BlackRock Capital Investment Corporation Reports Financial Results for the Quarter Ended December 31, 2020, Declares Quarterly Cash Distribution of $0.10 per Share
-
GAAP Net Investment Income (“NII”) of
$0.10 per share, or$7.3 million , provided fourth quarter distribution coverage of 101%. -
Net Asset Value (“NAV”) increased to
$315.0 million , up 2.8% from$306.6 million ; NAV per share decreased 0.2% to$4.23 per share from$4.24 per share, primarily due to an increase in total shares outstanding. -
Transformational progress towards reducing junior capital and non-core exposure, successfully exiting
$171 million of these investments during the fourth quarter and subsequent period. As a result, non-core holdings represent just 9%1 of the total portfolio at fair value as ofFebruary 23, 2021 . -
Net leverage of 0.51x as of
December 31, 2020 , down significantly from 0.98x as ofSeptember 30, 2020 , primarily driven by net investment exits during the fourth quarter. -
Total liquidity for portfolio company investments, including cash, was approximately
$285 million , subject to leverage and borrowing base restrictions.
“We are pleased to report continued transformational progress towards our goal of reducing non-core and junior capital exposure in our portfolio,” said
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Portfolio Composition |
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First Lien Debt |
58% |
37% |
34% |
Second Lien Debt |
28% |
25% |
23% |
|
14% |
38% |
43% |
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Portfolio Company Count |
58 |
55 |
47 |
Non-Core Assets |
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Portfolio Company Count3 |
6 |
7 |
9 |
FMV ($ in Millions) |
40 |
53 |
120 |
% of investments, at FMV |
9% |
9% |
16% |
1 Preliminary estimate of portfolio construction as of
2 Includes unsecured/subordinated debt and equity investments.
3 Excludes portfolio companies with zero fair market value.
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$ in Millions |
% |
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Deployments |
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First Lien Debt |
69 |
76% |
Second Lien Debt |
21 |
23% |
Unsecured Debt |
1 |
1% |
Repayments/Exits |
|
|
|
171 |
68% |
Other Core Assets |
80 |
32% |
“The Company has continued to identify strong risk-adjusted return opportunities for capital deployment. Consistent with our strategy, investments have been focused on senior secured debt with an emphasis on first lien loans. We expect the percentage of first lien investments as well as the diversity of the portfolio to further increase as we continue to deploy capital,” added Keenan.
“We are returning to paying an all cash dividend this quarter at a level of
“This strategic progress has resulted in significant repayments and deleveraging, causing portfolio leverage to decline to approximately 0.43x as of
“With the strategic portfolio exits largely behind us, our near-term priorities include optimizing our capital structure, which includes addressing the 2022 and 2023 debt maturities, as well as allocating more capital towards programmatic share repurchases. Additionally, to further bolster NAV, BlackRock has elected to fully waive its incentive fee for the fourth quarter, which totaled
Financial Highlights
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Q4 2020 |
Q3 2020 |
Q4 2019 |
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($'s in millions, except per share data) |
Total
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Per Share |
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Total
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Per Share |
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Total
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Per Share |
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Net Investment Income/(loss) |
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Net realized and unrealized gains/(losses) |
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Basic earnings/(losses) |
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Distributions declared |
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Net Investment Income/(loss), as adjusted1 |
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Basic earnings/(losses), as adjusted1 |
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2020 Totals |
2019 Totals |
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($'s in millions, except per share data) |
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 |
0.51x |
0.98x |
0.70x |
______________________________________
1 Non-GAAP basis financial measure. See Supplemental Information on page 10.
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 for the Fourth Quarter and Subsequent Period
-
Reduced Exposure in Non-core Legacy Portfolio:
-
Our investment in the unsecured debt of
CB-HDT Holdings, Inc. was repaid in full (along with the entire accrued and unpaid PIK interest), resulting in a repayment of$9.4 million to the Company. This investment had a FMV of$8.9 million atSeptember 30, 2020 . -
Red Apple Stores Inc. paid down$6.2 million on its 2nd lien loan to the Company utilizing excess cash on its balance sheet as its financial performance improved significantly during 2020. The FMV of the remaining 2nd lien investment in Red Apple is$14.8 million as ofDecember 31, 2020 . This investment had a FMV of$17.3 million atSeptember 30, 2020 , which was prior to the aforementioned principal reduction. -
As of
February 23 rd, 2021, non-core legacy assets comprised approximately$40 million , or 9% of our total portfolio at fair market value (six portfolio companies), as compared to 9% at the end of the third quarter and 16% at the end of 2019. Of the$40 million , approximately$38 million of non-core positions at FMV consist of income-producing investments across five portfolio companies.
-
Our investment in the unsecured debt of
-
Reduced Exposure in other junior capital:
-
During the fourth quarter,
$87.4 million of repayments were received on the unsecured debt of GBFC. These repayments were driven by (i) the previously disclosed sale of GBFC’s loan portfolio toCallodine Commercial Finance, Inc. and (ii) monetization of an equity warrant position issued by a prior GBFC portfolio company. The FMV of the Company’s remaining unsecured debt of GBFC is$22.9 million asDecember 31, 2020 . This investment had an FMV of$121.8 million atSeptember 30, 2020 which was prior to the aforementioned loan portfolio sale. -
SLP sold a majority of its loan portfolio in the fourth quarter. Following this sale, SLP paid off and terminated its credit facility, and returned
$23.0 million of capital to BCIC in December. Subsequent to year end, SLP partially sold one additional investment and returned an incremental$4 million to BCIC. After these sales, the remaining portfolio of SLP now consists of four portfolio companies with first lien loans with an aggregate FMV of approximately$31 million . BCIC owns 85% of the equity in SLP. -
Investments in the subordinated debt and equity of
First Boston Construction Holdings, LLC were fully repaid subsequent to the end of the fourth quarter resulting in the payment of$38.5 million to the Company. These investments had a FMV of$37.2 million atDecember 31, 2020 .
-
During the fourth quarter,
-
Share Repurchase Program: No shares were repurchased under our existing share repurchase program during the fourth 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 throughDecember 31, 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 . 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. As ofDecember 31, 2020 , 7,500,000 shares remained authorized for repurchase. With several strategic portfolio exits already accomplished, BCIC is increasing the amount of capital allocated towards programmatic share repurchases.
Fourth Quarter Financial Updates
-
NII was
$7.3 million , or$0.10 per share, for the three months endedDecember 31, 2020 . Relative to distributions declared of$0.10 per share, our NII distribution coverage was 101% for the quarter. Total investment income declined by 10.4% compared to previous quarter mainly driven by GBFC unsecured debt being put on non-accrual status during the fourth quarter.
-
NAV increased to
$315.0 million , up 2.8% from$306.6 million as ofSeptember 30, 2020 . NAV per share decreased 0.2% or$(0.01) per share to$4.23 per share on a quarter-over-quarter basis, primarily due to an increase in total shares outstanding.
-
For the quarter ended
December 31, 2020 , we incurred base management fees of$2.3 million , and incentive management fees based on income of$1.3 million . Our advisor has voluntarily waived the incentive fees based on income of$1.3 million , resulting in no net incentive fees for the period. SinceMarch 2017 , the adviser has waived$29.7 million of incentive management fees on a cumulative basis. For incentive management fees based on gains, there was no accrual or payment as ofDecember 31, 2020 .
-
Tax characteristics of all 2020 distributions were reported to stockholders on Form 1099 after the end of the calendar year. Our 2020 distributions included a
$0.12 per share return of capital. Our return of capital distributions totaled$2.11 per share from inception toDecember 31, 2020 . At our discretion, we may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. We will accrue excise tax on estimated undistributed taxable income as required. There was no undistributed taxable income carried forward from 2020.
Portfolio and Investment Activity for the Fourth Quarter and Subsequent Period*
($’s in millions) |
Three Months
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Three Months
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Year
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Year
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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 |
|
47 |
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55 |
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47 |
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Weighted average yield of debt and income producing equity securities, at fair market value |
8.9% |
|
10.9% |
|
8.9% |
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10.9% |
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% of Portfolio invested in Secured debt, at fair market value |
77% |
|
57% |
|
77% |
|
57% |
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% of Portfolio invested in Unsecured debt, at fair market value |
13% |
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22% |
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13% |
|
22% |
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% of Portfolio invested in Equity, at fair market value |
10% |
|
21% |
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10% |
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21% |
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Average investment by portfolio company, at amortized cost
(excluding investments below |
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*Balance sheet amounts and yield information above are as of period end
-
We deployed
$59.9 million during the quarter while exits and repayments totaled$193.2 million , resulting in a$133.3 million net decrease in our portfolio primarily due to progress made in reducing exposure in non-core and other junior capital investments previously mentioned.-
Our deployments primarily consisted of seven new portfolio companies and three investments into existing portfolio companies, which are outlined as follows:
-
New Portfolio Companies
-
$25.0 million L + 9.00% first lien term loan and$8.1 million unfunded delayed draw term loan toCallodine Commercial Finance, LLC , as part of the previously disclosed GBFC transaction; -
$7.8 million L + 6.25% first lien term loan toPaula's Choice Holdings, Inc. , a well-established direct-to-consumer skincare brand; -
$5.8 million L + 9.00% second lien term loan toTeam Services Group, LLC , a leading provider of homecare assistance for the elderly and people with disabilities; -
$4.7 million L + 7.00% first lien term loan and$3.1 million unfunded delayed draw term loan to Thras.io, LLC, a consolidator of small to medium sized brands that sell through Amazon’s third-party platform; -
$4.7 million L + 8.00% second lien term loan toSyndigo, LLC , a provider of digital content and retail optimization solutions for the consumer goods industry; -
$1.8 million L + 6.25% first lien term loan and$0.3 million revolving term loan ($0.1 million unfunded) toIT Parent, LLC , a sales automation software platform designed for insurance carriers and distributors; and -
$1.5 million L + 7.00% first lien term loan and$3.5 million unfunded delayed draw term loan to Sonny’sEnterprises, LLC , a manufacturer and provider of car wash equipment, parts, chemicals and controls software;
-
-
Incremental Investments
-
$3.0 million of incremental L + 6.76% first lien term loan toLive Auctioneers, LLC ; -
$2.3 million of incremental L + 8.50% second lien term loan toAmeriLife Holdings, LLC ; and -
$1.3 million of incremental L + 7.00% second lien term loan toNEP II, Inc.
-
-
New Portfolio Companies
-
Our sales, exits, and repayments were primarily concentrated in seven portfolio company exits, three partial repayments, two partial sales, and one partial return of capital:
-
$87.4 million partial repayment of our unsecured debt in GBFC; -
$23.0 million partial return of capital from our equity investment in SLP; -
$17.5 million full repayment ofVertellus Holdings, LLC first lien term loan; -
$11.9 million full repayment ofCambrex Corporation second lien term loan; -
$9.4 million full repayment ofCB-HDT Holdings, Inc. unsecured debt, a non-core legacy position; -
$9.1 million of proceeds from our partial sale ofZest Acquisition Corp. second lien term loan; -
$8.4 million full repayment ofP&L Development, LLC first lien term loan; -
$6.2 million partial repayment ofRed Apple Stores Inc. second lien term loan, a non-core legacy position; -
$5.1 million full repayment ofECI Macola/Max Holding, LLC second lien term loan; -
$4.9 million of proceeds from our partial sale ofMidwest Physician Administrative Services, LLC second lien term loan; -
$3.5 million partial repayment ofOutcomes Group Holdings, Inc. second lien term loan; -
$2.7 million full repayment ofPulse Secure, LLC first lien term loan; and -
$2.4 million full repayment ofMarketlive, LLC (Kibo) first lien term loan.
-
-
Our deployments primarily consisted of seven new portfolio companies and three investments into existing portfolio companies, which are outlined as follows:
-
As of
December 31, 2020 , there were four non-accrual investment positions, representing approximately 6.5% and 17.8% 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 . As previously disclosed, the Company’s unsecured debt investment in GBFC became a new non-accrual investment during the quarter after the sale of GBFC’s loan portfolio. As described earlier, the remaining investment stands to benefit from recovery on the interests retained by GBFC. The average internal investment rating of the portfolio at fair market value atDecember 31, 2020 was 1.90 as compared to 1.78 as of the prior quarter end. As ofFebruary 23, 2021 , there were three non-accrual investment positions, representing approximately 5.4% of total debt and preferred stock investments, at fair value. -
During the quarter ended
December 31, 2020 , net realized and unrealized gains were$2.6 million , primarily attributable to net appreciation in portfolio valuations during the quarter.
Liquidity and Capital Resources
-
At
December 31, 2020 , we had$23.3 million in cash and cash equivalents and$261.2 million of availability under our credit facility, subject to leverage restrictions, resulting in approximately$284.5 million of availability for portfolio company investments. Committed but unfunded portfolio obligations atDecember 31, 2020 were$20.0 million (excluding the$4.2 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 0.51x at quarter-end, and our 271% asset coverage ratio provided the Company with available debt capacity under its asset coverage requirements of
$220.7 million . As ofFebruary 23, 2021 , after accounting for portfolio activity subsequent to the quarter, net leverage declined to approximately 0.43x. Further, as ofDecember 31, 2020 , approximately 82% of our assets were invested in qualifying assets, exceeding the 70% regulatory requirement of a business development company. -
On
December 30, 2020 , the Company paid a dividend of$0.10 per share, or$7.23 million , to stockholders of record onNovember 18, 2020 , as announced onNovember 4, 2020 . Of the total$7.23 million dividend, approximately$1.45 million was paid in cash and$5.78 million was paid in approximately 2.16 million shares of the Company’s common stock issued at a price of$2.684 per share (representing the average closing stock price for the Company’s stock on the five trading days beginning onDecember 16, 2020 and ending onDecember 22, 2020 (both days inclusive)). Due to the portion of dividends paid in common stock, our NAV has increased by approximately$5.78 million onDecember 30, 2020 . -
For the first quarter of 2021, BCIC declared an all cash dividend of
$0.10 per share, payable onApril 7, 2021 to stockholders of record at the close of business onMarch 17, 2021 .
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. We invest primarily in middle-market companies in the form of senior debt securities and loans, and our investment portfolio may include junior secured and unsecured debt securities and loans, each of which may include an equity component.
Consolidated Statements of Assets and Liabilities
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Assets |
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Investments at fair value: |
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Non-controlled, non-affiliated investments (cost of |
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|
|
|
Non-controlled, affiliated investments (cost of |
13,099,313 |
|
22,473,524 |
|
Controlled investments (cost of |
110,968,227 |
|
350,249,163 |
|
Total investments at fair value (cost of |
479,025,476 |
|
749,859,081 |
|
Cash and cash equivalents |
23,332,831 |
|
14,678,878 |
|
Receivable for investments sold |
5,439,507 |
|
1,871,435 |
|
Interest, dividends and fees receivable |
2,138,304 |
|
5,708,324 |
|
Prepaid expenses and other assets |
1,783,472 |
|
1,945,709 |
|
Total Assets |
|
|
|
|
Liabilities |
|
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|
|
Debt (net of deferred financing costs of |
|
|
|
|
Interest and credit facility fees payable |
502,682 |
|
757,472 |
|
Distributions payable |
— |
|
9,637,075 |
|
Base management fees payable |
2,313,447 |
|
3,251,194 |
|
Incentive management fees payable |
1,849,597 |
|
1,849,597 |
|
Payable for investments purchased |
9,193,917 |
|
7,312,500 |
|
Accrued administrative services |
389,064 |
|
372,407 |
|
Other accrued expenses and payables |
2,662,569 |
|
1,704,507 |
|
Total Liabilities |
196,709,313 |
|
338,454,446 |
|
Net Assets |
|
|
|
|
Common stock, par value |
84,478 |
|
77,861 |
|
Paid-in capital in excess of par |
866,720,809 |
|
849,240,398 |
|
Distributable earnings (losses) |
(485,498,151) |
|
(351,040,023) |
|
|
(66,296,859) |
|
(62,669,255) |
|
Total Net Assets |
315,010,277 |
|
435,608,981 |
|
Total Liabilities and Net Assets |
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Net Asset Value Per Share |
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Consolidated Statements of Operations
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Three Months
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Three Months
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Year
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Year
|
Investment Income: |
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Non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
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Cash interest income |
|
|
|
|
|
|
|
|
PIK interest income |
|
1,268,636 |
|
1,226,151 |
|
5,026,084 |
|
2,085,016 |
Fee income |
|
543,312 |
|
89,829 |
|
620,705 |
|
1,444,113 |
Total investment income from non-controlled, non-
|
|
9,972,325 |
|
9,686,270 |
|
37,072,981 |
|
32,821,986 |
Non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
Cash interest income |
|
117,138 |
|
128,895 |
|
474,862 |
|
3,493,487 |
PIK interest income |
|
121,049 |
|
116,575 |
|
461,367 |
|
245,197 |
PIK dividend income |
|
— |
|
— |
|
— |
|
220,480 |
Fee income |
|
(7,377) |
|
1,451 |
|
(3,055) |
|
3,055 |
Total investment income from non-controlled, affiliated investments |
|
230,810 |
|
246,921 |
|
933,174 |
|
3,962,219 |
Controlled investments: |
|
|
|
|
|
|
|
|
Cash interest income |
|
3,184,893 |
|
5,105,807 |
|
19,794,470 |
|
22,832,830 |
PIK interest income |
|
— |
|
759,254 |
|
1,053,664 |
|
2,776,671 |
Cash dividend income |
|
1,220,030 |
|
3,389,999 |
|
8,190,499 |
|
15,562,959 |
Fee income |
|
3,186 |
|
3,186 |
|
70,712 |
|
131,485 |
Total investment income from controlled investments |
|
4,408,109 |
|
9,258,246 |
|
29,109,345 |
|
41,303,945 |
Other income |
|
— |
|
— |
|
— |
|
30,371 |
Total investment income |
|
14,611,244 |
|
19,191,437 |
|
67,115,500 |
|
78,118,521 |
Expenses: |
|
|
|
|
|
|
|
|
Base management fees |
|
2,313,447 |
|
3,251,193 |
|
10,799,832 |
|
12,425,101 |
Incentive management fees |
|
1,278,947 |
|
2,122,796 |
|
6,304,333 |
|
8,751,521 |
Interest and credit facility fees |
|
3,344,257 |
|
4,091,942 |
|
15,584,214 |
|
15,558,648 |
Professional fees |
|
432,544 |
|
309,728 |
|
1,964,252 |
|
2,093,064 |
Administrative services |
|
389,064 |
|
372,407 |
|
1,457,979 |
|
1,403,419 |
Director fees |
|
157,500 |
|
176,500 |
|
652,250 |
|
729,750 |
Investment advisor expenses |
|
87,500 |
|
87,500 |
|
350,000 |
|
350,000 |
Other |
|
578,667 |
|
288,190 |
|
2,083,486 |
|
1,800,932 |
Total expenses, before incentive management fee waiver |
|
8,581,926 |
|
10,700,256 |
|
39,196,346 |
|
43,112,435 |
Incentive management fee waiver |
|
(1,278,947) |
|
(1,145,894) |
|
(6,304,333) |
|
(6,901,924) |
Expenses, net of incentive management fee waiver |
|
7,302,979 |
|
9,554,362 |
|
32,892,013 |
|
36,210,511 |
Net Investment Income |
|
7,308,265 |
|
9,637,075 |
|
34,223,487 |
|
41,908,010 |
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss): |
|
|
|
|
|
|
|
|
Net realized gain (loss): |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
(612,107) |
|
(264,342) |
|
(12,941,524) |
|
(23,660,181) |
Non-controlled, affiliated investments |
|
(77,952) |
|
(879,673) |
|
(43,851,965) |
|
(1,225,060) |
Controlled investments |
|
— |
|
— |
|
(59,194,744) |
|
— |
Net realized gain (loss) |
|
(690,059) |
|
(1,144,015) |
|
(115,988,233) |
|
(24,885,241) |
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
5,978,376 |
|
953,491 |
|
(2,123,600) |
|
21,084,787 |
Non-controlled, affiliated investments |
|
848,530 |
|
(1,733,802) |
|
35,523,356 |
|
(24,529,889) |
Controlled investments |
|
(3,870,607) |
|
(9,423,322) |
|
(55,623,040) |
|
(20,798,389) |
Foreign currency translation |
|
325,302 |
|
136,690 |
|
135,427 |
|
333,982 |
Net change in unrealized appreciation (depreciation) |
|
3,281,601 |
|
(10,066,943) |
|
(22,087,857) |
|
(23,909,509) |
Net realized and unrealized gain (loss) |
|
2,591,542 |
|
(11,210,958) |
|
(138,076,090) |
|
(48,794,750) |
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
|
|
|
|
|
|
|
Net Investment Income Per Share—basic |
|
|
|
|
|
|
|
|
Earnings (Loss) Per Share—basic |
|
|
|
|
|
|
|
|
Average Shares Outstanding—basic |
|
72,358,355 |
|
68,836,255 |
|
69,801,849 |
|
68,836,590 |
Net Investment Income Per Share—diluted |
|
|
|
|
|
|
|
|
Earnings (Loss) Per Share—diluted |
|
|
|
|
|
|
|
|
Average Shares Outstanding—diluted |
|
89,352,092 |
|
85,829,992 |
|
86,795,585 |
|
85,830,326 |
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.
Incentive management fees based on income have been calculated for each calendar quarter and are paid on a quarterly basis if certain thresholds are met. The Company records its liability for incentive management fees based on capital gains by performing a hypothetical liquidation at the end of each reporting period. The accrual of this hypothetical capital gains incentive management fee is required by GAAP, but it should be noted that a fee so calculated and accrued is not due and payable until the end of the measurement period, or every
Computations for the periods below are derived from the Company's financial statements as follows:
|
Three Months
|
Three Months
|
Year Ended
|
Year Ended
|
||||
GAAP Basis: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.10 |
|
0.14 |
|
0.49 |
|
0.61 |
|
Addback: GAAP incentive management fee expense
|
— |
|
— |
|
— |
|
— |
|
Addback: GAAP incentive management fee expense
|
— |
|
976,902 |
|
— |
|
1,849,597 |
|
Pre-Incentive Fee1: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.10 |
|
0.15 |
|
0.49 |
|
0.64 |
|
Less: Incremental incentive management fee expense
|
— |
|
(976,902) |
|
— |
|
(1,849,597) |
|
As Adjusted2: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.10 |
|
0.14 |
|
0.49 |
|
0.61 |
|
Note: The NII amounts for the three months and year 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. 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/20210303005886/en/
Investors:
212.810.5427
Press:
212.810.5596
Source: