

 

10.98%

 

12/23/2026

 

$

13,098,646

 

 

 

12,874,569

 

 

 

13,086,858

 

 

 

0.74

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,025,075

 

 

 

28,639,896

 

 

 

1.62

%

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applause App Quality, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.50%

 

5.75%

 

10.07%

 

10/24/2029

 

$

261,544

 

 

 

240,133

 

 

 

253,698

 

 

 

0.01

%

 

N

Applause App Quality, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.50%

 

5.75%

 

9.76%

 

10/24/2029

 

$

13,077,192

 

 

 

12,855,685

 

 

 

12,998,729

 

 

 

0.73

%

 

N

Chronicle Parent LLC (Lexitas)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

9.00%

 

4/15/2031

 

$

215,992

 

 

 

198,224

 

 

 

215,992

 

 

 

0.01

%

 

N

Chronicle Parent LLC (Lexitas)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.00%

 

9.34%

 

4/15/2031

 

$

—

 

 

 

(8,121

)

 

 

—

 

 

 

0.00

%

 

K/N

Chronicle Parent LLC (Lexitas)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

9.32%

 

4/15/2031

 

$

8,320,305

 

 

 

8,241,242

 

 

 

8,320,305

 

 

 

0.47

%

 

N

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

9.31%

 

1/16/2030

 

$

1,461,613

 

 

 

1,405,123

 

 

 

1,461,613

 

 

 

0.08

%

 

N

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

9.31%

 

1/16/2030

 

$

—

 

 

 

(2,643

)

 

 

—

 

 

 

0.00

%

 

K/N

Huckabee Acquisition, LLC (MOREgroup)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.25%

 

9.57%

 

1/16/2030

 

$

—

 

 

 

(1,586

)

 

 

—

 

 

 

0.00

%

 

K/N

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.75%

 

10.07%

 

8/18/2028

 

$

16,380,862

 

 

 

15,996,994

 

 

 

16,055,283

 

 

 

0.90

%

 

N

ICIMS, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

0.75%

 

6.25%

 

10.57%

 

8/18/2028

 

$

4,449,002

 

 

 

4,402,856

 

 

 

4,416,384

 

 

 

0.25

%

 

N

ICIMS, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.75%

 

10.06%

 

8/18/2028

 

$

406,045

 

 

 

396,633

 

 

 

377,222

 

 

 

0.02

%

 

N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Incremental Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.00% PIK

 

11.16%

 

10/13/2028

 

$

5,200,079

 

 

 

5,195,983

 

 

 

5,053,957

 

 

 

0.28

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.00% PIK

 

11.16%

 

10/13/2028

 

$

31,154,875

 

 

 

31,143,915

 

 

 

30,279,423

 

 

 

1.70

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.00% PIK

 

11.16%

 

10/13/2028

 

$

10,384,958

 

 

 

10,381,256

 

 

 

10,093,141

 

 

 

0.57

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.00% PIK

 

11.16%

 

10/13/2028

 

$

4,513,514

 

 

 

4,511,777

 

 

 

4,386,684

 

 

 

0.25

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.00% PIK

 

11.16%

 

10/13/2028

 

$

9,027,027

 

 

 

9,024,087

 

 

 

8,773,368

 

 

 

0.49

%

 

H/L/N

Lighthouse Parent Holdings, Inc (Aperture)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.90%

 

12/20/2031

 

$

2,169,880

 

 

 

2,124,001

 

 

 

2,082,561

 

 

 

0.12

%

 

N

Lighthouse Parent Holdings, Inc (Aperture)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.26%

 

12/20/2031

 

$

—

 

 

 

(25,953

)

 

 

(34,960

)

 

 

0.00

%

 

K/N

Lighthouse Parent Holdings, Inc (Aperture)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

9.07%

 

12/20/2031

 

$

11,981,732

 

 

 

11,851,843

 

 

 

11,802,006

 

 

 

0.66

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

117,931,449

 

 

 

116,535,406

 

 

 

6.54

%

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Community Merger Sub Debt LLC (CINC Systems)

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

5.25%

 

9.41%

 

1/18/2030

 

$

1,571,429

 

 

 

1,502,844

 

 

 

1,568,618

 

 

 

0.09

%

 

N

Community Merger Sub Debt LLC (CINC Systems)

 

First Lien 2025 Incremental Term Loan

 

SOFR(M)

 

0.75%

 

5.25%

 

9.41%

 

1/18/2030

 

$

599,435

 

 

 

594,310

 

 

 

598,362

 

 

 

0.03

%

 

N

Community Merger Sub Debt LLC (CINC Systems)

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

5.25%

 

9.58%

 

1/18/2030

 

$

—

 

 

 

(4,137

)

 

 

(767

)

 

 

0.00

%

 

K/N

Greystone Affordable Housing Initiatives, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

1.25%

 

6.43%

 

10.63%

 

3/2/2026

 

$

6,533,333

 

 

 

6,464,091

 

 

 

6,448,400

 

 

 

0.36

%

 

I/N

Greystone Select Company II, LLC (Passco)

 

First Lien Term Loan

 

SOFR(M)

 

1.50%

 

6.61%

 

10.78%

 

3/21/2027

 

$

12,843,151

 

 

 

12,667,601

 

 

 

12,769,383

 

 

 

0.72

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,224,709

 

 

 

21,383,996

 

 

 

1.20

%

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (Keep Trucking)

 

First Lien Incremental Term Loan 2 (1.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.36%

 

11.53%

 

4/8/2027

 

$

10,119,063

 

 

 

10,081,316

 

 

 

10,068,467

 

 

 

0.57

%

 

L/N

Motive Technologies, Inc. (Keep Trucking)

 

First Lien Incremental Term Loan 1 (1.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.36%

 

11.53%

 

4/8/2027

 

$

13,280,937

 

 

 

13,176,120

 

 

 

13,214,533

 

 

 

0.74

%

 

L/N

Motive Technologies, Inc. (Keep Trucking)

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.36%

 

11.53%

 

4/8/2027

 

$

29,600,000

 

 

 

29,317,345

 

 

 

29,452,000

 

 

 

1.66

%

 

L/N

 

12

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2025

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (Keep Trucking)

 

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

 

SOFR(M)

 

1.00%

 

7.36%

 

11.53%

 

4/8/2027

 

$

2,000,000

 

 

$

1,958,660

 

 

$

1,990,000

 

 

 

0.11

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,533,441

 

 

 

54,725,000

 

 

 

3.08

%

 

 

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.40%

 

10.60%

 

12/29/2027

 

$

6,875,905

 

 

 

6,692,559

 

 

 

4,813,134

 

 

 

0.27

%

 

G/N

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

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.15%

 

10.14%

 

12/29/2026

 

$

2,091,992

 

 

 

1,962,929

 

 

 

1,283,505

 

 

 

0.07

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,655,488

 

 

 

6,096,639

 

 

 

0.34

%

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AlphaSense, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

10.24%

 

6/27/2029

 

$

23,208,319

 

 

 

23,016,286

 

 

 

23,120,309

 

 

 

1.30

%

 

N

AlphaSense, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

10.55%

 

6/27/2029

 

$

—

 

 

 

(46,417

)

 

 

(17,602

)

 

 

0.00

%

 

K/N

Aras Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.00%

 

9.00%

 

4/13/2029

 

$

353,843

 

 

 

351,481

 

 

 

353,843

 

 

 

0.02

%

 

N

Aras Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

9.00%

 

4/13/2029

 

$

17,771,288

 

 

 

17,486,758

 

 

 

17,913,459

 

 

 

1.01

%

 

N

Bluefin Holding, LLC (Allvue)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.25%

 

10.57%

 

9/12/2029

 

$

—

 

 

 

(8,063

)

 

 

—

 

 

 

0.00

%

 

K/N

Bluefin Holding, LLC (Allvue)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.50%

 

8.56%

 

9/12/2029

 

$

11,307,053

 

 

 

10,977,474

 

 

 

11,420,124

 

 

 

0.64

%

 

N

Cart.Com, Inc.

 

First Lien Term Loan (2.5% Exit Fee)

 

SOFR(M)

 

1.50%

 

7.75%

 

11.91%

 

5/30/2029

 

$

26,250,000

 

 

 

25,987,500

 

 

 

25,961,250

 

 

 

1.46

%

 

L/N

Clever Devices Ltd.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

6.00%

 

10.16%

 

6/12/2030

 

$

98,039

 

 

 

79,657

 

 

 

98,039

 

 

 

0.01

%

 

N

Clever Devices Ltd.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

6.00%

 

10.16%

 

6/12/2030

 

$

1,742,647

 

 

 

1,699,081

 

 

 

1,756,588

 

 

 

0.10

%

 

N

Deepl Se (Germany)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

2.50%

 

5.00%

 

9.00%

 

6/26/2030

 

$

—

 

 

 

(9,795

)

 

 

(28,870

)

 

 

0.00

%

 

H/K/N

Deepl Se (Germany)

 

First Lien Term Loan

 

SOFR(Q)

 

2.50%

 

5.00%

 

9.00%

 

6/26/2030

 

$

2,356,713

 

 

 

2,334,501

 

 

 

2,323,719

 

 

 

0.13

%

 

H/N

Deepl Se (Germany)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

2.50%

 

5.00%

 

9.00%

 

6/26/2030

 

$

—

 

 

 

—

 

 

 

2,906

 

 

 

0.00

%

 

H/N

Douglas Holdings, Inc (Docupace)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.13%

 

10.13%

 

8/27/2030

 

$

15,259,318

 

 

 

15,061,587

 

 

 

15,045,688

 

 

 

0.85

%

 

N

Douglas Holdings, Inc (Docupace)

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

1.00%

 

6.13%

 

10.13%

 

8/27/2030

 

$

398,069

 

 

 

374,816

 

 

 

351,628

 

 

 

0.02

%

 

N

Douglas Holdings, Inc (Docupace)

 

First Lien PIK Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

6.13%

 

10.13%

 

8/27/2030

 

$

940,949

 

 

 

940,949

 

 

 

914,570

 

 

 

0.05

%

 

N

Douglas Holdings, Inc (Docupace)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.13%

 

10.13%

 

8/27/2030

 

$

—

 

 

 

(16,334

)

 

 

(18,577

)

 

 

0.00

%

 

K/N

Dragos, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

1.00%

 

5.25%

 

9.42%

 

6/30/2030

 

$

—

 

 

 

(22,793

)

 

 

(24,000

)

 

 

0.00

%

 

K/N

Dragos, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

9.42%

 

6/30/2030

 

$

3,600,000

 

 

 

3,564,551

 

 

 

3,564,000

 

 

 

0.20

%

 

N

Dragos, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

1.00%

 

5.25%

 

9.42%

 

6/30/2030

 

$

—

 

 

 

—

 

 

 

(8,812

)

 

 

0.00

%

 

K/N

Elastic Path Software, Inc. (Canada)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

7.76%

 

11.96%

 

1/6/2026

 

$

3,639,419

 

 

 

3,630,528

 

 

 

3,639,419

 

 

 

0.20

%

 

H/L/N

Elastic Path Software, Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.76%

 

12.04%

 

1/6/2027

 

$

7,326,537

 

 

 

7,304,442

 

 

 

7,326,537

 

 

 

0.41

%

 

H/L/N

FirstUp, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.75%

 

7/13/2027

 

$

418,269

 

 

 

415,064

 

 

 

414,923

 

 

 

0.02

%

 

N

FirstUp, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.75%

 

7/13/2027

 

$

43,005

 

 

 

42,675

 

 

 

42,661

 

 

 

0.00

%

 

N

FirstUp, Inc

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.75%

 

11.05%

 

7/13/2027

 

$

—

 

 

 

(289

)

 

 

(309

)

 

 

0.00

%

 

K/N

Flexport Capital, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

2.00%

 

5.50%

 

9.65%

 

6/30/2029

 

$

—

 

 

 

—

 

 

 

(52,000

)

 

 

0.00

%

 

K/N

Flexport Capital, LLC

 

First Lien Term Loan

 

SOFR(M)

 

2.00%

 

5.50%

 

9.65%

 

6/30/2029

 

$

5,666,667

 

 

 

5,611,049

 

 

 

5,598,667

 

 

 

0.31

%

 

N

Fusion Risk Management, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.99%

 

5/22/2029

 

$

257,143

 

 

 

248,411

 

 

 

255,857

 

 

 

0.01

%

 

N

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.20%

 

5/22/2029

 

$

5,670,157

 

 

 

5,462,680

 

 

 

5,658,816

 

 

 

0.32

%

 

N

G-3 Apollo Acquisition Corp (Appriss Retail)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

9.07%

 

3/10/2031

 

$

6,650,000

 

 

 

6,564,861

 

 

 

6,636,700

 

 

 

0.37

%

 

N

G-3 Apollo Acquisition Corp (Appriss Retail)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

9.07%

 

3/10/2031

 

$

—

 

 

 

(19,532

)

 

 

(2,857

)

 

 

0.00

%

 

K/N

G-3 Apollo Acquisition Corp (Appriss Retail)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.00%

 

9.12%

 

3/10/2031

 

$

95,238

 

 

 

73,810

 

 

 

92,381

 

 

 

0.01

%

 

N

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

2.50% Cash + 4.125% PIK

 

10.63%

 

7/9/2029

 

$

2,496,463

 

 

 

2,387,549

 

 

 

2,463,502

 

 

 

0.14

%

 

N

GTY Technology Holdings Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

0.75%

 

2.50% Cash + 4.125% PIK

 

10.63%

 

7/9/2029

 

$

3,056,701

 

 

 

3,016,189

 

 

 

3,016,343

 

 

 

0.17

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

2.50% Cash + 4.125% PIK

 

10.63%

 

7/9/2029

 

$

1,930,878

 

 

 

1,850,079

 

 

 

1,905,384

 

 

 

0.11

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

2.50% Cash + 4.125% PIK

 

10.63%

 

7/9/2029

 

$

1,481,734

 

 

 

1,429,055

 

 

 

1,462,171

 

 

 

0.08

%

 

N

 

13

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2025

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity/
Expiration

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GTY Technology Holdings Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.00%

 

7/9/2029

 

$

370,023

 

 

$

346,003

 

 

$

349,667

 

 

 

0.02

%

 

N

Honey Intermediate, Inc. (iLobby) (Canada)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

2.88% Cash +3.38% PIK

 

10.41%

 

9/30/2030

 

$

18,260,479

 

 

 

18,026,892

 

 

 

17,968,311

 

 

 

1.01

%

 

H/N

Honey Intermediate, Inc. (iLobby) (Canada)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

2.88% Cash +3.38% PIK

 

10.58%

 

9/26/2030

 

$

—

 

 

 

(29,482

)

 

 

(37,647

)

 

 

0.00

%

 

H/K/N

Integrate.com, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.65% Cash +2.25% PIK

 

10.90%

 

12/17/2027

 

$

5,676,306

 

 

 

5,574,188

 

 

 

5,457,798

 

 

 

0.31

%

 

N

Integrate.com, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

4.65% Cash +2.25% PIK

 

10.90%

 

12/17/2027

 

$

360,757

 

 

 

354,367

 

 

 

346,870

 

 

 

0.02

%

 

N

Integrate.com, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

4.65% Cash +2.25% PIK

 

10.90%

 

12/17/2027

 

$

301,811

 

 

 

289,652

 

 

 

290,192

 

 

 

0.02

%

 

N

Integrate.com, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

4.65% Cash +2.25% PIK

 

10.90%

 

12/17/2027

 

$

468,481

 

 

 

464,299

 

 

 

449,908

 

 

 

0.03

%

 

N

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Last Out Term Loan

 

SOFR(Q)

 

0.75%

 

7.50%

 

11.73%

 

8/5/2028

 

$

8,017,052

 

 

 

7,744,659

 

 

 

7,903,459

 

 

 

0.44

%

 

N

Logicmonitor, Inc

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.78%

 

11/19/2031

 

$

—

 

 

 

(557

)

 

 

(586

)

 

 

0.00

%

 

K/N

Logicmonitor, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.81%

 

11/19/2031

 

$

405,983

 

 

 

401,612

 

 

 

401,294

 

 

 

0.02

%

 

N

Nvest, Inc. (SigFig)

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

7.50%

 

11.78%

 

9/15/2026

 

$

7,116,917

 

 

 

7,118,788

 

 

 

7,058,205

 

 

 

0.40

%

 

N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

3.00% Cash + 3.50% PIK

 

10.73%

 

5/9/2028

 

$

26,491,828

 

 

 

26,154,316

 

 

 

26,500,504

 

 

 

1.49

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.50%

 

10.80%

 

5/9/2028

 

$

—

 

 

 

(15,874

)

 

 

—

 

 

 

0.00

%

 

H/K/N

Thunder Purchaser, Inc. (Vector Solutions)

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.40%

 

9.40%

 

6/30/2028

 

$

4,026,927

 

 

 

3,988,189

 

 

 

3,982,608

 

 

 

0.22

%

 

N

Thunder Purchaser, Inc. (Vector Solutions)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

5.40%

 

9.40%

 

6/30/2028

 

$

2,255,079

 

 

 

2,237,692

 

 

 

2,236,500

 

 

 

0.13

%

 

N

Trintech, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

5.50%

 

9.66%

 

7/25/2029

 

$

60,857

 

 

 

55,506

 

 

 

57,800

 

 

 

0.00

%

 

N

Trintech, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.50%

 

9.66%

 

7/25/2029

 

$

2,720,542

 

 

 

2,609,027

 

 

 

2,681,500

 

 

 

0.15

%

 

N

Zendesk Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.00%

 

11/22/2028

 

$

5,661,797

 

 

 

5,523,804

 

 

 

5,661,797

 

 

 

0.32

%

 

N

Zendesk Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.00%

 

11/22/2028

 

$

434,975

 

 

 

440,815

 

 

 

434,976

 

 

 

0.02

%

 

N

Zendesk Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.32%

 

11/22/2028

 

$

—

 

 

 

(572

)

 

 

—

 

 

 

0.00

%

 

K/N

Zilliant Incorporated

 

First Lien Term Loan (0.5% Exit Fee)

 

SOFR(M)

 

0.75%

 

2.10% Cash + 5.00% PIK

 

11.26%

 

12/21/2027

 

$

3,549,742

 

 

 

3,445,069

 

 

 

3,393,553

 

 

 

0.19

%

 

L/N

Zilliant Incorporated

 

First Lien Delayed Draw Term Loan (0.5% Exit Fee)

 

SOFR(M)

 

0.75%

 

2.10% Cash + 5.00% PIK

 

11.26%

 

12/21/2027

 

$

649,959

 

 

 

636,234

 

 

 

621,361

 

 

 

0.03

%

 

L/N

Zilliant Incorporated

 

Sr Secured Revolver (0.5% Exit Fee)

 

SOFR(M)

 

0.75%

 

2.10% Cash + 5.00% PIK

 

11.26%

 

12/21/2027

 

$

—

 

 

 

(1,727

)

 

 

(13,037

)

 

 

0.00

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

225,150,710

 

 

 

226,931,490

 

 

 

12.76

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.50%

 

10.50%

 

8/15/2028

 

$

24,302,848

 

 

 

23,794,016

 

 

 

23,865,397

 

 

 

1.34

%

 

G/N

Hanna Andersson, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.35%

 

10.66%

 

7/2/2026

 

$

10,336,041

 

 

 

10,194,393

 

 

 

10,336,041

 

 

 

0.58

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,988,409

 

 

 

34,201,438

 

 

 

1.92

%

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

6.50%

 

10.70%

 

4/25/2031

 

$

34,673,627

 

 

 

34,379,622

 

 

 

35,193,732

 

 

 

1.98

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(A)

 

1.00%

 

6.25%

 

10.31%

 

9/8/2027

 

$

22,222,222

 

 

 

21,982,866

 

 

 

22,222,222

 

 

 

1.25

%

 

N

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(A)

 

1.00%

 

6.25%

 

10.31%

 

9/8/2027

 

$

3,195,681

 

 

 

3,124,961

 

 

 

3,195,681

 

 

 

0.18

%

 

N

James Perse Enterprises, Inc.

 

Sr Secured Revolver

 

SOFR(A)

 

1.00%

 

6.25%

 

10.51%

 

9/8/2027

 

$

842,839

 

 

 

862,455

 

 

 

842,839

 

 

 

0.05

%

 

N

PSEB, LLC (Eddie Bauer)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.65%

 

10.85%

 

12/30/2026

 

$

17,359,388

 

 

 

17,278,212

 

 

 

17,359,388

 

 

 

0.98

%

 

N

PSEB, LLC (Eddie Bauer)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

6.65%

 

10.85%

 

12/30/2026

 

$

6,765,612

 

 

 

6,749,305

 

 

 

6,765,612

 

 

 

0.38

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,997,799

 

 

 

50,385,742

 

 

 

2.84

%

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenMarket, Inc. (Infobip) (United Kingdom)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.75%

 

9.75%

 

6/11/2029

 

$

14,402,625

 

 

 

14,159,267

 

 

 

14,253,110

 

 

 

0.80

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 208.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,607,674,737

 

 

 

1,540,587,481

 

 

 

86.66

%

 

 

 

14

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2025

 

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AA Acquisition Aggregator, LLC (AutoAlert)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

540,248

 

 

$

9,085,917

 

 

$

5,190,704

 

 

 

0.29

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading Holdings, LLC

 

Warrants to Purchase Membership Units

 

 

 

 

 

 

 

 

 

2/7/2030

 

 

7,191

 

 

 

673,788

 

 

 

1,341,783

 

 

 

0.08

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGY Equity, LLC

 

Class A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

5,982,385

 

 

 

485,322

 

 

 

60

 

 

 

0.00

%

 

D/E/N

AGY Equity, LLC

 

Class B Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

4,187,669

 

 

 

—

 

 

 

42

 

 

 

0.00

%

 

D/E/N

AGY Equity, LLC

 

Class C Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

3,290,312

 

 

 

—

 

 

 

33

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

485,322

 

 

 

135

 

 

 

0.00

%

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

171,813

 

 

 

285,933

 

 

 

2

 

 

 

0.00

%

 

D/E/N

Kellermeyer Bergensons Services, LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

171,813

 

 

 

—

 

 

 

2

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

285,933

 

 

 

4

 

 

 

0.00

%

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Homerenew Buyer, Inc. (Renovo)

 

Class A Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

6,165

 

 

 

2,203,054

 

 

 

931,157

 

 

 

0.05

%

 

B/D/E/N

Homerenew Buyer, Inc. (Renovo)

 

Class B-1 Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

9,908

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

B/D/E/N

Homerenew Buyer, Inc. (Renovo)

 

Class C-1 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

15,501

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

B/D/E/N

Hylan Global LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

738,447

 

 

 

738,447

 

 

 

7

 

 

 

0.00

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,941,501

 

 

 

931,164

 

 

 

0.05

%

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Infinite Commerce Holdings LLC (Razor)

 

Series A-3 Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

41,346,557

 

 

 

—

 

 

 

413

 

 

 

0.00

%

 

D/E/N

Infinite Commerce Holdings LLC (Razor)

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

196,805

 

 

 

—

 

 

 

2

 

 

 

0.00

%

 

D/E/N

Infinite Commerce Holdings LLC (Razor)

 

Series A Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

10,173,792

 

 

 

—

 

 

 

102

 

 

 

0.00

%

 

D/E/N

SellerX Germany GMBH & Co. KG (Germany)

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

706,179

 

 

 

8,197

 

 

 

7

 

 

 

0.00

%

 

B/D/E/H/N

Vingil Holdings 2 S.a r.l (Germany)

 

Preferred Units

 

 

 

 

 

 

 

 

 

 

 

48,576,519

 

 

 

15,107,298

 

 

 

13,601,425

 

 

 

0.77

%

 

B/D/E/H/N

Thras.io, LLC

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

291,605

 

 

 

—

 

 

 

3

 

 

 

0.00

%

 

D/E/N

TVG-Edmentum Holdings, LLC

 

Series B-1 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

24,166,714

 

 

 

13,900,952

 

 

 

0.78

%

 

B/D/E/N

TVG-Edmentum Holdings, LLC

 

Series B-2 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

13,421,162

 

 

 

13,900,952

 

 

 

0.78

%

 

B/D/E/N

TVG-Edmentum Holdings, LLC

 

Series C-2 Preferred Units

 

Fixed

 

 

 

 

 

15.00%

 

 

 

 

2,542

 

 

 

6,128,156

 

 

 

8,198,047

 

 

 

0.46

%

 

B/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

58,831,527

 

 

 

49,601,903

 

 

 

2.79

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

28,277,397

 

 

 

33,645,650

 

 

 

51,054,000

 

 

 

2.87

%

 

E/F/N

Gordon Brothers Finance Company

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

10,612

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/F/N

Gordon Brothers Finance Company

 

Preferred Stock

 

Fixed

 

 

 

 

 

13.50%

 

 

 

 

34,285

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

F/N

Worldremit Group Limited (United Kingdom)

 

Series X Shares

 

 

 

 

 

 

 

 

 

 

 

 

3,721

 

 

 

373,524

 

 

 

426,774

 

 

 

0.02

%

 

D/E/H/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

 

2/11/2031

 

 

42,482

 

 

 

28,022

 

 

 

35,463

 

 

 

0.00

%

 

D/E/H/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series E Stock

 

 

 

 

 

 

 

 

 

8/17/2031

 

 

508

 

 

 

61

 

 

 

16

 

 

 

0.00

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,047,257

 

 

 

51,516,253

 

 

 

2.89

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia Holdings Limited (United Kingdom)

 

Class B Shares

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

10

 

 

 

0.00

%

 

D/E/F/H/N

Conergy Asia Holdings Limited (United Kingdom)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

5,318,860

 

 

 

7,833,333

 

 

 

53

 

 

 

0.00

%

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

2,332,594

 

 

 

—

 

 

 

23

 

 

 

0.00

%

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Series B Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

93,023

 

 

 

1,395,349

 

 

 

1

 

 

 

0.00

%

 

D/E/F/H/N

Utilidata, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

29,593

 

 

 

216,336

 

 

 

13,399

 

 

 

0.00

%

 

D/E/N

Utilidata, Inc.

 

Series A-2 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

257,369

 

 

 

153,398

 

 

 

137,887

 

 

 

0.01

%

 

D/E/N

 

15

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2025

 

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utilidata, Inc.

 

Series A-1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

500,000

 

 

$

500,000

 

 

$

229,978

 

 

 

0.01

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,098,416

 

 

 

381,351

 

 

 

0.02

%

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

9/12/2029

 

 

2,088,152

 

 

 

275,200

 

 

 

2,035,555

 

 

 

0.11

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stitch Holdings, L.P.

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

5,910

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

49,792

 

 

 

1,543,054

 

 

 

788,705

 

 

 

0.04

%

 

D/N

Domo, Inc.

 

Warrants to Purchase Class B Common Stock

 

 

 

 

 

 

 

 

 

2/17/2028

 

 

94,136

 

 

 

—

 

 

 

1,490,270

 

 

 

0.08

%

 

D/N

Domo, Inc.

 

Warrants to Purchase Class B Common Stock

 

 

 

 

 

 

 

 

 

2/17/2028

 

 

482,404

 

 

 

—

 

 

 

7,636,950

 

 

 

0.43

%

 

D/N

Fishbowl, Inc.

 

Common Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

604,479

 

 

 

787,032

 

 

 

6

 

 

 

0.00

%

 

D/E/F/N

Foursquare Labs, Inc.

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

5/4/2027

 

 

2,187,500

 

 

 

508,805

 

 

 

145,341

 

 

 

0.01

%

 

D/E/N

Igloo Parent Holdings LLC (InMoment)

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

97

 

 

 

7,661,666

 

 

 

7,987,941

 

 

 

0.45

%

 

D/E/I/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

8/15/2027

 

 

1,327,869

 

 

 

212,360

 

 

 

2,837,758

 

 

 

0.16

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

12/18/2025

 

 

1,049,996

 

 

 

276,492

 

 

 

2,276,807

 

 

 

0.13

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

10/3/2028

 

 

1,511,002

 

 

 

93,407

 

 

 

2,731,678

 

 

 

0.15

%

 

D/E/H/N

Pluralsight, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

2,865,672

 

 

 

7,995,225

 

 

 

29

 

 

 

0.00

%

 

D/E/N

ResearchGate Corporation (Germany)

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

10/30/2029

 

 

333,370

 

 

 

202,001

 

 

 

30,604

 

 

 

0.00

%

 

D/E/H/N/O

SnapLogic, Inc.

 

Warrants to Purchase Series Preferred Stock

 

 

 

 

 

 

 

 

 

3/19/2028

 

 

1,860,000

 

 

 

377,722

 

 

 

5,653,353

 

 

 

0.32

%

 

D/E/N

SuCo Investors, LP (Suited Connector)

 

Warrants to Purchase Class A Units

 

 

 

 

 

 

 

 

 

3/6/2033

 

 

44,928

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,657,764

 

 

 

31,579,442

 

 

 

1.77

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelis (SVC), LLC

 

Preferred Unit-C

 

 

 

 

 

 

 

 

 

 

 

 

657,932

 

 

 

2,001,384

 

 

 

7

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Khoros, LLC (Lithium)

 

Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

63,768

 

 

 

1,302,031

 

 

 

1,468,577

 

 

 

0.08

%

 

D/E/N

MBS Parent, LLC

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

546

 

 

 

21,204

 

 

 

231,354

 

 

 

0.01

%

 

D/E/N

Quora, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

4/11/2029

 

 

507,704

 

 

 

65,245

 

 

 

46,208

 

 

 

0.00

%

 

D/E/N

Streamland Media Holdings LLC

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

2,636

 

 

 

134,515

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,522,995

 

 

 

1,746,139

 

 

 

0.09

%

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48forty Intermediate Holdings, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

4,335

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inotiv, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

14,578

 

 

 

—

 

 

 

21,138

 

 

 

0.00

%

 

D/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anacomp, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

1,255,527

 

 

 

26,711,048

 

 

 

1,155,295

 

 

 

0.06

%

 

D/E/F/N

JobandTalent USA, Inc. (United Kingdom)

 

F1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

255,112

 

 

 

3,207,662

 

 

 

13,786,252

 

 

 

0.78

%

 

D/E/H/N

JobandTalent USA, Inc. (United Kingdom)

 

F3 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

17,007

 

 

 

—

 

 

 

902,221

 

 

 

0.05

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,918,710

 

 

 

15,843,768

 

 

 

0.89

%

 

 

 

16

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2025

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (Keep Trucking)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

825,000

 

 

$

825,000

 

 

$

775,500

 

 

 

0.04

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grey Orange International Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

5/6/2032

 

 

10,538

 

 

 

546

 

 

 

2,108

 

 

 

0.00

%

 

D/E/N

Tradeshift, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

3/6/2027

 

 

1,712,930

 

 

 

577,843

 

 

 

17

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

578,389

 

 

 

2,125

 

 

 

0.00

%

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Holdco, Inc. (Ohio Transmission Corp.)

 

Preferred Stock

 

Fixed

 

 

 

 

 

12.50%

 

 

 

 

9,586

 

 

 

15,108,855

 

 

 

15,136,965

 

 

 

0.85

%

 

E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 23.8% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

187,337,958

 

 

 

176,103,936

 

 

 

9.91

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 232.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,795,012,695

 

 

$

1,716,691,417

 

 

 

96.57

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 8.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

60,994,300

 

 

 

3.43

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 240.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,777,685,717

 

 

 

100.00

%

 

M

 

 

17

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

September 30, 2025

Notes to Consolidated Schedule of Investments:

(A)
Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the “Securities Act”). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
(B)
Non-controlled affiliate – as defined under the Investment Company Act of 1940, as amended (the “1940 Act”) (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.
(C)
Non-accruing debt investment.
(D)
Other non-income producing investment.
(E)
Restricted security. (See Note 2)
(F)
Controlled issuer – as defined under the 1940 Act (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates.
(G)
Investment has been segregated to collateralize certain unfunded commitments.
(H)
Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(I)
Deemed an investment company under Section 3(c) of the 1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(J)
Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(K)
Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.
(L)
In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
(M)
All cash and investments, except those referenced in Note G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.
(N)
Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.
(O)
Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to U.S. dollars. Foreign currency denominated investments are generally hedged for currency exposure.

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

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $240,645,891 and $272,118,126, respectively, for the nine months ended September 30, 2025. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of September 30, 2025 was $1,706,754,354 or 96.0% of total cash and investments of the Company. As of September 30, 2025, approximately 16.7% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

18

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments

December 31, 2024

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skydio, Inc

 

First Lien Delayed Draw Term Loan B

 

SOFR(M)

 

2.50%

 

 

2.75% Cash + 2.75% PIK

 

10.02%

 

12/4/2029

 

$

—

 

 

$

(129,218

)

 

$

(131,250

)

 

 

-0.01

%

 

K/N

Skydio, Inc

 

First Lien Term Loan

 

SOFR(M)

 

2.50%

 

 

2.75% Cash + 2.75% PIK

 

10.02%

 

12/4/2029

 

$

13,125,000

 

 

 

12,995,270

 

 

 

12,993,750

 

 

 

0.69

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,866,052

 

 

 

12,862,500

 

 

 

0.68

%

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

7.01%

 

11.34%

 

2/25/2026

 

$

7,734,970

 

 

 

7,640,976

 

 

 

7,688,560

 

 

 

0.41

%

 

G/N

ALCV Purchaser, Inc. (AutoLenders)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

 

7.01%

 

11.34%

 

2/25/2026

 

$

896,404

 

 

 

886,220

 

 

 

891,025

 

 

 

0.05

%

 

G/N

AutoAlert, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.40%

 

9.99%

 

3/31/2028

 

$

18,812,631

 

 

 

18,812,631

 

 

 

18,812,631

 

 

 

1.00

%

 

F/N

AutoAlert, LLC

 

Second Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

 

9.40% PIK

 

13.99%

 

3/31/2029

 

$

10,718,897

 

 

 

10,718,897

 

 

 

10,718,897

 

 

 

0.57

%

 

F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,058,724

 

 

 

38,111,113

 

 

 

2.03

%

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Distribution Technologies Inc

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

6.00%

 

10.55%

 

8/1/2030

 

$

2,000,421

 

 

 

1,961,606

 

 

 

1,976,416

 

 

 

0.10

%

 

N

Porcelain Acquisition Corporation (Paramount)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

6.10%

 

10.43%

 

4/30/2027

 

$

9,452,421

 

 

 

9,215,178

 

 

 

8,422,107

 

 

 

0.45

%

 

N

Trulite Holding Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

6.00%

 

10.59%

 

2/22/2030

 

$

1,635,417

 

 

 

1,579,667

 

 

 

1,633,372

 

 

 

0.09

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,756,451

 

 

 

12,031,895

 

 

 

0.64

%

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.50%

 

 

7.51%

 

12.17%

 

2/8/2027

 

$

22,291,007

 

 

 

22,198,712

 

 

 

22,268,716

 

 

 

1.18

%

 

N

Pico Quantitative Trading, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.50%

 

 

7.51%

 

12.10%

 

2/8/2027

 

$

17,285,388

 

 

 

17,165,438

 

 

 

17,129,820

 

 

 

0.91

%

 

N

PMA Parent Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

5.25%

 

9.58%

 

1/31/2031

 

$

5,236,875

 

 

 

4,986,030

 

 

 

5,247,349

 

 

 

0.28

%

 

N

PMA Parent Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

 

5.25%

 

9.58%

 

1/31/2031

 

$

—

 

 

 

(13,344

)

 

 

—

 

 

 

0.00

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,336,836

 

 

 

44,645,885

 

 

 

2.37

%

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apollo Group Holdco, LLC (Topsail)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

6.00%

 

10.33%

 

12/26/2030

 

$

500,000

 

 

 

490,006

 

 

 

490,000

 

 

 

0.03

%

 

N

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

1.90% Cash + 3.50% PIK

 

9.99%

 

11/6/2028

 

$

1,333,891

 

 

 

1,299,716

 

 

 

1,333,891

 

 

 

0.07

%

 

N

Kellermeyer Bergensons Services, LLC

 

Subordinated Term Loan

 

SOFR(Q)

 

1.00%

 

 

1.15% Cash + 7.00% PIK

 

12.74%

 

11/6/2028

 

$

588,214

 

 

 

373,598

 

 

 

588,214

 

 

 

0.03

%

 

N

Modigent, LLC (Pueblo)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

6.50%

 

10.83%

 

8/23/2028

 

$

1,693,151

 

 

 

1,625,755

 

 

 

1,671,292

 

 

 

0.09

%

 

N

Modigent, LLC (Pueblo)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

 

6.50%

 

10.83%

 

8/23/2028

 

$

1,174,408

 

 

 

1,131,768

 

 

 

1,159,247

 

 

 

0.06

%

 

N

Modigent, LLC (Pueblo)

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

 

6.50%

 

10.83%

 

8/23/2028

 

$

707,766

 

 

 

659,082

 

 

 

678,788

 

 

 

0.04

%

 

N

Modigent, LLC (Pueblo)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

 

6.50%

 

10.83%

 

8/23/2027

 

$

425,793

 

 

 

413,629

 

 

 

419,925

 

 

 

0.02

%

 

N

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

7.10%

 

11.91%

 

8/31/2029

 

$

10,383,054

 

 

 

10,152,539

 

 

 

10,383,054

 

 

 

0.55

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,146,093

 

 

 

16,724,411

 

 

 

0.89

%

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated E1 Term Loan

 

Fixed

 

 

—

 

 

12.50% PIK

 

12.50%

 

6/30/2025

 

$

88,455

 

 

 

58,350

 

 

 

—

 

 

 

0.00

%

 

C/H/N

 

19

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

 

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated E2 Term Loan

 

Fixed

 

 

—

 

 

12.50% PIK

 

12.50%

 

6/30/2025

 

$

265,368

 

 

$

174,283

 

 

$

-

 

 

 

0.00

%

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated F Term Loan

 

Fixed

 

 

—

 

 

12.50% PIK

 

12.50%

 

6/30/2025

 

$

1,071,041

 

 

 

650,880

 

 

 

—

 

 

 

0.00

%

 

C/H/N

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Subordinated G Term Loan

 

Fixed

 

 

—

 

 

12.50% PIK

 

12.50%

 

6/30/2025

 

$

315,185

 

 

 

198,154

 

 

 

—

 

 

 

0.00

%

 

C/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,081,667

 

 

 

—

 

 

 

0.00

%

 

 

Construction and Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Homerenew Buyer, Inc. (Renovo)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

8.60% PIK

 

12.96%

 

11/23/2027

 

$

8,894,358

 

 

 

7,953,937

 

 

 

3,193,859

 

 

 

0.17

%

 

C/N

Homerenew Buyer, Inc. (Renovo)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

9.10% PIK

 

13.44%

 

11/23/2027

 

$

822,292

 

 

 

806,814

 

 

 

822,292

 

 

 

0.04

%

 

N

Homerenew Buyer, Inc. (Renovo)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

 

8.60% PIK

 

12.96%

 

11/23/2027

 

$

6,471,731

 

 

 

5,948,389

 

 

 

2,323,466

 

 

 

0.12

%

 

C/N

Homerenew Buyer, Inc. (Renovo)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

 

8.60% PIK

 

12.94%

 

11/23/2027

 

$

2,091,019

 

 

 

1,885,901

 

 

 

750,429

 

 

 

0.04

%

 

C/N

Homerenew Buyer, Inc. (Renovo)

 

First Lien Term Loan

 

SOFR(M)

 

2.50%

 

 

11.10% PIK

 

15.44%

 

3/13/2025

 

$

1,802,075

 

 

 

1,509,083

 

 

 

1,802,075

 

 

 

0.10

%

 

N

Homerenew Buyer, Inc. (Renovo)

 

First Lien Term Loan

 

SOFR(M)

 

2.50%

 

 

9.10% PIK

 

13.54%

 

3/13/2025

 

$

367,667

 

 

 

363,290

 

 

 

367,667

 

 

 

0.02

%

 

N

Homerenew Buyer, Inc. (Renovo)

 

First Lien Term Loan

 

SOFR(M)

 

2.50%

 

 

11.10% PIK

 

15.46%

 

3/13/2025

 

$

1,008,793

 

 

 

889,617

 

 

 

1,008,793

 

 

 

0.05

%

 

N

Hylan Intermediate Holding II, LLC

 

First Lien Term Loan

 

SOFR(M)

 

2.00%

 

 

6.25%

 

10.80%

 

4/5/2029

 

$

11,709,782

 

 

 

11,575,692

 

 

 

11,376,522

 

 

 

0.60

%

 

B/N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.00%

 

9.51%

 

2/1/2030

 

$

2,782,103

 

 

 

2,743,656

 

 

 

2,793,231

 

 

 

0.15

%

 

N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.00%

 

9.53%

 

2/1/2030

 

$

6,796,324

 

 

 

6,593,218

 

 

 

6,823,509

 

 

 

0.36

%

 

N

PlayPower, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

5.25%

 

9.58%

 

8/28/2030

 

$

8,665,152

 

 

 

8,538,830

 

 

 

8,621,826

 

 

 

0.46

%

 

N

PlayPower, Inc

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

 

5.25%

 

9.58%

 

8/28/2030

 

$

—

 

 

 

(18,610

)

 

 

(17,333

)

 

 

0.00

%

 

K/N

Titan Home Improvement, LLC (Renuity)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.75%

 

10.26%

 

5/31/2030

 

$

1,855,814

 

 

 

1,809,419

 

 

 

1,857,670

 

 

 

0.10

%

 

N

Titan Home Improvement, LLC (Renuity)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.75%

 

10.26%

 

5/31/2030

 

$

—

 

 

 

—

 

 

 

349

 

 

 

0.00

%

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

5.00%

 

9.36%

 

9/4/2029

 

$

1,539,980

 

 

 

1,485,512

 

 

 

1,524,580

 

 

 

0.08

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

 

5.00%

 

9.36%

 

9/4/2029

 

$

1,281,179

 

 

 

1,280,384

 

 

 

1,268,367

 

 

 

0.07

%

 

N

Vortex Companies, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

 

5.00%

 

9.36%

 

9/4/2029

 

$

15,411

 

 

 

14,863

 

 

 

13,848

 

 

 

0.00

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,379,995

 

 

 

44,531,150

 

 

 

2.36

%

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

 

9.25%

 

13.53%

 

9/21/2027

 

$

12,376,001

 

 

 

12,000,219

 

 

 

12,066,601

 

 

 

0.64

%

 

N

Freedom Financial Network Funding, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

1.00%

 

 

9.25%

 

13.66%

 

9/21/2027

 

$

4,125,334

 

 

 

4,000,528

 

 

 

4,022,200

 

 

 

0.21

%

 

N

Lucky US BuyerCo, LLC (Global Payments)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

 

7.50%

 

11.83%

 

3/30/2029

 

$

333,500

 

 

 

323,357

 

 

 

322,806

 

 

 

0.02

%

 

N

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

7.50%

 

11.83%

 

3/30/2029

 

$

4,276,012

 

 

 

4,125,110

 

 

 

4,193,741

 

 

 

0.22

%

 

N

Money Transfer Acquisition Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

8.35%

 

12.92%

 

12/14/2027

 

$

8,249,426

 

 

 

8,083,104

 

 

 

8,166,931

 

 

 

0.43

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,532,318

 

 

 

28,772,279

 

 

 

1.52

%

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Holding, Inc. (Brook & Whittle)

 

Second Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

7.65%

 

12.16%

 

12/14/2029

 

$

17,639,207

 

 

 

16,860,816

 

 

 

15,116,800

 

 

 

0.80

%

 

N

PVHC Holding Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

2.50%

 

 

6.15% Cash + 0.75% PIK

 

11.18%

 

2/17/2027

 

$

5,037,221

 

 

 

4,902,190

 

 

 

5,075,000

 

 

 

0.27

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,763,006

 

 

 

20,191,800

 

 

 

1.07

%

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

6.25%

 

10.58%

 

9/14/2029

 

$

3,589,924

 

 

$

3,456,341

 

 

$

3,528,788

 

 

 

0.19

%

 

N

Fusion Holding Corp. (Finalsite)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

 

6.25%

 

10.58%

 

9/15/2027

 

$

—

 

 

 

(2,326

)

 

 

(4,085

)

 

 

0.00

%

 

K/N

Razor Group Holdings II, Inc. (Germany)

 

First Lien A Term Loan

 

Fixed

 

 

—

 

 

2.50% Cash + 5.00% PIK

 

7.50%

 

9/30/2028

 

$

61,293,641

 

 

 

59,486,911

 

 

 

23,230,290

 

 

 

1.23

%

 

C/H/N

 

 

 

20

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Razor Group Holdings II, Inc. (Germany)

 

First Lien C Term Loan

 

Fixed

 

 

—

 

 

3.50% Cash + 3.50% PIK

 

 

7.00%

 

 

9/30/2028

 

$

6,669,599

 

 

 

6,114,187

 

 

 

—

 

 

 

0.00

%

 

C/H/N

Razor Group Holdings II, Inc. (Germany)

 

First Out Delayed Draw Term Loan

 

Fixed

 

0.00%

 

 

15.00%

 

 

15.00%

 

 

9/15/2027

 

$

1,353,054

 

 

 

1,353,054

 

 

 

2,018,756

 

 

 

0.11

%

 

H/N

SellerX Germany GmbH (Germany)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.00%

 

 

5.00%

 

 

9.57%

 

 

10/28/2026

 

$

807,613

 

 

 

795,100

 

 

 

807,613

 

 

 

0.04

%

 

H/N

SellerX Germany GmbH (Germany)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.00%

 

 

9.00%

 

 

13.49%

 

 

11/22/2029

 

$

1,346,023

 

 

 

1,346,022

 

 

 

1,346,022

 

 

 

0.07

%

 

H/N

SellerX Germany GmbH (Germany)

 

First Lien A1 Term Loan

 

SOFR(Q)

 

2.00%

 

 

4.50% Cash + 4.50% PIK

 

 

14.33%

 

 

5/23/2026

 

$

25,602,703

 

 

 

24,990,837

 

 

 

16,206,511

 

 

 

0.86

%

 

C/H/N

SellerX Germany GmbH (Germany)

 

First Lien A2 Term Loan

 

SOFR(Q)

 

2.00%

 

 

4.50% Cash + 4.50% PIK

 

 

14.33%

 

 

5/23/2026

 

$

29,374,777

 

 

 

28,655,901

 

 

 

18,594,234

 

 

 

0.99

%

 

C/H/N

Thras.io, LLC

 

First Out Term Loan

 

SOFR(Q)

 

1.00%

 

 

10.26% PIK

 

 

14.55%

 

 

6/18/2029

 

$

5,701,730

 

 

 

5,571,982

 

 

 

5,701,730

 

 

 

0.30

%

 

N

Thras.io, LLC

 

Second Out Term Loan

 

SOFR(Q)

 

1.00%

 

 

10.26% PIK

 

 

14.55%

 

 

6/18/2029

 

$

16,540,161

 

 

 

13,669,214

 

 

 

14,092,217

 

 

 

0.75

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

145,437,223

 

 

 

85,522,076

 

 

 

4.54

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed (Q)

 

 

—

 

 

12.00%

 

 

12.00%

 

 

11/30/2025

 

$

59,756,438

 

 

 

59,756,438

 

 

 

59,756,438

 

 

 

3.17

%

 

E/F/N

Accordion Partners LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

 

5.25%

 

 

9.58%

 

 

11/15/2031

 

$

—

 

 

 

(3,220

)

 

 

(3,281

)

 

 

0.00

%

 

K/N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

 

5.25%

 

 

9.58%

 

 

11/15/2031

 

$

—

 

 

 

(4,830

)

 

 

(4,921

)

 

 

0.00

%

 

K/N

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

5.25%

 

 

9.58%

 

 

11/15/2031

 

$

5,905,719

 

 

 

5,876,190

 

 

 

5,876,190

 

 

 

0.31

%

 

N

Accuserve Solutions, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

 

5.25%

 

 

10.03%

 

 

3/15/2030

 

$

2,041,751

 

 

 

2,030,049

 

 

 

2,058,085

 

 

 

0.11

%

 

N

Accuserve Solutions, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR (Q)

 

1.00%

 

 

5.25%

 

 

10.03%

 

 

3/15/2030

 

$

—

 

 

 

(13,470

)

 

 

18,185

 

 

 

0.00

%

 

K/N

Callodine Commercial Finance, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

11.26%

 

 

15.59%

 

 

11/3/2025

 

$

22,096,774

 

 

 

21,673,656

 

 

 

22,096,774

 

 

 

1.17

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.25%

 

 

9.87%

 

 

8/21/2028

 

$

7,723,086

 

 

 

7,388,545

 

 

 

7,616,430

 

 

 

0.40

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.25%

 

 

9.87%

 

 

8/21/2028

 

$

2,145,302

 

 

 

2,052,359

 

 

 

2,115,675

 

 

 

0.11

%

 

N

Gordon Brothers Finance Company

 

Unsecured Debt

 

LIBOR(M)

 

1.00%

 

 

11.00%

 

 

15.36%

 

 

10/31/2025

 

$

37,183,232

 

 

 

13,114,243

 

 

 

5,016,017

 

 

 

0.27

%

 

C/F/N

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

 

Second Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

8.62%

 

 

12.97%

 

 

7/5/2026

 

$

22,633,544

 

 

 

22,314,462

 

 

 

22,543,010

 

 

 

1.20

%

 

N

Rialto Management Group, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

 

5.00%

 

 

9.53%

 

 

12/5/2030

 

$

—

 

 

 

(1,703

)

 

 

(1,724

)

 

 

0.00

%

 

I/K/N

Rialto Management Group, LLC

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

 

5.00%

 

 

9.53%

 

 

12/5/2030

 

$

5,000,000

 

 

 

4,950,000

 

 

 

4,950,000

 

 

 

0.26

%

 

I/N

SitusAMC Holdings Corporation

 

First Lien Term Loan B

 

SOFR(Q)

 

0.75%

 

 

5.60%

 

 

9.93%

 

 

6/28/2025

 

$

796,371

 

 

 

794,161

 

 

 

802,742

 

 

 

0.04

%

 

N

SitusAMC Holdings Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

5.60%

 

 

9.93%

 

 

11/30/2027

 

$

1,687,182

 

 

 

1,678,746

 

 

 

1,700,679

 

 

 

0.09

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

141,605,626

 

 

 

134,540,299

 

 

 

7.13

%

 

 

Diversified Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aventiv Technologies, Inc. (Securus)

 

Second Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

1.26% Cash + 8.05% PIK

 

 

13.92%

 

 

10/31/2025

 

$

29,001,528

 

 

 

24,900,884

 

 

 

1,044,055

 

 

 

0.06

%

 

C/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Spark Buyer, LLC (Sparkstone)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

 

5.25%

 

 

9.77%

 

 

10/15/2031

 

$

—

 

 

 

(65,281

)

 

 

(53,793

)

 

 

0.00

%

 

K/N

Spark Buyer, LLC (Sparkstone)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

 

5.25%

 

 

9.77%

 

 

10/15/2031

 

$

—

 

 

 

—

 

 

 

(26,897

)

 

 

0.00

%

 

K/N

Spark Buyer, LLC (Sparkstone)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

5.25%

 

 

9.77%

 

 

10/15/2031

 

$

11,206,897

 

 

 

11,040,870

 

 

 

11,072,414

 

 

 

0.59

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,975,589

 

 

 

10,991,724

 

 

 

0.59

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia & ME Pte. Ltd. (Singapore)

 

First Lien Term Loan

 

Fixed

 

 

—

 

 

 

—

 

 

 

—

 

 

6/30/2025

 

$

2,110,141

 

 

 

2,110,141

 

 

 

—

 

 

 

0.00

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Bank Guarantee Credit Facility

 

Fixed

 

 

—

 

 

 

—

 

 

 

—

 

 

6/30/2025

 

$

6,578,877

 

 

 

6,578,877

 

 

 

60,889

 

 

 

0.00

%

 

D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Revolving Credit Facility

 

Fixed

 

 

—

 

 

 

—

 

 

 

—

 

 

6/30/2025

 

$

5,535,517

 

 

 

5,535,517

 

 

 

1,235,527

 

 

 

0.07

%

 

D/F/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,224,535

 

 

 

1,296,416

 

 

 

0.07

%

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

 

7.25%

 

 

12.08%

 

 

5/6/2027

 

$

10,795,373

 

 

$

10,605,638

 

 

$

10,795,373

 

 

 

0.57

%

 

N

 

 

 

 

 

 

 

21

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

Sr Secured Revolver

 

SOFR(S)

 

1.00%

 

7.25%

 

12.08%

 

5/6/2027

 

$

—

 

 

 

(7,205

)

 

 

—

 

 

 

0.00

%

 

K/N

CareATC, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.35%

 

11.70%

 

3/14/2026

 

$

21,199,958

 

 

 

20,865,861

 

 

 

20,839,559

 

 

 

1.10

%

 

N

CareATC, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

7.35%

 

11.70%

 

3/14/2026

 

$

—

 

 

 

(5,947

)

 

 

(16,071

)

 

 

0.00

%

 

K/N

ESO Solutions, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.75%

 

11.27%

 

5/3/2027

 

$

32,182,664

 

 

 

31,560,852

 

 

 

31,860,837

 

 

 

1.69

%

 

N

ESO Solutions, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.75%

 

11.28%

 

5/3/2027

 

$

1,656,579

 

 

 

1,621,476

 

 

 

1,632,914

 

 

 

0.09

%

 

N

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

SOFR(Q)

 

1.00%

 

8.10%

 

12.68%

 

10/2/2028

 

$

7,744,557

 

 

 

7,598,405

 

 

 

6,815,210

 

 

 

0.36

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,239,080

 

 

 

71,927,822

 

 

 

3.81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RecordXTechnologies, LLC (Ontellus)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

9.58%

 

5/20/2030

 

$

2,481,250

 

 

 

2,456,438

 

 

 

2,493,656

 

 

 

0.13

%

 

N

INH Buyer, Inc. (IMA Health)

 

First Lien Term Loan (1.5% Exit Fee)

 

SOFR(Q)

 

1.00%

 

7.00%

 

11.43%

 

6/28/2028

 

$

8,313,711

 

 

 

6,584,206

 

 

 

3,599,837

 

 

 

0.19

%

 

C/L/N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

6.00%

 

10.51%

 

5/4/2028

 

$

13,855,131

 

 

 

13,498,203

 

 

 

13,547,409

 

 

 

0.72

%

 

N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

6.00%

 

10.51%

 

5/4/2028

 

$

3,221,439

 

 

 

3,193,277

 

 

 

3,149,891

 

 

 

0.17

%

 

N

Team Services Group, LLC

 

Second Lien Term Loan

 

Prime

 

1.00%

 

9.11%

 

13.47%

 

11/13/2028

 

$

34,410,390

 

 

 

33,434,554

 

 

 

34,066,286

 

 

 

1.81

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,166,678

 

 

 

56,857,079

 

 

 

3.02

%

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

10.69%

 

6/3/2027

 

$

5,355,802

 

 

 

5,155,794

 

 

 

5,312,260

 

 

 

0.28

%

 

H/N

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

 

Second Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

10.69%

 

6/3/2027

 

$

3,343,666

 

 

 

3,182,960

 

 

 

3,316,482

 

 

 

0.18

%

 

H/N

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

 

Sr Secured Revolver

 

SOFR(M)

 

2.00%

 

6.25%

 

10.78%

 

6/3/2027

 

$

109,582

 

 

 

105,198

 

 

 

106,018

 

 

 

0.01

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,443,952

 

 

 

8,734,760

 

 

 

0.47

%

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bad Boy Mowers JV Acquisition, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

6.00%

 

10.45%

 

11/9/2029

 

$

5,088,792

 

 

 

4,874,571

 

 

 

5,114,236

 

 

 

0.27

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(S)

 

0.75%

 

5.00%

 

9.70%

 

8/31/2029

 

$

7,281,424

 

 

 

7,030,955

 

 

 

7,281,424

 

 

 

0.39

%

 

N

AmeriLife Holdings, LLC

 

Sr Secured Revolver

 

SOFR(S)

 

0.75%

 

5.00%

 

9.70%

 

8/31/2028

 

$

—

 

 

 

(6,973

)

 

 

—

 

 

 

0.00

%

 

K/N

Integrity Marketing Acquisition, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.51%

 

8/25/2028

 

$

15,153,775

 

 

 

14,918,894

 

 

 

15,214,390

 

 

 

0.81

%

 

N

Integrity Marketing Acquisition, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

9.51%

 

8/25/2028

 

$

—

 

 

 

(374,357

)

 

 

—

 

 

 

0.00

%

 

K/N

IT Parent, LLC

 

First Lien Term Loan

 

SOFR(A)

 

1.00%

 

6.35%

 

10.60%

 

10/1/2026

 

$

6,629,659

 

 

 

6,490,358

 

 

 

6,629,659

 

 

 

0.35

%

 

N

IT Parent, LLC

 

Sr Secured Revolver

 

Prime

 

1.00%

 

5.25%

 

12.75%

 

10/1/2026

 

$

875,000

 

 

 

857,841

 

 

 

875,000

 

 

 

0.05

%

 

N

IT Parent, LLC

 

First Lien Term Loan

 

SOFR(A)

 

1.00%

 

6.35%

 

10.67%

 

10/1/2026

 

$

3,114,413

 

 

 

3,070,793

 

 

 

3,114,413

 

 

 

0.17

%

 

N

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

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.83%

 

11/1/2028

 

$

5,852,362

 

 

 

5,731,681

 

 

 

5,840,657

 

 

 

0.31

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,719,192

 

 

 

38,955,543

 

 

 

2.08

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Syndigo, LLC

 

Second Lien Term Loan

 

SOFR(Q)

 

0.75%

 

8.26%

 

12.89%

 

12/14/2028

 

$

16,815,342

 

 

 

16,347,562

 

 

 

16,584,131

 

 

 

0.88

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,347,562

 

 

 

16,584,131

 

 

 

0.88

%

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

7.15%

 

11.75%

 

11/1/2025

 

$

1,059,141

 

 

 

1,053,670

 

 

 

1,059,141

 

 

 

0.06

%

 

N

Acquia, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.15%

 

11.73%

 

11/1/2025

 

$

25,299,736

 

 

 

25,196,264

 

 

 

25,299,736

 

 

 

1.34

%

 

N

Astra Acquisition Corp. (Anthology)

 

Second Lien Term Loan

 

SOFR(Q)

 

0.75%

 

9.14%

 

13.47%

 

10/25/2029

 

$

27,879,880

 

 

 

20,344,734

 

 

 

390,318

 

 

 

0.02

%

 

C/N

Bynder Bidco, Inc. (Netherlands)

 

Sr Secured Revolver A

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.62%

 

1/26/2029

 

$

—

 

 

 

(6,383

)

 

 

—

 

 

 

0.00

%

 

H/K/N

Bynder Bidco, Inc. (Netherlands)

 

First Lien Term Loan A

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.62%

 

1/26/2029

 

$

4,283,754

 

 

 

4,157,095

 

 

 

4,290,094

 

 

 

0.23

%

 

H/N

Bynder Bidco B.V. (Netherlands)

 

Sr Secured Revolver B

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.62%

 

1/26/2029

 

$

—

 

 

 

(23,167

)

 

 

—

 

 

 

0.00

%

 

H/K/N

Bynder Bidco B.V. (Netherlands)

 

First Lien Term Loan B

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.62%

 

1/26/2029

 

$

15,528,609

 

 

 

15,069,469

 

 

 

15,551,592

 

 

 

0.82

%

 

H/N

 

 

 

22

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

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

 

SOFR(Q)

 

1.50%

 

 

3.00% Cash + 5.00% PIK

 

12.49%

 

8/19/2028

 

$

59,930,639

 

 

$

59,907,358

 

 

$

59,930,639

 

 

 

3.18

%

 

L/N

Domo, Inc.

 

First Lien PIK Term Loan

 

Fixed (M)

 

 

—

 

 

9.50% PIK

 

9.50%

 

8/19/2028

 

$

3,769,734

 

 

 

1,279,857

 

 

 

3,445,537

 

 

 

0.18

%

 

N

e-Discovery Acquireco, LLC (Reveal)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

 

6.25%

 

10.76%

 

8/29/2029

 

$

—

 

 

 

(10,648

)

 

 

—

 

 

 

0.00

%

 

K/N

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

6.25%

 

10.76%

 

8/29/2029

 

$

5,500,000

 

 

 

5,258,817

 

 

 

5,610,000

 

 

 

0.30

%

 

N

Fishbowl, Inc.

 

First Lien Term Loan (7.5% Exit Fee)

 

SOFR(Q)

 

1.00%

 

 

2.63% Cash + 2.63% PIK

 

9.59%

 

5/27/2027

 

$

12,410,563

 

 

 

12,410,563

 

 

 

7,843,476

 

 

 

0.42

%

 

F/L/N

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

3.25% Cash + 3.25% PIK

 

10.97%

 

8/29/2029

 

$

2,635,114

 

 

 

2,574,806

 

 

 

2,640,384

 

 

 

0.14

%

 

N

Gympass US, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

 

3.25% Cash + 3.25% PIK

 

10.97%

 

8/29/2029

 

$

4,841,068

 

 

 

4,859,379

 

 

 

4,850,750

 

 

 

0.26

%

 

N

InMoment, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

 

5.00% Cash + 2.50% PIK

 

11.95%

 

6/8/2028

 

$

20,089,415

 

 

 

19,325,057

 

 

 

13,044,057

 

 

 

0.69

%

 

C/N

Magenta Buyer, LLC (McAfee)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

7.01%

 

11.60%

 

7/27/2028

 

$

2,318,424

 

 

 

2,010,891

 

 

 

2,144,542

 

 

 

0.11

%

 

N

Magenta Buyer, LLC (McAfee)

 

Second Lien Second Out Term Loan

 

SOFR(Q)

 

0.75%

 

 

1.76% Cash + 6.25% PIK

 

12.60%

 

7/27/2028

 

$

5,480,222

 

 

 

4,393,010

 

 

 

3,297,258

 

 

 

0.17

%

 

N

Magenta Buyer, LLC (McAfee)

 

Second Lien Third Out Term Loan

 

SOFR(Q)

 

0.75%

 

 

1.76% Cash + 5.50% PIK

 

11.85%

 

7/27/2028

 

$

15,316,797

 

 

 

11,298,021

 

 

 

5,388,220

 

 

 

0.29

%

 

C/N

Magenta Buyer, LLC (McAfee)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

6.25%

 

10.84%

 

7/27/2028

 

$

873,530

 

 

 

862,954

 

 

 

891,275

 

 

 

0.05

%

 

N

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

7.75%

 

12.32%

 

2/1/2029

 

$

13,175,394

 

 

 

12,939,930

 

 

 

13,228,096

 

 

 

0.70

%

 

N

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

 

7.25%

 

11.82%

 

2/1/2029

 

$

10,178,938

 

 

 

9,975,359

 

 

 

10,046,612

 

 

 

0.53

%

 

N

Oranje Holdco, Inc. (KnowBe4)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

 

7.75%

 

12.32%

 

2/1/2029

 

$

—

 

 

 

(21,114

)

 

 

—

 

 

 

0.00

%

 

K/N

Persado, Inc.

 

First Lien Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

1.80%

 

 

7.50%

 

12.05%

 

6/10/2027

 

$

16,285,946

 

 

 

15,798,508

 

 

 

15,401,028

 

 

 

0.82

%

 

L/N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

3.00% Cash + 1.50% PIK

 

9.01%

 

8/22/2029

 

$

5,753,313

 

 

 

5,487,638

 

 

 

5,753,313

 

 

 

0.30

%

 

N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

12.01% PIK

 

12.01%

 

8/22/2029

 

$

8,874,302

 

 

 

8,473,778

 

 

 

8,874,302

 

 

 

0.47

%

 

N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

3.00% Cash + 1.50% PIK

 

9.01%

 

8/22/2029

 

$

3,031,905

 

 

 

3,031,905

 

 

 

3,031,905

 

 

 

0.16

%

 

N

ResearchGate GmBH (Germany)

 

First Lien Term Loan (4.0% Exit Fee)

 

EURIBOR(M)

 

 

—

 

 

8.55%

 

11.49%

 

10/30/2025

 

$

7,500,000

 

 

 

8,231,990

 

 

 

7,472,513

 

 

 

0.40

%

 

H/L/N/O

Sailpoint Technologies Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

6.00%

 

10.52%

 

8/16/2029

 

$

2,991,914

 

 

 

2,910,650

 

 

 

2,991,914

 

 

 

0.16

%

 

N

Sailpoint Technologies Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

 

6.00%

 

10.52%

 

8/16/2028

 

$

—

 

 

 

(456

)

 

 

—

 

 

 

0.00

%

 

K/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

 

6.90%

 

11.25%

 

1/24/2028

 

$

—

 

 

 

(14,707

)

 

 

(2,039

)

 

 

0.00

%

 

H/K/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

 

6.90%

 

11.25%

 

1/24/2028

 

$

9,634,621

 

 

 

9,457,545

 

 

 

9,610,149

 

 

 

0.51

%

 

H/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

0.75%

 

 

0.90% Cash + 6.25% PIK

 

11.78%

 

1/24/2028

 

$

4,937,553

 

 

 

4,769,792

 

 

 

4,885,018

 

 

 

0.26

%

 

H/N

Suited Connector, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

 

6.20% Cash + 1.00% PIK

 

11.63%

 

12/1/2027

 

$

870,965

 

 

 

804,486

 

 

 

649,740

 

 

 

0.03

%

 

N

Suited Connector, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

6.20% Cash + 2.00% PIK

 

12.72%

 

12/1/2027

 

$

5,641,222

 

 

 

5,223,409

 

 

 

4,208,352

 

 

 

0.22

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

277,030,460

 

 

 

241,827,922

 

 

 

12.82

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

6.25%

 

10.58%

 

10/19/2028

 

$

2,700,000

 

 

 

2,648,914

 

 

 

2,720,250

 

 

 

0.14

%

 

N

Avalara, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

 

6.25%

 

10.58%

 

10/19/2028

 

$

—

 

 

 

(718

)

 

 

—

 

 

 

0.00

%

 

K/N

Crewline Buyer, Inc. (New Relic)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

 

6.75%

 

11.35%

 

11/8/2030

 

$

—

 

 

 

(1,858

)

 

 

—

 

 

 

0.00

%

 

K/N

Crewline Buyer, Inc. (New Relic)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

6.75%

 

11.35%

 

11/8/2030

 

$

1,569,811

 

 

 

1,524,762

 

 

 

1,590,219

 

 

 

0.08

%

 

N

Intercept Bidco, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

6.00%

 

10.47%

 

6/3/2030

 

$

1,805,556

 

 

 

1,759,722

 

 

 

1,767,639

 

 

 

0.09

%

 

N

Intercept Bidco, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

 

6.00%

 

10.47%

 

6/3/2030

 

$

—

 

 

 

—

 

 

 

(8,750

)

 

 

0.00

%

 

K/N

Intercept Bidco, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

 

6.00%

 

10.47%

 

6/3/2030

 

$

—

 

 

 

—

 

 

 

(5,833

)

 

 

0.00

%

 

K/N

Idera, Inc.

 

Second Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

6.75%

 

11.47%

 

2/4/2029

 

$

1,923,186

 

 

 

1,821,864

 

 

 

1,872,703

 

 

 

0.10

%

 

G/N

 

 

 

 

23

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Madison Logic Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

 

7.50%

 

11.84%

 

12/30/2027

 

$

—

 

 

$

(15,114

)

 

$

(29,341

)

 

 

0.00

%

 

K/N

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

5.59% Cash + 1.51% PIK

 

11.84%

 

12/29/2028

 

$

19,674,810

 

 

 

18,986,911

 

 

 

18,907,492

 

 

 

1.00

%

 

N

Serrano Parent, LLC (Sumo Logic)

 

Sr Secured Revolver

 

SOFR(S)

 

1.00%

 

 

6.50%

 

10.92%

 

5/13/2030

 

$

—

 

 

 

(2,767

)

 

 

—

 

 

 

0.00

%

 

K/N

Serrano Parent, LLC (Sumo Logic)

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

 

6.50%

 

10.92%

 

5/13/2030

 

$

6,979,701

 

 

 

6,747,736

 

 

 

7,014,600

 

 

 

0.37

%

 

N

Xactly Corporation

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

 

6.35%

 

10.86%

 

7/31/2027

 

$

14,671,682

 

 

 

14,671,682

 

 

 

14,642,338

 

 

 

0.78

%

 

N

Xactly Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

 

6.35%

 

10.86%

 

7/31/2027

 

$

—

 

 

 

—

 

 

 

(1,710

)

 

 

0.00

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,141,134

 

 

 

48,469,607

 

 

 

2.56

%

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blue Star Sports Holdings, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.90% Cash + 3.50% PIK

 

13.92%

 

6/15/2026

 

$

78,258

 

 

 

78,258

 

 

 

76,673

 

 

 

0.00

%

 

N

Blue Star Sports Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

 

5.90% Cash + 3.50% PIK

 

13.99%

 

6/15/2026

 

$

156,038

 

 

 

155,877

 

 

 

152,877

 

 

 

0.01

%

 

N

Blue Star Sports Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.90% Cash + 3.50% PIK

 

13.99%

 

6/15/2026

 

$

2,148,003

 

 

 

2,147,749

 

 

 

2,104,485

 

 

 

0.11

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,381,884

 

 

 

2,334,035

 

 

 

0.12

%

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

 

7.10%

 

11.55%

 

12/21/2028

 

$

631,605

 

 

 

617,706

 

 

 

636,026

 

 

 

0.03

%

 

N

Alcami Corporation

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

 

7.10%

 

11.44%

 

12/21/2028

 

$

87,575

 

 

 

67,110

 

 

 

87,575

 

 

 

0.00

%

 

N

Alcami Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

7.15%

 

11.66%

 

12/21/2028

 

$

8,582,346

 

 

 

8,390,263

 

 

 

8,642,420

 

 

 

0.46

%

 

N

DNAnexus, Inc

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

3.00%

 

 

5.25%

 

9.62%

 

12/20/2029

 

$

1,312,500

 

 

 

1,116,844

 

 

 

1,115,625

 

 

 

0.06

%

 

N

DNAnexus, Inc

 

First Lien Term Loan

 

SOFR(M)

 

3.00%

 

 

5.25%

 

9.62%

 

12/20/2029

 

$

6,562,500

 

 

 

6,496,879

 

 

 

6,496,875

 

 

 

0.34

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,688,802

 

 

 

16,978,521

 

 

 

0.89

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny’s Enterprises, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.65%

 

10.17%

 

8/5/2028

 

$

19,557,127

 

 

 

19,207,809

 

 

 

18,794,399

 

 

 

1.00

%

 

N

Sonny’s Enterprises, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.65%

 

10.17%

 

8/5/2028

 

$

203,153

 

 

 

200,923

 

 

 

195,230

 

 

 

0.01

%

 

N

Sonny’s Enterprises, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

 

5.60%

 

10.05%

 

8/5/2027

 

$

44,313

 

 

 

44,313

 

 

 

37,400

 

 

 

0.00

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,453,045

 

 

 

19,027,029

 

 

 

1.01

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEP Group, Inc. et al

 

First Lien Term Loan (2.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

 

3.36% Cash + 1.50% PIK

 

9.22%

 

8/19/2026

 

$

668,568

 

 

 

618,476

 

 

 

612,743

 

 

 

0.03

%

 

L/N

NEP Group, Inc. et al

 

Second Lien Term Loan

 

SOFR(M)

 

 

—

 

 

7.00%

 

11.47%

 

10/19/2026

 

$

17,631,760

 

 

 

16,917,972

 

 

 

14,350,930

 

 

 

0.76

%

 

G/N

Khoros, LLC (Lithium)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

 

4.50% Cash + 4.50% PIK

 

15.59%

 

1/3/2025

 

$

33,745,227

 

 

 

29,766,996

 

 

 

8,031,364

 

 

 

0.43

%

 

C/N

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

9.76% PIK

 

14.09%

 

3/31/2025

 

$

28,490

 

 

 

28,375

 

 

 

28,490

 

 

 

0.00

%

 

N

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

9.76% PIK

 

14.09%

 

3/31/2025

 

$

43,644

 

 

 

43,641

 

 

 

43,644

 

 

 

0.00

%

 

N

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

9.76% PIK

 

14.09%

 

3/31/2025

 

$

43,644

 

 

 

43,644

 

 

 

43,644

 

 

 

0.00

%

 

N

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

9.76% PIK

 

14.09%

 

3/31/2025

 

$

743,288

 

 

 

743,288

 

 

 

446,716

 

 

 

0.02

%

 

N

Terraboost Media Operating Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

4.73%

 

10.98%

 

8/23/2026

 

$

13,777,956

 

 

 

13,426,875

 

 

 

13,474,841

 

 

 

0.71

%

 

N

TL Voltron Purchaser, LLC (GES)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

5.25%

 

9.61%

 

12/31/2030

 

$

12,142,857

 

 

 

11,900,034

 

 

 

11,900,000

 

 

 

0.63

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

73,489,301

 

 

 

48,932,372

 

 

 

2.58

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore International Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

9.15%

 

13.48%

 

4/12/2026

 

$

842,642

 

 

 

842,642

 

 

 

842,642

 

 

 

0.04

%

 

B/N

Palmdale Oil Company, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

6.75%

 

11.23%

 

10/2/2029

 

$

3,293,178

 

 

 

3,140,991

 

 

 

3,280,005

 

 

 

0.17

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,983,633

 

 

 

4,122,647

 

 

 

0.21

%

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

1.00 Cash + 5.33% PIK

 

10.65%

 

11/30/2026

 

$

31,071,415

 

 

 

30,279,880

 

 

 

27,026,848

 

 

 

1.43

%

 

N

Alpine Acquisition Corp II (48Forty)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

 

1.00 Cash + 5.33% PIK

 

10.65%

 

11/30/2026

 

$

365,117

 

 

 

337,220

 

 

 

254,588

 

 

 

0.01

%

 

N

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

1.25%

 

 

6.65%

 

11.33%

 

12/23/2026

 

$

13,771,747

 

 

 

13,413,087

 

 

 

13,783,178

 

 

 

0.73

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,030,187

 

 

 

41,064,614

 

 

 

2.17

%

 

 

 

 

 

 

24

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applause App Quality, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.50%

 

6.00%

 

10.33%

 

10/24/2029

 

$

—

 

 

$

(25,202

)

 

$

(24,847

)

 

 

0.00

%

 

K/N

Applause App Quality, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.50%

 

6.00%

 

10.33%

 

10/24/2029

 

$

13,077,192

 

 

 

12,820,778

 

 

 

12,828,725

 

 

 

0.68

%

 

N

Lighthouse Parent Holdings, Inc (Aperture)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

0.75%

 

5.00%

 

9.37%

 

12/20/2031

 

$

—

 

 

 

(72,490

)

 

 

(72,834

)

 

 

0.00

%

 

K/N

Lighthouse Parent Holdings, Inc (Aperture)

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

5.00%

 

9.37%

 

12/20/2031

 

$

—

 

 

 

(28,996

)

 

 

(29,134

)

 

 

0.00

%

 

K/N

Lighthouse Parent Holdings, Inc (Aperture)

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

5.00%

 

9.37%

 

12/20/2031

 

$

12,041,942

 

 

 

11,891,418

 

 

 

11,891,418

 

 

 

0.63

%

 

N

CIBT Solutions, Inc.

 

Second Lien Term Loan

 

SOFR(M)

 

1.00%

 

6.75% PIK

 

11.11%

 

12/31/2027

 

$

8,146,376

 

 

 

7,567,314

 

 

 

57,025

 

 

 

0.00

%

 

C/N

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

9.58%

 

1/16/2030

 

$

1,472,742

 

 

 

1,415,822

 

 

 

1,466,851

 

 

 

0.08

%

 

N

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

9.58%

 

1/16/2030

 

$

—

 

 

 

(2,643

)

 

 

(1,290

)

 

 

0.00

%

 

K/N

Huckabee Acquisition, LLC (MOREgroup)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.25%

 

9.58%

 

1/16/2030

 

$

—

 

 

 

(1,586

)

 

 

(774

)

 

 

0.00

%

 

K/N

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.75%

 

10.38%

 

8/18/2028

 

$

16,380,862

 

 

 

15,911,506

 

 

 

15,928,750

 

 

 

0.84

%

 

N

ICIMS, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

0.75%

 

6.25%

 

10.88%

 

8/18/2028

 

$

4,449,002

 

 

 

4,392,093

 

 

 

4,393,167

 

 

 

0.23

%

 

N

ICIMS, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.75%

 

10.34%

 

8/18/2028

 

$

290,032

 

 

 

278,222

 

 

 

250,008

 

 

 

0.01

%

 

N

JobandTalent USA, Inc. (United Kingdom)

 

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

 

SOFR(M)

 

1.00%

 

8.86%

 

13.22%

 

8/17/2025

 

$

22,108,019

 

 

 

21,940,945

 

 

 

21,533,210

 

 

 

1.14

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

8.86%

 

13.22%

 

8/17/2025

 

$

33,593,280

 

 

 

33,294,162

 

 

 

32,719,855

 

 

 

1.73

%

 

H/L/N

TLE Holdings, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.60%

 

9.96%

 

6/28/2026

 

$

957,738

 

 

 

924,215

 

 

 

956,541

 

 

 

0.05

%

 

N

TLE Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

5.60%

 

9.96%

 

6/28/2026

 

$

3,740,360

 

 

 

3,609,349

 

 

 

3,735,685

 

 

 

0.20

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

113,914,907

 

 

 

105,632,356

 

 

 

5.59

%

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Community Merger Sub Debt LLC (CINC Systems)

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

5.75%

 

10.11%

 

1/18/2030

 

$

1,571,429

 

 

 

1,502,844

 

 

 

1,547,590

 

 

 

0.08

%

 

N

Community Merger Sub Debt LLC (CINC Systems)

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

5.75%

 

10.11%

 

1/18/2030

 

$

—

 

 

 

(4,137

)

 

 

(6,501

)

 

 

0.00

%

 

K/N

Greystone Affordable Housing Initiatives, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

1.25%

 

6.43%

 

11.57%

 

3/2/2026

 

$

6,533,333

 

 

 

6,464,091

 

 

 

6,526,800

 

 

 

0.35

%

 

I/N

Greystone Select Company II, LLC (Passco)

 

First Lien Term Loan

 

SOFR(M)

 

1.50%

 

6.61%

 

10.97%

 

3/21/2027

 

$

12,843,151

 

 

 

12,589,778

 

 

 

12,768,275

 

 

 

0.68

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,552,576

 

 

 

20,836,164

 

 

 

1.11

%

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (Keep Trucking)

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.36%

 

11.72%

 

4/8/2027

 

$

53,000,000

 

 

 

52,400,270

 

 

 

52,735,000

 

 

 

2.80

%

 

L/N

Motive Technologies, Inc. (Keep Trucking)

 

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

 

SOFR(M)

 

1.00%

 

7.36%

 

11.72%

 

4/8/2027

 

$

2,000,000

 

 

 

1,941,731

 

 

 

1,990,000

 

 

 

0.11

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,342,001

 

 

 

54,725,000

 

 

 

2.91

%

 

 

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

6.35%

 

10.71%

 

12/29/2027

 

$

7,017,191

 

 

 

6,776,288

 

 

 

5,613,753

 

 

 

0.30

%

 

G/N

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

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

6.10%

 

10.44%

 

12/29/2026

 

$

1,799,856

 

 

 

1,603,486

 

 

 

1,166,555

 

 

 

0.06

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,379,774

 

 

 

6,780,308

 

 

 

0.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AlphaSense, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

10.58%

 

6/27/2029

 

$

23,208,319

 

 

$

22,946,913

 

 

$

22,951,263

 

 

 

1.22

%

 

N

Aras Corporation

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

5.25%

 

9.59%

 

4/13/2029

 

$

452,133

 

 

 

445,848

 

 

 

449,774

 

 

 

0.02

%

 

N

Aras Corporation

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.25%

 

9.58%

 

4/13/2029

 

$

17,906,260

 

 

 

17,568,039

 

 

 

17,870,448

 

 

 

0.95

%

 

N

Bluefin Holding, LLC (Allvue)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.25%

 

10.64%

 

9/12/2029

 

$

—

 

 

 

(9,558

)

 

 

—

 

 

 

0.00

%

 

K/N

Bluefin Holding, LLC (Allvue)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.25%

 

10.64%

 

9/12/2029

 

$

11,307,053

 

 

 

10,931,006

 

 

 

11,318,360

 

 

 

0.60

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

7.00%

 

11.43%

 

9/8/2027

 

$

420,392

 

 

 

414,749

 

 

 

416,567

 

 

 

0.02

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

7.00%

 

11.33%

 

9/8/2027

 

$

5,832,706

 

 

 

5,670,708

 

 

 

5,779,628

 

 

 

0.31

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

7.00%

 

11.33%

 

9/8/2027

 

$

355,556

 

 

 

352,148

 

 

 

350,500

 

 

 

0.02

%

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

0.75%

 

7.75% PIK

 

12.08%

 

9/27/2027

 

$

1,977,185

 

 

 

1,932,927

 

 

 

1,982,127

 

 

 

0.11

%

 

N

Cart.Com, Inc.

 

First Lien Term Loan (2.5% Exit Fee)

 

SOFR(M)

 

1.50%

 

7.75%

 

12.11%

 

5/22/2029

 

$

26,250,000

 

 

 

25,987,500

 

 

 

25,935,000

 

 

 

1.37

%

 

L/N

Clever Devices Ltd.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

6.00%

 

10.36%

 

6/12/2030

 

$

294,118

 

 

 

275,735

 

 

 

294,118

 

 

 

0.02

%

 

N

Clever Devices Ltd.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

10.66%

 

6/12/2030

 

$

1,755,882

 

 

 

1,711,985

 

 

 

1,773,441

 

 

 

0.09

%

 

N

Disco Parent, Inc. (Duck Creek Technologies)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

7.50%

 

12.01%

 

3/30/2029

 

$

—

 

 

 

(4,133

)

 

 

—

 

 

 

0.00

%

 

K/N

Disco Parent, Inc. (Duck Creek Technologies)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.50%

 

12.01%

 

3/30/2029

 

$

7,217,706

 

 

 

6,987,763

 

 

 

7,246,577

 

 

 

0.38

%

 

N

Douglas Holdings, Inc (Docupace)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.75% Cash + 0.38% PIK

 

10.45%

 

8/27/2030

 

$

15,259,318

 

 

 

15,037,497

 

 

 

15,045,688

 

 

 

0.80

%

 

N

Douglas Holdings, Inc (Docupace)

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

1.00%

 

5.75% Cash + 0.38% PIK

 

10.45%

 

8/27/2030

 

$

—

 

 

 

(25,853

)

 

 

(51,086

)

 

 

0.00

%

 

K/N

Douglas Holdings, Inc (Docupace)

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

1.00%

 

5.75% Cash + 0.38% PIK

 

10.45%

 

8/27/2030

 

$

—

 

 

 

(23,503

)

 

 

(46,441

)

 

 

0.00

%

 

K/N

Douglas Holdings, Inc (Docupace)

 

First Lien PIK Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.75% Cash + 0.38% PIK

 

10.45%

 

8/27/2030

 

$

294,566

 

 

 

294,566

 

 

 

268,187

 

 

 

0.01

%

 

N

Douglas Holdings, Inc (Docupace)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.75% Cash + 0.38% PIK

 

10.45%

 

8/27/2030

 

$

—

 

 

 

(18,796

)

 

 

(18,577

)

 

 

0.00

%

 

K/N

Elastic Path Software, Inc. (Canada)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

7.76%

 

12.28%

 

1/6/2026

 

$

3,719,435

 

 

 

3,682,746

 

 

 

3,748,633

 

 

 

0.20

%

 

H/N

Elastic Path Software, Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.76%

 

12.35%

 

1/6/2026

 

$

7,326,537

 

 

 

7,257,544

 

 

 

7,384,050

 

 

 

0.39

%

 

H/N

Fusion Risk Management, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

3.00% Cash + 3.25% PIK

 

11.08%

 

5/22/2029

 

$

—

 

 

 

(10,389

)

 

 

(9,643

)

 

 

0.00

%

 

K/N

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

3.00% Cash + 3.25% PIK

 

11.08%

 

5/22/2029

 

$

5,670,157

 

 

 

5,428,312

 

 

 

5,585,104

 

 

 

0.30

%

 

N

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

2.58% Cash + 4.30% PIK

 

11.21%

 

7/9/2029

 

$

2,419,263

 

 

 

2,293,674

 

 

 

2,355,975

 

 

 

0.12

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

2.58% Cash + 4.30% PIK

 

11.21%

 

7/9/2029

 

$

1,871,167

 

 

 

1,778,246

 

 

 

1,822,217

 

 

 

0.10

%

 

N

GTY Technology Holdings Inc.

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

2.67% Cash + 4.55% PIK

 

11.68%

 

7/9/2029

 

$

429,487

 

 

 

386,974

 

 

 

404,859

 

 

 

0.02

%

 

N

GTY Technology Holdings Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

2.58% Cash + 4.30% PIK

 

11.21%

 

7/9/2029

 

$

—

 

 

 

(10,580

)

 

 

(10,331

)

 

 

0.00

%

 

K/N

Honey Intermediate, Inc. (iLobby) (Canada)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

2.88% Cash + 3.38% PIK

 

10.61%

 

9/26/2030

 

$

17,799,702

 

 

 

17,538,706

 

 

 

17,568,306

 

 

 

0.93

%

 

H/N

Honey Intermediate, Inc. (iLobby) (Canada)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

2.88% Cash + 3.38% PIK

 

10.61%

 

9/26/2030

 

$

—

 

 

 

(33,803

)

 

 

(30,588

)

 

 

0.00

%

 

H/K/N

Integrate.com, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.65% Cash + 2.25% PIK

 

11.23%

 

12/17/2027

 

$

5,976,918

 

 

 

5,837,139

 

 

 

5,783,983

 

 

 

0.31

%

 

N

Integrate.com, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

4.65% Cash + 2.25% PIK

 

11.56%

 

12/17/2027

 

$

298,779

 

 

 

282,915

 

 

 

289,135

 

 

 

0.02

%

 

N

Integrate.com, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

4.65% Cash + 2.25% PIK

 

11.23%

 

12/17/2027

 

$

460,549

 

 

 

454,049

 

 

 

445,230

 

 

 

0.02

%

 

N

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

7.50%

 

12.02%

 

8/5/2028

 

$

8,017,052

 

 

 

7,692,397

 

 

 

7,890,543

 

 

 

0.42

%

 

N

Logicmonitor, Inc

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.99%

 

11/19/2031

 

$

—

 

 

 

(624

)

 

 

(625

)

 

 

0.00

%

 

K/N

Logicmonitor, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.99%

 

11/19/2031

 

$

405,983

 

 

 

400,951

 

 

 

400,985

 

 

 

0.02

%

 

N

 

 

 

 

26

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

Issuer

 

Instrument

 

Ref

 

Floor

 

 

Spread

 

Total
Coupon

 

Maturity/
Expiration

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thunder Purchaser, Inc. (Vector Solutions)

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.25%

 

9.58%

 

6/30/2028

 

$

—

 

 

 

(25,808

)

 

 

(93,157

)

 

 

0.00

%

 

K/N

Thunder Purchaser, Inc. (Vector Solutions)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

 

5.25%

 

9.58%

 

6/30/2028

 

$

2,272,120

 

 

 

2,250,270

 

 

 

2,232,994

 

 

 

0.12

%

 

N

Kaseya, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

5.50%

 

10.09%

 

6/25/2029

 

$

9,228,521

 

 

$

8,974,649

 

 

$

9,228,521

 

 

 

0.49

%

 

N

Kaseya, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

 

5.50%

 

10.09%

 

6/25/2029

 

$

108,233

 

 

 

106,774

 

 

 

108,233

 

 

 

0.01

%

 

N

Kaseya, Inc.

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

 

5.50%

 

10.09%

 

6/25/2029

 

$

34,368

 

 

 

33,278

 

 

 

34,368

 

 

 

0.00

%

 

N

Kaseya, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

 

5.50%

 

9.83%

 

6/25/2029

 

$

140,252

 

 

 

136,634

 

 

 

140,251

 

 

 

0.01

%

 

N

Kong Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

5.50% Cash + 3.25% PIK

 

13.42%

 

11/1/2027

 

$

10,039,397

 

 

 

9,841,626

 

 

 

10,034,578

 

 

 

0.53

%

 

N

Nvest, Inc. (SigFig)

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

 

7.50%

 

12.50%

 

9/15/2025

 

$

7,318,167

 

 

 

7,245,434

 

 

 

7,220,542

 

 

 

0.38

%

 

N

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

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

 

5.50%

 

9.93%

 

3/31/2027

 

$

16,273,539

 

 

 

16,016,631

 

 

 

16,224,718

 

 

 

0.86

%

 

H/N

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

 

Sr Secured Revolver

 

SOFR(S)

 

1.00%

 

 

5.50%

 

9.93%

 

3/31/2027

 

$

—

 

 

 

—

 

 

 

(5,724

)

 

 

0.00

%

 

H/K/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

 

3.00% Cash + 3.50% PIK

 

11.02%

 

5/9/2028

 

$

24,969,887

 

 

 

24,547,067

 

 

 

24,897,224

 

 

 

1.32

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

 

6.00%

 

10.52%

 

5/9/2028

 

$

730,053

 

 

 

709,380

 

 

 

723,680

 

 

 

0.04

%

 

H/N

Trintech, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

 

5.50%

 

9.86%

 

7/25/2029

 

$

60,857

 

 

 

54,533

 

 

 

55,473

 

 

 

0.00

%

 

N

Trintech, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

5.50%

 

9.86%

 

7/25/2029

 

$

2,741,310

 

 

 

2,611,479

 

 

 

2,672,010

 

 

 

0.14

%

 

N

Zendesk Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

 

5.00%

 

9.33%

 

11/22/2028

 

$

5,703,590

 

 

 

5,564,578

 

 

 

5,760,626

 

 

 

0.31

%

 

N

Zendesk Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

 

5.00%

 

9.33%

 

11/22/2028

 

$

—

 

 

 

10,220

 

 

 

13,931

 

 

 

0.00

%

 

N

Zendesk Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

 

5.00%

 

9.33%

 

11/22/2028

 

$

—

 

 

 

(572

)

 

 

—

 

 

 

0.00

%

 

K/N

Zilliant Incorporated

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

 

2.00% Cash + 5.00% PIK

 

11.36%

 

12/21/2027

 

$

—

 

 

 

(3,273

)

 

 

(13,037

)

 

 

0.00

%

 

K/N

Zilliant Incorporated

 

First Lien Term Loan (0.25% Exit Fee)

 

SOFR(M)

 

0.75%

 

 

2.00% Cash + 5.00% PIK

 

11.36%

 

12/21/2027

 

$

4,043,766

 

 

 

3,895,391

 

 

 

3,865,840

 

 

 

0.20

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

245,422,089

 

 

 

248,294,478

 

 

 

13.18

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

 

6.75%

 

11.08%

 

8/15/2028

 

$

24,782,510

 

 

 

24,132,689

 

 

 

24,782,510

 

 

 

1.31

%

 

G/N

Hanna Andersson, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

 

6.35%

 

10.71%

 

7/2/2026

 

$

10,568,138

 

 

 

10,291,947

 

 

 

10,441,320

 

 

 

0.55

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,424,636

 

 

 

35,223,830

 

 

 

1.86

%

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

 

6.50%

 

11.01%

 

4/25/2031

 

$

34,673,627

 

 

 

34,341,438

 

 

 

35,150,390

 

 

 

1.86

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

 

6.35%

 

10.50%

 

9/8/2027

 

$

25,417,903

 

 

 

25,010,731

 

 

 

25,417,903

 

 

 

1.35

%

 

N

James Perse Enterprises, Inc.

 

Sr Secured Revolver

 

SOFR(A)

 

1.00%

 

 

6.25%

 

10.34%

 

9/8/2027

 

$

410,030

 

 

 

426,214

 

 

 

410,030

 

 

 

0.02

%

 

N

PSEB, LLC (Eddie Bauer)

 

First Lien Incremental Term Loan

 

SOFR(S)

 

1.00%

 

 

6.75%

 

11.49%

 

12/30/2026

 

$

24,312,500

 

 

 

24,154,229

 

 

 

23,388,625

 

 

 

1.24

%

 

N

WH Borrower, LLC (WHP)

 

First Lien Term Loan

 

SOFR(Q)

 

0.50%

 

 

5.50%

 

10.15%

 

2/15/2027

 

$

99,494

 

 

 

99,494

 

 

 

100,986

 

 

 

0.01

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49,690,668

 

 

 

49,317,544

 

 

 

2.62

%

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenMarket, Inc. (Infobip) (United Kingdom)

 

First Lien Term Loan

 

SOFR(Q)

 

 

—

 

 

6.51%

 

10.84%

 

9/17/2026

 

$

14,512,500

 

 

 

14,259,245

 

 

 

14,417,008

 

 

 

0.76

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 209.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,825,381,814

 

 

 

1,642,572,999

 

 

 

87.08

%

 

 

 

 

 

 

 

 

 

 

 

27

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AA Acquisition Aggregator, LLC (AutoAlert)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

540,248

 

 

$

9,085,917

 

 

$

9,513,635

 

 

 

0.50

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading Holdings, LLC

 

Warrants to Purchase Membership Units

 

 

 

 

 

 

 

 

 

2/7/2030

 

 

7,191

 

 

 

673,788

 

 

 

1,182,309

 

 

 

0.06

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGY Equity, LLC

 

Class A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

5,982,385

 

 

 

485,322

 

 

 

—

 

 

 

0.00

%

 

D/E/N

AGY Equity, LLC

 

Class B Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

4,187,669

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

AGY Equity, LLC

 

Class C Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

3,290,312

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

485,322

 

 

 

—

 

 

 

0.00

%

 

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Plate Newco 1 Limited (Avanti) (United Kingdom)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

364

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/H/N/O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

171,813

 

 

 

285,933

 

 

 

61,128

 

 

 

0.00

%

 

D/N

Kellermeyer Bergensons Services, LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

171,813

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

285,933

 

 

 

61,128

 

 

 

0.00

%

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Global LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

738,447

 

 

 

738,447

 

 

 

298,333

 

 

 

0.02

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SellerX Germany GMBH & Co. KG (Germany)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

3,980

 

 

 

73,107

 

 

 

—

 

 

 

0.00

%

 

D/E/H/N

SellerX Germany GMBH & Co. KG (Germany)

 

Warrants to Purchase Preferred New Super Senior Shares

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

15,793

 

 

 

287,104

 

 

 

—

 

 

 

0.00

%

 

D/E/H/N

MXP Prime Platform GmbH (SellerX) (Germany)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

7/25/2030

 

 

5,430

 

 

 

66,734

 

 

 

—

 

 

 

0.00

%

 

D/E/H/N

Razor US LP

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

263,206

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/N

Razor US LP

 

Class A Preferred Units

 

Fixed

 

 

 

 

 

3.00%

 

 

 

 

26,320,670

 

 

 

22,711,306

 

 

 

—

 

 

 

0.00

%

 

D/E/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Preferred Series A1 Shares

 

 

 

 

 

 

 

 

 

4/28/2028

 

 

698

 

 

 

13,654

 

 

 

—

 

 

 

0.00

%

 

D/E/H/N

Razor Group GmbH (Germany)

 

Warrants to Purchase Series C Shares

 

 

 

 

 

 

 

 

 

12/23/2029

 

 

213

 

 

 

20,680

 

 

 

—

 

 

 

0.00

%

 

D/E/H/N

TVG-Edmentum Holdings, LLC

 

Series B-1 Common Units

 

Fixed

 

 

 

 

 

12.00%

 

 

 

 

17,858,122

 

 

 

23,363,434

 

 

 

14,458,626

 

 

 

0.77

%

 

B/E/N

TVG-Edmentum Holdings, LLC

 

Series B-2 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

13,421,162

 

 

 

14,458,626

 

 

 

0.77

%

 

B/D/E/N

TVG-Edmentum Holdings, LLC

 

Series C-2 Preferred Units

 

Fixed

 

 

 

 

 

15.00%

 

 

 

 

2,542

 

 

 

5,487,386

 

 

 

6,959,570

 

 

 

0.37

%

 

B/E/N

Thras.io, LLC

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

291,605

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65,444,567

 

 

 

35,876,822

 

 

 

1.91

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

28,277,397

 

 

 

28,277,397

 

 

 

51,054,000

 

 

 

2.73

%

 

E/F/N

Conventional Lending TCP Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

17,800,591

 

 

 

17,675,790

 

 

 

14,543,083

 

 

 

0.77

%

 

E/F/I/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gordon Brothers Finance Company

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

10,612

 

 

$

-

 

 

$

-

 

 

 

0.00

%

 

D/F/N

Gordon Brothers Finance Company

 

Preferred Stock

 

Fixed

 

 

 

 

 

13.50%

 

 

 

 

34,285

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/F/N

Worldremit Group Limited (United Kingdom)

 

Series X Shares

 

 

 

 

 

 

 

 

 

 

 

 

3,721

 

 

 

373,524

 

 

 

395,762

 

 

 

0.02

%

 

D/E/H/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

 

2/11/2031

 

 

42,482

 

 

 

28,022

 

 

 

97,445

 

 

 

0.01

%

 

D/E/H/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series E Stock

 

 

 

 

 

 

 

 

 

8/17/2031

 

 

508

 

 

 

61

 

 

 

58

 

 

 

0.00

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46,354,794

 

 

 

66,090,348

 

 

 

3.53

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conergy Asia Holdings Limited (United Kingdom)

 

Class B Shares

 

 

 

 

 

 

 

 

 

 

 

 

1,000,000

 

 

 

1,000,000

 

 

 

—

 

 

 

0.00

%

 

D/E/F/H/N

Conergy Asia Holdings Limited (United Kingdom)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

5,318,860

 

 

 

7,833,333

 

 

 

—

 

 

 

0.00

%

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Ordinary Shares

 

 

 

 

 

 

 

 

 

 

 

 

2,332,594

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

 

Series B Preferred Shares

 

 

 

 

 

 

 

 

 

 

 

 

93,023

 

 

 

1,395,349

 

 

 

—

 

 

 

0.00

%

 

D/E/F/H/N

Utilidata, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

29,593

 

 

 

216,336

 

 

 

211

 

 

 

0.00

%

 

D/E/N

Utilidata, Inc.

 

Series A-2 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

257,369

 

 

 

153,398

 

 

 

50,143

 

 

 

0.00

%

 

D/E/N

Utilidata, Inc.

 

Series A-1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

500,000

 

 

 

500,000

 

 

 

6,425

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,098,416

 

 

 

56,779

 

 

 

0.00

%

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

9/12/2029

 

 

2,088,152

 

 

 

275,200

 

 

 

1,610,592

 

 

 

0.09

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INH Buyer, Inc. (IMA Health)

 

Preferred Stock

 

 

 

 

 

 

 

 

 

 

$

3,977,966

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stitch Holdings, L.P.

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

5,910

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/N/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

49,792

 

 

 

1,543,054

 

 

 

352,527

 

 

 

0.02

%

 

D

Domo, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

2/17/2028

 

 

94,136

 

 

 

—

 

 

 

995,959

 

 

 

0.05

%

 

D/N

Domo, Inc.

 

Warrants to Purchase Class B Common Stock

 

 

 

 

 

 

 

 

 

2/17/2028

 

 

482,404

 

 

 

—

 

 

 

3,772,399

 

 

 

0.20

%

 

D/N

Fishbowl, Inc.

 

Common Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

604,479

 

 

 

787,032

 

 

 

—

 

 

 

0.00

%

 

D/E/F/N

Foursquare Labs, Inc.

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

5/4/2027

 

 

2,187,500

 

 

 

508,805

 

 

 

139,519

 

 

 

0.01

%

 

D/E/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

8/15/2027

 

 

1,327,869

 

 

 

212,360

 

 

 

2,246,381

 

 

 

0.11

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

9/18/2025

 

 

1,049,996

 

 

 

276,492

 

 

 

1,815,871

 

 

 

0.10

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

10/3/2028

 

 

1,511,002

 

 

 

93,407

 

 

 

2,318,220

 

 

 

0.12

%

 

D/E/H/N

Pluralsight, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

2,865,672

 

 

 

7,995,225

 

 

 

3,887,269

 

 

 

0.21

%

 

D/E/N

ResearchGate Corporation (Germany)

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

10/30/2029

 

 

333,370

 

 

 

202,001

 

 

 

42,131

 

 

 

0.00

%

 

D/E/H/N/O

SuCo Investors, LP (Suited Connector)

 

Warrants to Purchase Class A Units

 

 

 

 

 

 

 

 

 

3/6/2033

 

 

44,928

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

SnapLogic, Inc.

 

Warrants to Purchase Series Preferred Stock

 

 

 

 

 

 

 

 

 

3/19/2028

 

 

1,860,000

 

 

 

377,722

 

 

 

5,197,770

 

 

 

0.28

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,996,098

 

 

 

20,768,046

 

 

 

1.10

%

 

 

 

 

 

 

 

 

29

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelis (SVC), LLC

 

Preferred Unit-C

 

 

 

 

 

 

 

 

 

 

 

 

657,932

 

 

$

2,001,384

 

 

$

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MBS Parent, LLC

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

546

 

 

 

21,204

 

 

 

41,695

 

 

 

0.00

%

 

D/N

Quora, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

4/11/2029

 

 

507,704

 

 

 

65,245

 

 

 

68,789

 

 

 

0.00

%

 

D/E/N

SoundCloud, Ltd. (United Kingdom)

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

4/29/2025

 

 

946,498

 

 

 

79,082

 

 

 

572,593

 

 

 

0.03

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

165,531

 

 

 

683,077

 

 

 

0.03

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iracore Investments Holdings, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

16,207

 

 

 

4,177,710

 

 

 

1,050,376

 

 

 

0.06

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48forty Intermediate Holdings, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

$

2,347

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inotiv, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

14,578

 

 

 

—

 

 

 

60,353

 

 

 

0.00

%

 

D/E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anacomp, Inc.

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

1,255,527

 

 

 

26,711,048

 

 

 

1,155,295

 

 

 

0.06

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grey Orange International Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

5/6/2032

 

 

10,538

 

 

 

546

 

 

 

2,108

 

 

 

0.00

%

 

D/E/N

Tradeshift, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

3/6/2027

 

 

1,712,930

 

 

 

577,843

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

578,389

 

 

 

2,108

 

 

 

0.00

%

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Holdco, Inc. (Ohio Transmission Corp.)

 

Preferred Stock

 

Fixed

 

 

 

 

 

12.50%

 

 

 

 

9,586

 

 

 

13,759,704

 

 

 

13,776,136

 

 

 

0.73

%

 

E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 19.4% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

193,832,248

 

 

 

152,185,337

 

 

 

8.06

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 228.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,019,214,062

 

 

$

1,794,758,336

 

 

 

95.14

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 11.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

91,589,702

 

 

 

4.86

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 240.3% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,886,348,038

 

 

 

100.00

%

 

M

 

 

 

 

 

 

Interest Rate Swap as of December 31, 2024

 

 

 

Company Receives Fixed

 

Company Pays Floating

 

Counterparty

 

Maturity Date

 

Payment Frequency

 

Notional Amount

 

 

Derivative Liability at Fair Value

 

Interest rate swap

 

2.633%

 

1 Day SOFR

 

CME

 

6/9/2025

 

Annual

 

 

35,000,000

 

 

$

(731,830

)

 

30

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

Notes to Consolidated Schedule of Investments:

(A)
Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the "Securities Act"). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
(B)
Non-controlled affiliate – as defined under the Investment Company Act of 1940 (the "1940 Act") (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.
(C)
Non-accruing debt investment.
(D)
Other non-income producing investment.
(E)
Restricted security. (See Note 2)
(F)
Controlled issuer – as defined under the 1940 Act (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates.
(G)
Investment has been segregated to collateralize certain unfunded commitments.
(H)
Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(I)
Deemed an investment company under Section 3(c) of the 1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(J)
Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(K)
Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.
(L)
In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
(M)
All cash and investments, except those referenced in Note G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.
(N)
Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.
(O)
Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to U.S. dollars. Foreign currency denominated investments are generally hedged for currency exposure.

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

Excluding $586,983,708 of investments acquired in connection with the Merger, aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $343,187,049 and $517,085,063, respectively, for the year ended December 31, 2024. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of December 31, 2024 was $1,789,534,628 or 94.9% of total cash and investments of the Company. As of December 31, 2024, approximately 16.9% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

31

Table of Contents

 

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2025

 

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 six 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.

32

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

2. Summary of Significant Accounting Policies

Basis of Presentation

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

Use of Estimates

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

Investment Valuation

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

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

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

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

Generally, to increase objectivity in valuing the investments, the Valuation Designee will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Valuation Designee’s valuation is not based on long-term work-out value, immediate liquidation value, nor incremental value for potential changes that may take place in the future. The values assigned to investments are based on available information as of the balance sheet date 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 on the Company’s investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5% of the Company’s assets.

33

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

2. Summary of Significant Accounting Policies — (continued)

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, 2025, the Company’s investments were categorized as follows:

 

Level

 

Basis for Determining Fair Value

 

Bank Debt (1)

 

 

Other
Corporate
Debt (2)

 

 

Equity
Securities

 

 

Total

 

1

 

Quoted prices in active markets for identical
   assets

 

$

—

 

 

$

—

 

 

$

809,843

 

 

$

809,843

 

2

 

Other direct and indirect observable market
   inputs (3)

 

 

5,261,786

 

 

 

—

 

 

 

—

 

 

 

5,261,786

 

3

 

Independent third-party valuation sources
   that employ significant unobservable inputs

 

 

1,475,441,767

 

 

 

59,756,438

 

 

 

174,136,444

 

 

 

1,709,334,649

 

3

 

Valuation Designee valuations with significant unobservable inputs

 

 

—

 

 

 

127,490

 

 

 

1,157,649

 

 

 

1,285,139

 

Total

 

 

 

$

1,480,703,553

 

 

$

59,883,928

 

 

$

176,103,936

 

 

$

1,716,691,417

 

 

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

 

34

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

2. Summary of Significant Accounting Policies — (continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of September 30, 2025 included the following:

 

Asset Type

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Avg.) (1)

Bank Debt

 

$

1,221,289,917

 

 

Income approach

 

Discount rate

 

7.9% - 26.9% (11.0%)

 

 

112,459,758

 

 

Market comparable companies

 

Revenue multiples

 

0.3x - 1.4x (1.0x)

 

 

69,555,003

 

 

Market comparable companies

 

EBITDA multiples

 

3.8x - 10.0x (6.4x)

 

 

64,483,443

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

 

7,653,646

 

 

Transaction approach (3)

 

N/A

 

N/A

Other Corporate Debt

 

 

59,756,438

 

 

Market comparable companies

 

Book value multiples

 

1.6x (1.6x)

 

 

 

127,490

 

 

Asset approach (2)

 

N/A

 

N/A

Equity

 

 

59,694,545

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

2.1x - 30.4x (10.0x)

 

 

 

 

 

 

Implied volatility

 

45.0% - 75.0% (59.4%)

 

 

 

 

 

 

Term

 

0.5 years - 3.0 years (2.2 years)

 

 

51,054,000

 

 

Market comparable companies

 

Book value multiples

 

1.6x (1.6x)

 

 

23,308,102

 

 

Market comparable companies

 

Revenue multiples

 

0.3x - 5.0x (0.9x)

 

 

21,820,738

 

 

Market comparable companies

 

EBITDA multiples

 

3.8x - 18.0x (9.1x)

 

 

 

17,381,042

 

 

Income approach

 

Discount rate

 

10.4% - 15.0% (13.2%)

 

 

 

2,035,666

 

 

Transaction approach (3)

 

N/A

 

N/A

 

$

1,710,619,788

 

 

 

 

 

 

 

 

(1)
Weighted by fair value.
(2)
Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.
(3)
Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

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

 

Input

 

Impact to Value if
Input Increases

 

Impact to Value if
Input Decreases

Discount rate

 

Decrease

 

Increase

Revenue multiples

 

Increase

 

Decrease

EBITDA multiples

 

Increase

 

Decrease

Book value multiples

 

Increase

 

Decrease

Implied volatility

 

Increase

 

Decrease

Term

 

Increase

 

Decrease

Yield

 

Increase

 

Decrease

 

 

35

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended September 30, 2025 were as follows:

 

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,525,587,362

 

 

$

59,884,621

 

 

$

188,280,321

 

 

$

1,773,752,304

 

Net realized and unrealized gains (losses)

 

 

(2,181,394

)

 

 

—

 

 

 

310,516

 

 

 

(1,870,878

)

Acquisitions (1)

 

 

65,391,223

 

 

 

—

 

 

 

1,344,526

 

 

 

66,735,749

 

Dispositions

 

 

(124,583,402

)

 

 

—

 

 

 

(15,798,919

)

 

 

(140,382,321

)

Transfers into Level 3 (2)

 

 

11,227,978

 

 

 

—

 

 

 

—

 

 

 

11,227,978

 

Transfers out of Level 3 (3)

 

 

—

 

 

 

(128,183

)

 

 

—

 

 

 

(128,183

)

Ending balance

 

$

1,475,441,767

 

 

$

59,756,438

 

 

$

174,136,444

 

 

$

1,709,334,649

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(13,419,807

)

 

$

—

 

 

$

(57,536

)

 

$

(13,477,343

)

 

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

 

 

 

 

Valuation Designee Valuation

 

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

—

 

 

$

—

 

 

$

1,157,403

 

 

$

1,157,403

 

Net realized and unrealized gains (losses)

 

 

—

 

 

 

(693

)

 

 

246

 

 

 

(447

)

Transfers into Level 3 (1)

 

 

—

 

 

 

128,183

 

 

 

—

 

 

 

128,183

 

Ending balance

 

$

—

 

 

$

127,490

 

 

$

1,157,649

 

 

$

1,285,139

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

 

$

(693

)

 

$

246

 

 

$

(447

)

 

(1)
Comprised of one investment that was transferred from Independent Third-Party Valuation.

 

 

 

 

 

 

 

 

 

36

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the nine months ended September 30, 2025 were as follows:

 

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,549,242,872

 

 

$

64,772,456

 

 

$

150,615,054

 

 

$

1,764,630,382

 

Net realized and unrealized gains (losses)

 

 

(55,932,526

)

 

 

—

 

 

 

1,712,232

 

 

 

(54,220,294

)

Acquisitions (1)

 

 

186,991,361

 

 

 

—

 

 

 

39,355,031

 

 

 

226,346,392

 

Dispositions

 

 

(221,083,573

)

 

 

—

 

 

 

(17,545,873

)

 

 

(238,629,446

)

Transfers into Level 3 (2)

 

 

16,223,633

 

 

 

—

 

 

 

—

 

 

 

16,223,633

 

Transfers out of Level 3 (3)

 

 

—

 

 

 

(5,016,018

)

 

 

—

 

 

 

(5,016,018

)

Ending balance

 

$

1,475,441,767

 

 

$

59,756,438

 

 

$

174,136,444

 

 

$

1,709,334,649

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(32,537,735

)

 

$

—

 

 

$

1,076,567

 

 

$

(31,461,168

)

 

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

 

 

 

 

Valuation Designee Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

—

 

 

$

—

 

 

$

1,157,403

 

 

$

1,157,403

 

Net realized and unrealized gains (losses)

 

 

—

 

 

 

(2,349,304

)

 

 

246

 

 

 

(2,349,058

)

Dispositions

 

 

—

 

 

 

(2,539,224

)

 

 

—

 

 

 

(2,539,224

)

Transfers into Level 3 (1)

 

 

—

 

 

 

5,016,018

 

 

 

—

 

 

 

5,016,018

 

Ending balance

 

$

—

 

 

$

127,490

 

 

$

1,157,649

 

 

$

1,285,139

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

 

$

(2,349,828

)

 

$

246

 

 

$

(2,349,581

)

 

(1)
Comprised of one investment that was transferred from Independent Third-Party Valuation.

 

 

 

 

 

 

 

 

 

 

37

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

2. Summary of Significant Accounting Policies — (continued)

 

At December 31, 2024, the Company’s investments were categorized as follows:

 

Level

 

Basis for Determining Fair Value

 

Bank Debt (1)

 

 

Other
Corporate Debt (2)

 

 

Equity
Securities

 

 

Total

 

1

 

Quoted prices in active markets for identical
   assets

 

$

—

 

 

$

—

 

 

$

412,880

 

 

$

412,880

 

2

 

Other direct and indirect observable market
   inputs (3)

 

 

28,557,671

 

 

—

 

 

—

 

 

 

28,557,671

 

3

 

Independent third-party valuation sources
   that employ significant unobservable inputs

 

 

1,549,242,872

 

 

 

64,772,456

 

 

 

150,615,054

 

 

 

1,764,630,382

 

3

 

Valuation Designee valuations with significant unobservable inputs

 

—

 

 

—

 

 

 

1,157,403

 

 

 

1,157,403

 

Total

 

 

 

$

1,577,800,543

 

 

$

64,772,456

 

 

$

152,185,337

 

 

$

1,794,758,336

 

 

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

 

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2024 included the following:

 

Asset Type

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Avg.) (1)

Bank Debt

 

$

1,243,224,730

 

 

Income approach

 

Discount rate

 

9.1% - 22.4% (12.3%)

 

 

127,397,885

 

 

Market comparable companies

 

Revenue multiples

 

0.4x - 1.4x (0.9x)

 

 

95,787,823

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

41,621,909

 

 

Asset approach (2)

 

N/A

 

N/A

 

 

40,763,182

 

 

Market comparable companies

 

EBITDA multiples

 

3.5x - 10.8x (4.4x)

 

 

 

447,343

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

1.2x - 5.3x (4.7x)

 

 

 

 

 

 

Implied volatility

 

35.0% (35.0%)

 

 

 

 

 

 

Term

 

1.5 years - 1.8 years (1.5 years)

Other Corporate Debt

 

 

59,756,438

 

 

Market comparable companies

 

Book value multiples

 

1.5x (1.5x)

 

 

 

5,016,018

 

 

Income approach

 

Discount rate

 

13.5% (13.5%)

Equity

 

 

65,597,083

 

 

Market comparable companies

 

Book value multiples

 

0.8x - 1.5x (1.3x)

 

 

53,598,606

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

1.3x - 13.8x (10.7x)

 

 

 

 

 

 

Implied volatility

 

40.0% - 75.0% (54.0%)

 

 

 

 

 

 

Term

 

0.3 years - 3.8 years (1.9 years)

 

 

15,738,508

 

 

Market comparable companies

 

Revenue multiples

 

0.4x - 4.8x (2.1x)

 

 

15,227,668

 

 

Market comparable companies

 

EBITDA multiples

 

3.5x - 12.0x (11.3x)

 

 

 

1,610,592

 

 

Transaction approach (3)

 

N/A

 

N/A

 

$

1,765,787,785

 

 

 

 

 

 

 

 

(1)
Weighted by fair value.
(2)
Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.
(3)
Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

38

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

2. Summary of Significant Accounting Policies — (continued)

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

 

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,725,877,106

 

 

$

66,236,621

 

 

$

160,956,803

 

 

$

1,953,070,530

 

Net realized and unrealized gains (losses)

 

 

(5,646,340

)

 

 

(7,972,085

)

 

 

979,871

 

 

 

(12,638,554

)

Acquisitions (1)

 

 

61,713,343

 

 

 

7,437,500

 

 

 

10,483,071

 

 

 

79,633,914

 

Dispositions

 

 

(139,090,785

)

 

 

—

 

 

 

—

 

 

 

(139,090,785

)

Transfers out of Level 3 (2)

 

 

(1,887,127

)

 

 

—

 

 

 

—

 

 

 

(1,887,127

)

Ending balance

 

$

1,640,966,197

 

 

$

65,702,036

 

 

$

172,419,745

 

 

$

1,879,087,978

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(3,546,233

)

 

$

(7,972,085

)

 

$

979,871

 

 

$

(10,538,447

)

 

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

 

 

 

 

Valuation Designee Valuation

 

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

—

 

 

$

—

 

 

$

877,248

 

 

$

877,248

 

Net realized and unrealized gains (losses)

 

 

—

 

 

 

—

 

 

 

274,997

 

 

 

274,997

 

Ending balance

 

$

—

 

 

$

—

 

 

$

1,152,245

 

 

$

1,152,245

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

 

$

—

 

 

$

274,997

 

 

$

274,997

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

 

2. Summary of Significant Accounting Policies — (continued)

 

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

 

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,289,587,391

 

 

$

52,318,937

 

 

$

164,340,278

 

 

$

1,506,246,606

 

Net realized and unrealized gains (losses)

 

 

(74,496,967

)

 

 

(7,168,644

)

 

 

(33,451,961

)

 

 

(115,117,572

)

Acquisitions (1)

 

 

747,746,344

 

 

 

20,551,743

 

 

 

44,317,910

 

 

 

812,615,997

 

Dispositions

 

 

(326,743,546

)

 

 

—

 

 

 

(2,786,482

)

 

 

(329,530,028

)

Transfers into Level 3 (2)

 

 

4,872,975

 

 

 

—

 

 

 

—

 

 

 

4,872,975

 

Ending balance

 

$

1,640,966,197

 

 

$

65,702,036

 

 

$

172,419,745

 

 

$

1,879,087,978

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(58,869,518

)

 

$

(7,168,644

)

 

$

(31,733,365

)

 

$

(97,771,527

)

____________________

(1) Includes payments received in kind and accretion of original issue and market discounts and Level 3 investments acquired in connection with the Merger.

(2) Comprised of one investment that was transferred from Level 2 due to reduced number of market quotes.

 

 

 

 

Valuation Designee Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

—

 

 

$

—

 

 

$

844,615

 

 

$

844,615

 

Net realized and unrealized gains (losses)

 

 

—

 

 

 

—

 

 

 

307,630

 

 

 

307,630

 

Ending balance

 

$

—

 

 

$

—

 

 

$

1,152,245

 

 

$

1,152,245

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

 

$

—

 

 

$

307,630

 

 

$

307,630

 

 

 

 

 

 

 

 

 

 

 

 

 

40

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

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. At September 30, 2025, included in cash and cash equivalents was $6.9 million (0.9% of net assets) held in the JPMorgan U.S. Government Money Market Fund with a 7-day yield of 4.04% and $50.1 million (6.8% of net assets) held in the Allspring Government Money Market Fund with a 7- day yield of 4.01%. At December 31, 2024, included in cash and cash equivalents was $1.4 million (0.2% of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 4.42% and $59.2 million (7.5% of net assets) held in the Allspring Government Money Market Fund with a 7- day yield of 4.36%. There was no restricted cash at September 30, 2025 and December 31, 2024.

Restricted Investments

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

Foreign Currency Investments

The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency denominated investments comprised approximately 0.4% and 0.4% of total investments at September 30, 2025 and December 31, 2024, respectively. Such positions were converted at the respective closing foreign exchange rates in effect at September 30, 2025 and December 31, 2024 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

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

Derivatives

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

 

41

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

2. Summary of Significant Accounting Policies — (continued)

 

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.

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 was $35.0 million. Under the swap agreement, Merger Sub received a fixed interest rate of 2.633% and paid a floating interest rate of SOFR with payments due annually. The Interest Rate Swap matured on June 9, 2025.

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 were included as assets within “Due from broker” on the Consolidated Statement of Assets and Liabilities prior to its maturity on June 9, 2025.

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, were presented as part of change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations.

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, 2025 and 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
 

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Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

2. Summary of Significant Accounting Policies — (continued)

 

applied to principal depending upon the Company’s judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Company’s judgment, the repayment of the remaining contractual principal and interest is expected. The Company may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

36th Street Capital Partners, LLC

In accordance with Rules 3-09 and 4-08(g) of Regulation S-X (“Rule 3-09” and “Rule 4-08(g),” respectively), the Company must determine which of its unconsolidated controlled portfolio companies are considered “significant subsidiaries,” if any. In evaluating these investments, Rule 1-02(w)(2) of Regulation S-X stipulates two tests to be utilized by a BDC to determine if any of its controlled investments are considered significant subsidiaries for financial reporting purposes: the investment test and the income test. Rule 3-09 requires separate audited financial statements of an unconsolidated majority owned subsidiary in an annual report if any of the tests exceed the thresholds noted in Rule 1-02(w)(2), whereas Rule 4-08(g) only requires summarized financial information in an annual/quarterly report if the thresholds are exceeded. Our investment in 36th Street Capital Partners Holdings, LLC as of December 31, 2024 exceeded the threshold in at least one of the tests for both Rule 3-09 and Rule 4-08(g). Accordingly, we included the audited financial statements of 36th Street Capital Partners Holdings, LLC as an exhibit to our annual report on Form 10-K for the year ended December 31, 2024.

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, 2025, 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, 2024, the Company had non-expiring capital loss carryforwards in the amount of $636,962,720 available to offset future realized capital gains.

As of December 31, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

 

 

 

December 31, 2024

 

Tax Cost

 

$

2,120,958,894

 

 

 

 

Gross Unrealized Appreciation

 

$

165,148,618

 

Gross Unrealized Depreciation

 

 

(489,385,214

)

Net Unrealized Appreciation (Depreciation)

 

$

(324,236,596

)

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.

 

43

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

2. Summary of Significant Accounting Policies — (continued)

 

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”). ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023- 07”), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. See Note 13 for more information on the adoption of ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and permits early adoption. The Company plans to adopt the ASU 2023-09 for the annual reporting period beginning on January 1, 2025 and does not expect a material impact on its consolidated financial statements.

3. Management Fees, Incentive Fees and Other Expenses

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

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

In connection with the Merger, the Company and the Advisor entered into an amended and restated investment advisory agreement (the “Amended and Restated Investment Advisory Agreement”) that became effective at the Closing, pursuant to which the Advisor reduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of calculation. Prior to the Closing, the Advisor's base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The base management fee is calculated on a consolidated basis as of the beginning of each quarter and is payable to the Advisor quarterly in arrears. On February 24, 2025, the Advisor voluntarily agreed to waive one third of its management fee for each of the first three quarters of 2025, starting on January 1, 2025 and ending on September 30, 2025. For the three months ended September 30, 2025, the Advisor waived $1.8 million in management fees. For the nine months ended September 30, 2025, the Advisor waived $5.5 million in management fees.

In connection with the Merger, the Company also entered into a fee waiver agreement with the Advisor (the “Fee Waiver Agreement”). The Fee Waiver Agreement provides that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit (the waiver amount in a given quarter cannot exceed the total advisory fees for such quarter). No advisory fee waiver was required for the four (4) fiscal quarters following the Closing pursuant to the Fee Waiver Agreement. The Fee Waiver Agreement is not applicable to the periods after December 31, 2024.

 

44

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

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

Incentive compensation is only incurred to the extent the Company’s cumulative total return (after incentive compensation) exceeds a 7% annual rate on daily weighted-average contributed common equity. Subject to that limitation, incentive compensation is calculated on ordinary income (before incentive compensation) and net realized gains (net of any unrealized depreciation) at rates of 17.5% on income since the fee reduction on February 8, 2019 and 20% previously. Incentive compensation is computed as the difference between incentive compensation earned and incentive compensation paid, subject to the total return hurdle, on a cumulative basis since January 1, 2013, and is payable quarterly in arrears. As of September 30, 2025, the Company's cumulative total return did not exceed the total return hurdle and, as a result, no incentive compensation was accrued for the three and nine months ended September 30, 2025.

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, 2025 and December 31, 2024, no such reserve was accrued.

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

45

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

4. Debt

Debt is comprised of 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 July 31, 2025, debt included $92.0 million in unsecured notes which were due December 2025 originally issued by BCIC and assumed by Merger Sub (the “2025 Notes”) and $250.0 million in senior unsecured notes due August 2024 issued by the Company (the “2024 Notes”) which was repaid on August 23, 2024.

Total debt outstanding and available at September 30, 2025 was as follows:

 

Debt, net of unamortized issuance costs

 

Maturity

 

Rate

 

 

Carrying
Value (1)

 

 

Available

 

 

Total
Capacity

 

 

Operating Facility

 

2029

 

SOFR+2.00%

(2)

 

$

151,942,500

 

 

$

148,057,500

 

 

$

300,000,000

 

(3)

Funding Facility II

 

2029

 

SOFR+2.00%

(4)

 

 

100,000,000

 

 

 

100,000,000

 

 

 

200,000,000

 

(5)

Merger Sub Facility(6)

 

2028

 

SOFR+2.00%

(7)

 

 

47,000,000

 

 

 

218,000,000

 

 

 

265,000,000

 

(8)

SBA Debentures

 

2026−2031

 

2.41%

(9)

 

 

111,200,000

 

 

 

—

 

 

 

111,200,000

 

 

2026 Notes ($325 million par)

 

2026

 

2.85%

 

 

 

325,111,245

 

 

 

—

 

 

 

325,111,245

 

 

2029 Notes ($325 million par)

 

2029

 

6.95%

 

 

 

322,229,902

 

 

 

—

 

 

 

322,229,902

 

 

Total leverage

 

 

 

 

 

 

 

1,057,483,647

 

 

$

466,057,500

 

 

$

1,523,541,147

 

 

Unamortized issuance costs

 

 

 

 

 

 

 

(5,868,338

)

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

 

$

1,051,615,309

 

 

 

 

 

 

 

 

 

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

Total debt outstanding and available at December 31, 2024 was as follows:

 

Debt, net of unamortized issuance costs

 

Maturity

 

Rate

 

 

Carrying
Value (1)

 

 

Available

 

 

Total
Capacity

 

 

Operating Facility

 

2029

 

SOFR+2.00%

(2)

 

$

120,670,788

 

 

$

179,329,212

 

 

$

300,000,000

 

(3)

Funding Facility II

 

2027

 

SOFR+2.05%

(4)

 

 

75,000,000

 

 

 

125,000,000

 

 

 

200,000,000

 

(5)

Merger Sub Facility(6)

 

2028

 

SOFR+2.00%

(7)

 

 

60,000,000

 

 

 

205,000,000

 

 

 

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%

 

 

 

325,398,402

 

 

 

—

 

 

 

325,398,402

 

 

2029 Notes ($325 million par)

 

2029

 

6.95%

 

 

 

321,745,636

 

 

 

—

 

 

 

321,745,636

 

 

Total leverage

 

 

 

 

 

 

 

1,126,314,826

 

 

$

519,329,212

 

 

$

1,645,644,038

 

 

Unamortized issuance costs

 

 

 

 

 

 

 

(7,974,601

)

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

 

$

1,118,340,225

 

 

 

 

 

 

 

 

 

 

(1)
Except for the 2026 Notes and the 2029 Notes, all carrying values are the same as the principal amounts outstanding.
(2)
As of December 31, 2024, $113.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. $7.7 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%.

 

46

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

4. Debt — (continued)

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

 

The combined weighted-average interest rates on total debt outstanding at September 30, 2025 and December 31, 2024 were 4.98% and 5.19%, respectively.

Total expenses related to debt included the following:

 

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

Interest expense

 

$

45,679,648

 

 

$

49,848,875

 

Amortization of deferred debt issuance costs

 

 

3,994,405

 

 

 

3,371,840

 

Commitment fees

 

 

1,315,360

 

 

 

896,889

 

Total

 

$

50,989,413

 

 

$

54,117,604

 

 

Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of September 30, 2025, the estimated fair values of the Operating Facility, as defined in Note 4, Funding Facility II and the SBA Debentures approximated their carrying values and the estimated fair value of the Merger Sub Facility was $43.2 million. As of September 30, 2025, the 2026 Notes and the 2029 Notes had estimated fair values of $321.1 million and $334.7 million, respectively. As of December 31, 2024, the estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures approximated their carrying values and the estimated fair value of the Merger Sub Facility was $55.5 million. As of December 31, 2024, the 2025 Notes, the 2026 Notes and the 2029 Notes had estimated fair values of $92.7 million, $315.9 million and $338.8 million, respectively. The estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures were determined by discounting projected remaining payments using market interest rates for borrowings of the Company and entities with similar credit risks at the measurement date. The estimated fair value of the Merger Sub Facility was derived by taking the average of the high and low quotes as obtained from a broker. The estimated fair values of the 2026 Notes and 2029 Notes were determined using market quotations, and the estimated fair value of the 2025 Notes was derived by an independent valuation firm. The estimated fair values of the Operating Facility, Funding Facility II, Merger Sub Facility, 2025 Notes, 2026 Notes, 2029 Notes and SBA Debentures as prepared for disclosure purposes were deemed to be Level 3 in the GAAP valuation hierarchy.

Unsecured Notes

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

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

47

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

4. Debt — (continued)

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

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

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

On July 21, 2025, the Company caused notices to be issued to the holders of the 2025 Notes regarding the Company’s exercise
of its option to prepay $35.0 million in aggregate principal amount of issued and outstanding Tranche A Notes and $57.0 million in
aggregate principal amount of issued and outstanding Tranche B Notes, which represent the entire amount of the 2025 Notes
outstanding, pursuant to the terms of the Note Assumption Agreement. The Company prepaid all $35.0 million in aggregate principal
amount of the Tranche A Notes and $57.0 million in aggregate principal amount of the Tranche B Notes on July 31, 2025, at 100% of
their principal amount, plus the accrued and unpaid interest thereon in accordance with the terms of the Note Assumption Agreement.

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

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

 

 

 

September 30, 2025

 

 

December 31, 2024

 

 

 

2025 Notes

 

2026 Notes

 

 

2029 Notes

 

 

2025 Notes

 

 

2026 Notes

 

 

2029 Notes

 

Principal amount of debt

 

N/A

 

$

325,000,000

 

 

$

325,000,000

 

 

$

92,000,000

 

 

$

325,000,000

 

 

$

325,000,000

 

Original issue (discount)/ premium, net of accretion

 

N/A

 

 

111,245

 

 

 

(2,770,098

)

 

 

—

 

 

 

398,402

 

 

 

(3,254,364

)

Carrying value of debt

 

N/A

 

$

325,111,245

 

 

$

322,229,902

 

 

$

92,000,000

 

 

$

325,398,402

 

 

$

321,745,636

 

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

 

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025 Notes

 

 

2026 Notes

 

 

2029 Notes

 

 

2024 Notes

 

 

2025 Notes

 

 

2026 Notes

 

 

2029 Notes

 

Stated interest expense

 

$

3,932,362

 

 

$

6,946,875

 

 

$

16,940,625

 

 

$

6,283,333

 

 

$

3,955,054

 

 

$

6,946,875

 

 

$

7,529,167

 

Amortization of original issue discount/ (premium)

 

 

—

 

 

 

(287,157

)

 

 

484,267

 

 

 

403,991

 

 

 

—

 

 

 

(293,659

)

 

 

204,452

 

Total interest expense

 

$

3,932,362

 

 

$

6,659,718

 

 

$

17,424,892

 

 

$

6,687,324

 

 

$

3,955,054

 

 

$

6,653,216

 

 

$

7,733,619

 

4. Debt — (continued)

48

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

Operating Facility

The Operating Facility consists of a revolving, multi-currency credit facility which provides for amounts to be drawn up to $300.0 million, subject to certain collateral and other restrictions. The Operating Facility includes a $100.0 million accordion feature which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.

Most of the cash and investments held directly by SVCP, as well as the assets of TCPC Funding and 36th Street Capital Partners Holdings, LLC, are included in the collateral for the facility.

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

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

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

Funding Facility II

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

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

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

On August 4, 2023, the Funding Facility II was amended to extend the maturity date from August 4, 2025 to August 4, 2027, and updated interest to a rate of SOFR plus a credit spread adjustment of 0.15%, plus a margin of 2.05%. The facility may be terminated, and any outstanding amounts thereunder may become due and payable, should TCPC Funding II fail to satisfy certain financial or other covenants. On July 31, 2025, the Funding Facility II was amended to extend the revolving period from August 4,
2025 to July 31, 2027 and the stated maturity date from August 4, 2027 to July 31, 2029.

As of September 30, 2025, TCPC Funding II was in full compliance with such covenants.

4. Debt — (continued)

Merger Sub Facility

49

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

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

SBA Debentures

As of September 30, 2025, the SBIC is able to issue up to $111.2 million in SBA Debentures, subject to funded regulatory capital and other customary regulatory requirements. As of September 30, 2025, SVCP had committed $87.5 million of regulatory capital to the SBIC, all of which had been funded. SBA Debentures are non-recourse and may be prepaid at any time without penalty. Once drawn, the SBIC debentures bear an interim interest rate of SOFR plus 30 basis points. The rate then becomes fixed at the time of SBA pooling, which occurs twice each year, and is set to the then-current 10-year treasury rate plus a spread and an annual SBA charge.

SBA Debentures outstanding as of September 30, 2025 were as follows:

Issuance Date

 

Maturity

 

Debenture
Amount

 

 

Fixed
Interest
Rate

 

 

SBA
Annual
Charge

 

March 23, 2016

 

March 1, 2026

 

$

4,000,000

 

 

 

2.51

%

 

 

0.36

%

September 21, 2016

 

September 1, 2026

 

 

18,200,000

 

 

 

2.05

%

 

 

0.36

%

September 20, 2017

 

September 1, 2027

 

 

14,000,000

 

 

 

2.52

%

 

 

0.36

%

March 21, 2018

 

March 1, 2028

 

 

8,000,000

 

 

 

3.19

%

 

 

0.35

%

September 19, 2018

 

September 1, 2028

 

 

15,000,000

 

 

 

3.55

%

 

 

0.35

%

September 25, 2019

 

September 1, 2029

 

 

40,000,000

 

 

 

2.28

%

 

 

0.35

%

September 22, 2021

 

September 1, 2031

 

 

12,000,000

 

 

 

1.30

%

 

 

0.35

%

 

 

 

 

$

111,200,000

 

 

 

2.41

%

*

 

 

 

* Weighted-average interest rate

 

 

 

 

 

 

 

 

4. Debt — (continued)

50

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

SBA Debentures outstanding as of December 31, 2024 were as follows:

Issuance Date

 

Maturity

 

Debenture
Amount

 

 

Fixed
Interest
Rate

 

 

SBA
Annual
Charge

 

March 25, 2015

 

March 1, 2025

 

$

9,500,000

 

 

 

2.52

%

 

 

0.36

%

September 23, 2015

 

September 1, 2025

 

 

10,800,000

 

 

 

2.83

%

 

 

0.36

%

March 23, 2016

 

March 1, 2026

 

 

4,000,000

 

 

 

2.51

%

 

 

0.36

%

September 21, 2016

 

September 1, 2026

 

 

18,200,000

 

 

 

2.05

%

 

 

0.36

%

September 20, 2017

 

September 1, 2027

 

 

14,000,000

 

 

 

2.52

%

 

 

0.36

%

March 21, 2018

 

March 1, 2028

 

 

8,000,000

 

 

 

3.19

%

 

 

0.35

%

September 19, 2018

 

September 1, 2028

 

 

15,000,000

 

 

 

3.55

%

 

 

0.35

%

September 25, 2019

 

September 1, 2029

 

 

40,000,000

 

 

 

2.28

%

 

 

0.35

%

September 22, 2021

 

September 1, 2031

 

 

12,000,000

 

 

 

1.30

%

 

 

0.35

%

 

 

 

 

$

131,500,000

 

 

 

2.45

%

*

 

 

 

* Weighted-average interest rate

 

51

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

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, 2025 and December 31, 2024 as follows:

 

 

 

 

 

Unfunded Balances

 

Issuer

 

Maturity

 

September 30, 2025

 

 

December 31, 2024

 

Accordion Partners LLC

 

11/15/2031

 

$

826,801

 

 

$

984,286

 

Accordion Partners LLC

 

11/15/2031

 

 

656,191

 

 

 

656,191

 

Accuserve Solutions, Inc.

 

3/15/2030

 

 

1,970,013

 

 

 

2,273,092

 

Acquia, Inc.

 

11/1/2025

 

N/A

 

 

 

832,182

 

Alcami Corporation

 

12/21/2028

 

 

1,167,666

 

 

 

1,080,091

 

ALCV Purchaser, Inc. (AutoLenders)

 

2/25/2026

 

 

448,202

 

 

N/A

 

AlphaSense, Inc.

 

6/27/2029

 

 

4,641,664

 

 

 

4,641,664

 

Alpine Acquisition Corp II (48Forty)

 

11/30/2029

 

 

171,095

 

 

 

483,992

 

AmeriLife Holdings, LLC

 

8/31/2028

 

 

618,743

 

 

 

742,492

 

Applause App Quality, Inc.

 

10/24/2029

 

 

1,046,175

 

 

 

1,307,719

 

Appriss Health, LLC (PatientPing)

 

5/6/2027

 

 

736,257

 

 

 

736,257

 

Aras Corporation

 

4/13/2029

 

 

825,634

 

 

 

727,344

 

Avalara, Inc.

 

10/19/2028

 

N/A

 

 

 

270,000

 

Beekeeper Buyer Inc. (Archway)

 

6/30/2031

 

 

200,000

 

 

N/A

 

Bluefin Holding, LLC (Allvue)

 

9/12/2029

 

 

762,821

 

 

 

762,821

 

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

9/8/2027

 

N/A

 

 

 

200,000

 

Brown & Settle, Inc.

 

5/16/2030

 

 

243,902

 

 

N/A

 

Bynder Bidco B.V. (Netherlands)

 

1/26/2029

 

 

1,259,424

 

 

 

1,259,424

 

Bynder Bidco, Inc. (Netherlands)

 

1/26/2029

 

 

346,984

 

 

 

346,984

 

CareATC, Inc.

 

3/14/2026

 

 

945,362

 

 

 

945,362

 

Chronicle Parent LLC (Lexitas)

 

4/15/2031

 

 

2,418,058

 

 

N/A

 

Chronicle Parent LLC (Lexitas)

 

4/15/2031

 

 

878,017

 

 

N/A

 

Clever Devices Ltd.

 

6/12/2030

 

 

637,255

 

 

 

441,176

 

Community Merger Sub Debt LLC (CINC Systems)

 

1/18/2030

 

 

428,571

 

 

 

428,571

 

Crewline Buyer, Inc. (New Relic)

 

11/8/2030

 

 

163,522

 

 

 

163,522

 

Deepl Se (Germany)

 

6/26/2030

 

 

2,062,124

 

 

N/A

 

Deepl Se (Germany)

 

6/26/2030

 

 

581,163

 

 

N/A

 

Disco Parent, Inc. (Duck Creek Technologies)

 

3/30/2029

 

N/A

 

 

 

604,041

 

DNAnexus, Inc

 

12/18/2029

 

 

18,375,000

 

 

 

18,375,000

 

Douglas Holdings, Inc (Docupace)

 

8/27/2030

 

N/A

 

 

 

3,648,967

 

Douglas Holdings, Inc (Docupace)

 

8/27/2030

 

 

2,919,174

 

 

 

3,317,243

 

Douglas Holdings, Inc (Docupace)

 

8/27/2030

 

 

943,245

 

 

 

1,589,628

 

Douglas Holdings, Inc (Docupace)

 

8/27/2030

 

 

1,326,897

 

 

 

1,326,897

 

Dragos, Inc.

 

6/30/2030

 

 

2,400,000

 

 

N/A

 

Dragos, Inc.

 

6/30/2030

 

 

881,172

 

 

N/A

 

e-Discovery Acquireco, LLC (Reveal)

 

8/23/2029

 

 

349,100

 

 

 

748,071

 

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

 

12/29/2026

 

 

537,233

 

 

 

829,369

 

ESO Solutions, Inc.

 

5/3/2027

 

N/A

 

 

 

709,962

 

Express Wash Acquisition Company, LLC (Whistle)

 

4/10/2031

 

 

1,666,615

 

 

N/A

 

FirstUp, Inc

 

7/13/2027

 

 

38,620

 

 

N/A

 

Flexport Capital, LLC

 

6/30/2029

 

 

4,333,333

 

 

N/A

 

Fusion Holding Corp. (Finalsite)

 

9/15/2027

 

 

299,035

 

 

 

299,035

 

 

52

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (unaudited) (Continued)

September 30, 2025

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

 

⚠️ Filing Content Truncated

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To view the complete filing, please visit the original source:

View Complete Filing on SEC Website

Filing: 10-Q - BlackRock TCP Capital Corp. (TCPC)
Accession Number: 0001193125-25-268125

 

 

 

 

Unfunded Balances

 

Issuer

 

Maturity

 

September 30, 2025

 

 

December 31, 2024

 

Fusion Risk Management, Inc.

 

5/22/2029

 

$

385,714

 

 

$

642,857

 

G-3 Apollo Acquisition Corp (Appriss Retail)

 

3/10/2031

 

 

1,428,571

 

 

N/A

 

G-3 Apollo Acquisition Corp (Appriss Retail)

 

3/10/2031

 

 

1,333,333

 

 

N/A

 

Griffon Bidco Inc.

 

7/31/2031

 

 

3,500,000

 

 

N/A

 

Griffon Bidco Inc.

 

7/31/2031

 

 

3,500,000

 

 

N/A

 

GTY Technology Holdings Inc.

 

7/9/2029

 

N/A

 

 

 

1,016,653

 

GTY Technology Holdings Inc.

 

7/9/2029

 

 

1,171,738

 

 

 

394,917

 

Honey Intermediate, Inc. (iLobby) (Canada)

 

9/26/2030

 

 

2,352,941

 

 

 

2,352,941

 

Huckabee Acquisition, LLC (MOREgroup)

 

1/16/2030

 

 

322,581

 

 

 

322,581

 

Huckabee Acquisition, LLC (MOREgroup)

 

1/16/2030

 

 

193,548

 

 

 

193,548

 

ICIMS, Inc.

 

8/18/2028

 

 

1,044,116

 

 

 

1,160,129

 

Integrate.com, Inc.

 

12/17/2027

 

 

14,000

 

 

 

14,000

 

Integrity Marketing Acquisition, LLC

 

8/25/2028

 

 

14,532,289

 

 

 

15,422,318

 

Intercept Bidco, Inc.

 

6/3/2030

 

 

416,667

 

 

 

416,667

 

Intercept Bidco, Inc.

 

6/3/2030

 

 

277,778

 

 

 

277,778

 

James Perse Enterprises, Inc.

 

9/8/2027

 

 

2,574,075

 

 

 

3,006,884

 

JF Acquisition, LLC (JF Petroleum)

 

6/18/2030

 

 

1,079,491

 

 

N/A

 

JF Acquisition, LLC (JF Petroleum)

 

6/18/2030

 

 

667,727

 

 

N/A

 

Kaseya, Inc.

 

6/25/2029

 

N/A

 

 

 

412,951

 

Kaseya, Inc.

 

6/25/2029

 

N/A

 

 

 

416,280

 

Kellermeyer Bergensons Services, LLC

 

11/6/2028

 

N/A

 

 

 

39,048

 

Lighthouse Parent Holdings, Inc (Aperture)

 

12/20/2031

 

 

3,651,428

 

 

 

5,826,746

 

Lighthouse Parent Holdings, Inc (Aperture)

 

12/20/2031

 

 

2,330,698

 

 

 

2,330,698

 

LJ Avalon Holdings, LLC (Ardurra)

 

2/1/2029

 

 

1,121,737

 

 

 

1,121,737

 

Logicmonitor, Inc

 

11/19/2031

 

 

50,748

 

 

 

50,748

 

Lucky US BuyerCo, LLC (Global Payments)

 

3/30/2029

 

 

95,603

 

 

 

222,333

 

Madison Logic Holdings, Inc.

 

12/30/2027

 

 

752,321

 

 

 

752,321

 

Modigent, LLC (Pueblo)

 

8/23/2027

 

 

337,262

 

 

 

80,100

 

Modigent, LLC (Pueblo)

 

8/23/2028

 

N/A

 

 

 

1,536,784

 

Mpulse Mobile Inc.

 

8/26/2032

 

 

371,047

 

 

N/A

 

Mpulse Mobile Inc.

 

8/26/2032

 

 

556,571

 

 

N/A

 

MRO Parent Corporation

 

6/9/2032

 

 

74,074

 

 

N/A

 

MRO Parent Corporation

 

6/9/2032

 

 

74,074

 

 

N/A

 

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

 

6/3/2027

 

N/A

 

 

 

328,745

 

Oranje Holdco, Inc. (KnowBe4)

 

2/1/2029

 

N/A

 

 

 

1,646,924

 

Persado, Inc.

 

6/10/2027

 

N/A

 

 

 

101,431

 

PlayPower, Inc

 

8/28/2030

 

 

1,313,131

 

 

 

1,313,131

 

Pluralsight, Inc.

 

8/22/2029

 

 

3,775,409

 

 

 

3,775,409

 

Pluralsight, Inc.

 

8/22/2029

 

 

1,849,410

 

 

 

1,849,410

 

PMA Parent Holdings, LLC

 

1/31/2031

 

 

750,000

 

 

 

750,000

 

RBS Buyer Inc.

 

7/31/2031

 

 

600,000

 

 

N/A

 

RBS Buyer Inc.

 

7/31/2031

 

 

1,000,000

 

 

N/A

 

Rialto Management Group, LLC

 

12/5/2030

 

 

172,414

 

 

 

172,414

 

Sailpoint Technologies Holdings, Inc.

 

8/16/2028

 

N/A

 

 

 

371,281

 

SellerX Germany GMBH & Co. KG (Germany)

 

6/18/2029

 

 

1,692,260

 

Source: View Original Filing on SEC EDGAR

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TCPC Latest News

Nov 6, 2025
BlackRock TCP Capital Corp. Announces Third Quarter 2025 Financial Results Including Net Investment Income of $0.32 Per Share; Declares a Fourth Quarter Dividend of $0.25 Per Share
Oct 14, 2025
BlackRock TCP Capital Corp. to Report Third Quarter Ended September 30, 2025 Financial Results on November 6, 2025
Aug 7, 2025
BlackRock TCP Capital Corp. Announces Second Quarter 2025 Financial Results Including Net Investment Income of $0.32 Per Share; Declares a Third Quarter Regular Dividend of $0.25 Per Share and a Special Dividend of $0.04 Per Share
Jul 10, 2025
BlackRock TCP Capital Corp. to Report Second Quarter Ended June 30, 2025 Financial Results on August 7, 2025
May 8, 2025
BlackRock TCP Capital Corp. Announces First Quarter 2025 Financial Results Including Net Investment Income of $0.38 Per Share; Declares a Second Quarter Regular Dividend of $0.25 Per Share and a Special Dividend of $0.04 Per Share

TCPC Latest SEC Filings

Nov 6, 2025
[8-K] BlackRock TCP Capital Corp. Reports Material Event
Aug 7, 2025
[8-K] BlackRock TCP Capital Corp. Reports Material Event
Aug 1, 2025
[8-K] BlackRock TCP Capital Corp. Reports Material Event
Jul 31, 2025
[Form 3] BlackRock TCP Capital Corp. Initial Statement of Beneficial Ownership
Jul 1, 2025
[8-K] BlackRock TCP Capital Corp. Reports Material Event

TCPC Stock Data

464.08M
84.56M
0.32%
23.08%
2.82%
Asset Management
Financial Services
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United States
SANTA MONICA