BlackRock TCP Capital Corp. Files 10-Q for Q1 2024

TL;DR

<b>BlackRock TCP Capital Corp. filed its Q1 2024 10-Q, detailing its diverse portfolio of debt and equity investments across various sectors.</b>

AI Summary

BlackRock TCP Capital Corp. (TCPC) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. BlackRock TCP Capital Corp. reported its Q1 2024 results on May 1, 2024. The company holds various debt investments, including a First Lien Delayed Draw Term Loan for Modigent, LLC with a total coupon of 11.60% maturing August 23, 2028. Another debt investment is a Sr Secured Revolver for Vortex Companies, LLC, with a total coupon of 13.50% maturing September 4, 2029. Equity securities include warrants to purchase Preferred Series A1 Shares for Razor Group GmbH (Germany), expiring April 28, 2028. The company also holds a First Lien Term Loan for PHC Buyer, LLC (Patriot Home Care) with a total coupon of 11.34% maturing May 4, 2028.

Why It Matters

For investors and stakeholders tracking BlackRock TCP Capital Corp., this filing contains several important signals. The filing provides specific details on the terms and maturity dates of significant debt investments, offering insight into the company's credit exposure and expected returns. Information on equity warrants and other securities highlights potential upside and diversification within the company's investment strategy.

Risk Assessment

Risk Level: medium — BlackRock TCP Capital Corp. shows moderate risk based on this filing. The company's investments are primarily in debt securities, which carry inherent interest rate and credit risks. Specific details on loan terms and maturities indicate exposure to these risks.

Analyst Insight

Monitor the performance of specific debt investments like Modigent, LLC and Vortex Companies, LLC, as well as equity warrants for Razor Group GmbH, for potential impacts on BlackRock TCP Capital Corp.'s financial results.

Key Numbers

• 11.60% — Total Coupon (Modigent, LLC First Lien Delayed Draw Term Loan)
• 8/23/2028 — Maturity Date (Modigent, LLC First Lien Delayed Draw Term Loan)
• 13.50% — Total Coupon (Vortex Companies, LLC Sr Secured Revolver)
• 9/4/2029 — Maturity Date (Vortex Companies, LLC Sr Secured Revolver)
• 4/28/2028 — Expiration Date (Razor Group GmbH Warrants)
• 11.34% — Total Coupon (PHC Buyer, LLC First Lien Term Loan)
• 5/4/2028 — Maturity Date (PHC Buyer, LLC First Lien Term Loan)

Key Players & Entities

• BlackRock TCP Capital Corp. (company) — Filer of the 10-Q report
• Modigent, LLC (company) — Borrower of a First Lien Delayed Draw Term Loan
• Vortex Companies, LLC (company) — Borrower of a Sr Secured Revolver
• Razor Group GmbH (company) — Issuer of warrants held by the company
• PHC Buyer, LLC (company) — Borrower of a First Lien Term Loan
• SOFR (dollar_amount) — Reference rate for several debt investments

FAQ

Risk Factors

• Inability to Renew, Extend, or Replace Credit Facilities [medium — financial]: The company may face challenges in renewing, extending, or replacing its credit facilities, which could impact its ability to fund investments and operations.

Key Dates

• 2024-05-01: Filing Date — 10-Q filing for the quarter ended March 31, 2024

Glossary

SOFR

Secured Overnight Financing Rate (A key benchmark interest rate used for floating-rate debt investments, impacting coupon payments and company interest expense.)

Key Financial Figures

• $0.001 — ) of the Act: Common Stock, par value $0.001 per share TCPC Nasdaq Global Select

Filing Documents

• tcpc-20240331.htm (10-Q) — 13096KB
• tcpc-ex31_1.htm (EX-31.1) — 15KB
• tcpc-ex31_2.htm (EX-31.2) — 15KB
• tcpc-ex32_1.htm (EX-32.1) — 13KB
• 0000950170-24-050900.txt (&nbsp;) — 53477KB
• tcpc-20240331.xsd (EX-101.SCH) — 2508KB
• tcpc-20240331_htm.xml (XML) — 11235KB

Financial Statements

Financial Statements Consolidated Statements of Assets and Liabilities as of March 31, 2024 (unaudited) and December 31, 2023 2 Consolidated Statements of Operations for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited) 3 Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited) 4 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited) 5 Consolidated Schedule of Investments as of March 31, 2024 (unaudited) and December 31, 2023 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 30 Consolidated Schedule of Changes in Investments in Affiliates for the three months ended March 31, 2024 (unaudited) and year ended December 31, 2023 59 Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of March 31, 2024 (unaudited) and December 31, 2023 63 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 65 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 79 Item 4.

Controls and Procedures

Controls and Procedures 80 Part II. Other Information 81 Item 1.

Legal Proceedings

Legal Proceedings 81 Item 1A.

Risk Factors

Risk Factors 81 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 83 Item 3. Defaults upon Senior Securities 83 Item 4. Mine Safety Disclosures 83 Item 5. Other Information 83 Item 6. Exhibits 85 1 TABLE OF CONTENTS BlackRock TCP Capital Corp. Consolidated Statements o f Assets and Liabilities March 31, 2024 December 31, 2023 (unaudited) Assets Investments, at fair value: Non-controlled, non-affiliated investments (cost of $ 1,960,249,432 and $ 1,389,865,889 , respectively) $ 1,881,772,624 $ 1,317,691,543 Non-controlled, affiliated investments (cost of $ 64,012,430 and $ 63,188,613 , respectively) 51,868,165 65,422,375 Controlled investments (cost of $ 211,799,722 and $ 198,335,511 , respectively) 182,778,507 171,827,192 Total investments (cost of $ 2,236,061,584 and $ 1,651,390,013 , respectively) 2,116,419,296 1,554,941,110 Cash and cash equivalents 120,572,710 112,241,946 Interest, dividends and fees receivable 35,010,620 25,650,684 Deferred debt issuance costs 6,019,791 3,671,727 Due from broker 2,077,272 — Receivable for investments sold 2,072,526 — Prepaid expenses and other assets 1,359,923 2,266,886 Total assets 2,283,532,138 1,698,772,353 Liabilities Debt (net of deferred issuance costs of $ 3,616,588 and $ 3,355,221 , respectively) 1,302,812,708 985,200,609 Management fees payable 5,573,326 5,690,105 Incentive fees payable 5,880,378 5,347,711 Interest and debt related payables 5,725,140 10,407,570 Interest Rate Swap at fair value 1,670,896 — Reimbursements due to the Advisor 44,173 844,664 Payable for investments purchased — 960,000 Accrued expenses and other liabilities 8,343,090 2,720,148 Total liabilities 1,330,049,711 1,011,170,807 Commitments and contingencies (Note 5) Net assets $ 953,482,427 $ 687,601,546 Composition of net assets applicable to

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View this 10-Q filing on SEC EDGAR