BlackRock Capital Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2019, Declares Fourth Quarter Distribution of $0.14 per Share
-
GAAP Net Investment Income (“NII”) of
$0.14 per share providing third quarter distribution coverage of 100%. -
Net Asset Value (“NAV”) per share decreased 4.8% or
$0.33 per share to$6.49 per share on a quarter-over-quarter basis. -
Net leverage of 0.61x was up, driven by increased pace of investment deployment. Total liquidity for portfolio company investments, including cash, was approximately
$206 million , subject to leverage and borrowing base restrictions. -
Board approval obtained to reduce the applicable minimum asset coverage ratio from 200% to 150% effective
October 29, 2020 .
“During the third quarter, we continued to achieve progress on our strategic priorities of (i) stabilizing NAV by exiting non-core legacy investments in a prudent manner and (ii) deploying more capital into diversified and secured income-producing investments, as the core of our portfolio. The non-core legacy portfolio was 18% of the total portfolio by fair market value at
“Gross and net deployments were
-
Gross deployments of
$230 million included first or second lien loans to 20 new portfolio companies - Number of portfolio companies increased from 27 to 43
- First lien investments increased from 24% of the portfolio by FMV to 33%
- First and second lien (i.e. secured) investments increased from 47% of the portfolio by FMV to 57%
- Net Leverage ratio: increased from 0.36x to 0.61x
“The net unrealized and realized losses of
“On
Financial Highlights
|
Q3 2019 |
Q2 2019 |
Q3 2018 |
|||||||||
($'s in millions, except per share data) |
Total Amount |
|
Per Share |
|
Total Amount |
|
Per Share |
|
Total Amount |
|
Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income/(loss) |
$9.6 |
|
$0.14 |
|
$11.2 |
|
$0.16 |
|
$12.5 |
|
$0.18 |
|
Net realized and unrealized gains/(losses) |
$(22.3) |
|
$(0.33) |
|
$(21.8) |
|
$(0.31) |
|
$7.9 |
|
$0.11 |
|
Deferred taxes |
— |
|
— |
|
— |
|
— |
|
$(0.4) |
|
$(0.01) |
|
Basic earnings/(losses) |
$(12.7) |
|
$(0.18) |
|
$(10.6) |
|
$(0.15) |
|
$20.0 |
|
$0.28 |
|
Distributions declared |
$9.6 |
|
$0.14 |
|
$12.4 |
|
$0.18 |
|
$12.8 |
|
$0.18 |
|
Net Investment Income/(loss), as adjusted1 |
$9.6 |
|
$0.14 |
|
$11.2 |
|
$0.16 |
|
$12.5 |
|
$0.18 |
|
Basic earnings/(losses), as adjusted1 |
$(12.7) |
|
$(0.18) |
|
$(10.6) |
|
$(0.15) |
|
$20.0 |
|
$0.28 |
|
($'s in millions, except per share data) |
September 30, 2019 |
June 30, 2019 |
December 31, 2018 |
September 30, 2018 |
||||
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
Total assets |
$742.7 |
|
$756.7 |
|
$693.6 |
|
$799.5 |
|
Investment portfolio, at fair market value |
$725.9 |
|
$718.7 |
|
$671.7 |
|
$780.6 |
|
Debt outstanding |
$276.1 |
|
$252.7 |
|
$186.4 |
|
$233.0 |
|
Total net assets |
$446.8 |
|
$469.1 |
|
$487.0 |
|
$543.2 |
|
Net asset value per share |
$6.49 |
|
$6.82 |
|
$7.07 |
|
$7.66 |
|
Net leverage ratio2 |
0.61x |
|
0.53x |
|
0.36x |
|
0.43x |
|
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 plus payables for investments purchased, and (B) NAV. |
Business Updates
-
On
August 30, 2019 , the Company entered into a Fourth Amendment to the Second Amended and Restated Senior Secured Revolving Credit Facility which (i) permanently reduces the aggregate amount of multicurrency commitments under the Credit Facility from$400,000,000 to $340,000,000 and (ii) reduces the amount of shareholders’ equity required under the Credit Facility from$450,000,000 plus 25% of net proceeds from the sale of equity interests to$375,000,000 plus 25% of net proceeds from the sale of equity interests afterAugust 30, 2019 . -
The non-core legacy asset book comprised 18% of our total portfolio by fair market value as of
September 30, 2019 , an improvement from 28% at the end of the prior quarter. This includes 13% in income-producing investments, 1% in non-earning equities and 4% in non-accrual investments by fair market value. Our investments inAGY Holding ,Red Apple , US Well Services and related issuers comprise 53% of the non-core book by fair market value. -
Under our existing share repurchase program, during the third quarter of 2019, no shares were repurchased. Cumulative repurchases since
BlackRock entered into the investment management agreement with the Company in early 2015 totals approximately 7.3 million shares for$50.4 million , representing 80.4% of total share repurchase activity, on a dollar basis, since inception. Since the inception of our share repurchase program throughSeptember 30, 2019 , we have purchased approximately 9.0 million shares at an average price of$6.94 per share, including brokerage commissions, for a total of$62.7 million . As ofSeptember 30, 2019 , 3,320,309 shares remained authorized for repurchase. OnOctober 29, 2019 , the Company’s Board of Directors renewed the authorization for the Company to purchase up to a total of 5,000,000 shares, effective until the earlier ofNovember 3, 2020 or such time that all of the authorized shares have been repurchased. Also onOctober 29, 2019 , the 3,320,309 shares unpurchased from theOctober 30, 2018 authorization expired. -
On
October 29, 2019 , the Company’s Board of Directors approved the application of the modified asset coverage requirement set forth in Section 61(a)(2) of the Investment Company Act, as amended by the Small Business Credit Availability Act (“SBCAA”). As a result, effective onOctober 29, 2020 (unless the Company receives earlier stockholder approval), the Company’s asset coverage requirement will be reduced from 200% to 150%. Additionally, upon the effectiveness of the reduced asset coverage ratio onOctober 29, 2020 (or earlier if stockholder approval is obtained), the Advisor intends to reduce the annual rate of its base management fees charged to the Company from 1.75% to 1.50%, with a further reduction to 1.00% on assets that exceed 200% of NAV. Simultaneous with such reduction in base management fee rate, the Advisor intends to reduce (i) the rate of incentive fee based on income other than capital gains from 20% over a 7% annualized hurdle rate to 17.5% over a 7% annualized hurdle rate and (ii) the rate of incentive fee based on capital gains from 20% to 17.5%.
Portfolio and Investment Activity*
($’s in millions) |
Three Months
|
Three Months
|
Three Months
|
|||
|
|
|
|
|
|
|
Investment deployments |
$66.8 |
|
$105.6 |
|
$70.7 |
|
Investment exits |
$37.4 |
|
$45.6 |
|
$74.5 |
|
Number of portfolio company investments at the end of period |
43 |
|
38 |
|
28 |
|
Weighted average yield of debt and income producing equity securities, at fair market value |
11.0% |
|
11.7% |
|
11.2% |
|
% of Portfolio invested in Secured debt, at fair market value |
57% |
|
53% |
|
49% |
|
% of Portfolio invested in Unsecured debt, at fair market value |
21% |
|
21% |
|
21% |
|
% of Portfolio invested in Equity, at fair market value |
22% |
|
26% |
|
30% |
|
Average investment by portfolio company, at amortized cost (excluding investments below $5.0 million) |
$22.8 |
|
$25.0 |
|
$34.1 |
|
*Balance sheet amounts above are as of period end |
-
We deployed
$66.8 million during the quarter while exits of investments totaled$37.4 million , resulting in a$29.4 million net increase in our portfolio due to investment activity.-
Our deployments consisted of five new portfolio companies and six investments into existing portfolio companies, which primarily consisted of the following five new portfolio company investments and one existing portfolio company investment:
-
$17.5 million funded L + 7.00% first lien term loan toJuul Labs, Inc. , an electronic cigarette company; -
$15.3 million funded L + 6.75% first lien term loan toWH Buyer, LLC , a retail brand that sells women’s apparel; -
$7.8 million funded L + 8.43% first lien term loan toWinshuttle, LLC , a provider of data automation and data process management; -
$7.3 million funded L + 7.75% second lien term loan toBluefin Holding, LLC , a provider of software solutions for asset managers; -
$4.5 million funded L + 6.00% first lien term loan (with a$0.5 million unfunded revolving term loan) toSandata Technologies, LLC , a provider of home care solutions; and -
$4.7 million of incremental L + 8.09% first lien term loan to Diamondback Acquisition.
-
-
Our repayments were primarily concentrated in significant reduction in credit exposure in one non-core legacy portfolio company:
-
Full exit of our second lien debt and equity investments in
Vertellus Holdings, LLC orV Global LLC (“Vertellus”) and the partial sale of first lien debt investment in Vertellus, resulting in net proceeds received of approximately$32.0 million .
-
Full exit of our second lien debt and equity investments in
-
Our deployments consisted of five new portfolio companies and six investments into existing portfolio companies, which primarily consisted of the following five new portfolio company investments and one existing portfolio company investment:
-
Our
$96.3 million equity investment inBCIC Senior Loan Partners (“SLP”) is generating a yield of greater than 11%. Total committed capital and outstanding investments, at par, amounted to$296.0 million and$290.9 million , respectively, to 24 borrowers. During the third quarter, SLP made incremental investments to two existing portfolio companies totaling$1.2 million , which consisted of investment from capital commitments pertaining to delayed draw and revolving loans. During the third quarter, SLP’s exits and repayments were approximately$13.9 million , which primarily consisted of an exit to our investment inNew Era Technology, Inc. , and partial disposition of our investment inF.M.I. Intermediate Holdings, LLC . -
As of
September 30, 2019 , there were four non-accrual investment positions, representing approximately 4.3% and 7.6% of total debt and preferred stock investments, at fair value and cost, respectively, as compared to non-accrual investment positions of approximately 1.6% and 7.1% of total debt and preferred stock investments at fair value and cost, respectively, atDecember 31, 2018 . Our average internal investment rating at fair market value atSeptember 30, 2019 was 1.38 as compared to 1.43 as of the prior quarter end. -
During the quarter ended
September 30, 2019 , net realized and unrealized losses were$22.3 million , primarily due to depreciation in portfolio valuations during the quarter. Legacy non-core assets in the portfolio contributed to 85% of this loss.
Third Quarter Financial Updates
-
NII was
$9.6 million , or$0.14 per share, for the three months endedSeptember 30, 2019 . Relative to distributions declared of$0.14 per share, our NII distribution coverage was 100% for the quarter. -
For the quarter ended
September 30, 2019 , we incurred base management fees of$3.2 million , and incentive management fees based on income of$2.1 million , of which our advisor has voluntarily and partially waived incentive fees of$1.2 million , resulting in net incentive fees of$0.9 million for the period. The payment of the$0.9 million net incentive fees based on income was deferred pursuant to our investment management agreement. Including this voluntary partial waiver,$22.2 million of incentive management fees have been waived on a cumulative basis. For incentive management fees based on gains, there was no accrual or payment as ofSeptember 30, 2019 . -
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
September 30, 2019 , we had$3.4 million in cash and cash equivalents and$202.1 million of availability under our credit facility, subject to leverage restrictions, resulting in approximately$205.5 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, was 0.61x at quarter-end, and our 258% asset coverage ratio provided the Company with available debt capacity under its asset coverage requirements of
$163.0 million . Further, as of quarter-end, approximately 78% of our assets were invested in qualifying assets, exceeding the 70% regulatory requirement of a business development company.
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 (http://www.blackrockbkcc.com/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, and by making direct preferred, common and other equity investments in such companies.
BlackRock Capital Investment Corporation Consolidated Statements of Assets and Liabilities |
||||
|
September 30, 2019 |
December 31, 2018 |
||
Assets |
|
|
|
|
Investments at fair value: |
|
|
|
|
Non-controlled, non-affiliated investments (cost of $368,883,039 and $233,331,450) |
$355,908,897 |
|
$200,569,644 |
|
Non-controlled, affiliated investments (cost of $68,533,450 and $130,892,674) |
26,915,558 |
|
111,727,234 |
|
Controlled investments (cost of $383,997,209 and $388,870,375) |
343,107,836 |
|
359,356,068 |
|
Total investments at fair value (cost of $821,413,698 and $753,094,499) |
725,932,291 |
|
671,652,946 |
|
Cash and cash equivalents |
3,407,997 |
|
13,497,320 |
|
Receivable for investments sold |
585,968 |
|
1,691,077 |
|
Interest, dividends and fees receivable |
10,553,452 |
|
4,084,001 |
|
Prepaid expenses and other assets |
2,170,461 |
|
2,707,036 |
|
Total Assets |
$742,650,169 |
|
$693,632,380 |
|
Liabilities |
|
|
|
|
Debt (net of deferred financing costs of $2,533,696 and $3,227,965) |
$276,120,037 |
|
$186,397,728 |
|
Interest and credit facility fees payable |
2,674,247 |
|
722,841 |
|
Distributions payable |
9,637,075 |
|
12,552,212 |
|
Base management fees payable |
3,230,147 |
|
3,494,520 |
|
Incentive fee payable |
872,695 |
|
— |
|
Payable for investments purchased |
— |
|
989,460 |
|
Accrued administrative services |
330,073 |
|
376,507 |
|
Other accrued expenses and payables |
2,965,956 |
|
2,078,958 |
|
Total Liabilities |
295,830,230 |
|
206,612,226 |
|
Net Assets |
|
|
|
|
Common stock, par value $.001 per share, 200,000,000 common shares authorized, |
|
|
|
|
77,861,287 and 77,861,287 issued and 68,836,255 and 68,921,798 outstanding |
77,861 |
|
77,861 |
|
Paid-in capital in excess of par |
853,248,794 |
|
853,248,794 |
|
Distributable earnings (losses) |
(343,837,461) |
|
(304,106,473) |
|
Treasury stock at cost, 9,025,032 and 8,939,489 shares held |
(62,669,255) |
|
(62,200,028) |
|
Total Net Assets |
446,819,939 |
|
487,020,154 |
|
Total Liabilities and Net Assets |
$742,650,169 |
|
$693,632,380 |
|
Net Asset Value Per Share |
$6.49 |
|
$7.07 |
|
BlackRock Capital Investment Corporation
|
||||||||
|
|
Three Months Ended September 30, 2019 |
|
Three Months Ended September 30, 2018 |
|
Nine Months Ended September 30, 2019 |
|
Nine Months Ended September 30, 2018 |
Investment Income: |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
Cash interest income |
|
$8,167,397 |
|
$6,355,510 |
|
$20,922,567 |
|
$21,680,075 |
PIK interest income |
|
362,757 |
|
285,387 |
|
858,865 |
|
285,387 |
Fee income |
|
441,537 |
|
314,103 |
|
1,354,283 |
|
1,062,810 |
Total investment income from non-controlled, non-affiliated investments |
|
8,971,691 |
|
6,955,000 |
|
23,135,715 |
|
23,028,272 |
Non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
Cash interest income |
|
937,710 |
|
2,341,479 |
|
3,364,592 |
|
7,464,526 |
PIK interest income |
|
114,221 |
|
719,007 |
|
128,622 |
|
1,409,967 |
PIK dividend income |
|
— |
|
193,227 |
|
220,480 |
|
573,379 |
Fee income |
|
1,604 |
|
— |
|
1,604 |
|
35,000 |
Total investment income from non-controlled, affiliated investments |
|
1,053,535 |
|
3,253,713 |
|
3,715,298 |
|
9,482,872 |
Controlled investments: |
|
|
|
|
|
|
|
|
Cash interest income |
|
4,967,220 |
|
6,608,904 |
|
17,727,023 |
|
17,425,381 |
PIK interest income |
|
1,057,151 |
|
191,253 |
|
2,017,417 |
|
1,474,466 |
Cash dividend income |
|
3,878,092 |
|
3,678,572 |
|
12,172,960 |
|
10,295,858 |
PIK dividend income |
|
— |
|
— |
|
— |
|
731,516 |
Fee income |
|
3,199 |
|
321,463 |
|
128,299 |
|
711,788 |
Total investment income from controlled investments |
|
9,905,662 |
|
10,800,192 |
|
32,045,699 |
|
30,639,009 |
Other income |
|
25,296 |
|
— |
|
30,371 |
|
— |
Total investment income |
|
19,956,184 |
|
21,008,905 |
|
58,927,083 |
|
63,150,153 |
Expenses: |
|
|
|
|
|
|
|
|
Base management fees |
|
3,230,146 |
|
3,481,000 |
|
9,173,908 |
|
10,644,268 |
Incentive management fees |
|
2,101,954 |
|
2,497,266 |
|
6,628,725 |
|
6,153,967 |
Interest and credit facility fees |
|
4,312,944 |
|
3,743,694 |
|
11,466,706 |
|
11,441,909 |
Professional fees |
|
814,820 |
|
212,430 |
|
1,783,336 |
|
1,564,350 |
Administrative services |
|
330,072 |
|
355,238 |
|
1,031,012 |
|
1,326,216 |
Director fees |
|
185,250 |
|
181,000 |
|
553,250 |
|
546,000 |
Investment advisor expenses |
|
87,500 |
|
87,500 |
|
262,500 |
|
262,500 |
Other |
|
485,682 |
|
461,711 |
|
1,512,742 |
|
1,717,928 |
Total expenses, before incentive management fee waiver |
|
11,548,368 |
|
11,019,839 |
|
32,412,179 |
|
33,657,138 |
Incentive management fee waiver |
|
(1,229,259) |
|
(2,497,266) |
|
(5,756,030) |
|
(6,153,967) |
Expenses, net of incentive management fee waiver |
|
10,319,109 |
|
8,522,573 |
|
26,656,149 |
|
27,503,171 |
Net Investment Income |
|
9,637,075 |
|
12,486,332 |
|
32,270,934 |
|
35,646,982 |
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss): |
|
|
|
|
|
|
|
|
Net realized gain (loss): |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
— |
|
488,772 |
|
(23,395,840) |
|
(46,107,825) |
Non-controlled, affiliated investments |
|
(76,161) |
|
— |
|
(345,387) |
|
— |
Controlled investments |
|
— |
|
(2,644,230) |
|
— |
|
(28,759,662) |
Net realized gain (loss) |
|
(76,161) |
|
(2,155,458) |
|
(23,741,227) |
|
(74,867,487) |
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
(1,013,109) |
|
(4,724,274) |
|
20,131,296 |
|
24,416,981 |
Non-controlled, affiliated investments |
|
(13,565,504) |
|
1,795,922 |
|
(22,796,087) |
|
16,952,593 |
Controlled investments |
|
(7,594,669) |
|
12,895,555 |
|
(11,375,067) |
|
23,540,227 |
Foreign currency translation |
|
(79,775) |
|
116,642 |
|
197,292 |
|
(208,413) |
Net change in unrealized appreciation (depreciation) |
|
(22,253,057) |
|
10,083,845 |
|
(13,842,566) |
|
64,701,388 |
Net realized and unrealized gain (loss) before taxes |
|
(22,329,218) |
|
7,928,387 |
|
(37,583,793) |
|
(10,166,099) |
Deferred taxes |
|
— |
|
(409,765) |
|
— |
|
(2,220,156) |
Net realized and unrealized gain (loss) after taxes |
|
(22,329,218) |
|
7,518,622 |
|
(37,583,793) |
|
(12,386,255) |
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
$(12,692,143) |
|
$20,004,954 |
|
$(5,312,859) |
|
$23,260,727 |
Net Investment Income Per Share—basic |
|
$0.14 |
|
$0.18 |
|
$0.47 |
|
$0.50 |
Earnings (Loss) Per Share—basic |
|
$(0.18) |
|
$0.28 |
|
$(0.08) |
|
$0.32 |
Average Shares Outstanding—basic |
|
68,836,255 |
|
71,008,615 |
|
68,836,702 |
|
71,892,278 |
Net Investment Income Per Share—diluted |
|
$0.14 |
|
$0.17 |
|
$0.45 |
|
$0.48 |
Earnings (Loss) Per Share—diluted |
|
$(0.18) |
|
$0.25 |
|
$(0.08) |
|
$0.32 |
Average Shares Outstanding—diluted |
|
85,829,992 |
|
88,002,352 |
|
85,830,439 |
|
88,886,015 |
Distributions Declared Per Share |
|
$0.14 |
|
$0.18 |
|
$0.50 |
|
$0.54 |
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 September 30, 2019 |
Three months ended September 30, 2018 |
Nine months ended September 30, 2019 |
Nine months ended September 30, 2018 |
||||
GAAP Basis: |
|
|
|
|
|
|
|
|
Net Investment Income |
$9,637,075 |
|
$12,486,332 |
|
$32,270,934 |
|
$35,646,982 |
|
Net Investment Income per share |
0.14 |
|
0.18 |
|
0.47 |
|
0.50 |
|
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 |
$10,509,770 |
|
$12,486,332 |
|
$33,143,629 |
|
$35,646,982 |
|
Net Investment Income per share |
0.15 |
|
0.18 |
|
0.48 |
|
0.50 |
|
Less: Incremental incentive management fee expense based on Income net of incentive management fee waiver |
$(872,695) |
|
— |
|
$(872,695) |
|
— |
|
As Adjusted2: |
|
|
|
|
|
|
|
|
Net Investment Income |
$9,637,075 |
|
$12,486,332 |
|
$32,270,934 |
|
$35,646,982 |
|
Net Investment Income per share |
0.14 |
|
0.18 |
|
0.47 |
|
0.50 |
|
Note: The NII amounts for the three and nine months ended September 30, 2019 are net of incentive management fees based on income and an incentive management fee waiver in the amounts of $1,229,259 and $5,756,030, respectively. Additionally, please note that the NII amounts for the three and nine months ended September 30, 2018 are net of incentive management fees based on income and an incentive management fee waiver in the amounts of $2,497,266 and $6,153,967, 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
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/20191030005958/en/
Source:
Investor Contact:
Nik Singhal
212.810.5427
Press Contact:
Brian Beades
212.810.5596