BlackRock Capital Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2020, Declares Quarterly Distribution of $0.10 per Share
-
GAAP Net Investment Income (“NII”) of
$0.12 per share, or$8.5 million , provided third quarter distribution coverage of 122%. -
Considerable progress towards reducing non-core and junior capital portfolio exposure during and subsequent to the third quarter. Non-core investment in AGY was substantially exited. Subsequent to quarter-end, portfolio exposure to
Gordon Brothers Finance Company (“GBFC”) was significantly reduced. Both transactions in aggregate netted$62 million in cash proceeds. -
Net Asset Value (“NAV”) per share decreased 12.4% or
$0.60 per share to$4.24 per share on a quarter-over-quarter basis, primarily driven by realized losses on AGY and fair market value decline in GBFC exposure. - Net leverage of 0.98x, up slightly from 0.95x in comparison to the previous quarter, driven primarily by the decrease in NAV.
-
Total liquidity for portfolio company investments, including cash, was approximately
$134 million , subject to leverage and borrowing base restrictions.
“We continue to make significant progress towards our strategic goal of reducing exposure to non-core and junior capital investments. We substantially exited our non-core investment in AGY during the third quarter following a recapitalization of AGY. Subsequent to quarter-end, our exposure to GBFC’s unsecured debt was reduced significantly as GBFC’s loan portfolio was acquired by
“As the economy gradually recovers from the pandemic, our newer, core investments have continued to perform well. Excluding AGY and GBFC, our portfolio increased in value by approximately
“During the quarter, we added four new portfolio companies, all of which were first lien loans. This reflects our deliberate strategy of capital deployment into senior secured investments. While we have intentionally limited the size of our new investments over the last two quarters with our leverage ratio in mind, recent de-risking activities have enabled us to pursue a more normalized approach to sizing new investments at 1 to 2% of the portfolio.
“We again took the prudent step of paying a portion of the distribution in stock and we believe that achieving further progress on our near-term priorities will allow a transition to an all cash dividend in the coming quarters. Our liquidity remains strong and unfunded commitments are small relative to our available liquidity and the size of the overall portfolio. Additionally, to further bolster NAV, BlackRock has elected to fully waive its incentive fee for the quarter which totaled
Financial Highlights
($'s in millions, except per share data)
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Q3 2020 |
Q2 2020 |
Q3 2019 |
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Total Amount |
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Per Share |
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Total Amount |
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Per Share |
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Total Amount |
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Per Share |
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Net Investment Income/(loss) |
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Net realized and unrealized gains/(losses) |
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Basic earnings/(losses) |
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Distributions declared |
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Net Investment Income/(loss), as adjusted1 |
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Basic earnings/(losses), as adjusted1 |
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($'s in millions, except per share data) |
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Total assets |
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Investment portfolio, at fair market value |
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Debt outstanding |
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Total net assets |
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Net asset value per share |
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Net leverage ratio2 |
0.98x |
0.95x |
0.70x |
0.61x |
1 Non-GAAP basis financial measure. See Supplemental Information on page 9.
2 Calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and receivable for investments sold, plus payables for investments purchased, and (B) NAV.
Business Updates
-
Reduced Exposure in Non-core Legacy Portfolio: We significantly reduced our exposure to AGY, a non-core legacy asset, as a result of AGY’s recapitalization during the quarter. Our debt investments in AGY were fully exited and we received cash proceeds of approximately
$8.9 million . We retained a preferred stock exposure of$1.1 million in AGY at fair market value. The transaction resulted in a realized loss of approximately$9.4 million . Non-core legacy assets comprised 9% of our total portfolio at fair market value (7 portfolio companies) as ofSeptember 30, 2020 , as compared to 11% at the end of the prior quarter and 18% a year ago. Non-core positions consist of income-producing investments across 5 portfolio companies, representing 8% of the total portfolio at fair market value, with the remaining 1% in non-accrual investments and equity positions.
-
Reduced Exposure in GBFC: As of
September 30, 2020 , BCIC’s aggregate investment in GBFC was$121.8 million at fair value, making it our largest portfolio holding. OnNovember 3, 2020 , GBFC entered into a definitive agreement with Callodine, whereby Callodine would acquire the loan portfolio and assume the employees and certain operating costs of GBFC (collectively, the “Transaction”). The Transaction was completed onNovember 3, 2020 . As a result of the Transaction, the Company received a partial principal repayment of$77.7 million on the unsecured debt of GBFC held by the Company. BCIC retained a$5.0 million investment made during the third quarter via a senior secured bank facility toGordon Brothers Finance Company, LLC , a subsidiary of GBFC, which entity was acquired by Callodine in the Transaction. The Company’s equity ownership of GBFC was unaffected by the Transaction, and GBFC retained certain assets in the Transaction, primarily consisting of:-
An “acquired portfolio” note in the notional amount of
$40.0 million linked to the future performance of the loan portfolio assets acquired by Callodine; - A warrant to purchase equity, issued by a borrower in GBFC’s pre-Transaction loan portfolio;
-
An earnout note issued by an affiliate of Callodine with a maximum capped payout, subject to future contingencies, of
$15.0 million ; -
Any amounts to be released to GBFC from an indemnity escrow account in the amount of
$5.0 million established in connection with the Transaction; and -
Cash in the amount of
$9.4 million .
-
An “acquired portfolio” note in the notional amount of
Simultaneous with the Transaction, BCIC funded
GBFC’s portfolio mainly consisted of asset-backed loans. The impact of the pandemic on the underlying performance of its portfolio remained relatively contained through the crisis. However, Covid-related concessions requested by some of its borrowers led GBFC’s senior secured lenders to require de-leveraging of its revolving credit facility. As a result, a portion of the lower priced revolver was replaced with higher priced junior capital increasing the cost of capital for GBFC. Additionally, in order to satisfy the de-leveraging requirement, GBFC shrank its portfolio which further reduced net interest income. These factors had a detrimental impact on the value of its equity. BCIC’s valuation of its aggregate exposure to GBFC declined by approximately
-
Share Repurchase Program: No shares were repurchased under our existing share repurchase program, during the third quarter of 2020. Cumulative repurchases since BlackRock entered into the investment management agreement with the Company in early 2015 total approximately 8.3 million shares for
$54.0 million . Since the inception of our share repurchase program throughSeptember 30, 2020 , we have purchased over 10.0 million shares at an average price of$6.62 per share, including brokerage commissions, for a total of$66.3 million . As ofSeptember 30, 2020 , 4,013,446 shares remained authorized for repurchase. OnNovember 3, 2020 , the 4,013,446 shares that remained unpurchased from theOctober 29, 2019 authorization expired. OnNovember 3, 2020 , the Company’s Board of Directors authorized the Company to purchase up to a total of 7,500,000 shares, effective until the earlier ofNovember 2, 2021 or such time that all the authorized shares have been repurchased.
Third Quarter Financial Updates
-
NII was
$8.5 million , or$0.12 per share, for the three months endedSeptember 30, 2020 . Relative to distributions declared of$0.10 per share, our NII distribution coverage was 122% for the quarter. Total investment income declined by 6.9% compared to previous quarter mainly driven by GBFC preferred stock being put on non-accrual status during the third quarter. Subsequent to quarter end throughNovember 4, 2020 ,$52.9 million par value of GBFC unsecured debt remaining after the sale of assets has been put on non-accrual.
-
NAV per share decreased 12.4% or
$(0.60) per share to$4.24 per share on a quarter-over-quarter basis, primarily due to the decline in FMV and realized losses on investments during the quarter totaling approximately 5.5% of portfolio FMV atJune 30, 2020 . The decline was largely concentrated in two investments – GBFC and AGY.
-
For the quarter ended
September 30, 2020 , we incurred base management fees of$2.5 million , and incentive management fees based on income of$1.5 million . Our advisor has voluntarily waived the incentive fees based on income of$1.5 million , resulting in no net incentive fees for the period. SinceMarch 2017 , the adviser has waived$28.4 million of incentive management fees on a cumulative basis. For incentive management fees based on gains, there was no accrual or payment as ofSeptember 30, 2020 .
-
Tax characteristics of all 2019 distributions were reported to stockholders on Form 1099 after the end of the calendar year. Our 2019 distributions of
$0.64 per share were comprised of$0.63 per share from various sources of income and$0.01 per share of return of capital. Our return of capital distributions totaled$1.99 per share from inception toDecember 31, 2019 . At our discretion, we may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. We will accrue excise tax on estimated undistributed taxable income as required. There was no undistributed taxable income carried forward from 2019.
Portfolio and Investment Activity*
($’s in millions) |
Three Months Ended
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Three Months Ended
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Three Months Ended
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Investment deployments |
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Investment exits |
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Number of portfolio company investments at the end of period |
55 |
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52 |
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43 |
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Weighted average yield of debt and income producing equity securities, at fair market value |
9.8% |
|
9.9% |
|
11.0% |
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% of Portfolio invested in Secured debt, at fair market value |
61% |
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59% |
|
57% |
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% of Portfolio invested in Unsecured debt, at fair market value |
27% |
|
27% |
|
21% |
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% of Portfolio invested in Equity, at fair market value |
12% |
|
14% |
|
22% |
|
Average investment by portfolio company, at amortized cost
(excluding investments below |
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*Balance sheet amounts above are as of period end
-
We deployed
$24.8 million during the quarter while exits and repayments totaled$24.6 million , resulting in a$0.2 million net increase in our portfolio due to investment activity.- Our deployments consisted of four new portfolio companies and two investments into existing portfolio companies, which are outlined as follows:
New Portfolio Companies
-
$9.5 million L + 8.00% first lien term loan toMetricStream Inc. , an enterprise platform and cloud software provider that monitors governance, risk, and compliance; -
$2.7 million L + 6.50% first lien term loan and$0.3 million unfunded revolving term loan toPulse Secure, LLC , a provider of IT secure access solutions; -
$2.3 million P + 7.00% first lien term loan and$0.3 million unfunded revolving term loan toSuperman Holdings, LLC , a provider of accounting software, project management solutions and payroll services for specialty subcontractors; and
-
$0.9 million L + 8.00% first lien term loan toSyntellis Performance Solutions, Inc. , an enterprise performance management company that provides consulting services and software;
Incremental Investments
-
$5.0 million of incremental L + 8.50% subordinated debt to GBFC; and -
$1.1 million of incremental 12.00% first lien term loans toAGY Holding Corp. prior to its restructure.
-
Our sales, exits, and repayments were primarily concentrated in one portfolio company exit, one legacy portfolio company recapitalization, and three partial repayments:
-
$11.0 million full repayment of our second lien term loan inNorthStar Financial Services Group, LLC et al; -
$8.9 million of proceeds received from our first lien debt positions inAGY Holding Corp. , a non-core legacy position, as part of its restructuring during the quarter; -
$2.7 million partial repayment ofFirst Boston Construction Holdings, LLC , consisting of$2.2 million in subordinated debt and a return of capital of$0.5 million in LLC units; -
$0.8 million partial repayment ofBarri Financial Group, LLC first lien term loan; and -
$0.7 million partial repayment ofWH Buyer, LLC first lien term loan.
-
-
Total committed capital and outstanding investments of SLP, at par, amounted to
$217.9 million each, across 22 portfolio companies. During the third quarter, there were no new deployments, and repayments were approximately$0.5 million . As ofSeptember 30, 2020 , SLP had no investments on non-accrual status. -
As of
September 30, 2020 , there were three non-accrual investment positions, representing approximately 1.0% and 7.7% of total debt and preferred stock investments, at fair value and cost, respectively, as compared to four non-accrual investment positions of approximately 2.4% and 6.9% of total debt and preferred stock investments at fair value and cost, respectively, atDecember 31, 2019 . The Company’s preferred stock investment in GBFC became a new non-accrual investment during the quarter and we exited three prior non-accrual investments (AGY second lien notes, first lien term loan and preferred stock held prior to the AGY restructuring). The average internal investment rating of the portfolio at fair market value atSeptember 30, 2020 was 1.78 as compared to 1.93 as of the prior quarter end. -
During the quarter ended
September 30, 2020 , net realized and unrealized losses were$35.7 million , primarily due to the recapitalization ofAGY Holding Corp. , and depreciation in GBFC.
Liquidity and Capital Resources
-
At
September 30, 2020 , we had$5.4 million in cash and cash equivalents and$128.4 million of availability under our credit facility, subject to leverage restrictions, resulting in approximately$133.9 million of availability for portfolio company investments. Committed but unfunded portfolio obligations atSeptember 30, 2020 were$5.3 million (excluding the$11.5 million LP commitment to SLP, which is completely discretionary). We believe there is sufficient liquidity to meet all of the Company’s obligations and selectively deploy new capital. -
Net leverage, adjusted for available cash, receivables for investments sold, payables for investments purchased and unamortized debt issuance costs, was 0.98x at quarter-end, and our 198% asset coverage ratio provided the Company with available debt capacity under its asset coverage requirements of
$148.0 million . Further, as of quarter-end, approximately 81% of our assets were invested in qualifying assets, exceeding the 70% regulatory requirement of a business development company. -
On
September 29, 2020 , the Company paid a dividend of$0.10 per share, or$7.02 million , to stockholders of record onAugust 18, 2020 , as announced onJuly 29, 2020 . Of the total$7.02 million dividend, approximately$1.41 million was paid in cash and$5.61 million was paid in approximately 2.14 million shares of the Company’s common stock issued at a price of$2.624 per share (representing the average closing stock price for the Company’s stock on the five trading days beginning onSeptember 15, 2020 and ending onSeptember 21, 2020 (both days inclusive)). Due to the portion of dividends paid in common stock, our NAV has increased by approximately$5.61 million onSeptember 29, 2020 , and has increased by a total of approximately$11.1 million during the third quarter when accounting for the distribution paid onJuly 7, 2020 as previously disclosed.
Conference Call
Both the teleconference and webcast will be available for replay by
Prior to the webcast/teleconference, an investor presentation that complements the earnings conference call will be posted to BlackRock Capital Investment Corporation’s website within the Presentations section of the Investors page (https://www.blackrockbkcc.com/investors/news-and-events/disclaimer).
About
The Company's investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company invests primarily in middle-market companies in the form of senior and junior secured and unsecured debt securities and loans, each of which may include an equity component.
Consolidated Statements of Assets and Liabilities
|
|
2019 |
||
Assets |
|
|
|
|
Investments at fair value: |
|
|
|
|
Non-controlled, non-affiliated investments (cost of |
|
|
|
|
Non-controlled, affiliated investments (cost of |
12,532,729 |
|
22,473,524 |
|
Controlled investments (cost of |
236,103,026 |
|
350,249,163 |
|
Total investments at fair value (cost of |
608,990,370 |
|
749,859,081 |
|
Cash and cash equivalents |
5,439,064 |
|
14,678,878 |
|
Receivable for investments sold |
885,968 |
|
1,871,435 |
|
Interest, dividends and fees receivable |
3,915,970 |
|
5,708,324 |
|
Prepaid expenses and other assets |
2,161,437 |
|
1,945,709 |
|
Total Assets |
|
|
|
|
Liabilities |
|
|
|
|
Debt (net of deferred financing costs of |
|
|
|
|
Interest and credit facility fees payable |
2,385,240 |
|
757,472 |
|
Distributions payable |
— |
|
9,637,075 |
|
Base management fees payable |
2,481,836 |
|
3,251,194 |
|
Incentive management fees payable |
1,849,597 |
|
1,849,597 |
|
Payable for investments purchased |
— |
|
7,312,500 |
|
Accrued administrative services |
379,650 |
|
372,407 |
|
Other accrued expenses and payables |
2,703,310 |
|
1,704,507 |
|
Total Liabilities |
314,835,639 |
|
338,454,446 |
|
Net Assets |
|
|
|
|
Common stock, par value |
82,323 |
|
77,861 |
|
Paid-in capital in excess of par |
860,938,515 |
|
849,240,398 |
|
Distributable earnings (losses) |
(488,166,809) |
|
(351,040,023) |
|
|
(66,296,859) |
|
(62,669,255) |
|
Total Net Assets |
306,557,170 |
|
435,608,981 |
|
Total Liabilities and Net Assets |
|
|
|
|
Net Asset Value Per Share |
|
|
|
|
Consolidated Statements of Operations
|
|
Three Months Ended
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
Nine Months Ended
|
Investment Income: |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
Cash interest income |
|
|
|
|
|
|
|
|
PIK interest income |
|
1,303,323 |
|
362,757 |
|
3,757,448 |
|
858,865 |
Fee income |
|
14,139 |
|
441,537 |
|
77,393 |
|
1,354,283 |
Total investment income from non-controlled, non-affiliated investments |
|
8,860,713 |
|
8,971,691 |
|
27,100,656 |
|
23,135,715 |
Non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
Cash interest income |
|
114,250 |
|
937,710 |
|
357,724 |
|
3,364,592 |
PIK interest income |
|
118,529 |
|
114,221 |
|
340,318 |
|
128,622 |
PIK dividend income |
|
— |
|
— |
|
— |
|
220,480 |
Fee income |
|
1,451 |
|
1,604 |
|
4,322 |
|
1,604 |
Total investment income from non-controlled, affiliated investments |
|
234,230 |
|
1,053,535 |
|
702,364 |
|
3,715,298 |
Controlled investments: |
|
|
|
|
|
|
|
|
Cash interest income |
|
5,707,147 |
|
4,967,220 |
|
16,609,577 |
|
17,727,023 |
PIK interest income |
|
— |
|
1,057,151 |
|
1,053,664 |
|
2,017,417 |
Cash dividend income |
|
1,496,818 |
|
3,878,092 |
|
6,970,469 |
|
12,172,960 |
Fee income |
|
3,186 |
|
3,199 |
|
67,526 |
|
128,299 |
Total investment income from controlled investments |
|
7,207,151 |
|
9,905,662 |
|
24,701,236 |
|
32,045,699 |
Other income |
|
— |
|
25,296 |
|
— |
|
30,371 |
Total investment income |
|
16,302,094 |
|
19,956,184 |
|
52,504,256 |
|
58,927,083 |
Expenses: |
|
|
|
|
|
|
|
|
Base management fees |
|
2,481,836 |
|
3,230,146 |
|
8,486,385 |
|
9,173,908 |
Incentive management fees |
|
1,492,248 |
|
2,101,954 |
|
5,025,386 |
|
6,628,725 |
Interest and credit facility fees |
|
3,668,242 |
|
4,312,944 |
|
12,239,957 |
|
11,466,706 |
Professional fees |
|
461,851 |
|
814,820 |
|
1,531,708 |
|
1,783,336 |
Administrative services |
|
379,650 |
|
330,072 |
|
1,068,915 |
|
1,031,012 |
Director fees |
|
157,500 |
|
185,250 |
|
494,750 |
|
553,250 |
Investment advisor expenses |
|
87,500 |
|
87,500 |
|
262,500 |
|
262,500 |
Other |
|
538,380 |
|
485,682 |
|
1,504,819 |
|
1,512,742 |
Total expenses, before incentive management fee waiver |
|
9,267,207 |
|
11,548,368 |
|
30,614,420 |
|
32,412,179 |
Incentive management fee waiver |
|
(1,492,248) |
|
(1,229,259) |
|
(5,025,386) |
|
(5,756,030) |
Expenses, net of incentive management fee waiver |
|
7,774,959 |
|
10,319,109 |
|
25,589,034 |
|
26,656,149 |
Net Investment Income |
|
8,527,135 |
|
9,637,075 |
|
26,915,222 |
|
32,270,934 |
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss): |
|
|
|
|
|
|
|
|
Net realized gain (loss): |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
(18,151) |
|
— |
|
(12,329,417) |
|
(23,395,840) |
Non-controlled, affiliated investments |
|
— |
|
(76,161) |
|
(43,774,013) |
|
(345,387) |
Controlled investments |
|
(59,194,744) |
|
— |
|
(59,194,744) |
|
— |
Net realized gain (loss) |
|
(59,212,895) |
|
(76,161) |
|
(115,298,174) |
|
(23,741,227) |
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
7,840,464 |
|
(1,013,109) |
|
(8,101,976) |
|
20,131,296 |
Non-controlled, affiliated investments |
|
496,668 |
|
(13,565,504) |
|
34,674,826 |
|
(22,796,087) |
Controlled investments |
|
15,037,776 |
|
(7,594,669) |
|
(51,752,433) |
|
(11,375,067) |
Foreign currency translation |
|
147,185 |
|
(79,775) |
|
(189,875) |
|
197,292 |
Net change in unrealized appreciation (depreciation) |
|
23,522,093 |
|
(22,253,057) |
|
(25,369,458) |
|
(13,842,566) |
Net realized and unrealized gain (loss) |
|
(35,690,802) |
|
(22,329,218) |
|
(140,667,632) |
|
(37,583,793) |
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
|
|
|
|
|
|
|
Net Investment Income Per Share—basic |
|
|
|
|
|
|
|
|
Earnings (Loss) Per Share—basic |
|
|
|
|
|
|
|
|
Average Shares Outstanding—basic |
|
70,086,236 |
|
68,836,255 |
|
68,943,459 |
|
68,836,702 |
Net Investment Income Per Share—diluted |
|
|
|
|
|
|
|
|
Earnings (Loss) Per Share—diluted |
|
|
|
|
|
|
|
|
Average Shares Outstanding—diluted |
|
87,079,973 |
|
85,829,992 |
|
85,937,196 |
|
85,830,439 |
Distributions Declared Per Share |
|
|
|
|
|
|
|
|
Supplemental Information
The Company reports its financial results on a generally accepted accounting principles (“GAAP”) basis; however, management believes that evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP basis financial measures. Management reviews non-GAAP financial measures to assess ongoing operations and, for the reasons described below, considers them to be effective indicators, for both management and investors, of the Company’s financial performance over time. The Company’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
After
Computations for the periods below are derived from the Company's financial statements as follows:
|
Three Months Ended
|
Three Months Ended
|
Nine Months Ended
|
Nine Months Ended
|
||||
GAAP Basis: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.12 |
|
0.14 |
|
0.39 |
|
0.47 |
|
Addback: GAAP incentive management fee expense based on Gains |
— |
|
— |
|
— |
|
— |
|
Addback: GAAP incentive management fee expense based on Income net of incentive management fee waiver |
— |
|
872,695 |
|
— |
|
872,695 |
|
Pre-Incentive Fee1: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.12 |
|
0.15 |
|
0.39 |
|
0.48 |
|
Less: Incremental incentive management fee expense based on Income net of incentive management fee waiver |
— |
|
(872,695) |
|
— |
|
(872,695) |
|
As Adjusted2: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.12 |
|
0.14 |
|
0.39 |
|
0.47 |
|
Note: The NII amounts for the three and nine months ended
1 Pre-Incentive Fee: Amounts are adjusted to remove all incentive management fees. Such fees are calculated but not necessarily due and payable at this time.
2 As Adjusted: Amounts are adjusted to remove the incentive management fee expense based on gains, as required by GAAP, and to include only the incremental incentive management fee expense based on Income. Until
Forward-looking statements
This press release, and other statements that
In addition to factors previously disclosed in BlackRock Capital Investment Corporation’s
BlackRock Capital Investment Corporation’s Annual Report on Form 10-K for the year ended
Available Information
BlackRock Capital Investment Corporation’s filings with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20201104005696/en/
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