What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2021-02-25 compared with 2020-02-26 · 1321 added, 1319 removed, 1045 unchanged (72% of the section changed)

2 unchanged sentences

Reports of Independent Registered Public Accounting Firm

Consolidated Statements of Assets and Liabilities as of December 31, 2019 and 2018

Consolidated Schedule of Investments as of December 31, 2019 and 2018

Consolidated Statements of Assets and Liabilities as of December 31 , 2020 and December 31, 2019

Consolidated Schedule of Investments as of December 31 , 2020 and December 31, 2019

Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018

2 unchanged sentences

Notes to Consolidated Financial Statements

Consolidated Schedules of Changes in Investments in Affiliates as of December 31, 2019 and 2018

Consolidated Schedules of Restricted Securities of Unaffiliated Issuers as of December 31, 2019 and 2018

Consolidated Schedule of Changes in Investments in Affiliates as of December 31 , 2020 and 2019

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of December 31, 2020 and 2019

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

2 unchanged sentences

We have audited the accompanying consolidated statements of assets and liabilities of BlackRock TCP Capital Corp.

and subsidiaries (the "Company"), including the consolidated schedules of investments, as of December 31, 2019 and 2018, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period then ended, financial highlights (in Note 10) for each of the five years in the period then ended, and the related notes and consolidating schedules and statements listed in Index at Item 15(a) (collectively referred to as the “financial statements”).

and subsidiaries (the "Company"), including the consolidated schedules of investments, as of December 31, 2020 and 2019, the related consolidated statements of operations, changes in net assets, and cash flows, for each of the three years in the period then ended, consolidated financial highlights (in Note 10) for each of the five years in the period then ended, and the related consolidated notes and consolidating schedules and statements listed in Index at Item 15(a) (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations, changes in net assets, and cash flows for each of the three years in the period then ended, and financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

22 unchanged sentences

The fair value of the Company’s Level 3 investments was $1,559,145,483 as of December 31, 2020.

We identified the valuation of Level 3 investments as a critical audit matter because of the judgments necessary for management to select valuation methodologies and to select significant unobservable inputs to estimate the fair value.

We identified the valuation of Level 3 investments as a critical audit matter because of the judgments necessary for

management to select valuation methodologies and to select significant unobservable inputs to estimate the fair value.

This required a high degree of audit judgement and increased effort, including the need to involve our fair value specialists who possess significant quantitative and modeling expertise, to audit and evaluate the appropriateness of these models and unobservable inputs.

3 unchanged sentences

• We evaluated the appropriateness of the selected valuation methodologies used for Level 3 investments and tested the related significant unobservable inputs by comparing these inputs to external sources.

We evaluated the reasonableness of any significant changes in valuation methodologies or significant unobservable inputs for those investments from the prior year-end.

We evaluated the reasonableness of any significant changes in valuation methodologies or significant unobservable inputs for those investments from the prior year-end, including the considerations of the impact of COVID-19.

For selected investments, we used the assistance of our fair value specialists.

33 unchanged sentences

Consolidated Statements of Assets and Liabilities

December 31, 2019

December 31, 2018

December 31, 2020 December 31, 2019

Investments, at fair value:

Companies less than 5% owned (cost of $1,473,322,720 and $1,483,508,500, respectively) $ 1,461,610,769 $ 1,474,318,011

1,474,318,011

1,463,800,744

Companies 5% to 25% owned (cost of $63,114,875 and $70,112,667, respectively) 68,927,182 75,880,291

1 unchanged sentence

Total investments (cost of $1,672,769,897 and $1,689,277,007, respectively) 1,629,564,482 1,649,506,895

1,649,506,895

1,597,285,790

Cash and cash equivalents 20,006,580 44,848,539

1 unchanged sentence

Companies less than 5% owned

15,557,669 16,937,339

Companies 5% to 25% owned

Companies more than 25% owned

13,611 305,721

Deferred debt issuance costs 4,984,388 5,476,382

1 unchanged sentence

Prepaid expenses and other assets 1,581,320 3,012,488

1,722,069,196

1,659,535,689

Total assets 1,671,987,155 1,722,069,196

Debt, net of unamortized issuance costs of $6,308,172 and $7,711,684, respectively 850,016,199 907,802,387

3 unchanged sentences

Incentive compensation payable 5,020,794 4,753,671

Payable to the Advisor

Reimbursements due to the Advisor 1,344,756 1,591,651

Accrued expenses and other liabilities 1,704,048 2,279,459

Total liabilities

907,000,577 945,750,810

Commitments and contingencies (Note 5)

Composition of net assets

$ 764,986,578 $ 776,318,386

Composition of net assets applicable to common shareholders

Common stock, $0.001 par value;

3 unchanged sentences

Distributable earnings (loss)

(215,044,391) (221,119,742)

$ 764,986,578 $ 776,318,386

Net assets per share $ 13.24 $ 13.21

3 unchanged sentences

December 31, 2020

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair

Value % of Total

Investments Notes

Debt Investments (A)

Aerospace and Defense

First Lien Delayed Draw Term Loan

First Lien Term Loan

Sr Secured Revolver

Mesa Air Group, Inc.

Junior Loan Agreement (N902FJ)

Mesa Air Group, Inc.

Junior Loan Agreement (N903FJ)

Mesa Air Group, Inc.

Junior Loan Agreement (N904FJ)

Mesa Air Group, Inc.

Junior Loan Agreement (N905FJ)

Mesa Air Group, Inc.

Junior Loan Agreement (N906FJ)

Mesa Air Group, Inc.

Junior Loan Agreement (N907FJ)

Mesa Air Group, Inc.

Junior Loan Agreement (N908FJ)

Mesa Air Group, Inc.

Junior Loan Agreement (N909FJ)

Mesa Air Group, Inc.

Junior Loan Agreement (N910FJ)

First Lien Delayed Draw Term Loan LIBOR(M) — 6.25 % 6.44 % 5/31/2024 $ 5,127,551 $ 5,072,277 $ 5,005,102 0.30 % N

First Lien Term Loan LIBOR(M) — 6.25 % 6.44 % 5/31/2024 $ 19,897,959 19,747,253 19,579,592 1.19 % N

Sr Secured Revolver LIBOR(M) — 6.25 % 6.44 % 5/31/2024 $ 2,448,980 2,431,281 2,409,796 0.15 % N

27,250,811 26,994,490 1.64 %

Mesa Airlines, Inc.

Aircraft Acquisition Incremental Loan

Aircraft Acquisition Incremental Loan LIBOR(M) 2.00 % 5.00 % 7.00 % 9/27/2023 $ 1,947,089 1,929,445 1,888,676 0.11 % N

Mesa Airlines, Inc.

Aircraft Acquisition Loan

One Sky Flight, LLC

First Lien Term Loan

Autoalert, LLC

First Lien Incremental Term Loan

5.75% Cash+3.00% PIK

Autoalert, LLC

First Lien Term Loan

5.75% Cash+3.00% PIK

Aircraft Acquisition Loan LIBOR(M) 2.00 % 5.00 % 7.00 % 6/5/2023 $ 15,488,204 15,358,100 15,116,487 0.92 % N

One Sky Flight, LLC First Lien Term Loan LIBOR(Q) 1.00 % 7.50 % 8.50 % 12/27/2024 $ 19,000,000 18,679,830 19,190,000 1.16 % N

35,967,375 36,195,163 2.19 %

AutoAlert, LLC First Lien Incremental Term Loan LIBOR(Q) 0.25 % 10.75 % 11.00 % 1/1/2022 $ 41,207,522 41,207,522 38,776,278 2.35 % N

AutoAlert, LLC First Lien Term Loan LIBOR(Q) 0.25 % 10.75 % 11.00 % 1/1/2022 $ 16,307,846 16,307,846 15,345,683 0.93 % N

DealerFX, Inc.

First Lien Term Loan

6.25% Cash+2.00% PIK

First Lien Term Loan LIBOR(Q) 1.00 % 6.25% Cash + 2.00% PIK 9.25 % 2/1/2023 $ 16,520,125 16,365,326 16,404,484 0.99 % N

73,880,694 70,526,445 4.27 %

Building Products

Dodge Data & Analytics, LLC

First Lien Delayed Draw Term Loan

Dodge Data & Analytics, LLC

First Lien Term Loan

Dodge Data & Analytics, LLC First Lien Delayed Draw Term Loan LIBOR(Q) 1.00 % 7.00 % 8.00 % 3/31/2021 $ 819,552 819,552 819,552 0.05 % N

Dodge Data & Analytics, LLC First Lien Term Loan LIBOR(Q) 1.00 % 7.00 % 8.00 % 3/31/2021 $ 33,152,046 33,152,046 33,152,046 2.01 % N

33,971,598 33,971,598 2.06 %

Capital Markets

HighTower Holding, LLC

Second Lien Term Loan

HighTower Holding, LLC

Second Lien Delayed Draw Term Loan

AGY Holding Corp.

Second Lien Notes

AGY Holding Corp.

Delayed Draw Term Loan

AGY Holding Corp.

Sr Secured Term Loan

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019

Debt Investments (continued)

HighTower Holding, LLC Second Lien Term Loan LIBOR(Q) 1.00 % 8.75 % 9.75 % 1/31/2026 $ 15,080,645 14,774,280 15,080,645 0.91 % N

HighTower Holding, LLC Second Lien Delayed Draw Term Loan LIBOR(Q) 1.00 % 8.75 % 9.75 % 1/31/2026 $ 6,169,355 6,073,309 6,169,355 0.37 % N

HighTower Holdings Second Lien Term Loan LIBOR(Q) 1.00 % 8.75 % 9.75 % 1/31/2026 $ 6,249,999 6,128,534 6,249,999 0.38 % N

Pico Quantitative Trading, LLC First Lien Term Loan (1.0% Exit Fee) LIBOR(Q) 1.50 % 7.25 % 8.75 % 2/7/2025 $ 21,791,007 20,969,685 21,594,888 1.31 % L/N

47,945,808 49,094,887 2.97 %

Commercial Services and Supplies

Kellermeyer Bergensons Services, LLC

First Lien Delayed Draw Term Loan A

Kellermeyer Bergensons Services, LLC

First Lien Delayed Draw Term Loan B

Kellermeyer Bergensons Services, LLC

First Lien Term Loan

Kellermeyer Bergensons Services, LLC First Lien Delayed Draw Term Loan A LIBOR(Q) 1.00 % 6.50 % 7.50 % 11/7/2026 $ 1,423,529 1,411,012 1,437,765 0.09 % N

Kellermeyer Bergensons Services, LLC First Lien Delayed Draw Term Loan B LIBOR(Q) 1.00 % 6.50 % 7.50 % 11/7/2026 $ 371,111 354,609 390,705 0.02 % N

Kellermeyer Bergensons Services, LLC First Lien Term Loan LIBOR(Q) 1.00 % 6.50 % 7.50 % 11/7/2026 $ 6,470,588 6,419,832 6,535,294 0.40 % N

Team Software, Inc.

First Lien Incremental Term Loan

First Lien Incremental Term Loan LIBOR(Q) — 5.50 % 5.81 % 9/17/2023 $ 7,220,080 7,142,178 7,183,980 0.44 % N

Team Software, Inc.

First Lien Revolver

First Lien Revolver LIBOR(Q) — 5.50 % 5.81 % 9/17/2023 $ 1,053,363 1,024,123 1,035,807 0.06 % N

Team Software, Inc.

First Lien Term Loan

First Lien Term Loan LIBOR(Q) — 5.50 % 5.81 % 9/17/2023 $ 13,167,038 13,050,648 13,101,203 0.79 % N

29,402,402 29,684,754 1.80 %

Communications Equipment

Avanti Communications Jersey Limited

1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee)

Avanti Communications Jersey Limited

1.5 Lien Term Loan (2.5% Exit Fee)

Avanti Communications Group, PLC (United Kingdom)

Sr New Money Initial Note

Avanti Communications Group, PLC (United Kingdom)

Sr Second-Priority PIK Toggle Note

Avanti Communications Jersey Limited (United Kingdom) 1.25 Lien Term Loan Fixed — 12.5% PIK 12.50 % 5/24/2021 $ 232,780 232,780 232,780 0.01 % H/N

Avanti Communications Jersey Limited (United Kingdom) 1.5 Lien Delayed Draw Term Loan Fixed — 12.5% PIK 12.50 % 5/24/2021 $ 1,373,054 1,373,054 1,373,054 0.08 % H/N

Avanti Communications Jersey Limited (United Kingdom) 1.5 Lien Term Loan Fixed — 12.5% PIK 12.50 % 5/24/2021 $ 319,776 294,921 319,776 0.02 % H/N

Avanti Communications Group, PLC (United Kingdom) Sr New Money Initial Note Fixed — 9% PIK — 10/1/2022 $ 1,592,934 1,591,586 637,174 0.04 % C/E/G/H/N

Avanti Communications Group, PLC (United Kingdom) Sr Second-Priority PIK Toggle Note Fixed — 9% PIK — 10/1/2022 $ 4,064,721 4,064,219 1,625,888 0.10 % C/E/G/H/N

7,556,560 4,188,672 0.25 %

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2020

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair

Value % of Total

Investments Notes

Debt Investments (continued)

Construction and Engineering

Hylan Datacom & Electrical, LLC

First Lien Incremental Term Loan

Hylan Datacom & Electrical, LLC

First Lien Term Loan (5.4% Exit Fee)

Construction Materials

Brannan Sand and Gravel Company, LLC

First Lien Term Loan

Hylan Datacom & Electrical, LLC First Lien Incremental Term Loan LIBOR(Q) 1.00 % 5.50% Cash + 4.50% PIK 11.00 % 7/25/2021 $ 2,658,374 $ 2,645,763 $ 2,261,479 0.14 % N

Hylan Datacom & Electrical, LLC First Lien Term Loan (3.15% Exit Fee) LIBOR(Q) 1.00 % 5.50% Cash + 4.50% PIK 11.00 % 7/25/2021 $ 14,714,236 14,689,002 12,517,400 0.76 % L/N

17,334,765 14,778,879 0.90 %

Consumer Finance

Auto Trakk SPV, LLC

First Lien Delayed Draw Term Loan

Barri Financial Group, LL

First Lien Term Loan

Auto Trakk SPV, LLC First Lien Delayed Draw Term Loan LIBOR(M) 0.50 % 6.50 % 7.00 % 12/21/2021 $ 21,708,042 21,627,288 21,708,042 1.32 % N

Barri Financial Group, LLC First Lien Term Loan LIBOR(Q) 1.00 % 7.75 % 8.75 % 10/23/2024 $ 16,386,623 16,058,193 16,550,489 1.00 % N

Open Lending, LLC First Lien Term Loan LIBOR(M) 1.00 % 6.50 % 7.50 % 3/11/2027 $ 4,906,250 4,766,726 4,893,984 0.30 % N

42,452,207 43,152,515 2.62 %

Diversified Consumer Services

Edmentum, Inc.

Jr Revolving Facility

Edmentum, Inc.

First Lien Term Loan B

Edmentum, Inc.

Second Lien Term Loan

Edmentum Ultimate Holdings, LLC

Spark Networks, Inc.

Sr Secured Revolver

Sr Secured Revolver LIBOR(Q) 1.50 % 8.00 % 9.50 % 7/1/2023 $ — (22,151) (12,272) — K/N

Spark Networks, Inc.

First Lien Term Loan

First Lien Term Loan LIBOR(Q) 1.50 % 8.00 % 9.50 % 7/1/2023 $ 19,848,972 19,372,272 19,551,237 1.19 % N

Spark Networks, Inc.

First Lien Term Loan LIBOR(Q) 1.50 % 8.00 % 9.50 % 7/1/2023 $ 1,207,065 1,171,712 1,188,959 0.07 % N

Thras.io, LLC First Lien Delayed Draw Term Loan LIBOR(Q) 1.00 % 7.00 % 8.00 % 12/18/2026 $ — (248,494) (248,494) (0.02) % K/N

Thras.io, LLC First Lien Term Loan LIBOR(Q) 1.00 % 7.00 % 8.00 % 12/18/2026 $ 15,060,241 14,683,735 14,683,735 0.89 % K/N

34,957,074 35,163,165 1.19 %

Diversified Financial Services

36th Street Capital Partners Holdings, LLC

36th Street Capital Partners Holdings, LLC Senior Note Fixed — 12.00 % 12.00 % 11/30/2025 $ 40,834,419 40,834,419 40,834,419 2.48 % E/F/N

Aretec Group, Inc.

Second Lien Term Loan

Credit Suisse AG (Cayman Islands)

Asset-Backed Credit Linked Notes

GC Agile Holdings Limited (Apex) (England)

First Lien Delayed Term Loan B

GC Agile Holdings Limited (Apex) (England)

First Lien Term Loan A

RSB-160, LLC (Lat20)

First Lien Delayed Draw Term Loan

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019

Debt Investments (continued)

(Cetera) Second Lien Term Loan LIBOR(M) — 8.25 % 8.40 % 10/1/2026 $ 27,105,263 26,876,000 25,478,947 1.54 % G/N

Credit Suisse AG (Cayman Islands) Asset-Backed Credit Linked Notes LIBOR(Q) — 9.50 % 11.50 % 4/12/2025 $ 38,000,000 38,000,000 30,856,000 1.87 % H/I/N

GC Agile Holdings Limited (Apex) (England) First Lien Delayed Term Loan B LIBOR(Q) 1.25 % 7.00 % 8.25 % 6/15/2025 $ 18,788,475 18,490,655 18,675,561 1.13 % H/N

GC Agile Holdings Limited (Apex) (England) First Lien Term Loan A LIBOR(Q) 1.25 % 7.00 % 8.25 % 6/15/2025 $ 816,583 803,983 809,070 0.05 % H/N

RSB-160, LLC (Lat20) First Lien Delayed Draw Term Loan LIBOR(M) 1.00 % 6.00 % 7.00 % 7/20/2022 $ 1,533,333 1,518,675 1,533,333 0.09 % N

126,523,732 118,187,330 7.16 %

Diversified Telecommunication Services

American Broadband Holding Company

First Lien Term Loan

ECI Macola/Max Holding, LLC

Second Lien Term Loan

Securus Technologies, Inc.

Second Lien Term Loan

TPC Intermediate Holdings, LLC

First Lien Delayed Draw Term Loan

TPC Intermediate Holdings, LLC

First Lien Incremental Delayed Draw Term Loan

TPC Intermediate Holdings, LLC

First Lien Incremental Delayed Draw Term Loan A

Aventiv Technologies, Inc.

(Securus) Second Lien Term Loan LIBOR(Q) 1.00 % 8.25 % 9.25 % 11/1/2025 $ 25,846,154 25,679,341 21,237,009 1.30 %

Telarix, Inc.

First Lien Term Loan

First Lien Term Loan LIBOR(Q) 1.00 % 6.00 % 7.00 % 11/19/2023 $ 7,368,750 7,295,192 7,242,008 0.44 % N

Telarix, Inc.

Sr Secured Revolver

Sr Secured Revolver LIBOR(Q) 1.00 % 6.00 % 7.00 % 11/19/2023 $ — (3,204) (6,143) — N

32,971,329 28,472,874 1.74 %

Electric Utilities

Conergy Asia & ME Pte.

Ltd (Singapore)

First Lien Term Loan

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

Bank Guarantee Credit Facility

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

Revolving Credit Facility

Utilidata, Inc.

First Lien Delayed Draw Term Loan (4.0% Exit Fee)

Ltd (Singapore) First Lien Term Loan Fixed — — — 6/30/2021 $ 2,110,141 2,110,141 1,154,036 0.07 % D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Bank Guarantee Credit Facility Fixed — — — 12/31/2021 $ 6,578,877 6,578,877 3,336,148 0.20 % D/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Revolving Credit Facility Fixed — — — 12/31/2021 $ 8,668,850 8,668,850 2,114,333 0.13 % D/F/H/N

17,357,868 6,604,517 0.40 %

Electrical Equipment

TCFI Amteck Holdings, LLC

First Lien Delayed Draw Term Loan

TCFI Amteck Holdings, LLC

First Lien Term Loan

TCFI Amteck Holdings, LLC First Lien Delayed Draw Term Loan LIBOR(Q) — 6.25 % 6.56 % 12/31/2024 $ 526,131 520,301 526,131 0.03 % N

TCFI Amteck Holdings, LLC First Lien Term Loan LIBOR(Q) — 6.25 % 6.56 % 12/31/2024 $ 8,722,052 8,624,256 8,722,052 0.53 % N

9,144,557 9,248,183 0.56 %

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2020

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair

Value % of Total

Investments Notes

Debt Investments (continued)

Energy Equipment and Services

GlassPoint Solar, Inc.

First Lien Term Loan (4.0% Exit Fee)

First Lien Incremental Term Loan (4.0% Exit Fee) LIBOR(M) 2.00 % 8.50 % — 8/31/2021 $ 4,245,365 $ 4,234,930 $ 1,018,888 0.06 % C/L/N

GlassPoint Solar, Inc.

First Lien Term Loan (5.0% Exit Fee)

First Lien Incremental Term Loan A LIBOR(M) 2.00 % 8.50 % 10.50 % 8/31/2021 $ 210,986 210,986 210,986 0.01 % N

GlassPoint Solar, Inc.

First Lien Term Loan (5.0% Exit Fee) LIBOR(M) — 11.44 % — 8/31/2021 $ 2,324,588 2,283,788 557,901 0.03 % C/L/N

Sphera Solutions, Inc.

(Diamondback)

First Lien FILO Term Loan B

(Diamondback) First Lien FILO Term Loan B LIBOR(Q) 1.00 % 7.75 % 10.76 % 6/14/2023 $ 23,377,259 23,115,634 23,073,355 1.40 % N

29,845,338 24,861,130 1.50 %

Health Care Technology

CAREATC, Inc.

First Lien Term Loan

First Lien Term Loan LIBOR(Q) 1.00 % 7.25 % 8.25 % 3/14/2024 $ 8,502,033 8,381,928 8,587,053 0.52 % N

CAREATC, Inc.

Sr Secured Revolver

Patient Point Network Solutions, LLC

Sr Secured Revolver

Patient Point Network Solutions, LLC

First Lien Incremental Term Loan

Patient Point Network Solutions, LLC

First Lien Term Loan

Sandata Technologies, LLC

First Lien Term Loan

Sandata Technologies, LLC

Sr Secured Revolver

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019

Debt Investments (continued)

Sr Secured Revolver LIBOR(Q) 1.00 % 7.25 % 8.25 % 3/14/2024 — (7,938) — — K/N

Edifecs, Inc.

First Lien Term Loan LIBOR(Q) 1.00 % 7.50 % 8.50 % 9/21/2026 $ 1,388,889 1,355,499 1,397,222 0.08 % N

Patient Point Network Solutions, LLC Sr Secured Revolver LIBOR(Q) 1.00 % 8.50 % 9.50 % 6/26/2022 — (1,824) — — K/N

Patient Point Network Solutions, LLC First Lien Incremental Term Loan LIBOR(Q) 1.00 % 7.50 % 8.50 % 6/26/2022 $ 1,172,178 1,166,548 1,172,178 0.07 % N

Patient Point Network Solutions, LLC First Lien Term Loan LIBOR(Q) 1.00 % 7.50 % 8.50 % 6/26/2022 $ 6,081,798 6,058,408 6,081,798 0.37 % N

Sandata Technologies, LLC First Lien Term Loan LIBOR(Q) — 6.00 % 6.31 % 7/23/2024 $ 20,250,000 20,016,127 19,723,500 1.20 % N

Sandata Technologies, LLC Sr Secured Revolver LIBOR(Q) — 6.00 % 6.31 % 7/23/2024 — (24,784) (58,500) — K/N

36,943,964 36,903,251 2.24 %

Healthcare Providers and Services

TEAM Services Group Second Lien Term Loan LIBOR(Q) 1.00 % 9.00 % 10.00 % 11/13/2028 $ 25,000,000 24,190,557 24,812,500 1.50 % N

Hotels, Restaurants and Leisure

Fishbowl, Inc.

First Lien Term Loan

2.80% Cash+8.45% PIK

Pegasus Business Intelligence, LP (Onyx Centersource)

First Lien Incremental Term Loan

Pegasus Business Intelligence, LP (Onyx Centersource)

First Lien Term Loan

Pegasus Business Intelligence, LP (Onyx Centersource)

VSS-Southern Holdings, LLC (Southern Theatres)

First Lien Term Loan

6.50% Cash+2.00% PIK

VSS-Southern Holdings, LLC (Southern Theatres)

First Lien Incremental Term Loan

6.50% Cash+2.00% PIK

VSS-Southern Holdings, LLC (Southern Theatres)

First Lien Incremental Term Loan

VSS-Southern Holdings, LLC (Southern Theatres)

Sr Secured Revolver

6.50% Cash+2.00% PIK

First Lien Term Loan LIBOR(Q) — 9.75 % 10.06 % 1/26/2022 $ 25,990,088 25,818,817 14,944,301 0.91 % N

Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Incremental Term Loan LIBOR(Q) 1.00 % 6.25 % 9.25 % 12/20/2021 $ 5,648,822 5,753,482 4,818,445 0.29 % N

Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Term Loan LIBOR(Q) 1.00 % 6.25 % 9.25 % 12/20/2021 $ 13,510,298 13,732,711 11,524,284 0.70 % N

Pegasus Business Intelligence, LP (Onyx Centersource) Revolver LIBOR(Q) 1.00 % 6.25 % 9.25 % 12/20/2021 $ 671,356 682,522 572,666 0.03 % N

45,987,532 31,859,696 1.93 %

2-10 Holdco, Inc.

First Lien Term Loan

First Lien Term Loan LIBOR(M) 1.00 % 6.00 % 7.00 % 10/31/2024 $ 3,741,667 3,689,786 3,741,667 0.23 % N

2-10 Holdco, Inc.

Sr Secured Revolver

Higginbotham Insurance Agency, Inc.

Second Lien Term Loan

IAS Investco, Inc.

First Lien Delayed Draw Term Loan A

IAS Investco, Inc.

First Lien Delayed Draw Term Loan B

IAS Investco, Inc.

First Lien Incremental Term Loan

IAS Investco, Inc.

First Lien Term Loan

Sr Secured Revolver LIBOR(M) 1.00 % 6.00 % 7.00 % 10/31/2024 — (5,341) — — K/N

AmeriLife Holdings, LLC Second Lien Term Loan LIBOR(Q) 1.00 % 8.50 % 9.50 % 3/18/2028 $ 21,356,400 20,952,696 21,228,262 1.29 % N

AmeriLife Holdings, LLC Second Lien Incremental Term Loan LIBOR(Q) 1.00 % 8.50 % 9.50 % 3/18/2028 $ 7,454,593 7,324,604 7,409,865 0.45 % N

IT Parent First Lien Term Loan LIBOR(Q) 1.00 % 6.25 % 7.25 % 10/1/2026 $ 4,375,000 4,290,457 4,353,125 0.26 % N

IT Parent Sr Secured Revolver LIBOR(Q) 1.00 % 6.25 % 7.25 % 10/1/2026 $ 500,000 488,014 496,875 0.03 % N

36,740,216 37,229,794 1.97 %

Internet and Catalog Retail

Live Auctioneers LLC

First Lien Last Out B-2 Term Loan

Internet Software and Services

First Lien Term Loan

Sr Secured Revolver

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

5.63% Cash+2.50% PIK

FinancialForce.com, Inc.

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

Foursquare Labs, Inc.

First Lien Term Loan (5.0% Exit Fee)

First Lien Term Loan

Quartz Holding Company (Quick Base)

Second Lien Term Loan

ResearchGate GmBH (Germany)

First Lien Term Loan (4.0% Exit Fee)

First Lien Term Loan

Sr Secured Revolver

First Lien Revolver

First Lien Term Loan

Web.com Group Inc.

Second Lien Term Loan

Xactly Corporation

First Lien Incremental Term Loan B

Xactly Corporation

First Lien Incremental Term Loan

Xactly Corporation

First Lien Term Loan

Xactly Corporation

Sr Secured Revolver

Live Auctioneers LLC First Lien Last Out B-2 Term Loan LIBOR(Q) 1.00 % 6.76 % 7.76 % 5/21/2025 $ 13,820,056 13,598,260 13,571,295 0.82 % N

Live Auctioneers LLC First Lien Term Loan LIBOR(Q) 1.00 % 6.76 % 7.76 % 5/21/2025 $ 5,398,131 5,290,496 5,300,964 0.32 % N

Syndigo, LLC Second Lien Term Loan LIBOR(Q) 0.75 % 8.00 % 8.75 % 12/14/2028 $ 12,141,870 11,959,742 11,959,742 0.73 % N

30,848,498 30,832,001 3.08 %

BlackRock TCP Capital Corp.

1 unchanged sentence

December 31, 2020

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair

Value % of Total

Investments Notes

Debt Investments (continued)

Internet Software and Services

First Lien Term Loan LIBOR(Q) 1.00 % 7.00 % 8.00 % 11/1/2025 $ 16,648,997 $ 16,366,935 $ 16,898,731 1.02 % N

Sr Secured Revolver LIBOR(Q) 1.00 % 7.00 % 8.00 % 11/1/2025 — (29,118) — — K/N

First Lien Delayed Draw Term Loan (7.0% Exit Fee) LIBOR(M) 1.50 % 5.50% Cash + 2.50% PIK 9.50 % 4/1/2025 $ 53,464,245 53,435,610 54,640,458 3.31 % L/N

First Lien Term Loan LIBOR(M) — 9.5% PIK 9.50 % 4/1/2025 $ 2,566,973 77,095 2,618,312 0.16 % N

FinancialForce.com, Inc.

First Lien Delayed Draw Term Loan (3.0% Exit Fee) LIBOR(M) 2.75 % 6.75 % 9.50 % 2/1/2024 $ 28,000,000 27,623,116 28,336,000 1.72 % L/N

Foursquare Labs, Inc.

First Lien Term Loan (5.0% Exit Fee) LIBOR(M) 2.19 % 7.25 % 9.44 % 10/1/2022 $ 33,750,000 33,546,196 33,817,500 2.05 % L/N

Foursquare Labs, Inc.

First Lien Incremental Term Loan LIBOR(M) 2.19 % 7.25 % 9.44 % 10/1/2022 $ 7,500,000 7,286,941 7,477,500 0.45 % N

Foursquare First Lien Term Loan LIBOR(M) 2.19 % 7.25 % 9.44 % 5/1/2023 $ 2,500,000 2,475,000 2,555,000 0.15 % N

Metricstream, Inc First Lien Term Loan LIBOR(Q) 1.00 % 8.00 % 9.00 % 9/28/2024 $ 23,104,483 22,670,625 22,642,394 1.37 % N

Persado, Inc.

First Lien Delayed Term Loan (4.25% Exit Fee) LIBOR(M) 1.80 % 7.00 % 8.80 % 2/1/2025 $ 8,782,078 8,708,373 8,694,258 0.53 % L/N

Quartz Holding Company (Quick Base) Second Lien Term Loan LIBOR(M) — 8.00 % 8.15 % 4/2/2027 $ 9,903,019 9,729,081 9,816,367 0.60 % N

ResearchGate GmBH (Germany) First Lien Term Loan (4.0% Exit Fee) EURIBOR (Q) — 8.55 % 8.55 % 10/1/2022 € 6,714,000 8,020,121 8,882,973 0.54 % H/L/N/O

189,909,975 196,379,493 11.90 %

First Lien Term Loan (3.0% Exit Fee) LIBOR(Q) 1.00 % 8.50 % 9.50 % 6/19/2023 $ 13,930,936 13,609,649 13,680,179 0.83 % L/N

Web.com Group Inc.

Second Lien Term Loan LIBOR(M) — 7.75 % 7.90 % 10/11/2026 $ 19,277,823 19,075,749 18,498,710 1.12 % G/J

Xactly Corporation First Lien Incremental Term Loan B LIBOR(Q) 1.00 % 7.25 % 8.25 % 7/31/2022 $ 4,996,644 4,943,694 4,986,650 0.30 % N

Xactly Corporation First Lien Incremental Term Loan LIBOR(Q) 1.00 % 7.25 % 8.25 % 7/31/2022 $ 2,726,918 2,705,045 2,721,464 0.16 % N

Xactly Corporation First Lien Term Loan LIBOR(Q) 1.00 % 7.25 % 8.25 % 7/31/2022 $ 6,948,120 6,898,077 6,934,224 0.42 % N

Xactly Corporation Sr Secured Revolver LIBOR(Q) 1.00 % 7.25 % 8.25 % 7/31/2022 — (5,443) (1,710) — K/N

47,226,771 46,819,517 2.83 %

Leisure Products

Blue Star Sports Holdings, Inc.

First Lien Delayed Draw Term Loan

First Lien Delayed Draw Term Loan LIBOR(Q) 1.00 % 5.75% cash + 2.00% PIK 8.75 % 6/15/2024 $ 57,122 56,426 53,397 — N

Blue Star Sports Holdings, Inc.

First Lien Revolver

First Lien Revolver LIBOR(Q) 1.00 % 5.75% cash + 2.00% PIK 8.75 % 6/15/2024 $ 114,289 112,927 106,837 0.01 % N

Blue Star Sports Holdings, Inc.

First Lien Term Loan

Machine Zone, Inc.

First Lien Term Loan (10.0% Exit Fee)

First Lien Revolver

First Lien Term Loan

Khoros, LLC (Lithium)

Sr Secured Revolver

Khoros, LLC (Lithium)

Sr Secured Revolver

Khoros, LLC (Lithium)

First Lien Incremental Term Loan

Khoros, LLC (Lithium)

First Lien Term Loan

Second Lien Term Loan

First Lien Term Loan (4.0% Exit Fee)

First Lien Term Loan LIBOR(Q) 1.00 % 5.75% cash + 2.00% PIK 8.75 % 6/15/2024 $ 1,569,444 1,550,003 1,467,116 0.09 % N

1,719,356 1,627,350 0.10 %

Sonny's Enterprises, LLC First Lien Term Loan LIBOR(M) 1.00 % 7.00 % 8.00 % 8/5/2026 $ 3,791,553 3,715,824 3,715,722 0.23 % K

Sonny's Enterprises, LLC First Lien Delayed Draw Term Loan LIBOR(M) 1.00 % 7.00 % 8.00 % 8/5/2026 — (183,811) (184,161) (0.01) % K

3,532,013 3,531,561 0.22 %

Khoros, LLC (Lithium) Sr Secured Revolver LIBOR(Q) 1.00 % 8.00 % 9.00 % 10/3/2022 $ 509,379 496,840 474,231 0.03 % N

Khoros, LLC (Lithium) Sr Secured Revolver LIBOR(Q) 1.00 % 8.00 % 9.00 % 10/3/2022 $ 151,743 147,099 141,272 0.01 % N

Khoros, LLC (Lithium) First Lien Incremental Term Loan LIBOR(Q) 1.00 % 8.00 % 9.00 % 10/3/2022 $ 7,131,905 7,054,572 6,967,871 0.42 % N

Khoros, LLC (Lithium) First Lien Term Loan LIBOR(Q) 1.00 % 8.00 % 9.00 % 10/3/2022 $ 20,884,731 20,704,358 20,404,382 1.24 % N

Second Lien Term Loan LIBOR(M) — 7.00 % 7.15 % 10/19/2026 $ 27,000,000 26,418,396 23,409,000 1.42 % G

First Lien Term Loan (4.0% Exit Fee) Fixed — 10.10 % 10.10 % 5/1/2022 $ 12,692,602 12,582,602 12,768,758 0.77 % L/N

67,403,867 64,165,514 3.89 %

Metal and Mining

Neenah Foundry Company

First Lien Term Loan B

Neenah Foundry Company First Lien Term Loan B LIBOR(Q) 1.00 % 9.00 % 10.00 % 12/13/2022 $ 6,151,857 5,905,998 5,382,875 0.33 % N

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2020

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair

Value % of Total

Investments Notes

Debt Investments (continued)

Oil, Gas and Consumable Fuels

Iracore International, Inc.

First Lien Term Loan

Pharmaceuticals

Cambrex Corporation

Second Lien Term Loan

P&L Development, LLC

First Lien Term Loan

First Lien Term Loan LIBOR(M) 1.00 % 9.00 % 10.00 % 4/13/2021 $ 1,324,140 $ 1,324,140 $ 1,324,140 0.08 % B/N

Personal Products

Olaplex, Inc.

Sr Secured Revolver LIBOR(M) 1.00 % 6.50 % 7.50 % 1/8/2025 — (22,078) (13,400) — K/N

Olaplex, Inc.

First Lien Term Loan LIBOR(M) 1.00 % 6.50 % 7.50 % 1/8/2026 $ 13,403,873 13,168,640 13,269,835 0.80 % N

Olaplex, Inc.

First Lien Term Loan LIBOR(M) 1.00 % 6.50 % 7.50 % 1/8/2026 $ 5,170,752 5,119,044 5,119,044 0.31 % N

Paula's Choice Holdings, Inc.

First Lien Term Loan LIBOR(M) 1.00 % 6.25 % 7.25 % 11/17/2025 $ 20,000,000 19,452,319 19,500,000 1.18 % N

37,717,925 37,875,479 2.30 %

Professional Services

Applause App Quality, Inc.

First Lien Term Loan

First Lien Term Loan LIBOR(Q) 1.00 % 5.00 % 6.00 % 9/20/2022 $ 20,772,306 20,610,750 20,772,306 1.26 % N

Applause App Quality, Inc.

Sr Secured Revolver

Sr Secured Revolver LIBOR(Q) 1.00 % 5.00 % 6.00 % 9/20/2022 — (10,443) — — K/N

CIBT Solutions, Inc.

Second Lien Term Loan

Discoverorg, LLC

Second Lien Term Loan

Second Lien Term Loan LIBOR(Q) 1.00 % 7.75 % — 6/1/2025 $ 8,011,188 7,956,586 4,099,044 0.25 % C/G/N

Dude Solutions Holdings, Inc.

Sr Secured Revolver

Sr Secured Revolver LIBOR(Q) 1.00 % 7.50 % 8.50 % 6/13/2025 — (37,510) — — K/N

Dude Solutions Holdings, Inc.

First Lien Term Loan

Sr Secured Revolver

First Lien Term Loan

First Lien Term Loan LIBOR(Q) 1.00 % 7.50 % 8.50 % 6/13/2025 $ 16,884,883 16,579,885 17,222,581 1.04 % N

Dude Solutions Holdings, Inc.

First Lien Incremental Term Loan LIBOR(Q) 1.00 % 7.50 % 8.50 % 6/13/2025 $ 2,227,508 2,183,489 2,272,058 0.14 % N

Dude Solutions Holdings, Inc.

First Lien Term Loan LIBOR(Q) 1.00 % 7.50 % 8.50 % 6/13/2025 $ 3,627,272 3,510,848 3,714,327 0.23 % N

Sr Secured Revolver LIBOR(Q) 1.00 % 6.50 % 7.50 % 9/12/2024 $ 121,678 120,176 119,975 0.01 % K/N

First Lien Term Loan LIBOR(Q) 1.00 % 6.50 % 7.50 % 9/12/2024 $ 2,351,073 2,315,704 2,318,158 0.14 % N

First Lien Term Loan LIBOR(Q) 1.00 % 6.50 % 7.50 % 9/12/2024 $ 353,250 346,429 348,305 0.02 % N

Institutional Shareholder Services, Inc.

Second Lien Term Loan

STG-Fairway Acquisitions, Inc.(First Advantage)

Second Lien Term Loan

Second Lien Term Loan LIBOR(Q) — 8.50 % 8.72 % 3/5/2027 $ 5,820,856 5,672,120 5,791,752 0.35 % N

First Delayed Draw Term Loan (3.5% Exit Fee) LIBOR(M) 1.50 % 7.00 % 8.50 % 3/1/2024 $ 19,333,333 18,855,629 18,811,333 1.14 % L/N

78,103,663 75,469,839 4.58 %

Real Estate Management and Development

Florida East Coast Industries, LLC

First Lien Term Loan B

Florida East Coast Industries, LLC

First Lien Incremental Lien Term Loan B

Space Midco, Inc.

First Lien Term Loan

(Archibus) First Lien Term Loan LIBOR(M) — 6.25 % 6.44 % 12/5/2023 $ 4,444,444 4,387,820 4,355,556 0.26 % N

Space Midco, Inc.

Sr Secured Revolver

(Archibus) Sr Secured Revolver LIBOR(M) — 6.25 % 6.44 % 12/5/2023 — (3,393) (5,556) — K/N

4,384,427 4,350,000 0.26 %

Road and Rail

GlobalTranz Enterprises LLC

Second Lien Term Loan

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019

Maturity/Expiration

Principal/Shares

Debt Investments (continued)

GlobalTranz Enterprises LLC Second Lien Term Loan LIBOR(M) — 8.25 % 8.40 % 5/15/2027 $ 19,382,324 19,045,353 16,610,652 1.01 % N

Certify, Inc.

First Lien Delayed Draw Term Loan

First Lien Delayed Draw Term Loan LIBOR(M) 1.00 % 5.75 % 6.75 % 2/28/2024 $ 3,188,631 3,150,214 3,161,527 0.19 % N

Certify, Inc.

First Lien Term Loan

First Lien Term Loan LIBOR(M) 1.00 % 5.75 % 6.75 % 2/28/2024 $ 23,383,293 23,314,597 23,184,535 1.41 % N

Certify, Inc.

Sr Secured Revolver

JAMF Holdings, Inc.

First Lien Incremental Term Loan

JAMF Holdings, Inc.

First Lien Term Loan

JAMF Holdings, Inc.

Sr Secured Revolver

Marketlive, LLC (Kibo)

First Lien Term Loan

Sr Secured Revolver LIBOR(M) 1.00 % 5.75 % 6.75 % 2/28/2024 $ 265,719 250,220 256,685 0.02 % K/N

Rhode Holdings, Inc.

First Lien Delayed Draw Term Loan

(Kaseya) First Lien Delayed Draw Term Loan LIBOR(Q) 1.00 % 4% Cash+3% PIK 8.00 % 5/2/2025 $ 1,732,500 1,707,152 1,744,628 0.11 % N

Rhode Holdings, Inc.

First Lien Term Loan

5.50% Cash+1.00% PIK

(Kaseya) First Lien Term Loan LIBOR(Q) 1.00 % 4% Cash+3% PIK 8.00 % 5/2/2025 $ 14,616,458 14,394,168 14,719,558 0.89 % N

Rhode Holdings, Inc.

Sr Secured Revolver

Snow Software AB

First Lien Term Loan

Snow Software AB

First Lien Incremental Term Loan

Snow Software AB

Sr Secured Revolver

Winshuttle, LLC

First Lien FILO Term Loan

(Kaseya) Sr Secured Revolver LIBOR(Q) 1.00 % 6.50 % 7.50 % 5/2/2025 $ 590,882 572,713 590,882 0.04 % N

Rhode Holdings, Inc.

(Kaseya) First Lien Incremental Delayed Draw Term Loan LIBOR(Q) 1.00 % 4% Cash+3% PIK 8.00 % 5/2/2025 — (12,010) 5,710 — K/N

Rhode Holdings, Inc.

(Kaseya) First Lien Incremental Term Loan LIBOR(Q) 1.00 % 4% Cash+3% PIK 8.00 % 5/2/2025 $ 1,281,602 1,262,824 1,290,573 0.08 % N

Rhode Holdings, Inc.

(Kaseya) First Lien Delayed Draw Term Loan LIBOR(Q) 1.00 % 4% Cash+3% PIK 8.00 % 5/2/2025 — (8,557) 4,905 — K/N

Rhode Holdings, Inc.

(Kaseya) First Lien Term Loan LIBOR(Q) 1.00 % 4% Cash+3% PIK 8.00 % 5/2/2025 $ 385,419 377,820 388,117 0.02 % N

Snow Software AB First Lien Term Loan LIBOR(Q) 2.00 % 6.00 % 8.00 % 4/17/2024 $ 10,373,317 10,223,498 10,552,775 0.64 % N

Snow Software AB First Lien Incremental Term Loan LIBOR(Q) 2.00 % 6.00 % 8.00 % 4/17/2024 $ 11,543,865 11,360,297 11,743,574 0.71 % N

Snow Software AB Sr Secured Revolver LIBOR(Q) 2.00 % 6.00 % 8.00 % 4/17/2024 $ 1,308,164 1,248,629 1,308,164 0.08 % N

Snow Software AB First Lien Term Loan LIBOR(Q) 2.00 % 6.00 % 8.00 % 4/21/2021 $ 4,477,328 4,435,255 4,554,786 0.28 % N

Superman Holdings, LLC Sr Secured Revolver PRIME — 7.00 % 10.25 % 8/31/2026 — (29,663) — — K/N

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2020

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair

Value % of Total

Investments Notes

Debt Investments (continued)

Superman Holdings, LLC Sr Secured Revolver PRIME — 7.00 % 10.25 % 8/31/2027 $ 8,820,316 $ 8,608,974 $ 8,855,597 0.54 % N

Syntellis Performance Solutions, Inc First Lien Term Loan LIBOR(Q) 1.00 % 8.00 % 9.00 % 8/2/2027 $ 21,402,299 20,783,432 21,509,310 1.30 % N

Winshuttle, LLC First Lien FILO Term Loan LIBOR(M) 1.00 % 8.42 % 9.42 % 8/9/2024 $ 13,867,521 13,575,211 14,075,534 0.85 % N

115,214,774 117,946,860 7.16 %

Specialty Retail

Calceus Acquisition, Inc.

(Cole Haan) First Lien Term Loan B LIBOR(Q) — 5.50 % 5.73 % 2/12/2025 $ 590,021 560,513 566,420 0.03 % N

Calceus Acquisition, Inc.

(Cole Haan) Sr Secured Notes Fixed — 9.75 % 9.75 % 2/19/2025 $ 20,000,000 19,455,896 21,970,000 1.33 % N

USR Parent, Inc.

First Lien FILO Term Loan

Technology Hardware, Storage and Peripherals

Pulse Secure, LLC

Sr Secured Revolver

Pulse Secure, LLC

First Lien Term Loan

TierPoint, LLC

Second Lien Term Loan

(Staples) First Lien FILO Term Loan LIBOR(M) 1.00 % 8.84 % 9.84 % 9/12/2022 $ 4,588,974 4,542,337 4,634,863 0.28 % N

24,558,746 27,171,283 1.64 %

Textiles, Apparel and Luxury Goods

ABG Intermediate Holdings 2, LLC (Authentic Brands)

Second Lien Term Loan

Kenneth Cole Productions, Inc.

First Lien FILO Term Loan

PSEB, LLC (Eddie Bauer)

First Lien FILO II Term Loan

PSEB, LLC (Eddie Bauer)

First Lien Term Loan

WH Buyer, LLC (Anne Klein)

First Lien Term Loan

First Lien FILO Term Loan LIBOR(M) 1.00 % 7.75 % 8.75 % 12/28/2023 $ 17,941,278 17,855,159 17,941,278 1.09 % N

PSEB, LLC (Eddie Bauer) First Lien FILO II Term Loan PRIME — 7.25 % 10.50 % 10/12/2023 $ 10,793,402 10,603,924 10,793,402 0.65 % N

PSEB, LLC (Eddie Bauer) First Lien Term Loan LIBOR(Q) 1.50 % 8.00 % 9.50 % 10/12/2023 $ 37,237,236 36,598,542 37,795,794 2.30 % N

WH Buyer, LLC (Anne Klein) First Lien Term Loan LIBOR(Q) 1.50 % 7.76 % 9.26 % 7/16/2025 $ 27,664,640 27,429,571 27,498,652 1.68 % N

WH Buyer, LLC (Anne Klein) First Lien Incremental Term Loan LIBOR(Q) 1.50 % 7.76 % 9.26 % 7/16/2025 $ 5,307,692 5,260,224 5,275,846 0.32 % N

97,747,420 99,304,972 6.04 %

Thrifts and Mortgage Finance

Greystone Select Holdings, LLC

First Lien Term Loan

Home Partners of America, Inc.

First Lien Delayed Draw Term Loan

Greystone Select Holdings, LLC First Lien Term Loan LIBOR(Q) 1.00 % 8.00 % 9.00 % 4/17/2024 $ 24,579,526 24,469,428 24,825,321 1.51 % N

Home Partners of America, Inc.

First Lien Term Loan

First Lien Term Loan LIBOR(M) 1.00 % 6.25 % 7.25 % 10/13/2022 $ 2,857,143 2,836,813 2,857,143 0.17 % N

27,306,241 27,682,464 1.68 %

Tobacco Related

Juul Labs, Inc.

First Lien Term Loan

Total Debt Investments

1,564,445,871

1,535,193,938

Equity Securities

Epic Aero, Inc (One Sky)

United N659UA-767, LLC (N659UA)

Trust Beneficial Interests

United N661UA-767, LLC (N661UA)

Trust Beneficial Interests

First Lien Term Loan LIBOR(Q) 1.50 % 8.00 % 9.50 % 8/2/2023 $ 26,452,995 26,264,571 26,400,089 1.60 % N

Total Debt Investments - 188.9% of Net Assets 1,488,638,125 1,444,803,932 87.59 %

BlackRock TCP Capital Corp.

1 unchanged sentence

December 31, 2020

Equity Securities (continued)

Issuer Instrument Expiration Shares Cost Fair

Value % of Total

Investments Notes

Equity Securities

Epic Aero, Inc (One Sky) Common Stock 1,842 855,313 11,346,069 0.69 % D/N

AutoAlert Acquisition Co, LLC Warrants to Purchase LLC Interest 6/28/2030 7 2,910,423 2,818,737 0.17 % D/E/N

Capital Markets

Pico Quantitative Trading, LLC Warrants to Purchase Membership Units (144A) 2/7/2030 287 645,121 697,010 0.04 % D/E/N

AGY Holding Corp.

KAGY Holding Company, Inc.

Series A Preferred Stock

Series A Preferred Stock 1,786,785 485,322 663,166 0.04 % D/N

AGY Holding Corp.

Series B Preferred Stock 1,250,749 — — — D/N

AGY Holding Corp.

Common Stock 982,732 — — — D/N

485,322 663,166 0.04 %

Communications Equipment

Avanti Communications Group, PLC (United Kingdom)

Avanti Communications Group, PLC (United Kingdom) Common Stock 26,576,710 4,902,674 — — D/E/H/N/O

Diversified Consumer Services

Edmentum Ultimate Holdings, LLC

Class A Common Units

Edmentum Ultimate Holdings, LLC

Warrants to Purchase Class A Units

TVG-Edmentum Holdings, LLC Series A Preferred Stock 27,603,779 27,603,779 27,758,980 1.68 % B/E

TVG-Edmentum Holdings, LLC Series B-1 Common Stock 13,421,162 13,421,162 13,511,732 0.82 % B/E

TVG-Edmentum Holdings, LLC Series B-2 Common Stock 13,421,162 13,421,162 12,868,247 0.78 % B/D/E

54,446,103 54,138,959 3.28 %

Diversified Financial Services

36th Street Capital Partners Holdings, LLC

Membership Units

Conventional Lending TCP Holdings, LLC

Membership Units

GACP I, LP (Great American Capital)

Membership Units

GACP II, LP (Great American Capital)

Membership Units

Diversified Telecommunication Services

V Telecom Investment S.C.A.

(Vivacom) (Luxembourg)

Common Shares

36th Street Capital Partners Holdings, LLC Membership Units 22,199,416 $ 22,199,416 $ 33,135,000 2.01 % E/F/N

Conventional Lending TCP Holdings, LLC Membership Units 19,000,869 19,000,869 18,050,826 1.09 % E/F/I/N

GACP I, LP (Great American Capital) Membership Units 1,392,896 1,392,896 1,995,210 0.12 % E/I/N

GACP II, LP (Great American Capital) Membership Units 15,980,492 15,980,492 17,341,570 1.05 % E/I/N

58,573,673 70,522,606 4.27 %

Electric Utilities

Conergy Asia Holdings Limited (United Kingdom)

Class B Shares

Conergy Asia Holdings Limited (United Kingdom)

Ordinary Shares

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

Ordinary Shares

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

Series B Preferred Shares

Conergy Asia Holdings Limited (United Kingdom) Class B Shares 1,000,000 1,000,000 — — D/E/F/H/N

Conergy Asia Holdings Limited (United Kingdom) Ordinary Shares 3,333 7,833,333 — — D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Ordinary Shares 2,332,594 — — — D/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Series B Preferred Shares 93,023 1,395,349 — — D/E/F/H/N

Utilidata, Inc.

Warrants to Purchase Preferred Stock

Common Stock 29,094 216,336 — — D/E

Utilidata, Inc.

Series C Preferred Stock 257,369 153,398 229,000 0.01 % D/E

Utilidata, Inc.

Series CC Preferred Stock 500,000 500,000 23,000 — D/E

11,098,416 252,000 0.01 %

Electrical Equipment

TCFI Amteck Holdings, LLC Series A Preferred Units 8,020,824 7,511,391 8,117,074 0.50 % N

TCFI Amteck Holdings, LLC Common Units 362,513 395,336 8,845,317 0.55 % D/N

7,906,727 16,962,391 1.05 %

Electronic Equipment, Instruments and Components

Warrants to Purchase Preferred Stock

Warrants to Purchase Preferred Stock 8/29/2024 3,071,860 478,899 — — D/E/N

Energy Equipment and Services

GlassPoint Solar, Inc.

Warrants to Purchase Series E Preferred Stock

GlassPoint Solar, Inc.

Warrants to Purchase Series E Preferred Stock

Warrants to Purchase Series E Preferred Stock 2/7/2027 400,000 248,555 — — D/E/N

BlackRock TCP Capital Corp.

1 unchanged sentence

December 31, 2020

Issuer Instrument Expiration Shares Cost Fair

Value % of Total

Investments Notes

Equity Securities (continued)

GlassPoint Solar, Inc.

Warrants to Purchase Series E Preferred Stock 2/7/2027 2048000 505,450 — — D/E/N

Internet Software and Services

Warrants to Purchase Class B Common Stock

Warrants to Purchase Class B Common Stock 8/7/2023 49,792 1,543,054 3,175,236 0.19 % D/E

FinancialForce.com, Inc.

Warrants to Purchase Series C Preferred Stock

Warrants to Purchase Series C Preferred Stock 1/30/2029 840,000 287,985 385,600 0.02 % D/E/N

Foursquare Labs, Inc.

Warrants to Purchase Series E Preferred Stock

Warrants to Purchase Common Stock

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

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

ResearchGate Corporation (Germany)

Warrants to Purchase Series D Preferred Stock

Warrants to Purchase Series E Preferred Stock 5/4/2027 2,062,500 508,805 1,144,786 0.07 % D/E/N

(Singapore) Warrants to Purchase Common Stock 8/15/2027 1,327,869 212,360 422,705 0.03 % D/E/H/N

(Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) 9/18/2025 1,049,996 276,492 514,918 0.03 % D/E/H/N

(Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) 10/3/2028 1,511,002 93,407 541,900 0.03 % D/E/H/N

ResearchGate Corporation (Germany) Warrants to Purchase Series D Preferred Stock 10/30/2029 333,370 202,001 110,000 0.01 % D/E/H/N/O

Snaplogic, Inc.

Warrants to Purchase Series Preferred Stock

Fidelis (SVC), LLC

Preferred Units

Warrants to Purchase Series Preferred Stock 3/19/2028 1,860,000 377,722 5,200,000 0.32 % D/E/N

3,501,826 11,495,145 0.70 %

Fidelis (SVC), LLC Preferred Units 657,932 $ 2,001,384 $ 75,613 — D/E/N

Life Sciences Tools and Services

Envigo RMS Holdings Corp.

NEG Parent, LLC (Core Entertainment, Inc.)

Class A Units

NEG Parent, LLC (Core Entertainment, Inc.)

Class A Warrants to Purchase Class A Units

NEG Parent, LLC (Core Entertainment, Inc.)

Class B Warrants to Purchase Class A Units

Warrants to Purchase Series D Preferred Stock

Shop Holding, LLC (Connexity)

Class A Units

Common Stock 36,413 — 235,228 0.01 % D/E/N

NEG Parent, LLC (Core Entertainment, Inc.) Class A Units 2,720,392 2,772,807 7,401,888 0.45 % B/D/E/N

NEG Parent, LLC (Core Entertainment, Inc.) Class A Warrants to Purchase Class A Units 10/17/2026 343,387 196,086 438,161 0.03 % B/D/E/N

NEG Parent, LLC (Core Entertainment, Inc.) Class B Warrants to Purchase Class A Units 10/17/2026 346,794 198,032 442,508 0.03 % B/D/E/N

Warrants to Purchase Series D Preferred Stock 4/11/2029 507,704 65,245 105,095 0.01 % D/E/N

SoundCloud, Ltd.

(United Kingdom)

Warrants to Purchase Preferred Stock

(United Kingdom) Warrants to Purchase Preferred Stock 4/29/2025 946,498 79,082 45,143 — D/E/H/N

3,311,252 8,432,795 0.52 %

Oil, Gas and Consumable Fuels

Iracore Investments Holdings, Inc.

Class A Common Stock

Class A Common Stock 16,207 4,177,707 5,181,526 0.31 % B/D/E/N

Professional Services

Anacomp, Inc.

Class A Common Stock

Findly Talent, LLC

Membership Units

STG-Fairway Holdings, LLC (First Advantage)

Class A Units

Class A Common Stock 1,255,527 26,711,048 401,769 0.02 % D/E/F/N

Semiconductors and Semiconductor Equipment

Adesto Technologies Corporation

Warrants to Purchase Common Stock

Nanosys, Inc.

Warrants to Purchase Preferred Stock

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2019

Equity Securities (continued)

Warrants to Purchase Preferred Stock 3/29/2023 800,000 605,266 962,482 0.06 % D/E/N

Actifio, Inc.

Warrants to Purchase Series G Preferred Stock

Warrants to Purchase Series G Preferred Stock 5/5/2027 1,052,651 188,770 71,292 — D/E/N

Tradeshift, Inc.

Warrants to Purchase Series D Preferred Stock

Total Equity Securities

Total Investments

1,689,277,077

Warrants to Purchase Series D Preferred Stock 3/26/2027 1,712,930 577,843 503,762 0.03 % D/E/N

766,613 575,054 0.03 %

Total Equity Securities - 24.2% of Net Assets 184,131,772 184,760,550 11.20 %

Total Investments - 213.0% of Net Assets $ 1,672,769,897 $ 1,629,564,482

Cash and Cash Equivalents

1 unchanged sentence

Cash and Cash Equivalents 20,006,580 1.21 %

Total Cash and Investments

1,694,355,434

Total Cash and Investments - 215.6% of Net Assets $ 1,649,571,062 100.00 % M

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2020

Notes to Consolidated Schedule of Investments:

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.

(A) Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933.

Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.

Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer).

(B) Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer).

See Consolidated Schedule of Changes in Investments in Affiliates.

Non-income producing.

Investment denominated in foreign currency.

Cost and fair value converted from foreign currency to US dollars.

Foreign currency denominated investments are generally hedged for currency exposure.

Restricted security.

Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer).

(D) Other non-income producing investment.

(E) Rest ricted security.

(F) Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer).

Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary.

See Consolidated Schedule of Changes in Investments in Affiliates.

Investment has been segregated to collateralize certain unfunded commitments.

(G) Investment has been segregated to collateralize certain unfunded commitments.

company or principal place of business outside the U.S.

1 unchanged sentence

Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act.

(I) Deemed an investment company under Section 3(c) of the Investment Company Act and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act.

Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act.

(J) Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act.

Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

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.

All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.

Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

36th Street Capital Partners Holdings, LLC holds common and preferred interests in a pool of equipment loans and leases made by 36th Street Capital Partners, LLC.

(K) Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

(L) In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(M) All cash and investments, except those referenced in Notes G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.

(N) Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

(O) Investment denominated in foreign currency.

Amortized cost and fair value converted from foreign currency to US dollars.

Foreign currency denominated investments are generally hedged for currency exposure.

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

During 2019, we transitioned our industry classification system for financial reporting purposes to more closely align with the system generally used by the Advisor for portfolio management purposes.

As part of this transition, we are generally classifying the industries of our portfolio companies based on the primary end market served rather than the product or service directed to those end markets.

The Consolidated Schedule of Investments as of December 31, 2018 reflects the industry classification system prior to this transition.

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $700,024,114 and $596,374,086, respectively, for the twelve months ended December 31, 2019.

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $460,153,100 and $480,719,625, respectively, for the year ended December 31, 2020.

Aggregate acquisitions includes investment assets received as payment in kind.

6 unchanged sentences

December 31, 2019

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair

Value % of Total

Investments Notes

Debt Investments (A)

Advertising, Public Relations and Marketing

Foursquare Labs, Inc.

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

First Lien Term Loan

Air Transportation

Mesa Airlines, Inc.

Engine Acquisition Delayed Draw Term Loan A

Mesa Airlines, Inc.

Engine Acquisition Delayed Draw Term Loan B

Mesa Airlines, Inc.

Engine Acquisition Delayed Draw Term Loan C

Mesa Airlines, Inc.

Engine Acquisition Delayed Draw Term Loan C-1

Mesa Airlines, Inc.

Engine Acquisition Term loan C-3

Aerospace and Defense

First Lien Delayed Draw Term Loan LIBOR(M) — 6.25 % 8.06 % 5/31/2024 $ 5,127,551 $ 5,059,515 $ 5,135,971 0.30 % N

First Lien Term Loan LIBOR(M) — 6.25 % 8.06 % 5/31/2024 $ 19,897,959 19,710,909 19,919,847 1.18 % N

Sr Secured Revolver LIBOR(M) — 6.25 % 8.06 % 5/31/2024 $ — (21,632) — — K/N

24,748,792 25,055,818 1.48 %

Mesa Air Group, Inc.

Junior Loan Agreement (N902FJ)

Junior Loan Agreement (N902FJ) LIBOR(Q) — 7.50 % 9.41 % 2/1/2022 $ 801,784 797,527 801,784 0.05 % N

Mesa Air Group, Inc.

Junior Loan Agreement (N903FJ)

Junior Loan Agreement (N903FJ) LIBOR(Q) — 7.50 % 9.41 % 2/1/2022 $ 942,947 937,941 942,947 0.06 % N

Mesa Air Group, Inc.

Junior Loan Agreement (N904FJ)

Junior Loan Agreement (N904FJ) LIBOR(Q) — 7.50 % 9.41 % 2/1/2022 $ 1,066,574 1,060,912 1,066,574 0.06 % N

Mesa Air Group, Inc.

Junior Loan Agreement (N905FJ)

Junior Loan Agreement (N905FJ) LIBOR(Q) — 7.50 % 9.41 % 2/1/2022 $ 768,185 764,107 768,185 0.05 % N

Mesa Air Group, Inc.

Junior Loan Agreement (N906FJ)

Junior Loan Agreement (N906FJ) LIBOR(Q) — 7.50 % 9.41 % 5/1/2022 $ 817,276 812,522 817,276 0.05 % N

Mesa Air Group, Inc.

Junior Loan Agreement (N907FJ)

Junior Loan Agreement (N907FJ) LIBOR(Q) — 7.50 % 9.41 % 5/1/2022 $ 853,632 848,667 853,632 0.05 % N

Mesa Air Group, Inc.

Junior Loan Agreement (N908FJ)

Junior Loan Agreement (N908FJ) LIBOR(Q) — 7.50 % 9.41 % 5/1/2022 $ 1,272,196 1,264,796 1,272,196 0.08 % N

Mesa Air Group, Inc.

Junior Loan Agreement (N909FJ)

Junior Loan Agreement (N909FJ) LIBOR(Q) — 7.50 % 9.41 % 8/1/2022 $ 581,841 578,354 581,841 0.03 % N

Mesa Air Group, Inc.

Junior Loan Agreement (N910FJ)

Amusement and Recreation

Blue Star Sports Holdings, Inc.

First Lien Delayed Draw Term Loan

Blue Star Sports Holdings, Inc.

First Lien Revolver

Blue Star Sports Holdings, Inc.

First Lien Term Loan

Machine Zone, Inc.

First Lien Term Loan (10.0% Exit Fee)

VSS-Southern Holdings, LLC (Southern Theatres)

First Lien Term Loan

6.50% Cash+2.00% PIK

VSS-Southern Holdings, LLC (Southern Theatres)

Sr Secured Revolver

6.50% Cash+2.00% PIK

VSS-Southern Holdings, LLC (Southern Theatres)

First Lien Incremental Term Loan

6.50% Cash+2.00% PIK

Building Equipment Contractors

Hylan Datacom & Electrical, LLC

First Lien Incremental Term Loan

Hylan Datacom & Electrical, LLC

First Lien Term Loan

TCFI Amteck Holdings, LLC

First Lien Delayed Draw Term Loan

TCFI Amteck Holdings, LLC

First Lien Term Loan

Junior Loan Agreement (N910FJ) LIBOR(Q) — 7.50 % 9.41 % 8/1/2022 $ 554,715 551,390 554,715 0.03 % N

Mesa Airlines, Inc.

Aircraft Acquisition Incremental Loan LIBOR(M) — 5.25 % 7.00 % 9/27/2023 $ 2,655,121 2,623,792 2,620,870 0.15 % N

Mesa Airlines, Inc.

Aircraft Acquisition Loan LIBOR(M) — 5.00 % 6.75 % 6/5/2023 $ 21,683,485 21,440,802 21,653,129 1.28 % N

One Sky Flight, LLC First Lien Term Loan LIBOR(M) 1.00 % 7.50 % 9.30 % 12/27/2024 $ 12,500,000 12,187,500 12,250,000 0.72 % N

43,868,310 44,183,149 2.61 %

AutoAlert, LLC First Lien Incremental Term Loan LIBOR(Q) 0.25 % 5.75% Cash+3.00% PIK 10.88 % 1/1/2022 $ 38,966,342 38,845,649 39,356,005 2.32 % N

AutoAlert, LLC First Lien Term Loan LIBOR(Q) 0.25 % 5.75% Cash+3.00% PIK 10.88 % 1/1/2022 $ 15,420,901 15,313,907 15,575,110 0.92 % N

DealerFX, Inc.

First Lien Term Loan LIBOR(Q) — 6.25% Cash+2.00% PIK 10.25 % 2/1/2023 $ 16,183,673 15,965,712 16,345,510 0.96 % N

70,125,268 71,276,625 4.20 %

Building Products

Dodge Data & Analytics, LLC First Lien Delayed Draw Term Loan LIBOR(Q) 1.00 % 7.00 % 9.00 % 5/1/2020 $ 875,631 875,023 875,106 0.05 % N

Dodge Data & Analytics, LLC First Lien Term Loan LIBOR(Q) 1.00 % 7.00 % 9.00 % 5/1/2020 $ 35,420,561 35,395,034 35,399,308 2.09 % N

36,270,057 36,274,414 2.14 %

Capital Markets

HighTower Holding, LLC Second Lien Term Loan LIBOR(M) 1.00 % 8.75 % 10.49 % 1/31/2026 $ 15,080,645 14,733,952 15,082,153 0.89 % N

HighTower Holding, LLC Second Lien Delayed Draw Term Loan LIBOR(M) 1.00 % 8.75 % 10.49 % 1/31/2026 $ 6,169,355 6,059,721 6,169,972 0.36 % N

20,793,673 21,252,125 1.25 %

AGY Holding Corp.

Second Lien Notes Fixed — 11.00 % 11.00 % 11/15/2020 $ 10,315,515 8,778,822 3,708,428 0.22 % B/C/E/N

AGY Holding Corp.

Delayed Draw Term Loan Fixed — 12.00 % 12.00 % 9/15/2020 $ 1,114,120 1,114,120 1,114,120 0.07 % B/N

AGY Holding Corp.

Sr Secured Term Loan Fixed — 12.00 % 12.00 % 9/15/2020 $ 5,171,151 5,171,151 5,171,151 0.31 % B/N

15,064,093 9,993,699 0.60 %

BlackRock TCP Capital Corp.

1 unchanged sentence

December 31, 2019

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair

Value % of Total

Investments Notes

Debt Investments (continued)

Business Support Services

STG-Fairway Acquisitions, Inc.(First Advantage)

Second Lien Term Loan

Nanosys, Inc.

First Lien Delayed Draw Term Loan (3.5% Exit Fee)

Computer Systems Design and Related Services

Fidelis Acquisitionco, LLC

First Lien Term Loan B

Fidelis Acquisitionco, LLC

First Lien Term Loan C

Brannan Sand Gravel Company, LLC

First Lien Term Loan

Credit (Nondepository)

Auto Trakk SPV, LLC

First Lien Delayed Draw Term Loan

CFG Investments Limited (Caribbean Financial Group) (Cayman Islands)

Subordinated Class B Notes

RSB-160, LLC (Lat20)

First Lien Delayed Draw Term Loan

RSB-160, LLC (Lat20)

First Lien Incremental Delayed Draw Term Loan

Credit Related Activities

Pegasus Business Intelligence, LP (Onyx Centersource)

First Lien Incremental Term Loan

Pegasus Business Intelligence, LP (Onyx Centersource)

First Lien Term Loan

Pegasus Business Intelligence, LP (Onyx Centersource)

Pacific Union Financial, LLC

First Lien Term Loan

Data Processing and Hosting Services

Applause App Quality, Inc.

First Lien Term Loan

Applause App Quality, Inc.

Sr Secured Revolver

First Lien Term Loan

Sr Secured Revolver

DigiCert Holdings, Inc.

Second Lien Term Loan

First Lien Delayed Draw Term Loan (4.5% Exit Fee)

5.50% Cash+2.50% PIK

First Lien Revolver

First Lien Term Loan

Pulse Secure, LLC

First Lien Term Loan

Pulse Secure, LLC

Sr Secured Revolver

SnapLogic, Inc.

First Lien Term Loan

7.81% Cash+2.00% PIK

TierPoint, LLC

Second Lien Term Loan

Web.com Group Inc.

Second Lien Term Loan

Commercial Services and Supplies

Kellermeyer Bergensons Services, LLC First Lien Delayed Draw Term Loan A LIBOR(M) 1.00 % 6.50 % 8.39 % 11/7/2026 $ — $ — $ (13,529) — K/N

Kellermeyer Bergensons Services, LLC First Lien Delayed Draw Term Loan B LIBOR(M) 1.00 % 6.50 % 8.39 % 11/7/2026 $ — — (17,647) — K/N

Kellermeyer Bergensons Services, LLC First Lien Term Loan LIBOR(M) 1.00 % 6.50 % 8.39 % 11/7/2026 $ 6,535,948 6,472,583 6,477,124 0.38 % N

Team Software, Inc.

First Lien Incremental Term Loan LIBOR(Q) — 5.50 % 7.50 % 9/17/2023 $ 7,220,080 7,114,156 7,172,428 0.42 % N

Team Software, Inc.

First Lien Revolver LIBOR(Q) — 5.50 % 7.50 % 9/17/2023 $ 1,228,924 1,189,152 1,205,750 0.07 % N

Team Software, Inc.

First Lien Term Loan LIBOR(Q) — 5.50 % 7.50 % 9/17/2023 $ 13,167,038 13,012,854 13,080,136 0.77 % N

27,788,745 27,904,262 1.64 %

Communications Equipment

Avanti Communications Jersey Limited 1.5 Lien Delayed Draw Term Loan (2.5% Exit Fee) Fixed — 12.50 % 12.50 % 5/24/2021 $ 1,214,371 1,214,371 1,214,371 0.07 % L/N

Avanti Communications Jersey Limited 1.5 Lien Term Loan (2.5% Exit Fee) Fixed — 12.50 % 12.50 % 5/24/2021 $ 282,820 238,768 282,820 0.02 % L/N

Avanti Communications Group, PLC (United Kingdom) Sr New Money Initial Note Fixed — 9.00% PIK 9.00 % 10/1/2022 $ 1,592,934 1,591,586 1,074,115 0.06 % C/E/G/H/N

Avanti Communications Group, PLC (United Kingdom) Sr Second-Priority PIK Toggle Note Fixed — 9.00% PIK 9.00 % 10/1/2022 $ 4,064,721 4,064,219 2,740,841 0.16 % C/E/G/H/N

7,108,944 5,312,147 0.31 %

Construction and Engineering

Hylan Datacom & Electrical, LLC First Lien Incremental Term Loan LIBOR(Q) 1.00 % 9.50 % 11.41 % 7/25/2021 $ 2,536,311 2,502,108 2,090,739 0.12 % N

Hylan Datacom & Electrical, LLC First Lien Term Loan (5.4% Exit Fee) LIBOR(Q) 1.00 % 9.50 % 11.41 % 7/25/2021 $ 14,031,084 13,959,042 11,566,142 0.67 % L/N

16,461,150 13,656,881 0.79 %

Construction Materials

Brannan Sand and Gravel Company, LLC First Lien Term Loan LIBOR(Q) — 5.25 % 7.25 % 7/3/2023 $ 6,682,556 6,612,301 6,652,484 0.39 % N

Consumer Finance

Auto Trakk SPV, LLC First Lien Delayed Draw Term Loan LIBOR(M) 0.50 % 6.50 % 8.24 % 12/21/2021 $ 23,971,792 23,800,742 23,749,039 1.40 % N

Barri Financial Group, LL First Lien Term Loan LIBOR(M) 1.00 % 7.75 % 9.54 % 10/23/2024 $ 19,346,662 18,873,298 19,031,311 1.12 % N

42,674,040 42,780,350 2.52 %

Diversified Consumer Services

Edmentum, Inc.

Jr Revolving Facility Fixed — 5.00 % 5.00 % 6/9/2020 $ 5,235,973 5,235,973 5,235,978 0.31 % B/N

Edmentum, Inc.

First Lien Term Loan B LIBOR(Q) — 8.50 % 10.43 % 6/9/2021 $ 10,740,023 9,566,580 10,740,023 0.63 % B/N

Edmentum, Inc.

Second Lien Term Loan Fixed — 7.00% PIK 7.00 % 12/8/2021 $ 8,281,653 8,281,653 8,281,661 0.49 % B/N

Edmentum Ultimate Holdings, LLC Jr PIK Notes Fixed — 10.00% PIK 10.00 % 6/9/2020 $ 17,609,276 17,536,516 17,609,276 1.04 % B/N

Edmentum Ultimate Holdings, LLC Sr PIK Notes Fixed — 8.50% PIK 8.50 % 6/9/2020 $ 3,675,888 3,675,888 3,675,888 0.22 % B/N

Spark Networks, Inc.

Sr Secured Revolver LIBOR(Q) 1.50 % 8.00 % 9.95 % 7/1/2023 $ — (30,874) (38,827) — K/N

Spark Networks, Inc.

First Lien Term Loan LIBOR(Q) 1.50 % 8.00 % 9.95 % 7/1/2023 $ 22,934,229 22,203,944 22,062,728 1.30 % N

66,469,680 67,566,727 3.99 %

Diversified Financial Services

36th Street Capital Partners Holdings, LLC Senior Note Fixed — 12.00 % 12.00 % 11/1/2020 $ 40,834,419 40,834,418 40,834,419 2.41 % E/F/N/O

Aretec Group, Inc.

(Cetera) Second Lien Term Loan LIBOR(M) — 8.25 % 10.05 % 10/1/2026 $ 27,105,263 26,845,399 26,788,945 1.58 % G

Credit Suisse AG (Cayman Islands) Asset-Backed Credit Linked Notes LIBOR(Q) — 9.50 % 11.45 % 4/12/2025 $ 38,000,000 38,000,000 37,604,800 2.22 % H/I/N

GC Agile Holdings Limited (Apex) (England) First Lien Delayed Term Loan B LIBOR(Q) 1.00 % 7.00 % 9.11 % 6/15/2025 $ 18,979,469 18,625,118 18,629,867 1.10 % H/N

GC Agile Holdings Limited (Apex) (England) First Lien Term Loan A LIBOR(Q) 1.00 % 7.00 % 9.11 % 6/15/2025 $ 824,958 810,028 809,366 0.05 % H/N

RSB-160, LLC (Lat20) First Lien Delayed Draw Term Loan LIBOR(M) 1.00 % 6.00 % 7.90 % 7/20/2022 $ 2,333,333 2,299,659 2,335,900 0.14 % N

127,414,622 127,003,297 7.50 %

BlackRock TCP Capital Corp.

1 unchanged sentence

December 31, 2019

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair

Value % of Total

Investments Notes

Debt Investments (continued)

Diversified Software

Acronis International GmbH (Switzerland)

First Lien Term Loan

11.50%Cash+2.00% PIK

ArcServe (USA), LLC

Second Lien Term Loan

8.50% Cash+1.25% PIK

Autoalert, LLC

First Lien Incremental Term Loan

5.75% Cash+3.00% PIK

Autoalert, LLC

First Lien Term Loan

5.75% Cash+3.00% PIK

Bond International Software, Inc.

(United Kingdom)

First Lien Term Loan

Certify, Inc.

First Lien FILO Term Loan

DealerFX, Inc.

First Lien Term Loan

6.25% Cash+2.00% PIK

ECI Macola/Max Holding, LLC

Second Lien Term Loan

Fishbowl, Inc.

First Lien Term Loan

4.80% Cash+8.45% PIK

First Lien Term Loan

Sr Secured Revolver

JAMF Holdings, Inc.

First Lien Term Loan

JAMF Holdings, Inc.

Sr Secured Revolver

Lithium Technologies, LLC

First Lien Term Loan

Lithium Technologies, LLC

Sr Secured Revolver

Lithium Technologies, LLC

First Lien Incremental Term Loan

Lithium Technologies, LLC

Sr Secured Revolver

Space Midco, Inc.

First Lien Term Loan

Space Midco, Inc.

Sr Secured Revolver

Team Software, Inc.

First Lien Revolver

Team Software, Inc.

First Lien Term Loan

Diversified Telecommunication Services

American Broadband Holding Company First Lien Term Loan LIBOR(M) 1.25 % 7.25 % 9.05 % 10/25/2022 $ 15,395,873 $ 15,151,000 $ 15,796,166 0.93 % N

ECI Macola/Max Holding, LLC Second Lien Term Loan LIBOR(Q) 1.00 % 8.00 % 9.94 % 9/29/2025 $ 24,840,563 24,660,905 24,571,540 1.45 %

Securus Technologies, Inc.

Second Lien Term Loan LIBOR(M) 1.00 % 8.25 % 10.05 % 11/1/2025 $ 25,846,154 25,648,456 12,509,538 0.74 %

TPC Intermediate Holdings, LLC First Lien Delayed Draw Term Loan LIBOR(Q) 1.00 % 6.00 % 7.94 % 5/15/2023 $ 799,588 787,670 796,310 0.05 % N

TPC Intermediate Holdings, LLC First Lien Incremental Delayed Draw Term Loan LIBOR(Q) 1.00 % 6.00 % 7.94 % 5/15/2020 $ 525,686 519,722 522,453 0.03 % N

TPC Intermediate Holdings, LLC First Lien Incremental Delayed Draw Term Loan A LIBOR(Q) 1.00 % 6.00 % 7.94 % 10/31/2020 $ — — (16,811) — K/N

Telarix, Inc.

First Lien Term Loan

First Lien Term Loan LIBOR(M) 1.00 % 6.00 % 7.80 % 11/19/2023 $ 7,443,750 7,348,457 7,349,959 0.43 % N

Telarix, Inc.

Sr Secured Revolver

Tradeshift Holdings, Inc.

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

Sr Secured Revolver LIBOR(M) 1.00 % 6.00 % 7.80 % 11/19/2023 $ 178,571 174,365 174,071 0.01 % N

74,290,575 61,703,226 3.64 %

Electric Utilities

Conergy Asia & ME Pte.

Ltd (Singapore) First Lien Term Loan Fixed — 10.00 % 10.00 % 5/26/2020 $ 1,773,807 1,773,807 1,207,785 0.07 % F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Bank Guarantee Credit Facility Fixed — — 0.00 % 5/26/2020 $ 6,578,877 6,578,877 3,289,438 0.19 % C/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Revolving Credit Facility Fixed — — 0.00 % 5/26/2020 $ 8,668,850 8,668,850 2,208,823 0.13 % C/F/H/N

Utilidata, Inc.

First Lien Delayed Draw Term Loan (4.0% Exit Fee)

Xactly Corporation

First Lien Incremental Term Loan

Xactly Corporation

First Lien Term Loan

Xactly Corporation

Sr Secured Revolver

Educational Support Services

Edmentum, Inc.

First Lien Term Loan B

Edmentum, Inc.

Junior Revolving Facility

Edmentum, Inc.

Second Lien Term Loan

Edmentum Ultimate Holdings, LLC

Electronic Component Manufacturing

Adesto Technologies Corporation

First Lien Term Loan

Tranche A Term Loan (4.33% Exit Fee)

First Lien Delayed Draw Term Loan (4.0% Exit Fee) LIBOR(Q) — 9.88 % 11.81 % 7/1/2020 $ 1,033,398 1,024,722 942,562 0.06 % L/N

18,046,256 7,648,608 0.45 %

Electrical Equipment

TCFI Amteck Holdings, LLC First Lien Delayed Draw Term Loan LIBOR(M) — 8.25 % 9.75 % 5/22/2023 $ 497,143 490,068 497,143 0.03 % N

TCFI Amteck Holdings, LLC First Lien Term Loan LIBOR(M) — 8.25 % 9.75 % 5/22/2023 $ 16,237,115 16,003,295 16,237,115 0.96 % N

16,493,363 16,734,258 0.99 %

Energy Equipment and Services

GlassPoint Solar, Inc.

First Lien Term Loan (4.0% Exit Fee) LIBOR(Q) — 8.50 % 10.44 % 12/31/2020 $ 4,167,831 4,147,728 3,999,033 0.24 % L/N

GlassPoint Solar, Inc.

First Lien Term Loan (5.0% Exit Fee) LIBOR(Q) — 11.44 % 13.38 % 12/31/2020 $ 2,276,123 2,204,998 2,226,731 0.13 % L/N

Sphera Solutions, Inc.

(Diamondback) First Lien FILO Term Loan B LIBOR(Q) 2.00 % 8.81 % 10.81 % 6/14/2022 $ 23,614,465 23,255,646 23,371,236 1.38 % N

29,608,372 29,597,000 1.75 %

Health Care Technology

CAREATC, Inc.

First Lien Term Loan LIBOR(M) — 7.25 % 9.14 % 3/14/2024 $ 8,502,033 8,351,441 8,483,328 0.50 % N

CAREATC, Inc.

Sr Secured Revolver LIBOR(M) — 7.25 % 9.14 % 3/14/2024 $ — (10,223) (1,336) — K/N

Patient Point Network Solutions, LLC Sr Secured Revolver LIBOR(Q) 1.00 % 7.50 % 9.44 % 6/26/2022 $ 264,285 261,418 262,347 0.02 % N

Patient Point Network Solutions, LLC First Lien Incremental Term Loan LIBOR(Q) 1.00 % 7.50 % 9.44 % 6/26/2022 $ 1,239,799 1,229,504 1,234,344 0.07 % N

Patient Point Network Solutions, LLC First Lien Term Loan LIBOR(Q) 1.00 % 7.50 % 9.44 % 6/26/2022 $ 6,432,648 6,389,679 6,404,344 0.38 % N

Sandata Technologies, LLC First Lien Term Loan LIBOR(Q) — 6.00 % 8.00 % 7/23/2024 $ 20,250,000 19,961,722 19,942,200 1.18 % N

Sandata Technologies, LLC Sr Secured Revolver LIBOR(Q) — 6.00 % 8.00 % 7/23/2024 $ — (30,795) (34,200) — K/N

36,152,746 36,291,027 2.15 %

BlackRock TCP Capital Corp.

1 unchanged sentence

December 31, 2019

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair

Value % of Total

Investments Notes

Debt Investments (continued)

Equipment Leasing

36th Street Capital Partners Holdings, LLC

Financial Investment Activities

Aretec Group, Inc.

Second Lien Term Loan

Credit Suisse AG (Cayman Islands)

Asset-Backed Credit Linked Notes

HighTower Holding, LLC

Second Lien Delayed Draw Term Loan

HighTower Holding, LLC

Second Lien Term Loan

Institutional Shareholder Services, Inc.

Second Lien Term Loan

Pacific Coast Holdings Investment, LLC (KPC Healthcare)

First Lien Term Loan

Hotels, Restaurants and Leisure

Fishbowl, Inc.

First Lien Term Loan LIBOR(Q) — 2.80% Cash + 8.45% PIK 13.25 % 1/26/2022 $ 24,564,304 $ 24,250,372 $ 22,591,790 1.33 % N

Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Incremental Term Loan LIBOR(Q) 1.00 % 6.25 % 8.20 % 12/20/2021 $ 5,678,264 5,678,264 5,735,615 0.34 % N

Pegasus Business Intelligence, LP (Onyx Centersource) First Lien Term Loan LIBOR(Q) 1.00 % 6.25 % 8.20 % 12/20/2021 $ 13,583,579 13,524,243 13,720,773 0.81 % N

Pegasus Business Intelligence, LP (Onyx Centersource) Revolver LIBOR(Q) 1.00 % 6.25 % 8.20 % 12/20/2021 $ — (2,686) — — K/N

VSS-Southern Holdings, LLC (Southern Theatres) First Lien Term Loan LIBOR(Q) 1.00 % 6.50% Cash + 2.00% PIK 10.44 % 3/31/2022 $ 2,395,992 2,373,398 2,443,913 0.14 % N

VSS-Southern Holdings, LLC (Southern Theatres) First Lien Incremental Term Loan LIBOR(Q) 1.00 % 6.50% Cash + 2.00% PIK 10.44 % 3/31/2022 $ 142,889 141,895 145,747 0.01 % N

VSS-Southern Holdings, LLC (Southern Theatres) First Lien Incremental Term Loan LIBOR(Q) 1.00 % 6.50 % 8.44 % 3/31/2022 $ 550,909 550,909 561,927 0.03 % N

VSS-Southern Holdings, LLC (Southern Theatres) Sr Secured Revolver LIBOR(Q) 1.00 % 6.50% Cash + 2.00% PIK 10.44 % 3/31/2022 $ — (6,733) — — K/N

46,509,662 45,199,765 2.66 %

2-10 Holdco, Inc.

First Lien Term Loan

First Lien Term Loan LIBOR(M) — 6.25 % 8.05 % 10/31/2024 $ 4,537,500 4,461,178 4,479,420 0.26 % N

2-10 Holdco, Inc.

Sr Secured Revolver

Sr Secured Revolver LIBOR(M) — 6.25 % 8.05 % 10/31/2024 $ — (6,724) (5,333) — K/N

Higginbotham Insurance Agency, Inc.

Second Lien Term Loan

Second Lien Term Loan LIBOR(M) 1.00 % 7.50 % 9.30 % 12/19/2025 $ 28,000,000 27,801,191 27,860,000 1.64 % N

IAS Investco, Inc.

First Lien Delayed Draw Term Loan A

First Lien Delayed Draw Term Loan A LIBOR(M) 1.00 % 5.50 % 7.30 % 1/24/2021 $ 5,318,571 5,296,361 5,295,702 0.31 % N

IAS Investco, Inc.

First Lien Delayed Draw Term Loan B

First Lien Delayed Draw Term Loan B LIBOR(M) 1.00 % 5.50 % 7.30 % 1/24/2021 $ 1,714,286 1,708,138 1,706,914 0.10 % N

IAS Investco, Inc.

First Lien Term Loan

US Apple Holdco, LLC (Ventiv Technology)

First Lien FILO Term Loan

US Apple Holdco, LLC (Ventiv Technology)

First Lien Incremental Tranche B FILO Term Loan

US Apple Holdco, LLC (Ventiv Technology)

First Lien Incremental Tranche B FILO Term Loan

Lessors of Nonfinancial Licenses

ABG Intermediate Holdings 2, LLC (Authentic Brands)

Second Lien Term Loan

Kenneth Cole Productions, Inc.

First Lien FILO Term Loan

PSEB, LLC (Eddie Bauer)

First Lien FILO II Term Loan

PSEB, LLC (Eddie Bauer)

First Lien Term Loan

Management, Scientific, and Technical Consulting Services

Dodge Data & Analytics, LLC

First Lien Delayed Draw Term Loan

Dodge Data & Analytics, LLC

First Lien Term Loan

Metal Manufacturing

Neenah Foundry Company

First Lien Term Loan B

Motion Picture and Video Industries

NEG Holdings, LLC (CORE Entertainment, Inc.)

First Lien Term Loan

First Lien Incremental Term Loan LIBOR(M) 1.00 % 5.50 % 7.30 % 1/24/2021 $ 6,020,424 6,002,687 5,994,536 0.35 % N

IAS Investco, Inc.

First Lien Term Loan LIBOR(M) 1.00 % 5.50 % 7.30 % 1/24/2021 $ 3,934,469 3,918,004 3,917,550 0.23 % N

49,180,835 49,248,789 2.89 %

Internet and Catalog Retail

Live Auctioneers LLC First Lien Last Out B-2 Term Loan LIBOR(M) — 6.76 % 8.56 % 5/20/2025 $ 13,960,362 13,698,968 13,635,085 0.79 % N

Internet Software and Services

First Lien Term Loan LIBOR(Q) — 7.00 % 8.91 % 11/1/2025 $ 16,648,997 16,321,473 16,345,985 0.96 % N

Sr Secured Revolver LIBOR(Q) — 7.00 % 8.91 % 11/1/2025 $ — (35,084) (32,829) — K/N

First Lien Delayed Draw Term Loan (7.0% Exit Fee) LIBOR(M) — 5.63% Cash + 2.50% PIK 9.94 % 10/1/2022 $ 52,127,502 51,828,896 51,270,531 3.03 % L/N

FinancialForce.com, Inc.

First Lien Delayed Draw Term Loan (3.0% Exit Fee) LIBOR(Q) 2.75 % 6.75 % 9.50 % 2/1/2024 $ 28,000,000 27,522,676 28,464,800 1.68 % L/N

Foursquare Labs, Inc.

First Lien Term Loan (5.0% Exit Fee) LIBOR(Q) — 7.25 % 9.19 % 10/1/2022 $ 33,750,000 33,445,277 33,237,000 1.96 % L/N

(Singapore) First Lien Term Loan LIBOR(Q) 1.37 % 8.13 % 10.06 % 9/30/2021 $ 30,906,865 30,717,380 30,545,254 1.80 % H/N

Quartz Holding Company (Quick Base) Second Lien Term Loan LIBOR(M) — 8.00 % 9.71 % 4/2/2027 $ 9,903,019 9,708,757 9,878,261 0.58 % N

ResearchGate GmBH (Germany) First Lien Term Loan (4.0% Exit Fee) EURIBOR (M) — 8.55 % 8.55 % 10/1/2022 € 7,500,000 7,856,974 7,952,439 0.47 % D/H/L/N

177,366,349 177,661,441 10.48 %

First Lien Term Loan LIBOR(M) 1.00 % 7.25 % 8.96 % 1/10/2025 $ 11,812,993 11,598,319 11,567,282 0.68 % N

Sr Secured Revolver LIBOR(M) 1.00 % 7.25 % 8.96 % 1/10/2025 $ — (12,904) (16,000) — K/N

First Lien Revolver LIBOR(M) 1.00 % 6.25 % 8.15 % 9/17/2023 $ 373,849 350,320 364,746 0.02 % N

First Lien Term Loan LIBOR(Q) 1.00 % 6.25 % 8.19 % 9/17/2023 $ 10,910,690 10,653,623 10,814,676 0.64 % N

Web.com Group Inc.

Second Lien Term Loan LIBOR(M) — 7.75 % 9.49 % 10/11/2026 $ 16,280,678 16,166,395 15,715,983 0.93 % G/J

Xactly Corporation First Lien Incremental Term Loan B LIBOR(M) 1.00 % 7.25 % 9.05 % 7/31/2022 $ 4,996,644 4,913,115 4,990,148 0.29 % N

Xactly Corporation First Lien Incremental Term Loan LIBOR(M) 1.00 % 7.25 % 9.05 % 7/31/2022 $ 2,726,918 2,692,315 2,723,373 0.16 % N

Xactly Corporation First Lien Term Loan LIBOR(M) 1.00 % 7.25 % 9.05 % 7/31/2022 $ 16,397,517 16,210,453 16,376,200 0.97 % N

Xactly Corporation Sr Secured Revolver LIBOR(M) 1.00 % 7.25 % 9.05 % 7/31/2022 $ — (14,579) (1,827) — K/N

62,557,057 62,534,581 3.69 %

BlackRock TCP Capital Corp.

1 unchanged sentence

December 31, 2019

Issuer Instrument Ref Floor Spread Total Coupon Maturity Principal Cost Fair

Value % of Total

Investments Notes

Debt Investments (continued)

Other Information Services

Discoverorg, LLC

Second Lien Incremental Term Loan

Discoverorg, LLC

Second Lien Term Loan

Other Manufacturing

AGY Holding Corp.

Sr Secured Term Loan

AGY Holding Corp.

Second Lien Notes

AGY Holding Corp.

Delayed Draw Term Loan

Other Real Estate Activities

Greystone Select Holdings, LLC

First Lien Term Loan

Other Telecommunications

Securus Technologies, Inc.

Second Lien Term Loan

Pharmaceuticals

P&L Development, LLC

First Lien Term Loan

Plastics Manufacturing

Leisure Products

Blue Star Sports Holdings, Inc.

First Lien Delayed Draw Term Loan LIBOR(Q) 1.00 % 5.75 % 7.76 % 6/15/2024 $ 55,556 $ 54,693 $ 53,556 — N

Blue Star Sports Holdings, Inc.

First Lien Revolver LIBOR(M) 1.00 % 5.75 % 7.55 % 6/15/2024 $ 111,111 108,557 105,111 0.01 % N

Blue Star Sports Holdings, Inc.

First Lien Term Loan LIBOR(M) 1.00 % 5.75 % 7.55 % 6/15/2024 $ 1,504,611 1,480,597 1,450,445 0.09 % N

Machine Zone, Inc.

First Lien Term Loan (10.0% Exit Fee) LIBOR(M) — 13.50 % 15.20 % 2/1/2021 $ 5,672,712 5,637,816 5,588,188 0.33 % L/N

7,281,663 7,197,300 0.43 %

Bisnow, LLC First Lien Revolver LIBOR(Q) — 7.50 % 9.63 % 9/21/2022 $ — (10,270) — — K/N

Bisnow, LLC First Lien Term Loan LIBOR(Q) — 7.50 % 9.63 % 9/21/2022 $ 10,557,386 10,446,491 10,628,121 0.63 % N

Khoros, LLC (Lithium) Sr Secured Revolver LIBOR(Q) 1.00 % 8.00 % 10.04 % 10/3/2022 $ — (7,100) (5,736) — K/N

Khoros, LLC (Lithium) Sr Secured Revolver LIBOR(Q) 1.00 % 8.00 % 10.04 % 10/3/2022 $ — (19,127) (19,255) — K/N

Khoros, LLC (Lithium) First Lien Incremental Term Loan LIBOR(Q) 1.00 % 8.00 % 10.04 % 10/3/2022 $ 7,131,905 7,016,707 7,042,043 0.42 % N

Khoros, LLC (Lithium) First Lien Term Loan LIBOR(Q) 1.00 % 8.00 % 10.04 % 10/3/2022 $ 20,884,731 20,616,273 20,621,583 1.22 % N

Second Lien Term Loan LIBOR(M) — 7.00 % 8.80 % 10/19/2026 $ 25,000,000 24,753,355 22,687,500 1.34 % G

First Lien Term Loan (4.0% Exit Fee) Fixed — 10.10 % 10.10 % 5/1/2022 $ 12,692,602 12,528,197 12,709,103 0.75 % L/N

75,324,526 73,663,359 4.36 %

Metal and Mining

Neenah Foundry Company First Lien Term Loan B LIBOR(M) — 6.50 % 8.35 % 12/13/2022 $ 4,943,976 4,909,287 4,845,097 0.29 %

Oil, Gas and Consumable Fuels

Iracore International, Inc.

First Lien Term Loan

First Lien Revolver

First Lien Term Loan

Patient Point Network Solutions, LLC

First Lien Term Loan

Patient Point Network Solutions, LLC

Sr Secured Revolver

Patient Point Network Solutions, LLC

First Lien Incremental Term Loan

Radio and Television Broadcasting

Second Lien Term Loan

Real Estate Leasing

Daymark Financial Acceptance, LLC

First Lien Delayed Draw Term Loan

Home Partners of America, Inc.

First Lien Delayed Draw Term Loan

Home Partners of America, Inc.

First Lien Term Loan

USR Parent, Inc.

First Lien FILO Term Loan

Satellite Telecommunications

Avanti Communications Group, PLC (United Kingdom)

Sr New Money Initial Note

Avanti Communications Group, PLC (United Kingdom)

Sr Second-Priority PIK Toggle Note

First Lien Term Loan LIBOR(M) 1.00 % 9.00 % 10.88 % 4/13/2021 $ 1,635,903 1,635,902 1,635,903 0.10 % B/N

Pharmaceuticals

Cambrex Corporation Second Lien Term Loan LIBOR(M) 1.00 % 9.00 % 10.70 % 12/6/2027 $ 15,441,176 15,133,798 15,363,971 0.91 % N

P&L Development, LLC First Lien Term Loan LIBOR(Q) 2.00 % 7.50 % 9.50 % 6/28/2024 $ 8,645,000 8,447,637 8,601,775 0.51 % G/N

23,581,435 23,965,746 1.42 %

Professional Services

Applause App Quality, Inc.

First Lien Term Loan LIBOR(Q) 1.00 % 5.00 % 6.93 % 9/20/2022 $ 20,772,306 20,522,294 20,851,241 1.23 % N

Applause App Quality, Inc.

Sr Secured Revolver LIBOR(Q) 1.00 % 5.00 % 6.93 % 9/20/2022 $ — (16,489) — — K/N

CIBT Solutions, Inc.

Second Lien Term Loan LIBOR(Q) 1.00 % 7.75 % 9.69 % 6/1/2025 $ 7,611,914 7,551,528 7,155,199 0.42 % G/N

Discoverorg, LLC Second Lien Term Loan LIBOR(M) — 8.50 % 10.19 % 2/1/2027 $ 15,000,000 14,795,054 15,075,000 0.89 % G

Dude Solutions Holdings, Inc.

Sr Secured Revolver LIBOR(M) 1.00 % 7.00 % 8.80 % 6/13/2025 $ — (45,365) (40,404) — K/N

Dude Solutions Holdings, Inc.

First Lien Term Loan LIBOR(M) 1.00 % 7.00 % 8.80 % 6/13/2025 $ 16,927,201 16,566,086 16,617,434 0.98 % N

Sr Secured Revolver LIBOR(M) 1.00 % 6.50 % 8.29 % 9/12/2024 $ — (7,699) (11,385) — K/N

First Lien Term Loan LIBOR(M) 1.00 % 6.50 % 8.29 % 9/12/2024 $ 9,482,016 9,315,912 9,262,034 0.55 % N

Institutional Shareholder Services, Inc.

Second Lien Term Loan LIBOR(Q) — 8.50 % 10.44 % 3/5/2026 $ 5,820,856 5,658,368 5,588,022 0.33 % N

STG-Fairway Acquisitions, Inc.(First Advantage) Second Lien Term Loan LIBOR(M) 1.00 % 9.25 % 11.05 % 6/30/2023 $ 31,000,000 30,701,658 31,000,000 1.83 % N

105,041,347 105,497,141 6.23 %

Real Estate Management and Development

Florida East Coast Industries, LLC First Lien Term Loan B LIBOR(M) — 6.75 % 8.51 % 12/13/2021 $ 2,321,694 2,289,777 2,310,086 0.14 % N

Florida East Coast Industries, LLC First Lien Incremental Lien Term Loan B LIBOR(M) — 6.75 % 8.51 % 12/13/2021 $ 876,520 869,946 872,138 0.05 % N

Space Midco, Inc.

(Archibus) First Lien Term Loan LIBOR(M) — 6.25 % 8.00 % 12/5/2023 $ 4,444,444 4,371,064 4,371,111 0.26 % N

Space Midco, Inc.

(Archibus) Sr Secured Revolver LIBOR(M) — 6.25 % 8.00 % 12/5/2023 $ — (4,371) (4,583) — K/N

7,526,416 7,548,752 0.45 %

Road and Rail

GlobalTranz Enterprises LLC Second Lien Term Loan LIBOR(M) 1.00 % 8.25 % 10.04 % 5/15/2027 $ 19,382,324 19,008,604 18,796,978 1.11 % N

BlackRock TCP Capital Corp.

1 unchanged sentence

December 31, 2019

Issuer Instrument Ref Floor Spread Total Coupon Maturity/Expiration Principal/Shares Cost Fair

Value % of Total

Investments Notes

Debt Investments (continued)

Scientific Research and Development Services

Envigo Holdings, Inc.

(BPA Laboratories, Inc.) (United Kingdom)

First Lien Term Loan

Envigo Holdings, Inc.

(BPA Laboratories, Inc.) (United Kingdom)

Second Lien Term Loan

Envigo Holdings, Inc.

(BPA Laboratories, Inc.) (United Kingdom)

First Lien Term Loan

Support Activities for Rail Transportation

Florida East Coast Industries, LLC

First Lien Term Loan B

Traveler Arrangement

CIBT Solutions, Inc.

Second Lien Term Loan

Utility System Construction

Conergy Asia & ME Pte.

Ltd (Singapore)

First Lien Term Loan

GlassPoint Solar, Inc.

First Lien Term Loan (4.0% Exit Fee)

GlassPoint Solar, Inc.

First Lien Term Loan (5.0% Exit Fee)

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

Bank Guarantee Credit Facility

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

Revolving Credit Facility

FreePoint Commodities, LLC

Second Lien Term Loan

Wired Telecommunications Carriers

American Broadband Holding Company

First Lien Term Loan

TPC Intermediate Holdings, LLC

First Lien Delayed Draw Term Loan

Total Debt Investments

Certify, Inc.

First Lien Delayed Draw Term Loan LIBOR(M) 1.00% 5.75% 7.55% 2/28/2024 $ 1,594,315 $ 1,547,623 $ 1,537,877 0.09 % N

Certify, Inc.

First Lien Term Loan LIBOR(M) 1.00% 5.75% 7.55% 2/28/2024 $ 23,383,293 23,292,776 22,969,408 1.36 % N

Certify, Inc.

Sr Secured Revolver LIBOR(M) 1.00% 5.75% 7.55% 2/28/2024 $ 159,432 143,495 140,619 0.01 % N

JAMF Holdings, Inc.

First Lien Incremental Term Loan LIBOR(Q) 1.00% 7.00% 8.91% 11/13/2022 $ 3,606,829 3,563,940 3,606,829 0.21 % N

JAMF Holdings, Inc.

First Lien Term Loan LIBOR(Q) 1.00% 7.00% 8.91% 11/13/2022 $ 14,160,797 13,978,598 14,160,797 0.84 % N

JAMF Holdings, Inc.

Sr Secured Revolver LIBOR(M) 1.00% 7.00% 8.80% 11/13/2022 $ — (14,355) — — K/N

Marketlive, LLC (Kibo) First Lien Term Loan LIBOR(Q) — 8.00% 9.91% 12/18/2020 $ 5,076,516 4,988,719 4,989,707 0.29 % N

Rhode Holdings, Inc.

(Kaseya) First Lien Delayed Draw Term Loan LIBOR(Q) 1.00% 6.50% 8.60% 5/3/2025 $ 224,401 193,557 190,964 0.01 % N

Rhode Holdings, Inc.

(Kaseya) First Lien Term Loan LIBOR(Q) 1.00% 5.50% Cash+1.00% PIK 8.72% 5/3/2025 $ 14,362,948 14,098,242 14,084,307 0.82 % N

Rhode Holdings, Inc.

(Kaseya) Sr Secured Revolver LIBOR(M) 1.00% 6.50% 8.30% 5/3/2025 $ 689,257 667,641 665,857 0.04 % N

Snow Software AB First Lien Term Loan LIBOR(Q) 2.00% 6.50% 8.50% 4/17/2024 $ 13,081,645 12,846,264 12,860,565 0.76 % N

Snow Software AB First Lien Incremental Term Loan LIBOR(Q) 2.00% 6.50% 8.50% 4/17/2024 $ 14,557,807 14,269,367 14,311,780 0.84 % N

Snow Software AB Sr Secured Revolver LIBOR(Q) 2.00% 6.50% 8.50% 4/17/2024 $ 1,744,219 1,668,977 1,670,526 0.10 % N

Winshuttle, LLC First Lien FILO Term Loan LIBOR(M) 1.00% 8.42% 10.22% 8/9/2024 $ 14,007,952 13,649,539 13,665,177 0.81 % N

104,894,383 104,854,413 6.18 %

Specialty Retail

USR Parent, Inc.

(Staples) First Lien FILO Term Loan LIBOR(M) 1.00 % 8.84 % 10.54 % 9/12/2022 $ 6,410,930 6,314,032 6,404,519 0.38 % N

Technology Hardware, Storage and Peripherals

Pulse Secure, LLC Sr Secured Revolver LIBOR(M) 1.00 % 7.00 % 8.71 % 5/1/2022 $ — (9,446) (3,893) — K/N

Pulse Secure, LLC First Lien Term Loan LIBOR(M) 1.00 % 7.00 % 8.71 % 5/1/2022 $ 11,142,879 11,057,992 11,110,565 0.66 % N

TierPoint, LLC Second Lien Term Loan LIBOR(M) 1.00 % 7.25 % 9.05 % 5/5/2025 $ 2,880,000 2,854,404 2,558,405 0.15 %

13,902,950 13,665,077 0.81 %

Textiles, Apparel and Luxury Goods

ABG Intermediate Holdings 2, LLC (Authentic Brands) Second Lien Term Loan LIBOR(M) 1.00 % 7.75 % 9.55 % 9/29/2025 $ 11,967,243 11,888,882 11,987,228 0.71 %

Kenneth Cole Productions, Inc.

First Lien FILO Term Loan LIBOR(M) 1.00 % 7.75 % 9.50 % 12/28/2023 $ 23,528,829 23,383,523 23,507,653 1.39 % N

PSEB, LLC (Eddie Bauer) First Lien FILO II Term Loan PRIME — 7.25 % 12.00 % 10/12/2023 $ 10,793,402 10,549,564 10,793,402 0.64 % N

PSEB, LLC (Eddie Bauer) First Lien Term Loan LIBOR(Q) 1.50 % 8.00 % 9.91 % 10/12/2023 $ 39,823,155 38,936,624 39,624,039 2.34 % N

WH Buyer, LLC (Anne Klein) First Lien Term Loan LIBOR(Q) 1.50 % 6.75 % 8.75 % 7/16/2025 $ 27,664,640 27,395,096 27,410,125 1.62 % N

112,153,689 113,322,447 6.70 %

Thrifts and Mortgage Finance

Greystone Select Holdings, LLC First Lien Term Loan LIBOR(Q) 1.00 % 8.00 % 9.93 % 4/17/2024 $ 24,826,865 24,672,974 25,571,671 1.51 % N

Home Partners of America, Inc.

First Lien Delayed Draw Term Loan LIBOR(M) 1.00 % 6.25 % 8.05 % 10/13/2022 $ — — — — N

Home Partners of America, Inc.

First Lien Term Loan LIBOR(M) 1.00 % 6.25 % 8.05 % 10/13/2022 $ 2,857,143 2,826,874 2,857,145 0.17 % N

27,499,848 28,428,816 1.68 %

Tobacco Related

Juul Labs, Inc.

First Lien Term Loan LIBOR(M) 1.50 % 7.00 % 8.90 % 8/2/2023 $ 26,315,789 26,067,931 26,202,632 1.55 % N

Total Debt Investments 1,564,445,871 1,535,193,938 90.60 %

Equity Securities

Epic Aero, Inc (One Sky) Common Stock 1,842 855,313 6,333,559 0.38 % C/N

United N659UA-767, LLC (N659UA) Trust Beneficial Interests 683 2,165,433 2,300,366 0.14 % E/F/N

United N661UA-767, LLC (N661UA) Trust Beneficial Interests 688 2,225,361 2,347,314 0.14 % E/F/N

5,246,107 10,981,239 0.66 %

BlackRock TCP Capital Corp.

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December 31, 2019

Equity Securities

Advertising, Public Relations and Marketing

Foursquare Labs, Inc.

Warrants to Purchase Series E Preferred Stock

Warrants to Purchase Common Stock

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

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

Air Transportation

Aircraft Leased to United Airlines, Inc.

United N659UA-767, LLC (N659UA)

Trust Beneficial Interests

United N661UA-767, LLC (N661UA)

Trust Beneficial Interests

Epic Aero, Inc (One Sky)

Business Support Services

Findly Talent, LLC

Membership Units

STG-Fairway Holdings, LLC (First Advantage)

Class A Units

Green Biologics, Inc.

Nanosys, Inc.

Warrants to Purchase Preferred Stock

Computer Systems Design and Related Services

Fidelis Topco LP

Warrants to Purchase Series A Preferred Units

Fidelis Topco LP

Warrants to Purchase Series B Preferred Units

Data Processing and Hosting Services

Anacomp, Inc.

Class A Common Stock

Warrants to Purchase Common Stock

Snaplogic, Inc.

Warrants to Purchase Series Preferred Stock

Diversified Software

Actifio, Inc.

Warrants to Purchase Series G Preferred Stock

Tradeshift, Inc.

Warrants to Purchase Series D Preferred Stock

Issuer Instrument Expiration Shares Cost Fair

Value % of Total

Investments Notes

Equity Securities (continued)

AGY Holding Corp.

Common Stock 1,333,527 $ — $ — — B/C/E/N

KAGY Holding Company, Inc.

Series A Preferred Stock 9,778 1,091,200 — — B/C/E/N

1,091,200 — —

Communications Equipment

Avanti Communications Group, PLC (United Kingdom) Common Stock 26,576,710 4,902,674 3,523 — C/D/H/N

Diversified Consumer Services

Edmentum Ultimate Holdings, LLC Class A Common Units 159,515 680,226 1,433,968 0.08 % B/C/E/N

Edmentum Ultimate Holdings, LLC Warrants to Purchase Class A Units 2/23/2028 788,112 1 7,084,470 0.42 % B/C/E/N

680,227 8,518,438 0.50 %

Diversified Financial Services

36th Street Capital Partners Holdings, LLC Membership Units 22,199,416 22,199,416 31,682,859 1.87 % E/F/N/O

Conventional Lending TCP Holdings, LLC Membership Units 14,269,948 14,269,948 14,269,948 0.84 % E/F/I/N

GACP I, LP (Great American Capital) Membership Units 1,772,812 1,772,812 2,384,330 0.14 % E/I/N

GACP II, LP (Great American Capital) Membership Units 18,039,482 18,039,482 18,764,975 1.11 % E/I/N

56,281,658 67,102,112 3.96 %

Diversified Telecommunication Services

V Telecom Investment S.C.A.

(Vivacom) (Luxembourg) Common Shares 1,393 3,236,256 95,280 0.01 % C/D/E/H/N

Electric Utilities

Conergy Asia Holdings Limited (United Kingdom) Class B Shares 1,000,000 1,000,000 — — C/E/F/H/N

Conergy Asia Holdings Limited (United Kingdom) Ordinary Shares 3,333 7,833,333 — — C/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Ordinary Shares 2,332,594 — — — C/E/F/H/N

Kawa Solar Holdings Limited (Conergy) (Cayman Islands) Series B Preferred Shares 93,023 1,395,349 — — C/E/F/H/N

Utilidata, Inc.

Warrants to Purchase Preferred Stock

Educational Support Services

Edmentum Ultimate Holdings, LLC

Class A Common Units

Edmentum Ultimate Holdings, LLC

Warrants to Purchase Class A Units

Warrants to Purchase Preferred Stock 12/22/2022 719,998 216,336 29,070 — C/E/N

10,445,018 29,070 —

Electronic Equipment, Instruments and Components

Warrants to Purchase Preferred Stock 8/29/2024 3,071,860 478,899 — — C/E/N

Energy Equipment and Services

GlassPoint Solar, Inc.

Warrants to Purchase Series E Preferred Stock 2/7/2027 400,000 248,555 113,280 0.01 % C/E/N

GlassPoint Solar, Inc.

Warrants to Purchase Series E Preferred Stock 2/7/2027 2,048,000 505,450 579,992 0.03 % C/E/N

754,005 693,272 0.04 %

BlackRock TCP Capital Corp.

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December 31, 2019

Issuer Instrument Expiration Shares Cost Fair

Value % of Total

Investments Notes

Equity Securities (continued)

Electronic Component Manufacturing

Adesto Technologies Corporation

Warrants to Purchase Common Stock

Equipment Leasing

36th Street Capital Partners Holdings, LLC

Membership Units

Financial Investment Activities

GACP I, LP (Great American Capital)

Membership Units

GACP II, LP (Great American Capital)

Membership Units

Metal and Mineral Mining

EPMC HoldCo, LLC

Membership Units

Motion Picture and Video Industries

NEG Parent, LLC (Core Entertainment, Inc.)

Class A Units

NEG Parent, LLC (Core Entertainment, Inc.)

Class A Warrants to Purchase Class A Units

NEG Parent, LLC (Core Entertainment, Inc.)

Class B Warrants to Purchase Class A Units

NEG Parent, LLC (Core Entertainment, Inc.)

Litigation Trust Units

Other Information Services

Internet Software and Services

Warrants to Purchase Class B Common Stock 6/28/2021 62,247 $ 511,349 $ 509,086 0.03 % C/E/N

FinancialForce.com, Inc.

Warrants to Purchase Series C Preferred Stock 1/30/2029 840,000 287,985 271,044 0.02 % C/E/N

Foursquare Labs, Inc.

Warrants to Purchase Series E Preferred Stock 5/4/2027 1,687,500 297,361 347,063 0.02 % C/E/N

(Singapore) Warrants to Purchase Common Stock 8/15/2027 1,327,869 212,360 180,797 0.01 % C/E/H/N

(Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $20.01) 9/18/2025 1,049,996 276,492 396,397 0.02 % C/E/H/N

(Singapore) Warrants to Purchase Series E Preferred Stock (Strike Price $28.58) 10/3/2028 1,511,002 93,407 335,614 0.02 % C/E/H/N

ResearchGate Corporation (Germany) Warrants to Purchase Series D Preferred Stock 10/30/2029 333,370 202,001 205,018 0.01 % C/D/E/H/N

Snaplogic, Inc.

Warrants to Purchase Series Preferred Stock 3/19/2028 1,860,000 377,722 4,600,000 0.27 % C/E/N

2,258,677 6,845,019 0.40 %

Fidelis (SVC), LLC Preferred Units 657,932 2,001,384 47,518 — C/E/N

Life Sciences Tools and Services

Envigo RMS Holdings Corp.

Common Stock 36,413 — 526,350 0.03 % C/E/N

NEG Parent, LLC (Core Entertainment, Inc.) Class A Units 2,720,392 2,772,807 6,925,847 0.41 % B/C/E/N

NEG Parent, LLC (Core Entertainment, Inc.) Class A Warrants to Purchase Class A Units 10/17/2026 343,387 196,086 391,407 0.02 % B/C/E/N

NEG Parent, LLC (Core Entertainment, Inc.) Class B Warrants to Purchase Class A Units 10/17/2026 346,794 198,032 395,290 0.02 % B/C/E/N

Warrants to Purchase Series D Preferred Stock 4/11/2029 507,704 65,245 64,803 — C/E/N

Shop Holding, LLC (Connexity) Class A Units 507,167 480,049 — — C/E/N

SoundCloud, Ltd.

(United Kingdom)

Warrants to Purchase Preferred Stock

Other Manufacturing

AGY Holding Corp.

KAGY Holding Company, Inc.

Series A Preferred Stock

Plastics Manufacturing

(United Kingdom) Warrants to Purchase Preferred Stock 4/29/2025 946,498 79,082 45,143 — C/E/H/N

3,791,301 7,822,490 0.45 %

Oil, Gas and Consumable Fuels

Iracore Investments Holdings, Inc.

Class A Common Stock

Radio and Television Broadcasting

Fuse Media, LLC

Warrants to Purchase Common Stock

Shop Holding, LLC (Connexity)

Class A Units

Satellite Telecommunications

Avanti Communications Group, PLC (United Kingdom)

Class A Common Stock 16,207 4,177,710 2,476,881 0.15 % B/C/E/N

Professional Services

Anacomp, Inc.

Class A Common Stock 1,255,527 26,711,048 1,167,641 0.07 % C/E/F/N

Findly Talent, LLC Membership Units 708,229 230,938 123,939 0.01 % C/E/N

STG-Fairway Holdings, LLC (First Advantage) Class A Units 803,961 325,432 5,380,520 0.32 % C/E/N

27,267,418 6,672,100 0.40 %

Semiconductors and Semiconductor Equipment

Adesto Technologies Corporation Warrants to Purchase Common Stock 5/8/2024 436,320 846,724 667,570 0.04 % C/E/N

Nanosys, Inc.

Warrants to Purchase Preferred Stock 3/29/2023 800,000 605,266 838,607 0.05 % C/E/N

1,451,990 1,506,177 0.09 %

BlackRock TCP Capital Corp.

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December 31, 2019

Issuer Instrument Expiration Shares Cost Fair

Value % of Total

Investments Notes

Equity Securities (continued)

Scientific Research and Development Services

Lions Holdings, Inc.

(Envigo) (United Kingdom)

Series A Warrants to Purchase Common Stock

Lions Holdings, Inc.

(Envigo) (United Kingdom)

Series B Warrants to Purchase Common Stock

Utility System Construction

Conergy Asia Holdings Limited (United Kingdom)

Class B Shares

Conergy Asia Holdings Limited (United Kingdom)

Ordinary Shares

GlassPoint Solar, Inc.

Warrants to Purchase Series D Preferred Stock

GlassPoint Solar, Inc.

Warrants to Purchase Series C-1 Preferred Stock

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

Ordinary Shares

Kawa Solar Holdings Limited (Conergy) (Cayman Islands)

Series B Preferred Shares

Wired Telecommunications Carriers

V Telecom Investment S.C.A.

(Vivacom) (Luxembourg)

Common Shares

Total Equity Securities

Total Investments

1,649,547,968

Actifio, Inc.

Warrants to Purchase Series G Preferred Stock 5/5/2027 1,052,651 $ 188,770 $ 469,687 0.03 % C/E/N

Tradeshift, Inc.

Warrants to Purchase Series D Preferred Stock 3/26/2027 1,712,930 577,842 523,801 0.03 % C/E/N

766,612 993,488 0.06 %

Total Equity Securities - 14.7% of Net Assets 124,831,136 114,312,957 6.75 %

Total Investments - 212.5% of Net Assets $ 1,689,277,077 $ 1,649,506,895

Cash and Cash Equivalents

1 unchanged sentence

Cash and Cash Equivalents 44,848,539 2.65 %

Total Cash and Investments

1,625,206,192

Total Cash and Investments - 218.3% of Net Assets $ 1,694,355,434 100.00 % M

Notes to Consolidated Schedule of Investments:

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.

(A) Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933.

Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.

Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer).

(B) Non-controlled affiliate – as defined under the Investment Company Act of 1940 (ownership of between 5% and 25% of the outstanding voting securities of this issuer).

See Consolidated Schedule of Changes in Investments in Affiliates.

Non-income producing.

Investment denominated in foreign currency.

Amortized cost and fair value converted from foreign currency to US dollars.

(D) Investment denominated in foreign currency.

Cost and fair value converted from foreign currency to US dollars.

Foreign currency denominated investments are generally hedged for currency exposure.

Restricted security.

Controlled issuer – as defined under the Investment Company Act of 1940 (ownership of 25% or more of the outstanding voting securities of this issuer).

(E) Restricted security.