Document
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
______________________

FORM 10-Q

☒
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
For the Quarter Ended June 30, 2017
 
 
☐
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Commission File Number: 814-00899
______________________
 
TCP CAPITAL CORP.
(Exact Name of Registrant as Specified in Charter)
______________________
 
Delaware
56-2594706
(State or Other Jurisdiction of Incorporation)
(IRS Employer Identification No.)
 
 
2951 28th Street, Suite 1000
 
Santa Monica, California
90405
(Address of Principal Executive Offices)
(Zip Code)
Registrant’s telephone number, including area code (310) 566-1000

Securities registered pursuant to Section 12(b) of the Act:
 
Common Stock, par value $0.001 per share
NASDAQ Global Select Market
(Title of each class)
(Name of each exchange where registered)
 
Securities registered pursuant to Section 12(g) of the Act: None
______________________
 

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
 
Large accelerated filer x
Accelerated filer ¨
Non-accelerated filer ¨
Smaller Reporting company ¨
Emerging growth company ¨
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ¨ No x

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of August 2, 2017 was 58,792,202.


TCP CAPITAL CORP.

FORM 10-Q

FOR THE SIX MONTHS ENDED JUNE 30, 2017

TABLE OF CONTENTS
Part I.
Financial Information
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Part II.
Other Information
 
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.

1

TCP Capital Corp.

Consolidated Statements of Assets and Liabilities 
 
June 30, 2017
 
December 31, 2016
 
(unaudited)
 
 
Assets
 
 
 
Investments, at fair value:
 
 
 
Companies less than 5% owned (cost of $1,279,331,045 and $1,174,421,611, respectively)
$
1,288,356,263

 
$
1,175,097,468

Companies 5% to 25% owned (cost of $88,515,653 and $75,508,585, respectively)
79,630,291

 
69,355,808

Companies more than 25% owned (cost of $107,221,632 and $96,135,623, respectively)
77,961,302

 
70,516,594

Total investments (cost of $1,475,068,330 and $1,346,065,819, respectively)
1,445,947,856

 
1,314,969,870

 
 
 
 
Cash and cash equivalents
41,573,835

 
53,579,868

Accrued interest income:
 
 
 
Companies less than 5% owned
13,636,626

 
12,713,025

Companies 5% to 25% owned
1,504,322

 
953,561

Companies more than 25% owned
20,580

 
25,608

Receivable for investments sold
14,142,637

 
—

Deferred debt issuance costs
4,094,377

 
3,828,784

Prepaid expenses and other assets
4,788,185

 
1,527,745

Total assets
1,525,708,418

 
1,387,598,461

 
 
 
 
Liabilities
 
 
 
Debt, net of unamortized issuance costs
586,724,110

 
571,658,862

Payable for investments purchased
40,429,682

 
12,348,925

Incentive allocation payable
6,207,263

 
4,716,834

Interest payable
5,401,642

 
5,013,713

Payable to the Advisor
718,716

 
325,790

Unrealized depreciation on swaps
171,006

 
—

Accrued expenses and other liabilities
2,114,459

 
2,598,346

Total liabilities
641,766,878

 
596,662,470

 
 
 
 
Commitments and contingencies (Note 5)
 
 
 
 
 
 
 
Net assets applicable to common shareholders
$
883,941,540

 
$
790,935,991

 
 
 
 
Composition of net assets applicable to common shareholders
 
 
 
Common stock, $0.001 par value; 200,000,000 shares authorized, 58,792,202 and 53,041,900 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively
$
58,792

 
$
53,042

Paid-in capital in excess of par
1,038,023,581

 
944,426,650

Accumulated net investment income
17,007,637

 
12,533,289

Accumulated net realized losses
(141,836,828
)
 
(134,960,267
)
Accumulated net unrealized depreciation
(29,311,642
)
 
(31,116,723
)
Net assets applicable to common shareholders
$
883,941,540

 
$
790,935,991

 
 
 
 
Net assets per share
$
15.04

 
$
14.91


See accompanying notes to the consolidated financial statements.

2
TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2017

Issuer
 
Instrument
 
Ref
 
Floor
 
Spread
 
Total Coupon
 
Maturity
 
Principal
 
Cost
 
Fair
Value
 
% of Total
Cash and
Investments
 
Notes
Debt Investments   (A)               
 
 
 
 
 
 
 
 
 
 
Advertising, Public Relations and Marketing

 
 

 
 

 
 

 
  
Foursquare Labs, Inc.
 
First Lien Delayed Draw Term Loan (5.0% Exit Fee)
 
LIBOR (M)
 
—

 
8.81
%
 
10.06
%
 
6/1/2020
 
$
18,750,000

 
$
18,357,457

 
$
18,525,000

 
1.25
%
 
L
InMobi, Inc. (Singapore)
 
First Lien Delayed Draw Tranche 1 Term Loan (2.25% Exit Fee)
 
LIBOR (M)
 
0.33
%
 
10.17
%
 
11.36
%
 
12/31/2018
 
$
15,000,000

 
14,780,901

 
15,153,750

 
1.02
%
 
H/L
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
33,138,358

 
33,678,750

 
2.27
%
 
 
Air Transportation                   
 
 

 
 

 
 

 
  
Mesa Air Group, Inc.
 
Acquisition Loan
 
LIBOR (M)
 
—

 
7.25
%
 
8.44
%
 
7/15/2022
 
$
13,009,929

 
12,840,544

 
13,270,127

 
0.89
%
 
  
Mesa Airlines, Inc.
 
Engine Acquisition Delayed Draw Term Loan A
 
LIBOR (M)
 
—

 
7.25
%
 
8.50
%
 
12/14/2021
 
$
15,441,370

 
15,201,748

 
15,392,739

 
1.03
%
 
  
Mesa Airlines, Inc.
 
Engine Acquisition Delayed Draw Term Loan B
 
LIBOR (M)
 
—

 
7.25
%
 
8.50
%
 
2/28/2022
 
$
8,931,637

 
8,789,436

 
8,854,379

 
0.60
%
 
  
Mesa Airlines, Inc.
 
Engine Acquisition Delayed Draw Term Loan C
 
LIBOR (M)
 
—

 
7.25
%
 
N/A

 
12/31/2022
 
$
—

 
—

 
—

 
—

 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
36,831,728

 
37,517,245

 
2.52
%
 
  
Amusement and Recreation                    
 
 

 
 

 
 

 
  
VSS-Southern Holdings, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
6.50% Cash +2.00% PIK

 
9.80
%
 
11/3/2020
 
$
24,342,738

 
23,947,429

 
24,738,308

 
1.66
%
 
  
VSS-Southern Holdings, LLC
 
Sr Secured Revolver
 
LIBOR (Q)
 
1.00
%
 
6.50% Cash +2.00% PIK

 
N/A

 
11/3/2020
 
$
—

 
(14,296
)
 
13,913

 
—

 
K
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
23,933,133

 
24,752,221

 
1.66
%
 
  
Apparel Manufacturing                  
 
 

 
 

 
 

 
  
Broder Bros., Co.
 
First Lien Term Loan (First Out)
 
LIBOR (Q)
 
1.25
%
 
5.75
%
 
7.00
%
 
6/3/2021
 
$
9,017,976

 
8,889,066

 
9,108,155

 
0.61
%
 
  
Broder Bros., Co.
 
First Lien Term Loan B (Last Out)
 
LIBOR (Q)
 
1.25
%
 
12.25
%
 
13.50
%
 
6/3/2021
 
$
9,345,317

 
9,223,363

 
9,504,187

 
0.64
%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18,112,429

 
18,612,342

 
1.25
%
 
  
Building Equipment Contractors                  
 
 

 
 

 
 

 
  
Hylan Datacom & Electrical, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
7.50
%
 
8.73
%
 
7/25/2021
 
$
13,984,735

 
13,807,502

 
14,082,629

 
0.95
%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business Support Services                    
 
 

 
 

 
 

 
  
Enerwise Global Technologies, Inc.
 
Sr Secured Revolving Loan
 
LIBOR (Q)
 
0.23
%
 
8.52
%
 
N/A

 
11/30/2018
 
$
—

 
(8,153
)
 
(10,600
)
 
—

 
K
Enerwise Global Technologies, Inc.
 
Sr Secured Term Loan (3.77% Exit Fee)
 
LIBOR (Q)
 
0.23
%
 
9.27
%
 
10.58
%
 
11/30/2019
 
$
23,000,000

 
22,761,767

 
22,939,050

 
1.54
%
 
L
STG-Fairway Acquisitions, Inc. (First Advantage)
 
Second Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
9.25
%
 
10.45
%
 
6/30/2023
 
$
31,000,000

 
30,618,212

 
28,306,100

 
1.90
%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
53,371,826

 
51,234,550

 
3.44
%
 
  
Chemicals                 
 
 

 
 

 
 

 
 

 
  
Anuvia Plant Nutrients Holdings, LLC
 
Sr Secured Term Loan (8.0% Exit Fee)
 
LIBOR (M)
 
—

 
10.63
%
 
11.88
%
 
2/1/2018
 
$
4,450,665

 
4,440,793

 
4,450,665

 
0.30
%
 
L
Green Biologics, Inc.
 
Sr Secured Delayed Draw Term Loan (12.4% Exit Fee)
 
Prime Rate
 
—

 
7.75
%
 
12.00
%
 
6/30/2019
 
$
15,000,000

 
14,664,494

 
12,624,000

 
0.85
%
 
L
iGM RFE1 B.V. (Netherlands)
 
First Lien Delayed Draw Term Loan
 
LIBOR (Q)
 
—

 
8.00
%
 
9.30
%
 
10/12/2021
 
$
883,020

 
877,540

 
924,522

 
0.06
%
 
H
iGM RFE1 B.V. (Netherlands)
 
First Lien Term Loan
 
LIBOR (Q)
 
—

 
8.00
%
 
9.30
%
 
10/12/2021
 
$
3,816,276

 
3,791,996

 
3,995,641

 
0.27
%
 
H
iGM RFE1 B.V. (Netherlands)
 
First Lien Term Loan
 
EURIBOR (Q)
 
—

 
8.00
%
 
8.00
%
 
10/12/2021
 
€
6,459,119

 
7,055,942

 
7,727,059

 
0.52
%
 
D/H
Nanosys, Inc.
 
First Lien Delayed Draw Term Loan (3.5% Exit Fee)
 
LIBOR (Q)
 
—

 
9.81
%
 
11.06
%
 
4/1/2019
 
$
10,000,000

 
9,551,633

 
9,759,000

 
0.66
%
 
L
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
40,382,398

 
39,480,887

 
2.66
%
 
  
Communications Equipment Manufacturing                   
 
 

 
 

 
 

 
  
Globecomm Systems, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
 
1.25
%
 
7.63
%
 
8.88
%
 
12/11/2018
 
$
14,442,682

 
14,298,255

 
13,365,258

 
0.90
%
 
B
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit Related Activities
 
 
 
 
 
 
 
 
Pacific Union Financials, LLC
 
First Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
7.50
%
 
8.55
%
 
4/21/2022
 
$
25,000,000

 
24,757,835

 
24,750,000

 
1.66
%
 
 
Pegasus Business Intelligence, LP (Onyx Centersource)
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
6.75
%
 
8.05
%
 
12/20/2021
 
$
14,695,972

 
14,565,255

 
14,654,823

 
0.99
%
 
 
Pegasus Business Intelligence, LP (Onyx Centersource)
 
Revolver
 
LIBOR (Q)
 
1.00
%
 
6.75
%
 
8.05
%
 
12/20/2021
 
$
286,445

 
280,393

 
284,565

 
0.02
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
39,603,483

 
39,689,388

 
2.67
%
 
 

3
TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2017


Issuer
 
Instrument
 
Ref
 
Floor
 
Spread
 
Total Coupon
 
Maturity
 
Principal
 
Cost
 
Fair
Value
 
% of Total
Cash and
Investments
 
Notes
Debt Investments (continued)
 
 
 
 
 
 
 
 
 
 
Computer Systems Design and Related Services                   
 
 

 
 

 
 

 
  
Aptos Inc. (Canada)
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
6.75
%
 
8.05
%
 
9/1/2022
 
$
9,925,000

 
$
9,750,050

 
$
9,825,750

 
0.66
%
 
H
Bracket Intermediate Holding Corp.
 
Second Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
9.00
%
 
10.20
%
 
3/14/2024
 
$
10,925,551

 
10,605,342

 
10,597,785

 
0.71
%
 
  
Dealersocket, Inc.
 
First Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
10.00
%
 
11.13
%
 
2/10/2021
 
$
16,625,000

 
16,109,136

 
16,593,413

 
1.12
%
 
  
Fidelis Acquisitionco, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
6.00% Cash +2.00% PIK

 
9.31
%
 
11/4/2019
 
$
43,214,417

 
42,740,865

 
40,718,785

 
2.74
%
 
  
Fidelis Acquisitionco, LLC
 
Sr Secured Revolver
 
LIBOR (Q)
 
1.00
%
 
8.00
%
 
9.31
%
 
11/4/2019
 
$
3,182,143

 
3,182,143

 
2,998,374

 
0.20
%
 
  
Marketo, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
9.50
%
 
10.80
%
 
8/16/2021
 
$
23,295,455

 
22,698,196

 
23,178,977

 
1.56
%
 
  
Marketo, Inc.
 
Senior Secured Revolver
 
LIBOR (Q)
 
1.00
%
 
9.50
%
 
N/A

 
8/16/2021
 
$
—

 
(42,300
)
 
(8,523
)
 
—

 
K
OnX Enterprise Solutions, Ltd. (Canada)
 
First Lien Term Loan B
 
LIBOR (Q)
 
—

 
8.00
%
 
9.20
%
 
9/3/2018
 
$
2,302,133

 
2,302,133

 
2,302,133

 
0.15
%
 
H
OnX Enterprise Solutions, Ltd. (Canada)
 
First Lien Term Loan
 
LIBOR (Q)
 
—

 
8.00
%
 
9.20
%
 
9/3/2018
 
$
10,266,667

 
10,230,295

 
10,266,667

 
0.69
%
 
H
OnX USA, LLC
 
First Lien Term Loan B
 
LIBOR (Q)
 
—

 
8.00
%
 
9.20
%
 
9/3/2018
 
$
3,714,267

 
3,714,267

 
3,714,267

 
0.25
%
 
  
OnX USA, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
—

 
8.00
%
 
9.20
%
 
9/3/2018
 
$
3,133,333

 
3,131,703

 
3,133,333

 
0.21
%
 
  
Waterfall International, Inc.
 
First Lien Delayed Draw Term Loan (3.0% Exit Fee)
 
LIBOR (Q)
 
—

 
11.67
%
 
12.86
%
 
9/1/2018
 
$
4,800,000

 
4,737,352

 
5,397,360

 
0.36
%
 
L
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
129,159,182

 
128,718,321

 
8.65
%
 
  
Credit (Nondepository)
 
 
 
 
 
 
 
 
Auto Trakk SPV, LLC
 
First Lien Delayed Draw Term Loan
 
LIBOR (M)
 
0.50
%
 
9.50
%
 
10.66
%
 
12/21/2021
 
$
32,392,942

 
31,940,424

 
32,483,492

 
2.18
%
 
 
Caliber Home Loans, Inc.
 
First Lien Delayed Draw Term Loan
 
LIBOR (M)
 
1.00
%
 
6.50
%
 
7.73
%
 
6/30/2020
 
$
15,555,556

 
15,388,977

 
15,915,556

 
1.07
%
 
 
Caribbean Financial Group (Cayman Islands)
 
Sr Secured Notes
 
Fixed
 
—

 
11.50
%
 
11.50
%
 
11/15/2019
 
$
28,678,000

 
28,584,707

 
29,251,558

 
1.97
%
 
E/G/H
Trade Finance Funding I, Ltd. (Cayman Islands)
 
Secured Class B Notes
 
Fixed
 
—

 
10.75
%
 
10.75
%
 
11/13/2018
 
$
14,907,138

 
14,907,138

 
14,907,138

 
1.00

 
E/H
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
90,821,246

 
92,557,744

 
6.22
%
 
 
Data Processing and Hosting Services                   
 
 

 
 

 
 

 
  
Internap Corporation
 
First Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
7.00
%
 
8.09
%
 
4/3/2022
 
$
8,204,836

 
8,086,429

 
8,317,653

 
0.56
%
 
J
IO Data Centers, USA, LLC
 
First Lien Term Loan
 
Fixed
 
—

 
9.00
%
 
9.00
%
 
1/15/2020
 
$
15,000,000

 
15,000,000

 
15,000,000

 
1.01
%
 
  
Pulse Secure, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
7.00
%
 
8.06
%
 
5/1/2022
 
$
12,082,640

 
11,905,258

 
11,901,400

 
0.80
%
 
 
Pulse Secure, LLC
 
Revolver
 
LIBOR (Q)
 
1.00
%
 
7.00
%
 
N/A

 
5/1/2022
 
$
—

 
(19,492
)
 
(20,138
)
 
—

 
K
TierPoint, LLC
 
Second Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
7.25
%
 
8.48
%
 
5/5/2025
 
$
9,675,000

 
9,608,682

 
9,789,891

 
0.66
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
44,580,877

 
44,988,806

 
3.03
%
 
 
Educational Support Services                   
 
 

 
 

 
 

 
  
Edmentum, Inc.
 
Jr Revolving Facility
 
Fixed
 
—

 
5.00
%
 
5.00
%
 
6/9/2020
 
$
3,368,586

 
3,368,586

 
3,368,589

 
0.23
%
 
B
Edmentum Ultimate Holdings, LLC
 
Sr PIK Notes
 
Fixed
 
—

 
8.50
%
 
8.50
%
 
6/9/2020
 
$
2,967,806

 
2,967,806

 
2,967,806

 
0.20
%
 
B
Edmentum Ultimate Holdings, LLC
 
Jr PIK Notes
 
Fixed
 
—

 
10.00
%
 
10.00
%
 
6/9/2020
 
$
13,696,842

 
13,257,966

 
12,710,670

 
0.85
%
 
B
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19,594,358

 
19,047,065

 
1.28
%
 
  
Electronic Component Manufacturing                    
 
 

 
 

 
 

 
  
Soraa, Inc.
 
Tranche A Term Loan (3.0% Exit Fee)
 
LIBOR (M)
 
0.44
%
 
9.33
%
 
10.52
%
 
3/1/2018
 
$
9,646,876

 
9,488,130

 
9,534,008

 
0.64
%
 
L
Soraa, Inc.
 
Tranche B Term Loan
 
LIBOR (M)
 
0.44
%
 
9.33
%
 
10.52
%
 
9/1/2017
 
$
1,603,779

 
1,591,962

 
1,593,034

 
0.11
%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11,080,092

 
11,127,042

 
0.75
%
 
  
Equipment Leasing                    
 
 

 
 

 
 

 
  
36th Street Capital Partners Holdings, LLC
 
Senior Note
 
Fixed
 
—

 
12.00
%
 
12.00
%
 
11/1/2020
 
$
35,592,282

 
35,592,282

 
35,592,282

 
2.39
%
 
E/F
Essex Ocean, LLC (Solexel)
 
Sr Secured Term Loan
 
Fixed
 
—

 
8.00
%
 
8.00
%
 
8/15/2018
 
$
1,696,898

 
1,696,898

 
1,148,121

 
0.08
%
 
C
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
37,289,180

 
36,740,403

 
2.47
%
 
  
Facilities Support Services                     
 
 

 
 

 
 

 
  
NANA Development Corp.
 
First Lien Term Loan B
 
LIBOR (Q)
 
1.25
%
 
6.75
%
 
8.03
%
 
3/15/2018
 
$
1,109,000

 
1,089,361

 
1,097,910

 
0.07
%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grocery Stores
 
 
 
 
 
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 

 
  
Bashas, Inc.
 
First Lien FILO Term Loan
 
LIBOR (M)
 
1.50
%
 
8.80
%
 
10.30
%
 
10/8/2019
 
$
7,728,367

 
7,698,801

 
7,805,651

 
0.52
%
 
  

4
TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2017


Issuer
 
Instrument
 
Ref
 
Floor
 
Spread
 
Total Coupon
 
Maturity
 
Principal
 
Cost
 
Fair
Value
 
% of Total
Cash and
Investments
 
Notes
Debt Investments (continued)                    
 
 
 
 
 
 
Hospitals
 
 
 
 
 
 
 
 
KPC Healthcare, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
9.00
%
 
10.33
%
 
2/6/2020
 
$
14,792,003

 
$
14,701,305

 
$
14,939,923

 
1.00
%
 
 
Pacific Coast Holdings Investment, LLC (KPC Healthcare)
 
First Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
7.50
%
 
8.73
%
 
2/14/2021
 
$
29,288,064

 
28,892,367

 
29,539,941

 
1.99
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
43,593,672

 
44,479,864

 
2.99
%
 
 
Insurance                    
 
 

 
 

 
 

 
  
Alera Group Intermediate Holdings, Inc.
 
First Lien Delayed Draw Term Loan
 
LIBOR (Q)
 
1.00
%
 
5.50
%
 
6.71
%
 
12/30/2022
 
$
83,333

 
75,006

 
83,750

 
0.01
%
 
 
Alera Group Intermediate Holdings, Inc.
 
First Lien Revolver
 
LIBOR (Q)
 
1.00
%
 
5.50
%
 
6.58
%
 
12/30/2021
 
$
123,103

 
115,541

 
123,103

 
0.01
%
 
 
Alera Group Intermediate Holdings, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
5.50
%
 
6.55
%
 
12/30/2022
 
$
3,398,603

 
3,368,092

 
3,400,303

 
0.23
%
 
  
Association Member Benefits Advisors, LLC
 
Second Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
8.75
%
 
9.84
%
 
6/8/2023
 
$
8,277,983

 
8,127,178

 
8,215,898

 
0.55
%
 
  
US Apple Holdco, LLC (Ventiv Technology)
 
First Lien FILO Term Loan
 
LIBOR (Q)
 
0.50
%
 
13.62
%
 
14.91
%
 
8/29/2019
 
$
20,060,606

 
19,656,808

 
20,060,606

 
1.35
%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31,342,625

 
31,883,660

 
2.15
%
 
  
Lessors of Nonfinancial Licenses                    
 
 

 
 

 
 

 
  
ABG Intermediate Holdings 2, LLC
 
Second Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.50
%
 
9.80
%
 
5/27/2022
 
$
16,416,144

 
16,287,047

 
16,621,346

 
1.12
%
 
  
ABG Intermediate Holdings 2, LLC
 
Second Lien Incremental Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.50
%
 
9.80
%
 
5/27/2022
 
$
3,393,862

 
3,368,190

 
3,436,285

 
0.23
%
 
  
ABG Intermediate Holdings 2, LLC
 
Second Lien Incremental Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.50
%
 
9.80
%
 
5/27/2022
 
$
2,057,154

 
2,052,311

 
2,082,868

 
0.14
%
 
 
Kenneth Cole Productions, Inc.
 
First Lien FILO Term Loan
 
LIBOR (M)
 
1.00
%
 
9.65
%
 
10.95
%
 
3/21/2022
 
$
34,427,465

 
34,098,301

 
34,045,320

 
2.29
%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
55,805,849

 
56,185,819

 
3.78
%
 
  
Management, Scientific, and Technical Consulting Services                   
 
 

 
 

 
 

 
  
Asentinel, LLC (Tangoe)
 
First Lien Last Out Term Loan
 
LIBOR (M)
 
1.00
%
 
10.77%Cash +0.50%PIK

 
12.45
%
 
6/16/2022
 
$
24,262,102

 
23,313,021

 
23,315,880

 
1.57
%
 
 
Dodge Data & Analytics, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.75
%
 
10.06
%
 
10/31/2019
 
$
23,297,434

 
22,998,815

 
23,297,434

 
1.57
%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
46,311,836

 
46,613,314

 
3.14
%
 
 
Motion Picture and Video Industries                     
 
 

 
 

 
 

 
  
NEG Holdings, LLC (CORE Entertainment)
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.00% PIK

 
9.30
%
 
10/17/2022
 
$
1,512,664

 
1,512,664

 
1,512,664

 
0.10
%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Information Services                    
 
 

 
 

 
 

 
  
Asset International, Inc.
 
Delayed Draw Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.50
%
 
9.80
%
 
7/31/2020
 
$
1,251,626

 
1,230,728

 
1,257,884

 
0.08
%
 
  
Asset International, Inc.
 
Revolver Loan
 
LIBOR (Q)
 
1.00
%
 
8.50
%
 
9.80
%
 
7/31/2020
 
$
491,303

 
481,527

 
494,251

 
0.03
%
 
  
Asset International, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.50
%
 
9.80
%
 
7/31/2020
 
$
15,213,518

 
15,036,366

 
15,259,158

 
1.03
%
 
  
Simmons Research, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
0.50
%
 
10.50
%
 
11.81
%
 
12/11/2020
 
$
2,970,509

 
2,926,492

 
3,022,492

 
0.20
%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19,675,113

 
20,033,785

 
1.34
%
 
 
Other Manufacturing                    
 
 

 
 

 
 

 
  
AGY Holding Corp.
 
Sr Secured Term Loan
 
Fixed
 
—

 
12.00
%
 
12.00
%
 
9/15/2018
 
$
4,869,577

 
4,869,577

 
4,869,577

 
0.33
%
 
B
AGY Holding Corp.
 
Second Lien Notes
 
Fixed
 
—

 
11.00
%
 
11.00
%
 
11/15/2018
 
$
9,268,000

 
7,586,317

 
9,268,000

 
0.62
%
 
B/E
AGY Holding Corp.
 
Delayed Draw Term Loan
 
Fixed
 
—

 
12.00
%
 
12.00
%
 
9/15/2018
 
$
1,049,146

 
1,049,146

 
1,049,146

 
0.07
%
 
B
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13,505,040

 
15,186,723

 
1.02
%
 
  
Other Publishing                    
 
 

 
 

 
 

 
  
Bisnow, LLC
 
First Lien Revolver
 
LIBOR (Q)
 
—

 
9.00
%
 
N/A

 
4/29/2021
 
$
—

 
(24,000
)
 
—

 
—

 
K
Bisnow, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
—

 
9.00
%
 
10.31
%
 
4/29/2021
 
$
8,247,890

 
8,115,773

 
8,301,503

 
0.56
%
 
  
Contextmedia Health, LLC
 
First Lien Term Loan B
 
LIBOR (M)
 
1.00
%
 
6.50
%
 
7.75
%
 
12/23/2021
 
$
13,295,455

 
12,060,867

 
13,428,409

 
0.90
%
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20,152,640

 
21,729,912

 
1.46
%
 
  
Other Real Estate Activities
 
 
 
 
 
 
 
 
 
 
 
  
Associations, Inc.
 
First Lien FILO Term Loan
 
LIBOR (Q)
 
0.01

 
8.96
%
 
10.26
%
 
12/23/2019
 
$
12,827,062

 
12,729,000

 
12,955,332

 
0.87
%
 
  
Greystone Select Holdings, LLC
 
First Lien Term Loan
 
LIBOR (Q)
 
0.01

 
8.00
%
 
9.24
%
 
4/17/2024
 
$
25,202,549

 
24,953,154

 
24,950,523

 
1.68
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
37,682,154

 
37,905,855

 
2.55
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

5
TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

June 30, 2017


Issuer
 
Instrument
 
Ref
 
Floor
 
Spread
 
Total Coupon
 
Maturity
 
Principal
 
Cost
 
Fair
Value
 
% of Total
Cash and
Investments
 
Notes
Debt Investments (continued)
 
 
 
 
 
 
Other Telecommunications                     
 
 

 
 

 
 

 
  
Securus Technologies, Inc.
 
Second Lien Term Loan
 
LIBOR (Q)
 
1.25
%
 
7.75
%
 
9.00
%
 
4/30/2021
 
$
4,516,129

 
$
4,470,968

 
$
4,546,252

 
0.31
%
 
  
Securus Technologies, Inc.
 
Second Lien Term Loan
 
LIBOR (Q)
 
1.00
%
 
8.25
%
 
9.25
%
 
6/20/2025
 
$
24,000,000

 
23,760,000

 
24,165,000

 
1.62
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
28,230,968

 
28,711,252

 
1.93
%
 
 
Plastics Manufacturing                       
 
 

 
 

 
 

 
  
Iracore International, Inc.
 
First Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
9.00
%
 
10.25
%
 
4/13/2021
 
$
1,900,733

 
1,900,733

 
1,900,733

 
0.13
%
 
B
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Radio and Television Broadcasting                   
 
 

 
 

 
 

 
  
Fuse, LLC
 
Sr Secured Notes
 
Fixed
 
—

 
10.38
%
 
10.38
%
 
7/1/2019
 
$
5,740,000

 
5,740,000

 
4,061,050

 
0.27
%
 
E/G
NEP/NCP Holdco, Inc.
 
Second Lien Term Loan
 
LIBOR (Q)
 
1.25
%
 
8.75
%
 
10.04
%
 
7/22/2020
 
$
15,981,496

 
15,760,804

 
16,091,368

 
1.08
%
 
G
NEP/NCP Holdco, Inc.
 
Second Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
7.00
%
 
8.22
%
 
1/23/2023
 
$
11,536,391

 
11,507,550

 
11,615,704

 
0.78
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
33,008,354

 
31,768,122

 
2.13
%
 
  
Real Estate Leasing                 
 
 
 
 
 
 
 
 
Daymark Financial Acceptance, LLC
 
First Lien Delayed Draw Term Loan
 
LIBOR (Q)
 
—

 
9.50
%
 
10.67
%
 
1/12/2020
 
$
15,000,000

 
14,856,914

 
14,703,000

 
0.99
%
 
 
Home Partners of America, Inc.
 
First Lien Term Loan
 
LIBOR (M)
 
1.00
%
 
7.00
%
 
8.16
%
 
10/13/2022
 
$
5,000,000

 
4,910,899

 
5,050,000

 
0.34
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19,767,813

 
19,753,000

 
1.33
%
 
 
Restaurants                    
 
 

 
 

 
 

 
 
RM OpCo, LLC (Real Mex)
 
Convertible Second Lien Term Loan Tranche B-1
 
Fixed
 
—

 
8.50
%
 
8.50
%
 
3/30/2018
 
$
2,028,390

 
2,028,390

 
2,028,390

 
0.14
%
 
B
RM OpCo, LLC (Real Mex)
 
First Lien Term Loan Tranche A
 
Fixed
 
—

 
7.00
%
 
7.00
%