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, 2016
 
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 28 th 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  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
Accelerated filer    
 
 
Non-accelerated filer  
Smaller Reporting company

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

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of August 9, 2016 was 50,705,049.

 
TCP CAPITAL CORP.
 
FORM 10-Q FOR THE SIX MONTHS ENDED JUNE 30, 2016
 

  TABLE OF CONTENTS  
     
Part I.
Financial Information
 
 
 
 
Item 1.
Financial Statements
 
 
2
 
3
 
13
 
14
 
15
 
16
 
44
 
45
 
47
 
49
 
 
 
51
 
 
 
66
 
 
 
66
 
 
 
Part II.
Other Information
 
 
 
 
67
 
 
 
67
 
 
 
67
 
 
 
67
 
 
 
67
 
 
 
67
 
 
 
67
 

TCP Capital Corp.
 
Consolidated Statements of Assets and Liabilities
 
   
June 30, 2016
   
December 31, 2015
 
   
(unaudited)
       
Assets
           
Investments, at fair value:
           
Companies less than 5% owned (cost of $1,151,564,537 and $1,123,682,687, respectively)
 
$
1,129,946,177
   
$
1,099,208,475
 
Companies 5% to 25% owned (cost of $74,317,200 and $68,862,518, respectively)
   
72,159,305
     
69,008,931
 
Companies more than 25% owned (cost of $54,938,136 and $39,162,221 respectively)
   
29,395,925
     
14,702,319
 
Total investments (cost of $1,280,819,873 and $1,231,707,426, respectively)
   
1,231,501,407
     
1,182,919,725
 
                 
Cash and cash equivalents
   
38,313,586
     
35,629,435
 
Receivable for investments sold
   
27,666,936
     
-
 
Accrued interest income:
               
Companies less than 5% owned
   
7,992,011
     
8,842,528
 
Companies 5% to 25% owned
   
784,121
     
741,306
 
Companies more than 25% owned
   
529,885
     
29,230
 
Deferred debt issuance costs
   
4,603,529
     
5,390,241
 
Unrealized appreciation on swaps
   
2,981,525
     
3,229,442
 
Options (cost of $279,327 and $51,750, respectively)
   
417,504
     
-
 
Prepaid expenses and other assets
   
821,524
     
2,331,044
 
Total assets
   
1,315,612,028
     
1,239,112,951
 
                 
Liabilities
               
Debt, net of unamortized issuance costs
   
516,661,216
     
498,205,471
 
Payable for investments purchased
   
40,952,073
     
6,425,414
 
Incentive allocation payable
   
4,626,745
     
5,207,606
 
Interest payable
   
2,996,217
     
2,911,257
 
Payable to the Advisor
   
749,945
     
508,334
 
Accrued expenses and other liabilities
   
2,434,735
     
3,877,852
 
Total liabilities
   
568,420,931
     
517,135,934
 
                 
Commitments and contingencies (Note 5)
               
                 
Net assets applicable to common shareholders
 
$
747,191,097
   
$
721,977,017
 
                 
Composition of net assets applicable to common shareholders
               
Common stock, $0.001 par value; 200,000,000 shares authorized, 50,705,049 and 48,834,734 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively
 
$
50,705
   
$
48,834
 
Paid-in capital in excess of par
   
906,725,366
     
878,383,356
 
Accumulated net investment income
   
23,279,884
     
22,261,793
 
Accumulated net realized losses
   
(135,815,320
)
   
(132,483,593
)
Accumulated net unrealized depreciation
   
(47,049,538
)
   
(46,233,373
)
Net assets applicable to common shareholders
 
$
747,191,097
   
$
721,977,017
 
                 
Net assets per share
 
$
14.74
   
$
14.78
 
 
See accompanying notes to the consolidated financial statements.
     

TCP Capital Corp.
 
Consolidated Schedule of Investments (Unaudited)
 
June 30, 2016
 
                                                 
% of Total
     
                        Total                  
Fair
   
Cash and
     
Issuer
 
Instrument
 
Ref
 
Floor
   
Spread
   
Coupon
 
Maturity
 
Principal
   
Cost
   
Value
   
Investments
   
Notes
                                                                    
Debt Investments (A)   
                                                       
                                                                    
Advertising, Public Relations Services
                                                             
Doubleplay III Limited
(Exterion Media) (United Kingdom)
 
First Lien Facility A1 Term Loan
 
EURIBOR (Q)
   
1.25
%
   
5.75
%
   
7.00
%
3/18/2018
 
12,249,157
   
$
16,157,454
   
$
13,603,914
     
1.07
%
 
D/H
InMobi, Inc. (Singapore)
 
First Lien Delayed Draw Tranche 1 Term Loan (1.25% Exit Fee)
 
LIBOR (M)
   
0.33
%
   
10.17
%
   
10.86
%
9/1/2018
 
$
15,000,000
     
14,663,929
     
14,727,750
     
1.16
%
 
H/L
InMobi, Inc. (Singapore)
 
First Lien Delayed Draw Tranche 1 Term Loan
 
LIBOR (M)
   
0.33
%
   
10.17
%
   
N/A
 
9/1/2018
 
$
     
-
     
-
     
-
   
H
InMobi, Inc. (Singapore)
 
First Lien Delayed Draw Tranche 1 Term Loan
 
LIBOR (M)
   
0.33
%
   
10.17
%
   
N/A
 
9/1/2018
 
$
     
-
     
-
     
-
   
H
                                               
30,821,383
     
28,331,664
     
2.23
%
   
Air Transportation
                                                                           
Cargojet Airways LTD. (Canada)
 
Aircraft Acquisition Loan A
 
LIBOR (M)
   
-
     
8.50
%
   
9.00
%
1/31/2023
 
$
13,738,102
     
13,496,379
     
13,984,014
     
1.10
%
 
H
Cargojet Airways LTD. (Canada)
 
Aircraft Acquisition Loan A1
 
LIBOR (M)
   
-
     
8.50
%
   
9.00
%
1/31/2023
 
$
14,058,316
     
13,794,314
     
14,300,119
     
1.13
%
 
H
Mesa Air Group, Inc.
 
Acquisition Delayed Draw Loan
 
LIBOR (M)
   
-
     
7.25
%
   
N/A
 
6/17/2019
 
$
-
     
-
     
271,500
     
0.02
%
   
Mesa Air Group, Inc.
 
Acquisition Loan
 
LIBOR (M)
   
-
     
7.25
%
   
7.75
%
7/15/2022
 
$
15,038,207
     
14,799,825
     
15,338,971
     
1.21
%
   
                                               
42,090,518
     
43,894,604
     
3.46
%
   
Apparel Manufacturing
                                                                           
Broder Bros., Co.
 
First Lien Term Loan (First Out)
 
LIBOR (Q)
   
1.25
%
   
5.75
%
   
7.00
%
6/3/2021
 
$
9,840,000
     
9,663,099
     
9,692,400
     
0.76
%
   
Broder Bros., Co.
 
First Lien Term Loan B (Last Out)
 
LIBOR (Q)
   
1.25
%
   
12.25
%
   
13.50
%
6/3/2021
 
$
9,860,000
     
9,687,471
     
9,712,100
     
0.76
%
   
JH Apparel Holdings, LLC
 
First Lien FILO Term Loan
 
LIBOR (M)
   
1.00
%
   
9.60
%
   
10.60
%
4/8/2019
 
$
3,192,279
     
3,175,386
     
3,224,202
     
0.25
%
   
                                               
22,525,956
     
22,628,702
     
1.77
%
   
Business Support Services
                                                                           
Enerwise Global Technologies, Inc.
 
Sr Secured Revolving Loan
 
LIBOR (Q)
   
0.23
%
   
8.52
%
   
8.75
%
11/30/2018
 
$
     
(27,602
)
   
11,600
     
-
   
K
Enerwise Global Technologies, Inc.
 
Sr Secured Term Loan (1.0% Exit Fee)
 
LIBOR (Q)
   
0.23
%
   
9.27
%
   
9.92
%
11/30/2019
 
$
24,250,000
     
24,018,703
     
24,320,325
     
1.92
%
 
L
STG-Fairway Acquisitions, Inc.
(First Advantage)
 
Second Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
9.25
%
   
10.25
%
6/30/2023
 
$
31,000,000
     
30,566,061
     
31,864,900
     
2.51
%
   
                                               
54,557,162
     
56,196,825
     
4.43
%
   
Chemicals
                                                                           
Anuvia Plant Nutrients Holdings, LLC
 
Sr Secured Term Loan (8.0% Exit Fee)
 
LIBOR (Q)
   
-
     
10.63
%
   
11.96
%
2/1/2018
 
$
10,254,168
     
10,651,471
     
10,748,931
     
0.85
%
 
L
BioAmber, Inc.
 
Sr Secured Term Loan (8.0% Exit Fee)
 
LIBOR (M)
   
0.23
%
   
9.27
%
   
9.96
%
12/1/2017
 
$
7,982,168
     
8,346,945
     
8,675,020
     
0.68
%
 
L
Green Biologics, Inc.
 
Sr Secured Delayed Draw Term Loan (10.0% Exit Fee)
 
Prime Rate
   
-
     
7.75
%
   
11.25
%
5/1/2018
 
$
15,000,000
     
15,202,033
     
15,553,500
     
1.22
%
 
L
                                               
34,200,449
     
34,977,451
     
2.75
%
   
Communications Equipment Manufacturing   
                                                                     
Globecomm Systems, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
   
1.25
%
   
7.63
%
   
10.13
%
12/11/2018
 
$
14,554,640
     
14,409,094
     
14,554,640
     
1.15
%
 
B
Globecomm Systems, Inc.
 
First Lien Series A Term Loan
 
LIBOR (Q)
   
1.25
%
   
7.63
%
   
8.88
%
12/11/2018
 
$
     
-
     
-
     
-
     
                                               
14,409,094
     
14,554,640
     
1.15
%
   
                                                                                  
Computer Equipment Manufacturing
                                                                           
Silicon Graphics International Corp.
 
First Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
9.00
%
   
10.00
%
7/27/2018
 
$
15,949,968
     
15,757,759
     
16,069,593
     
1.27
%
 
J
                                                                                  
Computer Systems Design and Related Services
                                                                      
Dealersocket, Inc.
 
Senior Secured 1st Lien Term Loan
 
LIBOR (M)
   
1.00
%
   
10.00
%
   
11.00
%
2/10/2021
 
$
17,500,000
     
16,883,291
     
17,272,500
     
1.36
%
   
MSC Software Corporation
 
Second Lien Term Loan
 
LIBOR (M)
   
1.00
%
   
7.50
%
   
8.50
%
5/29/2021
 
$
6,993,035
     
6,945,905
     
5,944,080
     
0.47
%
   
OnX Enterprise Solutions, Ltd. (Canada)
 
First Lien Term Loan B
 
LIBOR (Q)
   
-
     
8.00
%
   
8.64
%
9/3/2018
 
$
2,325,867
     
2,325,867
     
2,325,867
     
0.18
%
 
H
OnX Enterprise Solutions, Ltd. (Canada)
 
First Lien Term Loan
 
LIBOR (Q)
   
-
     
8.00
%
   
8.64
%
9/3/2018
 
$
10,373,333
     
10,306,412
     
10,373,333
     
0.82
%
 
H
OnX USA, LLC
 
First Lien Term Loan B
 
LIBOR (Q)
   
-
     
8.00
%
   
8.64
%
9/3/2018
 
$
3,761,733
     
3,761,733
     
3,761,733
     
0.30
%
   
OnX USA, LLC
 
First Lien Term Loan
 
LIBOR (Q)
   
-
     
8.00
%
   
8.64
%
9/3/2018
 
$
3,186,667
     
3,169,864
     
3,186,667
     
0.25
%
   
Vistronix, LLC
 
First Lien Revolver
 
LIBOR (Q)
   
0.50
%
   
8.50
%
   
9.00
%
12/4/2018
 
$
570,996
     
567,735
     
570,996
     
0.04
%
   
Vistronix, LLC
 
First Lien Term Loan
 
LIBOR (M)
   
0.50
%
   
8.50
%
   
9.00
%
12/4/2018
 
$
6,123,145
     
6,082,365
     
6,061,914
     
0.48
%
   
Waterfall International, Inc.
 
First Lien Delayed Draw Term Loan
 
LIBOR (Q)
   
-
     
11.67
%
   
12.36
%
9/1/2018
 
$
4,800,000
     
4,772,537
     
4,818,960
     
0.38
%
   
                                               
54,815,709
     
54,316,050
     
4.28
%
   
Data Processing and Hosting Services
                                                                           
Asset International, Inc.
 
Delayed Draw Term Loan
 
LIBOR (M)
   
1.00
%
   
7.00
%
   
8.00
%
7/31/2020
 
$
3,430,383
     
3,399,154
     
3,383,558
     
0.27
%
   
Asset International, Inc.
 
Revolver Loan
 
LIBOR (M)
   
1.00
%
   
7.00
%
   
8.00
%
7/31/2020
 
$
807,920
     
801,046
     
796,892
     
0.06
%
   
Asset International, Inc.
 
First Lien Term Loan
 
LIBOR (M)
   
1.00
%
   
7.00
%
   
8.00
%
7/31/2020
 
$
8,088,844
     
7,971,339
     
7,978,431
     
0.63
%
   
Rightside Group, Ltd.
 
Second Lien Term Loan
 
LIBOR (Q)
   
0.50
%
   
8.75
%
   
9.44
%
8/6/2019
 
$
4,625,000
     
3,972,348
     
4,643,500
     
0.37
%
   
United TLD Holdco, Ltd. (Rightside) (Cayman Islands)
 
Second Lien Term Loan
 
LIBOR (Q)
   
0.50
%
   
8.75
%
   
9.44
%
8/6/2019
 
$
9,250,000
     
7,944,697
     
9,287,000
     
0.73
%
 
H
                                               
24,088,584
     
26,089,381
     
2.06
%
   

TCP Capital Corp.
 
Consolidated Schedule of Investments (Unaudited) (Continued)
 
June 30, 2016
 
                                                 
% of Total
     
                                           
Fair
   
Cash and
     
Issuer
 
Instrument
 
Ref
 
Floor
   
Spread
   
Total Coupon
 
Maturity
 
Principal
   
Cost
   
Value
   
Investments
   
Notes
                                                                    
Debt Investments (continued)       
                                                   
Electric Power Generation, Transmission and Distribution 
                                                        
Holocene Renewable Energy Fund 3, LLC (Conergy)
 
First Lien Term Loan
 
Fixed
   
-
   
9% Cash
+ 1% PIK
     
10.00
%
9/10/2017
 
$
7,499,009
   
$
7,452,179
   
$
7,424,019
     
0.58
%
   
CGY UK Portfolio I Borrower LLC, (Conergy)
 
Senior Secured 1st Lien Term Loan
 
LIBOR (Q)
   
-
     
9.00
%
   
9.65
%
3/3/2018
 
$
3,951,020
     
3,849,232
     
3,911,510
     
0.31
%
   
                                               
11,301,411
     
11,335,529
     
0.89
%
   
Electronic Component Manufacturing
                                                                           
Redaptive, Inc.
 
First Lien Delayed Draw Term Loan
 
LIBOR (Q)
   
-
     
10.72
%
   
N/A
 
7/1/2018
 
$
     
(96,963
)
   
-
     
-
   
K
Soraa, Inc.
 
Tranche A Term Loan (3.0% Exit Fee)
 
LIBOR (Q)
   
0.44
%
   
9.33
%
   
9.96
%
3/1/2018
 
$
21,383,721
     
20,745,834
     
20,858,751
     
1.64
%
 
L
Soraa, Inc.
 
Tranche B Term Loan
 
LIBOR (Q)
   
0.44
%
   
9.33
%
   
9.96
%
9/1/2017
 
$
1,603,779
     
1,523,920
     
1,580,043
     
0.12
%
   
                                               
22,172,791
     
22,438,794
     
1.76
%
   
Equipment Leasing 
                                                                           
36th Street Capital Partners Holdings, LLC
 
Senior Note
 
Fixed
   
-
     
12.00
%
   
12.00
%
11/1/2020
 
$
16,870,302
     
16,870,302
     
16,870,302
     
1.33
%
 
E/F
Essex Ocean, LLC (Solexel)
 
Sr Secured Term Loan
 
Fixed
   
-
     
8.00
%
   
8.00
%
8/15/2018
 
$
2,167,243
     
2,167,243
     
2,206,254
     
0.17
%
   
                                               
19,037,545
     
19,076,556
     
1.50
%
   
Facilities Support Services 
                                                                           
NANA Development Corp.
 
First Lien Term Loan B
 
LIBOR (M)
   
1.25
%
   
6.75
%
   
8.00
%
3/15/2018
 
$
1,407,222
     
1,312,234
     
1,315,752
     
0.10
%
   
                                                                                  
Financial Investment Activities
                                                                           
iPayment, Inc.
 
First Lien Term Loan B2
 
LIBOR (Q)
   
1.50
%
   
5.25
%
   
6.75
%
5/8/2017
 
$
12,304,553
     
11,922,380
     
11,781,610
     
0.93
%
   
Magnolia Finance V plc (Cayman Islands)
 
Asset-Backed Credit Linked Notes
 
Fixed
   
-
     
13.13
%
   
13.13
%
8/2/2021
 
$
15,000,000
     
15,000,000
     
14,812,500
     
1.17
%
 
E/H
                                               
26,922,380
     
26,594,110
     
2.10
%
   
Gaming
                                                                           
AP Gaming I, LLC
 
First Lien Revolver
 
LIBOR (M)
   
-
     
8.25
%
   
N/A
 
12/20/2018
 
$
     
(1,759,594
)
   
(1,562,500
)
   
(0.12
%)
 
K
                                                                                  
Grocery Stores
                                                                           
Bashas, Inc.
 
First Lien FILO Term Loan
 
LIBOR (M)
   
1.50
%
   
8.80
%
   
10.30
%
10/8/2019
 
$
9,455,037
     
9,418,865
     
9,549,587
     
0.75
%
   
                                                                                  
Hospitals
                                                                           
Evidera, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
9.00
%
   
10.00
%
7/1/2018
 
$
3,611,649
     
3,593,591
     
3,665,824
     
0.29
%
   
KPC Healthcare, Inc.
 
First Lien Term Loan
 
Prime Rate
   
-
     
8.25
%
   
11.75
%
8/28/2020
 
$
15,866,144
     
15,557,477
     
15,960,547
     
1.26
%
   
                                               
19,151,068
     
19,626,371
     
1.55
%
   
Insurance Carriers
                                                                           
JSS Holdings, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
6.50
%
   
7.50
%
8/31/2021
 
$
3,850,000
     
3,781,810
     
3,657,500
     
0.29
%
   
US Apple Holdco, LLC (Ventiv Technology)
 
First Lien Term Loan
 
LIBOR (Q)
   
0.50
%
   
11.50
%
   
12.19
%
8/29/2019
 
$
20,000,000
     
19,444,049
     
20,000,000
     
1.58
%
   
                                               
23,225,859
     
23,657,500
     
1.87
%
   
Insurance Related Activities
                                                                           
Acrisure, LLC
 
Second Lien Notes
 
LIBOR (Q)
   
1.00
%
   
9.00
%
   
10.00
%
11/19/2022
 
$
28,999,999
     
28,612,141
     
28,999,999
     
2.28
%
   
Acrisure, LLC
 
Second Lien Incremental Notes
 
LIBOR (Q)
   
1.00
%
   
9.00
%
   
10.00
%
11/19/2022
 
$
6,000,000
     
5,942,305
     
6,000,000
     
0.47
%
   
                                               
34,554,446
     
34,999,999
     
2.75
%
   
Lessors of Nonfinancial Licenses
                                                                           
ABG Intermediate Holdings 2, LLC
 
Second Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
8.50
%
   
9.50
%
5/27/2022
 
$
15,768,424
     
15,640,895
     
15,255,950
     
1.20
%
   
ABG Intermediate Holdings 2, LLC
 
Second Lien Incremental Term Loan
 
LIBOR (Q)
   
1.00
%
   
8.50
%
   
9.50
%
5/27/2022
 
$
3,426,412
     
3,395,672
     
3,315,054
     
0.26
%
   
                                               
19,036,567
     
18,571,004
     
1.46
%
   
Management, Scientific, and Technical Consulting Services  
                                                                
Dodge Data & Analytics, LLC
 
First Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
8.75
%
   
9.75
%
10/31/2019
 
$
24,344,549
     
23,884,767
     
23,735,935
     
1.87
%
   
                                                                                  
Medical Equipment and Supplies Manufacturing  
                                                                  
Bioventus, LLC
 
Second Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
10.00
%
   
11.00
%
4/10/2020
 
$
11,000,000
     
10,835,990
     
10,917,500
     
0.86
%
   
                                                                                  
Motion Picture and Video Industries
                                                                           
CORE Entertainment, Inc.
 
First Lien Term Loan
 
Fixed
   
-
     
11.00
%
   
11.00
%
6/21/2017
 
$
9,462,231
     
9,497,311
     
4,314,304
     
0.34
%
 
C
CORE Entertainment, Inc.
 
Second Lien Term Loan
 
Fixed
   
-
     
15.50
%
   
15.50
%
6/21/2018
 
$
7,569,785
     
7,700,187
     
298,250
     
0.02
%
 
C
                                               
17,197,498
     
4,612,554
     
0.36
%
   
Nondepository Credit Intermediation
                                                                           
Caribbean Financial Group (Cayman Islands)
 
Sr Secured Notes
 
Fixed
   
-
     
11.50
%
   
11.50
%
11/15/2019
 
$
28,678,000
     
28,552,175
     
28,911,009
     
2.28
%
 
E/G/H
Daymark Financial Acceptance, LLC
 
First Lien Delayed
Draw Term Loan
 
LIBOR (M)
   
-
     
9.50
%
   
9.96
%
1/12/2020
 
$
17,500,000
     
17,267,540
     
17,017,000
     
1.34
%
   
Greystone Select Holdings, LLC
 
First Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
8.00
%
   
9.00
%
3/26/2021
 
$
16,183,908
     
16,018,277
     
15,913,637
     
1.25
%
   
Trade Finance Funding I, Ltd. (Cayman Islands)
 
Secured Class B Notes
 
Fixed
   
-
     
10.75
%
   
10.75
%
11/13/2018
 
$
15,084,000
     
15,084,000
     
14,857,740
     
1.17
%
 
E/H
                                               
76,921,992
     
76,699,386
     
6.04
%
   
Oil and Gas Extraction
                                                                           
MD America Energy, LLC
 
Second Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
8.50
%
   
9.50
%
8/4/2019
 
$
242,857
     
240,296
     
228,286
     
0.02
%
   
                                                                                  
Other Chemical Products and Mineral Manufacturing    
                                                              
Nanosys, Inc.
 
Senior Secured 1st Lien Delayed Draw Term Loan (3.0% Exit Fee)
 
LIBOR (Q)
   
-
     
9.81
%
   
10.50
%
4/1/2019
 
$
7,000,000
     
6,371,874
     
6,654,050
     
0.52
%
 
L
                                                                                  
Other Information Services
                                                                           
Simmons Research, LLC
 
First Lien Term Loan
 
LIBOR (Q)
   
0.50
%
   
10.50
%
   
11.19
%
12/11/2020
 
$
5,000,712
     
4,908,856
     
4,938,203
     
0.39
%
   
SoundCloud Ltd. (United Kingdom)
 
Sr Secured Term Loan (2.0% Exit Fees)
 
LIBOR (M)
   
0.28
%
   
10.72
%
   
11.00
%
10/1/2018
 
$
31,550,000
     
31,494,139
     
31,944,398
     
2.52
%
 
H/L
TCH-2 Holdings, LLC (TravelClick)
 
Second Lien Term Loan
 
LIBOR (M)
   
1.00
%
   
7.75
%
   
8.75
%
11/6/2021
 
$
19,988,392
     
19,752,366
     
18,789,089
     
1.48
%
 
G
                                               
56,155,361
     
55,671,690
     
4.39
%
   
Other Manufacturing
                                                                           
AGY Holding Corp.
 
Sr Secured Term Loan
 
Fixed
   
-
     
12.00
%
   
12.00
%
9/15/2016
 
$
4,869,577
     
4,869,577
     
4,869,577
     
0.38
%
 
B
AGY Holding Corp.
 
Second Lien Notes
 
Fixed
   
-
     
11.00
%
   
11.00
%
11/15/2016
 
$
9,268,000
     
7,586,317
     
9,268,000
     
0.73
%
 
B/E
Boomerang Tube, LLC
 
Subordinated Notes
 
LIBOR (M)
   
-
     
17.50
%
   
17.50
%
2/1/2021
 
$
1,030,741
     
1,030,741
     
146,365
     
0.01
%
 
C
                                               
13,486,635
     
14,283,942
     
1.12
%
   
Other Telecommunications 
                                                                           
Securus Technologies, Inc.
 
Second Lien Term Loan
 
LIBOR (Q)
   
1.25
%
   
7.75
%
   
9.00
%
4/30/2021
 
$
14,000,000
     
13,860,000
     
12,623,310
     
0.99
%
   
                                                                                  

 
TCP Capital Corp.
 
Consolidated Schedule of Investments (Unaudited) (Continued)
 
June 30, 2016
 
                                                 
% of Total
     
                                           
Fair
   
Cash and
     
Issuer
 
Instrument
 
Ref
 
Floor
   
Spread
   
Total Coupon
 
Maturity
 
Principal
   
Cost
   
Value
   
Investments
   
Notes
                                                                    
Debt Investments (continued)     
                                                   
Other Publishing 
                                                             
Bisnow, LLC
 
First Lien Revolver
 
LIBOR (Q)
   
-
     
9.00
%
   
N/A
 
4/29/2021
 
$
   
$
(24,000
)
 
$
(24,000
)
   
-
   
K
Bisnow, LLC
 
First Lien Term Loan
 
LIBOR (Q)
   
-
     
9.00
%
   
9.69
%
4/29/2021
 
$
8,800,000
     
8,629,495
     
8,624,000
     
0.68
%
   
MediMedia USA, Inc.
 
First Lien Revolver
 
Prime Rate
   
-
     
5.75
%
   
9.25
%
5/20/2018
 
$
3,952,500
     
3,501,508
     
3,952,500
     
0.31
%
   
MediMedia USA, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
   
1.25
%
   
6.75
%
   
8.00
%
11/20/2018
 
$
5,681,239
     
5,598,879
     
5,681,239
     
0.45
%
 
G
                                               
17,705,882
     
18,233,739
     
1.44
%
   
Pharmaceuticals
                                                                           
Lantheus Medical Imaging, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
6.00
%
   
7.00
%
6/30/2022
 
$
10,976,206
     
10,380,535
     
9,823,704
     
0.77
%
   
                                                                                  
Plastics Manufacturing 
                                                                           
Iracore International, Inc.
 
Sr Secured Notes
 
Fixed
   
-
     
9.50
%
   
9.50
%
6/1/2018
 
$
13,600,000
     
13,600,000
     
7,378,000
     
0.58
%
 
E/G
                                                                                  
Radio and Television Broadcasting 
                                                                           
Fuse, LLC
 
Sr Secured Notes
 
Fixed
   
-
     
10.38
%
   
10.38
%
7/1/2019
 
$
7,312,000
     
7,312,000
     
5,739,920
     
0.45
%
 
E/G
NEP/NCP Holdco, Inc.
 
Second Lien Term Loan
 
LIBOR (M)
   
1.25
%
   
8.75
%
   
10.00
%
7/22/2020
 
$
15,000,000
     
14,735,376
     
14,325,000
     
1.13
%
   
                                               
22,047,376
     
20,064,920
     
1.58
%
   
                                                                                  
Restaurants 
                                                                           
RM OpCo, LLC (Real Mex)
 
Convertible Second Lien Term Loan Tranche B-1
 
Fixed
   
-
     
8.50
%
   
8.50
%
3/30/2018
 
$
1,861,478
     
1,861,478
     
1,861,478
     
0.15
%
 
B
RM OpCo, LLC (Real Mex)
 
First Lien Term Loan Tranche A
 
Fixed
   
-
     
7.00
%
   
7.00
%
3/30/2018
 
$
4,857,987
     
4,574,601
     
4,857,987
     
0.38
%
 
B
RM OpCo, LLC (Real Mex)
 
Second Lien Term Loan Tranche B
 
Fixed
   
-
     
8.50
%
   
8.50
%
3/30/2018
 
$
9,275,105
     
9,275,105
     
3,446,629
     
0.27
%
 
B
RM OpCo, LLC (Real Mex)
 
Second Lien Term Loan Tranche B-1
 
Fixed
   
-
     
8.50
%
   
8.50
%
3/30/2018
 
$
2,921,047
     
2,905,624
     
2,921,047
     
0.23
%
 
B
RM OpCo, LLC (Real Mex)
 
Sr Convertible Second Lien Term Loan B
 
Fixed
   
-
     
8.50
%
   
8.50
%
3/30/2018
 
$
2,729,864
     
2,729,864
     
2,729,864
     
0.21
%
 
B
                                               
21,346,672
     
15,817,005
     
1.24
%
   
Retail 
                                                                           
Connexity, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
10.00
%
   
11.00
%
2/13/2020
 
$
6,193,688
     
6,193,688
     
6,076,317
     
0.48
%
   
The Gymboree Corporation
 
First Lien Term Loan
 
LIBOR (Q)
   
-
     
10.25
%
   
10.92
%
9/24/2020
 
$
9,827,273
     
9,634,947
     
9,630,728
     
0.76
%
   
Kenneth Cole Productions, Inc.
 
First Lien FILO Term Loan
 
LIBOR (M)
   
1.00
%
   
8.50
%
   
9.50
%
9/25/2020
 
$
12,738,301
     
12,619,639
     
12,865,684
     
1.01
%
   
                                               
28,448,274
     
28,572,729
     
2.25
%
   
Satellite Telecommunications 
                                                                           
Avanti Communications Group, PLC (United Kingdom)
 
Sr Secured Notes
 
Fixed
   
-
     
10.00
%
   
10.00
%
10/1/2019
 
$
9,393,000
     
9,393,000
     
7,058,840
     
0.56
%
 
E/G/H
                                                                                  
Scientific Research and Development Services  
                                                                  
BPA Laboratories, Inc.
 
Senior Secured Notes
 
Fixed
   
-
     
12.25
%
   
12.25
%
4/1/2017
 
$
38,932,000
     
39,001,750
     
39,321,320
     
3.10
%
 
E/G
                                                                                  
Software Publishing 
                                                                           
Acronis International GmbH (Switzerland)
 
First Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
9.50
%
   
10.50
%
6/9/2017
 
$
28,719,439
     
28,660,063
     
28,170,897
     
2.22
%
 
H
ArcServe (USA), LLC
 
Second Lien Term Loan
 
LIBOR (Q)
   
0.50
%
   
8.50
%
   
9.13
%
1/31/2020
 
$
30,028,125
     
29,605,659
     
28,016,241
     
2.21
%
   
Autoalert, LLC
 
First Lien Term Loan
 
LIBOR (Q)
   
0.25
%
 
4.75% Cash
+ 4% PIK
     
9.44
%
3/31/2019
 
$
35,267,436
     
34,843,159
     
35,159,870
     
2.77
%
   
BlackLine Systems, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
   
1.50
%
 
0.4% Cash
+ 7.6% PIK
     
9.50
%
9/25/2018
 
$
15,115,023
     
14,466,578
     
15,115,023
     
1.19
%
   
BlackLine Systems, Inc.
 
Senior Secured 1st Lien Incremental Term Loan
 
LIBOR (Q)
   
1.50
%
 
0.4% Cash
+ 7.6% PIK
     
9.50
%
9/25/2018
 
$
3,809,896
     
3,742,949
     
3,809,896
     
0.30
%
   
BlackLine Systems, Inc.
 
Senior Secured Revolver
 
LIBOR (Q)
   
0.50
%
   
6.00
%
   
6.50
%
9/25/2018
 
$
     
-
     
-
     
-
     
Bluehornet Networks, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
   
-
     
9.50
%
   
10.15
%
12/3/2020
 
$
5,911,694
     
5,753,056
     
5,734,343
     
0.45
%
   
Edmentum, Inc.
 
Jr Revolving Facility
 
Fixed
   
-
     
5.00
%
   
5.00
%
6/9/2020
 
$
2,762,241
     
2,762,241
     
2,762,241
     
0.22
%
 
B
Edmentum Ultimate Holdings, LLC
 
Sr PIK Notes
 
Fixed
   
-
     
8.50
%
   
8.50
%
6/9/2020
 
$
2,725,875
     
2,725,875
     
2,725,875
     
0.21
%
 
B
Edmentum Ultimate Holdings, LLC
 
Jr PIK Notes
 
Fixed
   
-
     
10.00
%
   
10.00
%
6/9/2020
 
$
12,395,233
     
11,835,221
     
11,924,214
     
0.94
%
 
B
Fidelis Acquisitionco, LLC
 
First Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
8.00
%
   
9.00
%
11/4/2019
 
$
42,349,121
     
41,693,444
     
42,200,899
     
3.32
%
   
Fidelis Acquisitionco, LLC
 
Sr Secured Revolver
 
LIBOR (Q)
   
1.00
%
   
8.00
%
   
9.00
%
11/4/2019
 
$
3,182,143
     
3,182,143
     
3,171,005
     
0.25
%
   
Newscycle Solutions, Inc.
 
Second Lien Term Loan
 
LIBOR (Q)
   
-
     
13.00
%
   
13.66
%
9/10/2021
 
$
11,513,362
     
11,170,722
     
11,167,962
     
0.88
%
   
Newscycle Solutions AB
 
Second Lien Term Loan B
 
LIBOR (Q)
   
-
     
13.00
%
   
13.66
%
9/10/2021
 
$
11,513,362
     
11,170,722
     
11,167,962
     
0.88
%
   
Soasta, Inc.
 
Senior Secured 1st Lien Term Loan (4.0% Exit Fees)
 
LIBOR (Q)
   
-
     
9.56
%
   
10.25
%
4/1/2019
 
$
17,880,435
     
17,617,584
     
17,650,671
     
1.39
%
 
L
Utilidata, Inc.
 
First Lien Delayed Draw Term Loan (1.0% Exit Fee)
 
LIBOR (M)
   
0.62
%
   
9.88
%
   
10.50
%
1/1/2019
 
$
3,200,000
     
3,106,557
     
3,000,000
     
0.24
%
 
L
Virgin Pulse Inc.
 
First Lien Term Loan
 
LIBOR (Q)
   
-
     
8.00
%
   
8.65
%
5/21/2020
 
$
7,500,000
     
7,411,126
     
7,500,000
     
0.59
%
   
                                               
229,747,099
     
229,277,099
     
18.06
%
   
Specialty Hospitals 
                                                                           
Pacific Coast Holdings Investment, LLC
 
Senior Secured 1st Lien Delayed Draw Term Loan
 
LIBOR (M)
   
2.00
%
   
9.70
%
   
11.70
%
10/23/2019
 
$
10,828,233
     
10,722,349
     
10,828,233
     
0.85
%
   
Sporting Goods, Hobby, and Musical Instrument Stores     
                                                              
Gander Mountain Company
 
Second Lien Term Loan
 
LIBOR (Q)
   
-
     
9.50
%
   
10.15
%
6/15/2018
 
$
11,465,152
     
11,350,599
     
11,350,501
     
0.89
%
   
                                                                                  
Textile Furnishings Mills 
                                                                           
Lexmark Carpet Mills, Inc.
 
First Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
10.00
%
   
11.00
%
12/19/2019
 
$
23,271,945
     
23,271,945
     
22,918,212
     
1.81
%
   
Lexmark Carpet Mills, Inc.
 
First Lien Term Loan B
 
LIBOR (Q)
   
1.00
%
   
10.00
%
   
11.00
%
12/19/2019
 
$
7,982,818
     
7,819,332
     
7,861,479
     
0.62
%
   
                                               
31,091,277
     
30,779,691
     
2.43
%
   
Utility System Construction  
                                                                         
Kawa Solar Holdings Limited
 
Revolving Credit Facility
 
Fixed
   
-
     
8.20
%
   
8.20
%
7/2/2017
 
$
25,000,000
     
25,000,000
     
25,000,000
     
1.97
%
   
                                                                                  
Wired Telecommunications Carriers    
                                                                   
Alpheus Communications, LLC
 
First Lien Delayed Draw FILO Term Loan
 
LIBOR (Q)
   
1.00
%
   
7.42
%
   
8.42
%
5/31/2018
 
$
1,701,070
     
1,685,793
     
1,693,885
     
0.13
%
   
Alpheus Communications, LLC
 
First Lien FILO Term Loan
 
LIBOR (Q)
   
1.00
%
   
7.42
%
   
8.42
%
5/31/2018
 
$
7,352,464
     
7,279,371
     
7,197,695
     
0.57
%
   
Integra Telecom Holdings, Inc.
 
Second Lien Term Loan
 
LIBOR (Q)
   
1.25
%
   
8.50
%
   
9.75
%
2/22/2020
 
$
13,231,193
     
13,060,960
     
12,238,854
     
0.97
%
   
Oxford County Telephone and Telegraph Company
 
First Lien Term Loan
 
LIBOR (Q)
   
1.00
%
   
7.13
%
   
8.13
%
8/31/2020
 
$
3,970,000
     
3,918,827
     
3,944,195
     
0.31
%
   
                                               
25,944,951
     
25,074,629
     
1.98
%
   
Wireless Telecommunications Carriers       
                                                                 
Gogo, LLC
 
Sr Secured Notes
 
Fixed
   
-
     
12.50
%
   
12.50
%
7/1/2022
 
$
10,000,000
     
10,000,000
     
9,912,500
     
0.78
%
 
E
                                                                                  
Total Debt Investments 
                                         
1,202,374,363
     
1,176,581,175
     
92.66
%
   
                                                                                  
TCP Capital Corp.
 
Consolidated Schedule of Investments (Unaudited) (Continued)
 
June 30, 2016
 
                                                       
% of Total
     
                          Total                      
Fair
   
Cash and
     
Issuer
 
Instrument
 
Ref
   
Floor
   
Spread
   
Coupon
   
Maturity
   
Shares
   
Cost
   
Value
   
Investments
   
Notes
                                                                          
Equity Securities 
                                                                   
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