BlackRock Capital Investment Corporation Reports Financial Results for the Quarter and Year Ended December 31, 2018, Declares Quarterly Distribution of $0.18 per Share
-
GAAP Net Investment Income (NII) of
$0.17 per share providing fourth quarter distribution coverage of approximately 94% -
Net Asset Value (NAV) per share declined 7.7% or
$0.59 per share to$7.07 per share on a quarter-over-quarter basis primarily due to net unrealized depreciation on certain legacy assets -
Net leverage of 0.36x was down reflecting a net reduction in
investments. Total liquidity for portfolio company investments,
including cash, was approximately
$252 million , subject to leverage and borrowing base restrictions -
Waiver of incentive management fees based on income extended until
June 30, 2019 -
Under our existing share repurchase program, we repurchased 1,986,014
shares of common stock for
$11.2 million at an average price of$5.62 , including brokerage commissions, via open market purchases in the fourth quarter.
“We continued to execute upon our disciplined deployment strategy in the
fourth quarter. Our net unrealized and realized losses of
“The Company has now started to benefit from increased deal flow and
added industry-specific expertise following the acquisition last year of
“Under BlackRock’s management of BCIC, from
Financial Highlights
Q4 2018 | Q3 2018 | Q4 2017 | |||||||||||||||||||||||
Total | Per | Total | Per | Total | Per | ||||||||||||||||||||
($'s in millions, except per share data) | Amount | Share | Amount | Share | Amount | Share | |||||||||||||||||||
Net Investment Income/(loss) | $ | 11.8 | $ | 0.17 | $ | 12.5 | $ | 0.18 | $ | 14.5 | $ | 0.20 | |||||||||||||
Net realized and unrealized gains/(losses) | $ | (46.4 | ) | $ | (0.66 | ) | $ | 7.9 | $ | 0.11 | $ | (16.4 | ) | $ | (0.22 | ) | |||||||||
Deferred taxes | $ | 2.2 | $ | 0.03 | $ | (0.4 | ) | $ | (0.01 | ) | $ | 5.3 | $ | 0.07 | |||||||||||
Realized losses on extinguishment of debt | — | — | — | — | — | — | |||||||||||||||||||
Basic earnings/(losses) | $ | (32.4 | ) | $ | (0.46 | ) | $ | 20.0 | $ | 0.28 | $ | 3.3 | $ | 0.05 | |||||||||||
Distributions declared | $ | 12.6 | $ | 0.18 | $ | 12.8 | $ | 0.18 | $ | 13.2 | $ | 0.18 | |||||||||||||
Net Investment Income/(loss), as adjusted1 | $ | 11.8 | $ | 0.17 | $ | 12.5 | $ | 0.18 | $ | 14.5 | $ | 0.20 | |||||||||||||
Basic earnings/(losses), as adjusted1 |
$ | (32.4 | ) | $ | (0.46 | ) | $ | 20.0 | $ | 0.28 | $ | 3.3 | $ | 0.05 |
2018 Totals | 2017 Totals | ||||||||||||||||||
Total | Per | Total | Per | ||||||||||||||||
($'s in millions, except per share data) | Amount | Share | Amount | Share | |||||||||||||||
Net Investment Income/(loss) | $ | 47.4 | $ | 0.66 | $ | 55.1 | $ | 0.75 | |||||||||||
Net realized and unrealized gains/(losses) | $ | (56.6 | ) | $ | (0.79 | ) | $ | (32.9 | ) | $ | (0.44 | ) | |||||||
Realized losses on extinguishment of debt | — | — | $ | (1.3 | ) | $ | (0.02 | ) | |||||||||||
Basic earnings/(loss) | $ | (9.2 | ) | $ | (0.13 | ) | $ | 20.9 | $ | 0.29 | |||||||||
Distributions declared | $ | 51.3 | $ | 0.72 | $ | 52.5 | $ | 0.72 | |||||||||||
Net Investment Income/(loss), as adjusted1 | $ | 47.4 | $ | 0.66 | $ | 55.1 | $ | 0.75 | |||||||||||
Basic earnings/(loss), as adjusted1 | $ | (9.2 | ) | $ | (0.13 | ) | $ | 20.9 | $ | 0.29 |
As of | As of | As of | ||||||||||||
December 31, | September 30, | December 31, | ||||||||||||
($'s in millions, except per share data) | 2018 | 2018 | 2017 | |||||||||||
Total assets | $ | 693.6 | $ | 799.5 | $ | 799.9 | ||||||||
Investment portfolio, at fair market value | $ | 671.7 | $ | 780.6 | $ | 757.9 | ||||||||
Debt outstanding | $ | 186.4 | $ | 233.0 | $ | 206.7 | ||||||||
Total net assets | $ | 487.0 | $ | 543.2 | $ | 571.1 | ||||||||
Net asset value per share | $ | 7.07 | $ | 7.66 | $ | 7.83 | ||||||||
Net leverage ratio2 |
0.36x | 0.43x | 0.32x | |||||||||||
_____________________ |
||
1 | Non-GAAP basis financial measure. See Supplemental Information on page 8. | |
2 | Calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and receivable for investments sold, and (B) net asset value. | |
Business Updates
-
Under our existing share repurchase program, during the fourth quarter
of 2018, 1,986,014 shares were repurchased for
$11.2 million at an average price of$5.62 per share, including brokerage commissions. The cumulative repurchases sinceBlackRock entered into the investment management agreement with the Company in early 2015 totaled approximately 7.2 million shares for$49.9 million , representing 80.3% of total share repurchase activity, on a dollar basis, since inception. Since the inception of our share repurchase program throughDecember 31, 2018 , we have purchased 8.9 million shares at an average price of$6.96 per share, including brokerage commissions, for a total of$62.2 million . InApril 2018 , our Board of Directors authorized an additional 2.5 million shares for repurchase, effectiveJuly 1, 2018 until the earlier ofJune 30, 2019 or until such time that all of the authorized shares have been repurchased. Furthermore, inOctober 2018 , an additional 3 million shares were authorized for repurchases, effectiveNovember 5, 2018 until the earlier ofOctober 28, 2019 or until such time that all of the authorized shares have been repurchased. -
The non-core legacy asset book comprised 33% of our total portfolio by
fair market value as of
December 31, 2018 . This is further broken down into income-producing investments, non-earning equities and non-accrual investments at 25%, 7% and 1% of the total portfolio, respectively by fair market value. Our investments inVertellus Holdings ,AGY Holding ,Sur La Table , US Well Services and related issuers comprise 73% of the non-core book by fair market value. -
Waiver of our incentive management fee based on income, which
previously ran through
December 31, 2018 , has been extended toJune 30, 2019 .
Portfolio and Investment Activity*
Three months | Three months | |||||||||||||||||||
($’s in millions) | ended | ended | Year ended | Year ended | ||||||||||||||||
December 31, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |||||||||||||||||
Investment deployments | $ | 32.0 | $ | 63.3 | $ | 308.6 | $ | 243.4 | ||||||||||||
Investment exits | $ | 94.7 | $ | 124.3 | $ | 338.4 | $ | 386.4 | ||||||||||||
Number of portfolio company investments at the end of period | 27 | 30 | ||||||||||||||||||
Weighted average yield of debt and income producing |
11.5 | % | 10.8 | % | ||||||||||||||||
% of Portfolio invested in Secured debt, at fair market value | 47 | % | 56 | % | ||||||||||||||||
% of Portfolio invested in Unsecured debt, at fair market value | 23 | % | 17 | % | ||||||||||||||||
% of Portfolio invested in Equity, at fair market value | 30 | % | 27 | % | ||||||||||||||||
Average investment by portfolio company, at amortized cost |
$ | 34.1 | $ | 33.0 |
*balance sheet amounts above are as of period end |
-
We deployed
$32.0 million during the quarter while exits of investments totaled$94.7 million , resulting in a$62.7 million net decrease in our portfolio due to investment activity.-
Our deployments were primarily concentrated in one new portfolio
company investment and two investments into existing portfolio
companies.
$15.0 million funded L+7.50% second lien term loan toOutcomes Group Holdings , which is a specialized care management provider in the workers’ compensation industry;$11.9 million of incremental L + 11.0% unsecured debt as well as$0.4 million of preferred stock at 13.5% toGordon Brothers Finance Company (“GBFC”) to fund portfolio growth; and$2.5 million of incremental L + 6.00% first lien delayed draw term loan toUnited PF Holdings, LLC .
-
Our repayments were primarily concentrated in two portfolio
company exits, two position exits, and one partial repayment:
$19.0 million and$8.2 million repayments ofPathway Partners Vet Management Company, LLC second lien term loan and second lien delayed draw term loan, respectively;$12.9 million repayment ofK2 Pure Solutions Nocal, LP first lien term loan;$31.2 million and$7.9 million cash repayments ofU.S. Well Services, LLC first lien term loan and revolver, respectively; and$15.0 million partial repayment of unsecured debt to GBFC.
-
Our deployments were primarily concentrated in one new portfolio
company investment and two investments into existing portfolio
companies.
-
Our
$96.3 million equity investment inSenior Loan Partners is generating a yield of approximately 11%. During the fourth quarter,Senior Loan Partners made investments into four new portfolio companies and four existing portfolio companies totaling$57.5 million of new capital deployments during the quarter. Total committed capital and outstanding investments, at par, amounted to$363.5 million and$343.6 million , respectively, to 27 borrowers. The four new investments at par were (i) a$12.0 million first lien term loan toAchilles Acquisition, LLC , a national employee benefits agency specializing in insurance for small-to-medium sized businesses, (ii) a$10.0 million first lien term loan toNGS US Finco, LLC , an operation and maintenance provider of natural gas transmission networks in the US, (iii) an$8.9 million first lien term loan toF.M.I. Intermediate Holdings, LLC , a vertically integrated provider of flight critical, complex structural assemblies and related manufacturing services for global commercial, military and business aircraft, and (iv) a$8.0 million first lien term loan and a$2.0 million unfunded delayed draw term loan toTLE Holdings, LLC , a developer of care and early education programs throughout the US. Incremental investments to existing portfolio companies primarily included (i) an additional$8.5 million investmentCrown Paper Group Inc. , and (ii) an additional$8.6 million investment inDigital Room, LLC . -
As of
December 31, 2018 , there were three non-accrual investment positions, representing approximately 1.6% and 7.1% of total debt and preferred stock investments, at fair value and cost, respectively, as compared to non-accrual investment positions of approximately 3.6% and 14.3% of total debt and preferred stock investments at fair value and cost, respectively, atDecember 31, 2017 . Our average internal investment rating at fair market value atDecember 31, 2018 was 1.44 as compared to 1.31 as of the prior quarter end. -
During the quarter ended
December 31, 2018 , net realized and unrealized losses before tax were$(46.4) million , primarily due to depreciation in portfolio valuations during the quarter. For the three months endedDecember 31, 2018 , unrealized gains in a consolidated taxable subsidiary resulted in a decrease to our deferred tax liability of$2.2 million .
Fourth Quarter Financial Updates
-
GAAP net investment income (“NII”) was
$11.8 million , or$0.17 per share, and$47.4 million , or$0.66 per share, respectively, for the three months and year endedDecember 31, 2018 . Relative to distributions declared of$0.18 per share, our NII distribution coverage was 94% for the quarter. For the full year 2018, relative to distributions declared of$0.72 per share, our NII distribution coverage was 93%. -
As previously disclosed, our base management fee rate was reduced from
an annual rate of 2.00% of total assets to 1.75% effective
March 7, 2017 . For the year endedDecember 31, 2018 ,$8.5 million of incentive management fees based on income were earned by our investment adviser; however, as previously disclosed, any such fees earned untilDecember 31, 2018 were waived by our investment adviser. This waiver has now been extended toJune 30, 2019 . Pursuant to the waiver,$16.5 million of incentive management fees have been waived on a cumulative basis. During the year, there was no accrual for incentive management fees based on gains. -
The Company holds certain portfolio investments through taxable
subsidiaries as pass through entities. Income earned and gains
realized on the investment held by the taxable subsidiary are taxable
to such subsidiary. For the three months ended
December 31, 2018 , a reversal of a deferred tax liability of$2.2 million was included in net realized and unrealized gain (loss), primarily due to a depreciation in valuations on the portfolio investments held in a taxable subsidiary. For the year endedDecember 31, 2018 , deferred tax had no impact to the Consolidated Statement of Operations. -
Tax characteristics of all 2018 distributions were reported to
stockholders on Form 1099 after the end of the calendar year. Our 2018
distributions of
$0.72 per share were comprised of$0.70 per share from various sources of income and$0.02 per share of return of capital. Our return of capital distributions totaled$1.98 per share from inception toDecember 31, 2018 . 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 2018.
Liquidity and Capital Resources
-
At
December 31, 2018 , we had$13.5 million in cash and cash equivalents and$238.6 million of availability under our credit facility, subject to leverage restrictions, resulting in approximately$252.1 million of availability for portfolio company investments. -
Net leverage, adjusted for available cash, receivables for investments
sold, payables for investments purchased and unamortized debt issuance
costs, stood at 0.36x at quarter-end, and our 354% asset coverage
ratio provided the Company with available debt capacity under its
asset coverage requirements of
$293.4 million . Further, as of quarter-end, approximately 78% of our portfolio was invested in qualifying assets, exceeding the 70% regulatory requirement of a business development company.
Conference Call
Prior to the webcast/teleconference, an investor presentation that
complements the earnings conference call will be posted to
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, and by making direct preferred, common and other equity investments in such companies.
BlackRock Capital Investment Corporation Consolidated Statements of Assets and Liabilities |
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December 31, 2018 |
December 31, 2017 |
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Assets | ||||||||
Investments at fair value: | ||||||||
Non-controlled, non-affiliated investments (cost of $233,331,450 and $311,938,762) | $ | 200,569,644 | $ | 261,683,202 | ||||
Non-controlled, affiliated investments (cost of $130,892,674 and $195,354,637) | 111,727,234 | 215,779,077 | ||||||
Controlled investments (cost of $388,870,375 and $321,999,526) | 359,356,068 | 280,478,528 | ||||||
Total investments at fair value (cost of $753,094,499 and $829,292,925) | 671,652,946 | 757,940,807 | ||||||
Cash and cash equivalents | 13,497,320 | 29,014,645 | ||||||
Receivable for investments sold | 1,691,077 | 1,344,918 | ||||||
Interest, dividends and fees receivable | 4,084,001 | 8,342,780 | ||||||
Prepaid expenses and other assets | 2,707,036 | 3,236,819 | ||||||
Total Assets | $ | 693,632,380 | $ | 799,879,969 | ||||
Liabilities | ||||||||
Debt (net of deferred financing costs of $3,227,965 and $4,209,445) | $ | 186,397,728 | $ | 206,661,272 | ||||
Interest and credit facility fees payable | 722,841 | 1,820,971 | ||||||
Distributions payable | 12,552,212 | 13,152,924 | ||||||
Base management fees payable | 3,494,520 | 3,734,655 | ||||||
Payable for investments purchased | 989,460 | 479,297 | ||||||
Accrued administrative services | 376,507 | 114,995 | ||||||
Other accrued expenses and payables | 2,078,958 | 2,815,923 | ||||||
Total Liabilities | 206,612,226 | 228,780,037 | ||||||
Net Assets | ||||||||
Common stock, par value $.001 per share, 200,000,000 common shares |
77,861 | 77,723 | ||||||
Paid-in capital in excess of par | 853,248,794 | 858,087,822 | ||||||
Distributable earnings (losses) | (304,106,473) | (249,331,111) | ||||||
Treasury stock at cost, 8,939,489 and 4,776,854 shares held | (62,200,028) | (37,734,502) | ||||||
Total Net Assets | 487,020,154 | 571,099,932 | ||||||
Total Liabilities and Net Assets | $ | 693,632,380 | $ | 799,879,969 | ||||
Net Asset Value Per Share | $ | 7.07 | $ | 7.83 | ||||
BlackRock Capital Investment Corporation Consolidated Statements of Operations |
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Three | Three | |||||||||||||||||||
months | months | |||||||||||||||||||
Ended | ended | |||||||||||||||||||
12/31/18 | 12/31/17 | Year ended | Year ended | |||||||||||||||||
(Unaudited) | (Unaudited) | 12/31/18 | 12/31/17 | |||||||||||||||||
Investment Income: | ||||||||||||||||||||
Non-controlled, non-affiliated investments: | ||||||||||||||||||||
Cash interest income | $ | 6,458,180 | $ | 9,751,698 | $ | 28,138,255 | $ | 42,597,334 | ||||||||||||
PIK interest income | 231,517 | 202,494 | 516,904 | 3,340,360 | ||||||||||||||||
Cash dividend income | — | — | — | 404,780 | ||||||||||||||||
PIK dividend income | — | — | — | 65,944 | ||||||||||||||||
Fee income | 366,042 | 2,708,371 | 1,428,852 | 3,213,513 | ||||||||||||||||
Total investment income from non-controlled, non-affiliated investments | 7,055,739 | 12,662,563 | 30,084,011 | 49,621,931 | ||||||||||||||||
Non-controlled, affiliated investments: | ||||||||||||||||||||
Cash interest income | 1,937,189 | 2,954,495 | 9,401,715 | 10,540,239 | ||||||||||||||||
PIK interest income | 374,151 | 986,653 | 1,784,118 | 4,054,626 | ||||||||||||||||
PIK dividend income | 254,555 | 917,861 | 827,934 | 2,997,385 | ||||||||||||||||
Fee income | — | 156,716 | 35,000 | 506,632 | ||||||||||||||||
Total investment income from non-controlled, affiliated investments | 2,565,895 | 5,015,725 | 12,048,767 | 18,098,882 | ||||||||||||||||
Controlled investments: | ||||||||||||||||||||
Cash interest income | 7,064,876 | 4,119,450 | 24,490,257 | 18,714,928 | ||||||||||||||||
PIK interest income | — | 143,484 | 1,474,466 | 1,463,401 | ||||||||||||||||
Cash dividend income | 3,968,845 | 2,456,399 | 14,264,703 | 8,814,639 | ||||||||||||||||
PIK dividend income | — | — | 731,516 | — | ||||||||||||||||
Fee income | 13,855 | — | 725,643 | 25,000 | ||||||||||||||||
Total investment income from controlled investments | 11,047,576 | 6,719,333 | 41,686,585 | 29,017,968 | ||||||||||||||||
Other income | 48,231 | — | 48,231 | 590,429 | ||||||||||||||||
Total investment income | 20,717,441 | 24,397,621 | 83,867,594 | 97,329,210 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Base management fees | 3,494,520 | 3,734,655 | 14,138,788 | 16,391,532 | ||||||||||||||||
Incentive management fees | 2,356,899 | 2,903,436 | 8,510,866 | 7,980,098 | ||||||||||||||||
Interest and credit facility fees | 3,786,153 | 4,149,211 | 15,228,062 | 18,205,912 | ||||||||||||||||
Professional fees | 864,500 | 1,026,921 | 2,428,850 | 2,708,262 | ||||||||||||||||
Administrative services | 376,507 | 114,995 | 1,702,723 | 1,039,221 | ||||||||||||||||
Director fees | 181,000 | 193,250 | 727,000 | 668,500 | ||||||||||||||||
Investment advisor expenses | 87,500 | 87,500 | 350,000 | 350,004 | ||||||||||||||||
Other | 142,768 | 573,908 | 1,860,696 | 2,874,087 | ||||||||||||||||
Total expenses, before incentive management fee waiver | 11,289,847 | 12,783,876 | 44,946,985 | 50,217,616 | ||||||||||||||||
Incentive management fee waiver | (2,356,899 | ) | (2,903,436 | ) | (8,510,866 | ) | (7,980,098 | ) | ||||||||||||
Expenses, net of incentive management fee waiver | 8,932,948 | 9,880,440 | 36,436,119 | 42,237,518 | ||||||||||||||||
Net Investment Income | 11,784,493 | 14,517,181 | 47,431,475 | 55,091,692 | ||||||||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||
Net realized gain (loss): | ||||||||||||||||||||
Non-controlled, non-affiliated investments | 3,237 | (859,750 | ) | (46,104,588 | ) | (54,814,358 | ) | |||||||||||||
Non-controlled, affiliated investments | 28,550,295 | — | 28,550,295 | — | ||||||||||||||||
Controlled investments | 375,000 | — | (28,384,662 | ) | 2,375,534 | |||||||||||||||
Net realized gain (loss) | 28,928,532 | (859,750 | ) | (45,938,955 | ) | (52,438,824 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Non-controlled, non-affiliated investments | (6,923,226 | ) | (8,065,434 | ) | 17,493,755 | 23,612,802 | ||||||||||||||
Non-controlled, affiliated investments | (52,063,236 | ) | 346,794 | (35,110,643 | ) | 23,722,730 | ||||||||||||||
Controlled investments | (16,012,774 | ) | (7,814,577 | ) | 7,527,453 | (28,225,914 | ) | |||||||||||||
Foreign currency translation | (356,834 | ) | (23,380 | ) | (565,247 | ) | 463,413 | |||||||||||||
Net change in unrealized appreciation (depreciation) | (75,356,070 | ) | (15,556,597 | ) | (10,654,682 | ) | 19,573,031 | |||||||||||||
Deferred Taxes | 2,220,156 | 5,257,916 | — | — | ||||||||||||||||
Net realized and unrealized gain (loss) | (44,207,382 | ) | (11,158,431 | ) | (56,593,637 | ) | (32,865,793 | ) | ||||||||||||
Realized losses on extinguishment of debt | — | (10,723 | ) | — | (1,323,442 | ) | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (32,422,889 | ) | $ | 3,348,027 | $ | (9,162,162 | ) | $ | 20,902,457 | ||||||||||
Net Investment Income Per Share—basic | $ | 0.17 | $ | 0.20 | $ | 0.66 | $ | 0.75 | ||||||||||||
Earnings (Loss) Per Share—basic | $ | (0.46 | ) | $ | 0.05 | $ | (0.13 | ) | $ | 0.29 | ||||||||||
Average Shares Outstanding—basic | 69,835,855 | 73,145,321 | 71,373,570 | 72,983,354 | ||||||||||||||||
Net Investment Income Per Share—diluted | $ | 0.16 | $ | 0.19 | $ | 0.64 | $ | 0.73 | ||||||||||||
Earnings (Loss) Per Share—diluted | $ | (0.46 | ) | $ | 0.05 | $ | (0.13 | ) | $ | 0.29 | ||||||||||
Average Shares Outstanding—diluted (NII only) | 86,829,592 | 94,875,804 | 88,367,307 | 90,927,689 | ||||||||||||||||
Distributions Declared Per Share | $ | 0.18 | $ | 0.18 | $ | 0.72 | $ | 0.72 | ||||||||||||
Supplemental Information
The Company reports its financial results on a 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.
Until
Computations for the periods below are derived from the Company's financial statements as follows:
Three months ended |
Three months ended |
Yearended | Yearended | ||||||||||||||||
December 31, 2018 |
December 31, 2017 |
December 31, 2018 |
December 31, 2017 |
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GAAP Basis: | |||||||||||||||||||
Net Investment Income | $ | 11,784,493 | $ | 14,517,181 | $ | 47,431,475 | $ | 55,091,692 | |||||||||||
Net Investment Income per share | 0.17 | 0.20 | 0.66 | 0.75 | |||||||||||||||
Addback: GAAP incentive management fee expense based on Gains | — | — | — | — | |||||||||||||||
Addback: GAAP incentive management fee expense based on Income | — | — | — | — | |||||||||||||||
Pre-Incentive Fee1: | |||||||||||||||||||
Net Investment Income | $ | 11,784,493 | $ | 14,517,181 | $ | 47,431,475 | $ | 55,091,692 | |||||||||||
Net Investment Income per share | 0.17 | 0.20 | 0.66 | 0.75 | |||||||||||||||
Less: Incremental incentive management fee expense based on Income | — | — | — | — | |||||||||||||||
As Adjusted2: | |||||||||||||||||||
Net Investment Income | $ | 11,784,493 | $ | 14,517,181 | $ | 47,431,475 | $ | 55,091,692 | |||||||||||
Net Investment Income per share | 0.17 | 0.20 | 0.66 | 0.75 | |||||||||||||||
Note: The NetInvestment Income amounts for the three and twelve months ended December 31, 2018 are net of incentive management fees based on income and a corresponding incentive management fee waiver in the amounts of $2,356,899 and $8,510,866, respectively. For the periods shown, there is no difference between the GAAP and as adjusted figures; however, there may be a difference in future periods. | ||
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 March 6, 2017, the incremental incentive management fee was calculated based on the current quarter's incremental earnings, and without any reduction for incentive management fees paid during the prior calendar quarters. After March 6, 2017, incentive management fee expense based on income has been calculated for each calendar quarter and may be paid on a quarterly basis if certain thresholds are met. Amounts reflect the Company's ongoing operating results and reflect the Company's financial performance over time. |
Forward-looking statements
This press release, and other statements that
In addition to factors previously disclosed in
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/20190306005743/en/
Source:
Investor Contact:
Nik Singhal
212.810.5427
Press
Contact:
Brian Beades
212.810.5596