BlackRock Capital Investment Corporation Declares Quarterly Distribution of $0.18 per Share, Announces September 30, 2017 Third Quarter Financial Results
-
GAAP net investment income of
$0.17 per share providing distribution coverage of 92% -
Net asset value (NAV) per share decreased 4.4% or
$0.37 per share from$8.33 to $7.96 per share on a quarter-over-quarter basis -
Net leverage of 0.42x and liquidity of approximately
$390 million , subject to leverage and borrowing base restrictions -
Actively managed liabilities in the third quarter having purchased
approximately
$60 million in aggregate principal amount of its$115 million convertible notes due 2018 pursuant to a cash tender.
“Our NII was negatively impacted this quarter by increased interest
expense from having two convertible notes outstanding, resulting in less
than full coverage of our distribution. We anticipate the pro forma
interest expense to normalize once the remaining convertible notes due
in
“It remains an issuer friendly loan market with tighter pricing, higher
leverage levels and weaker structures. As such, we continue to be highly
selective in new investment opportunities, and continue to increase our
investment into
“During the third quarter, we purchased approximately
Financial Highlights
Q3 2017 | Q2 2017 | Q3 2016 | ||||||||||||||||||||||||||||||||
Total | Per | Total | Per | Total | Per | |||||||||||||||||||||||||||||
($'s in millions, except per share data) | Amount | Share | Amount | Share | Amount | Share | ||||||||||||||||||||||||||||
Net Investment Income/(loss) | $ | 12.1 | $ | 0.17 | $ | 13.9 | $ | 0.19 | $ | (2.1 | ) | $ | (0.03 | ) | ||||||||||||||||||||
Net realized and unrealized gains/(losses) | $ | (19.3 | ) | $ | (0.27 | ) | $ | 3.1 | $ | 0.04 | $ | (36.9 | ) | $ | (0.51 | ) | ||||||||||||||||||
Deferred taxes | $ | (5.3 | ) | $ | (0.07 | ) | — | — | — | — | ||||||||||||||||||||||||
Realized losses on extinguishment of debt | $ | (1.3 | ) | $ | (0.02 | ) | — | — | — | — | ||||||||||||||||||||||||
Basic earnings/(loss) | $ | (13.8 | ) | $ | (0.19 | ) | $ | 17.0 | $ | 0.23 | $ | (39.1 | ) | $ | (0.54 | ) | ||||||||||||||||||
Distributions declared | $ | 13.1 | $ | 0.18 | $ | 13.1 | $ | 0.18 | $ | 15.2 | $ | 0.21 | ||||||||||||||||||||||
Net Investment Income/(loss), as adjusted1 | $ | 12.1 | $ | 0.17 | $ | 13.9 | $ | 0.19 | $ | (2.1 | ) | $ | (0.03 | ) | ||||||||||||||||||||
Basic earnings/(loss), as adjusted1 |
$ | (13.8 | ) | $ | (0.19 | ) | $ | 17.0 | $ | 0.23 | $ | (39.1 | ) | $ | (0.54 | ) |
As of | As of | As of | As of | |||||||||||||||||
September 30, | June 30, | December 31, | September 30, | |||||||||||||||||
($'s in millions, except per share data) | 2017 | 2017 | 2016 | 2016 | ||||||||||||||||
Total assets | $ | 855.0 | $ | 925.0 | $ | 957.1 | $ | 971.3 | ||||||||||||
Investment portfolio, at fair market value | $ | 833.9 | $ | 893.3 | $ | 931.1 | $ | 946.6 | ||||||||||||
Debt outstanding | $ | 246.1 | $ | 295.5 | $ | 335.7 | $ | 321.4 | ||||||||||||
Total net assets | $ | 581.5 | $ | 607.5 | $ | 596.3 | $ | 608.1 | ||||||||||||
Net asset value per share | $ | 7.96 | $ | 8.33 | $ | 8.21 | $ | 8.38 | ||||||||||||
Net leverage ratio2 |
0.42x | 0.47x | 0.55x | 0.55x |
1 Non-GAAP basis financial measure. See Supplemental Information on page 8.
2 Calculated less available cash and receivable for investments sold, plus payable for investments purchased and unamortized debt issuance costs.
Business Updates
-
On
September 26, 2017 , the Company purchased approximately$60.0 million in aggregate principal amount of its existing$115.0 million 5.50% unsecured convertible senior notes due 2018 (the “Convertible Notes”) pursuant to a cash tender offer at a purchase price equal to$1,015 per$1,000 principal amount of notes purchased, plus accrued and unpaid interest, using borrowings under the Credit Facility and cash on hand. All Convertible Notes purchased in the tender offer were retired and cancelled, and are no longer outstanding under the indenture. The aggregate purchase price of the Convertible Notes was approximately$60.9 million . The net carrying amount of the Convertible Notes at the time of purchase was approximately$59.8 million , net of unamortized debt issuance costs and unamortized discount. The difference between the reacquisition price and the net carrying amount of the Convertible Notes was recorded in the accompanying Consolidated Statements of Operations as a$1.3 million loss on extinguishment of debt. -
Since the inception of our share repurchase program through
September 30, 2017 , we have purchased 4.6 million shares at an average price of$7.98 per share, including brokerage commissions, for a total of$36.3 million . There were no share repurchases during the first nine months of 2017. The cumulative repurchases sinceBlackRock Advisors, LLC entered into the investment management agreement with the Company totaled approximately 2.8 million shares for$24.0 million , representing 66% of total share repurchase activity, on a dollar basis, since inception. InMay 2017 , our Board of Directors approved an increase to the remaining amount of shares authorized to be repurchased to a total of 2.5 million shares effectiveJuly 1, 2017 , and an extension to the plan until the earlier of June 30, 2018 or such time that all of the authorized shares have been repurchased. Accordingly, as ofSeptember 30, 2017 , the Company had 2.5 million shares authorized for repurchase.
Portfolio and Investment Activity*
($ in millions)
Three months ended September 30, 2017 |
Three months ended June 30, 2017 |
Three months ended September 30, 2016 |
||||||||||||||||
Commitments | $ | 34.9 | $ | 22.8 | $ | 43.8 | ||||||||||||
Investment exits | $ | 75.7 | $ | 72.0 | $ | 73.6 | ||||||||||||
Number of portfolio company investments at the end of period | 32 | 34 | 38 | |||||||||||||||
Weighted average yield of debt and income producing equity securities, at fair market value | 10.8 | % | 11.3 | % | 11.4 | % | ||||||||||||
% of Portfolio invested in Secured debt, at fair market value | 59 | % | 64 | % | 69 | % | ||||||||||||
% of Portfolio invested in Unsecured debt, at fair market value | 17 | % | 17 | % | 16 | % | ||||||||||||
% of Portfolio invested in Equity, at fair market value | 24 | % | 19 | % | 15 | % | ||||||||||||
Average investment by portfolio company, at amortized cost (excluding investments below $5.0 million) | $ | 34.1 | $ | 33.0 | $ | 32.6 |
*balance sheet amounts above are as of period end
-
We invested
$34.9 million during the quarter while sales, repayments and other exits of investments totaled$75.7 million , resulting in a$40.8 million net decrease in our portfolio due to investment activity. Approximately 90% of our deployments during the quarter were represented by three portfolio companies: (i) a$15.0 million L+7.00% second lien term loan toMidwest Physician Administrative Services, LLC , the largest independent, for-profit, multi-specialty physician group in the U.S., (ii)$9.3 million of incremental equity toSenior Loan Partners and (iii)$7.1 million of incremental L+11.00% unsecured debt toGordon Brothers Finance Company . 98% of proceeds from exits during the quarter were also represented by three transactions: (i) a par repayment of our$32.5 million Recorded Books second lien term loan, (ii) a par repayment of our$32.2 million Water Pik, Inc. second lien term loan and (iii) a par repayment totaling$9.5 million across our first and second lien term loans toSOURCEHOV, LLC , with the second lien being repaid at premium due to contractual call protection. -
Our
$66 million equity investment inSenior Loan Partners , as ofSeptember 30, 2017 , is now generating a yield of approximately 11%.Senior Loan Partners made investments into four new portfolio companies and two existing portfolio companies totaling$47.6 million of new capital deployments during the quarter, bringing committed and outstanding amounts to$209.7 million and$196.9 million , respectively, and a total of 19 borrowers. The four new investments at par are (i) a$12.5 million first lien term loan toService Logic Acquisition, Inc. , a leading independent provider of aftermarket repair and maintenance services for commercial heating, ventilation, and air conditioning (“HVAC”) equipment, (ii) a$10.0 million first lien term loan toGolden West Packaging Group LLC , a vertically integrated provider of customized paper packaging solutions including corrugated boxes, point-of purchase displays, folding cartons, and other retail ready packaging products primarily serving the food, produce, beverage, and wine industries, (iii) a$5.8 million first lien term loan and a$9.2 million delayed draw term loan toAccruent, LLC , a real estate and facilities management software platform serving customers across end markets including retail, telecom, corporate, healthcare, and education, among others, and (iv) a$12.0 million first lien term loan toGive and Go Prepared Foods Corp. , a leading manufacturer of Thaw & Sell sweet baked goods that caters to retailers and foodservice operators acrossCanada and the U.S. -
As of
September 30, 2017 , two investments were in non-accrual status, which were 2.7% of our total debt investments at fair market value, and 8.9% at amortized cost, compared with zero last quarter. Our average internal investment rating at fair market value atSeptember 30, 2017 was 1.30 as compared to 1.34 as ofJune 30, 2017 . -
Net unrealized depreciation on investments (before tax) increased
$19.3 million during the current quarter, bringing total balance sheet unrealized depreciation on investments (before tax) to$57.1 million . During the quarter, gross unrealized appreciation on investments of$24.6 million was offset by$42.8 million of gross unrealized depreciation on investments, for a net$18.2 million of depreciation due to portfolio valuations.
Third Quarter Financial Updates
-
GAAP net investment income (“NII”) was
$12.1 million , or$0.17 per share, for the three months endedSeptember 30, 2017 . Relative to distributions declared of$0.18 per share, our NII distribution coverage was 92% for the quarter. -
Fee income earned on prepayments, commitments and administration
during the current quarter totaled
$0.2 million , as compared to$0.1 million earned during the preceding quarter, and$0.5 million earned during the prior year quarter. Excluding (i) fee income and (ii) a$0.6 million insurance reimbursement in the preceding quarter related to a previously disclosed legal settlement, total investment income decreased approximately 8% compared to the prior quarter, and decreased approximately 12% as compared to this quarter one year ago. -
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 three months endedSeptember 30, 2017 ,$1.5 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 have been waived by our investment adviser. The cumulative amount of such incentive management fees waived sinceMarch 7, 2017 is$5.1 million . During the quarter, there was no accrual for incentive management fees based on gains. The total cumulative accrued balance atSeptember 30, 2017 was zero. -
As compared to the same 2016 period, our nine-month 2017 weighted
average cost of debt increased 131 bps to 5.66%. The increase was
primarily driven by a number of factors including (i) make-whole
interest incurred in connection with the early repayment of our
$17.0 million 6.60% Notes and$15.0 million Term Loan during the second quarter of 2017, (ii) lower average debt balances outstanding on our revolving credit facility and higher average debt balances outstanding on our convertible notes due 2022 as a percentage of total debt and (iii) higher Libor rates for the current period. -
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. A tax provision for income, if any, is shown as
income tax in the Consolidated Statements of Operations for the
Company. A tax provision for realized and unrealized gains is included
as a reduction of realized and/or unrealized gain (loss) in the
Consolidated Statement of Operations for the Company. For the three
and nine months ended
September 30, 2017 , unrealized gains in a consolidated taxable subsidiary resulted in a deferred tax liability of$5.3 million . -
Tax characteristics of all 2016 distributions were reported to
stockholders on Form 1099 after the end of the calendar year. Our 2016
tax distributions of
$0.73 per share were comprised of ordinary income. Our return of capital distributions since inception totaled$1.96 per share. 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 2016. For more information on our GAAP distributions, please refer to the Section 19 Notice that may be posted within the Distribution History section of our website.
Liquidity and Capital Resources
-
At
September 30, 2017 , we had$4.9 million in cash and cash equivalents and$384.0 million of availability under our credit facility, subject to leverage and borrowing base restrictions, resulting in approximately$320 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 0.42x at quarter-end, and our 327% asset coverage
ratio provided the Company with available debt capacity under its
asset coverage requirements of
$323.3 million . Further, as of quarter-end, 84% 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 (Unaudited) |
||||||||||||
September 30, 2017 |
December 31, 2016 |
|||||||||||
Assets | ||||||||||||
Investments at fair value: | ||||||||||||
Non-controlled, non-affiliated investments (cost of $401,425,876 and $586,176,755) | $ | 359,235,751 | $ | 512,308,390 | ||||||||
Non-controlled, affiliated investments (cost of $169,685,526 and $112,640,458) | 189,763,171 | 109,342,171 | ||||||||||
Controlled investments (cost of $318,562,249 and $322,768,014) | 284,855,827 | 309,472,929 | ||||||||||
Total investments at fair value (cost of $889,673,651 and $1,021,585,227) | 833,854,749 | 931,123,490 | ||||||||||
Cash and cash equivalents | 4,919,845 | 10,707,834 | ||||||||||
Receivable for investments sold | 1,534,194 | 449,578 | ||||||||||
Interest, dividends and fees receivable | 11,287,584 | 10,750,723 | ||||||||||
Prepaid expenses and other assets | 3,445,086 | 4,035,866 | ||||||||||
Total Assets | $ | 855,041,458 | $ | 957,067,491 | ||||||||
Liabilities | ||||||||||||
Debt | 246,142,078 | 335,667,906 | ||||||||||
Interest payable | 2,555,811 | 3,041,680 | ||||||||||
Distributions payable | 13,149,409 | 15,262,010 | ||||||||||
Deferred tax liability | 5,257,916 | — | ||||||||||
Base management fees payable | 3,993,673 | 4,860,614 | ||||||||||
Accrued administrative services | 318,686 | — | ||||||||||
Other accrued expenses and payables | 2,145,898 | 1,914,912 | ||||||||||
Total Liabilities | 273,563,471 | 360,747,122 | ||||||||||
Net Assets | ||||||||||||
Common stock, par value $.001 per share, 200,000,000 common shares authorized, 77,604,226 and 77,228,207 issued and 73,052,261 and 72,676,242 outstanding | 77,604 | 77,228 | ||||||||||
Paid-in capital in excess of par | 884,286,013 | 877,300,709 | ||||||||||
Undistributed / (Distributions in excess of) net investment income | (6,773,637 | ) | (7,965,655 | ) | ||||||||
Accumulated net realized loss on investments and extinguishment of debt | (197,419,370 | ) | (144,527,577 | ) | ||||||||
Net unrealized (depreciation), net of tax | (62,389,802 | ) | (92,261,515 | ) | ||||||||
Treasury stock at cost, 4,551,965 and 4,551,965 shares held | (36,302,821 | ) | (36,302,821 | ) | ||||||||
Total Net Assets | 581,477,987 | 596,320,369 | ||||||||||
Total Liabilities and Net Assets | $ | 855,041,458 | $ | 957,067,491 | ||||||||
Net Asset Value Per Share | $ | 7.96 | $ | 8.21 |
BlackRock Capital Investment Corporation Consolidated Statements of Operations (Unaudited) |
Three months | Three months | Nine months | Nine months | ||||||||||||||||||||
ended | ended | ended | ended | |||||||||||||||||||||
September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | |||||||||||||||||||||
Investment Income: | ||||||||||||||||||||||||
Cash interest income: | ||||||||||||||||||||||||
Non-controlled, non-affiliated investments | $ | 9,312,179 | $ | 15,212,159 | $ | 32,845,636 | $ | 55,010,376 | ||||||||||||||||
Non-controlled, affiliated investments | 2,598,036 | 1,253,797 | 7,585,744 | 3,885,738 | ||||||||||||||||||||
Controlled investments | 4,979,940 | 5,259,605 | 14,595,478 | 14,388,693 | ||||||||||||||||||||
Total cash interest income | 16,890,155 | 21,725,561 | 55,026,858 | 73,284,807 | ||||||||||||||||||||
PIK interest income: | ||||||||||||||||||||||||
Non-controlled, non-affiliated investments | 146,950 | 1,927,154 | 3,137,866 | 5,608,632 | ||||||||||||||||||||
Non-controlled, affiliated investments | 952,864 | — | 3,067,974 | — | ||||||||||||||||||||
Controlled investments | 143,484 | — | 1,319,917 | — | ||||||||||||||||||||
Total PIK interest income | 1,243,298 | 1,927,154 | 7,525,757 | 5,608,632 | ||||||||||||||||||||
Fee income: | ||||||||||||||||||||||||
Non-controlled, non-affiliated investments | 164,464 | 356,760 | 505,141 | 5,221,054 | ||||||||||||||||||||
Non-controlled, affiliated investments | — | — | 349,916 | — | ||||||||||||||||||||
Controlled investments | — | 167,950 | 25,000 | 237,372 | ||||||||||||||||||||
Total fee income | 164,464 | 524,710 | 880,057 | 5,458,426 | ||||||||||||||||||||
Cash dividend income: | ||||||||||||||||||||||||
Non-controlled, non-affiliated investments | — | — | 404,780 | — | ||||||||||||||||||||
Controlled investments | 2,849,738 | 955,933 | 6,358,240 | 2,153,954 | ||||||||||||||||||||
Total cash dividend income | 2,849,738 | 955,933 | 6,763,020 | 2,153,954 | ||||||||||||||||||||
PIK dividend income: | ||||||||||||||||||||||||
Non-controlled, non-affiliated investments | — | 188,017 | 65,944 | 586,219 | ||||||||||||||||||||
Non-controlled, affiliated investments | 1,613,379 | 608,970 | 2,079,524 | 1,691,344 | ||||||||||||||||||||
Controlled investments | — | 208,729 | — | 621,649 | ||||||||||||||||||||
Total PIK dividend income | 1,613,379 | 1,005,716 | 2,145,468 | 2,899,212 | ||||||||||||||||||||
Other Income | — | — | 590,429 | — | ||||||||||||||||||||
Total investment income | 22,761,034 | 26,139,074 | 72,931,589 | 89,405,031 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Legal settlement | — | 17,500,000 | — | 17,500,000 | ||||||||||||||||||||
Base management fees | 3,993,673 | 5,188,115 | 12,656,877 | 16,600,294 | ||||||||||||||||||||
Interest and credit facility fees | 4,808,533 | 3,831,364 | 14,056,698 | 12,641,384 | ||||||||||||||||||||
Incentive management fees | 1,493,619 | — | 5,076,662 | — | ||||||||||||||||||||
Professional fees | 323,949 | 575,000 | 1,681,342 | 1,679,000 | ||||||||||||||||||||
Administrative services | 292,767 | 281,099 | 924,226 | 1,037,039 | ||||||||||||||||||||
Director fees | 157,500 | 160,250 | 475,249 | 521,750 | ||||||||||||||||||||
Investment advisor expenses | 87,504 | 87,500 | 262,505 | 262,500 | ||||||||||||||||||||
Other | 957,192 | 646,737 | 2,300,180 | 2,208,862 | ||||||||||||||||||||
Total expenses, before incentive management fee waiver | 12,114,737 | 28,270,065 | 37,433,739 | 52,450,829 | ||||||||||||||||||||
Incentive management fee waiver | (1,493,619 | ) | — | (5,076,662 | ) | — | ||||||||||||||||||
Expenses, net of incentive management fee waiver | 10,621,118 | 28,270,065 | 32,357,077 | 52,450,829 | ||||||||||||||||||||
Net Investment Income (Loss) | 12,139,916 | (2,130,991 | ) | 40,574,512 | 36,954,202 | |||||||||||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||||||||
Net realized gain (loss): | ||||||||||||||||||||||||
Non-controlled, non-affiliated investments | 28,990 | (25,059,103 | ) | (53,954,609 | ) | (55,998,664 | ) | |||||||||||||||||
Controlled investments | — | (1,532,024 | ) | 2,375,535 | (1,532,024 | ) | ||||||||||||||||||
Net realized gain (loss) | 28,990 | (26,591,127 | ) | (51,579,074 | ) | (57,530,688 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||
Non-controlled, non-affiliated investments | (22,325,607 | ) | (1,887,748 | ) | 31,678,241 | (53,904,719 | ) | |||||||||||||||||
Non-controlled, affiliated investments | 19,838,552 | (5,478,931 | ) | 23,375,933 | (2,268,111 | ) | ||||||||||||||||||
Controlled investments | (17,130,664 | ) | (2,909,601 | ) | (20,411,338 | ) | (10,413,153 | ) | ||||||||||||||||
Foreign currency translation | 268,222 | (74,783 | ) | 486,793 | 360,432 | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (19,349,497 | ) | (10,351,063 | ) | 35,129,629 | (66,225,551 | ) | |||||||||||||||||
Net realized and unrealized gain (loss) before taxes | (19,320,507 | ) | (36,942,190 | ) | (16,449,445 | ) | (123,756,239 | ) | ||||||||||||||||
Deferred taxes | (5,257,916 | ) | — | (5,257,916 | ) | — | ||||||||||||||||||
Net realized and unrealized gain (loss) after taxes | (24,578,423 | ) | (36,942,190 | ) | (21,707,361 | ) | (123,756,239 | ) | ||||||||||||||||
Realized losses on extinguishment of debt | (1,312,719 | ) | — | (1,312,719 | ) | — | ||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (13,751,226 | ) | $ | (39,073,181 | ) | $ | 17,554,432 | $ | (86,802,037 | ) | |||||||||||||
Net Investment Income Per Share | ||||||||||||||||||||||||
Basic | $ | 0.17 | $ | (0.03 | ) | $ | 0.56 | $ | 0.51 | |||||||||||||||
Diluted | $ | 0.16 | $ | (0.03 | ) | $ | 0.54 | $ | 0.51 | |||||||||||||||
Earnings (Loss) Per Share | ||||||||||||||||||||||||
Basic | $ | (0.19 | ) | $ | (0.54 | ) | $ | 0.24 | $ | (1.19 | ) | |||||||||||||
Diluted | $ | (0.19 | ) | $ | (0.54 | ) | $ | 0.24 | $ | (1.19 | ) | |||||||||||||
Average Shares Outstanding | ||||||||||||||||||||||||
Basic | 73,049,648 | 72,554,128 | 72,928,772 | 72,786,313 | ||||||||||||||||||||
Diluted | 73,049,648 | 72,554,128 | 72,928,772 | 72,786,313 | ||||||||||||||||||||
Distributions Declared Per Share | $ | 0.18 | $ | 0.21 | $ | 0.54 | $ | 0.63 |
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 2017 |
Three months ended 2016 |
Nine months ended 2017 |
Nine months ended 2016 |
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GAAP Basis: | |||||||||||||||||||||
Net Investment Income | $ | 12,139,916 | $ | (2,130,991 | ) | $ | 40,574,512 | $ | 36,954,202 | ||||||||||||
Net Investment Income per share | 0.17 | (0.03 | ) | 0.56 | 0.51 | ||||||||||||||||
Addback: GAAP incentive management fee expense based on Gains | — | — | — | — | |||||||||||||||||
Addback: GAAP incentive management fee expense based on Income | — | — | — | — | |||||||||||||||||
Pre-Incentive Fee1: | |||||||||||||||||||||
Net Investment Income | $ | 12,139,916 | $ | (2,130,991 | ) | $ | 40,574,512 | $ | 36,954,202 | ||||||||||||
Net Investment Income per share | 0.17 | (0.03 | ) | 0.56 | 0.51 | ||||||||||||||||
Less: Incremental incentive management fee expense based on Income | — | — | — | — | |||||||||||||||||
As Adjusted2: | |||||||||||||||||||||
Net Investment Income | $ | 12,139,916 | $ | (2,130,991 | ) | $ | 40,574,512 | $ | 36,954,202 | ||||||||||||
Net Investment Income per share | 0.17 | (0.03 | ) | 0.56 | 0.51 |
Note: The Net Investment Income 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 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: http://www.businesswire.com/news/home/20171108006336/en/
Source:
BlackRock Capital Investment Corporation
Investor:
Nik
Singhal, 212-810-5427
or
Press:
Brian Beades,
212-810-5596