BlackRock Capital Investment Corporation Reports Financial Results for the Quarter Ended March 31, 2021, Declares Quarterly Cash Distribution of $0.10 per Share
-
GAAP Net Investment Income (“NII”) of
$0.06 per share, or$4.2 million , provided first quarter distribution coverage of 56%. -
Net Asset Value (“NAV”) increased to
$322.9 million , up 2.5% from$315.0 million ; NAV per share increased 2.8% to$4.35 per share from$4.23 per share, primarily due to net realized and unrealized gains of$12.0 million during the quarter. -
Strong gross deployments in senior secured debt of
$54.9 million and further progress towards reducing junior capital and non-core exposure, successfully exiting$52.6 million of such investments during the first quarter. -
Net leverage of 0.38x as of
March 31, 2021 , down from 0.51x as ofDecember 31, 2020 , primarily driven by net investment exits and reduction in junior capital and non-core investments during the current quarter. -
Total liquidity for portfolio company investments, including cash, was approximately
$294 million , subject to leverage and borrowing base restrictions. -
Under the existing share repurchase program, 256,062 shares were repurchased during the first quarter for
$869,726 at an average price of$3.40 per share, including brokerage commissions. -
Credit facility amended subsequent to the first quarter, which extended the maturity to
April 2025 .
“We continued to successfully execute on our strategic goal of reducing non-core holdings,” said
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Portfolio Composition |
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First Lien Debt |
62% |
50% |
34% |
Second Lien Debt |
24% |
27% |
23% |
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14% |
23% |
43% |
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Portfolio Company Count |
60 |
55 |
47 |
Non-Core Assets |
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Portfolio Company Count2 |
6 |
6 |
9 |
Fair Market Value ("FMV", in Millions) |
38 |
42 |
120 |
% of investments, at FMV |
8% |
9% |
16% |
1 Includes unsecured/subordinated debt and equity investments.
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$ in Millions |
% |
Deployments |
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First Lien Debt |
47 |
86% |
Second Lien Debt |
8 |
14% |
Repayments/Exits |
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53 |
60% |
Other Core Assets |
35 |
40% |
“Benefitting from the BlackRock platform, we continue to evaluate a wide range of new opportunities and identify investments with strong risk-adjusted returns. We are focused on senior secured debt and, primarily, first lien loans. We originated
“As mentioned during the previous quarter, the deleveraging caused by the strategic portfolio progress will compress NII during the transitional period as we continue to rebuild the portfolio in a manner that is consistent with our strategy. As the desired exits are now largely behind us, we expect deployment activity to bolster leverage and be accretive to NII and dividend coverage over the coming quarters, benefiting our shareholders,” continued Keenan.
“On
Financial Highlights
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Q1 2021 |
Q4 2020 |
Q1 2020 |
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($'s in millions, except per share data) |
Total Amount |
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Per Share |
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Total Amount |
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Per Share |
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Total Amount |
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Per Share |
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Net Investment Income/(loss) |
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Net realized and unrealized gains/(losses) |
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Basic earnings/(losses) |
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Distributions declared |
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Net Investment Income/(loss), as adjusted1 |
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Basic earnings/(losses), as adjusted1 |
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($'s in millions, except per share data) |
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Total assets |
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Investment portfolio, at FMV |
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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 |
0.38x |
0.51x |
0.85x |
______________________________________ |
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1 |
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Non-GAAP basis financial measure. See Supplemental Information. |
2 |
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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
-
Revolving Credit Facility Amendment: On
April 23, 2021 , the Company entered into a Sixth Amendment to the Credit Facility which, among other items, (i) extends the maturity date on loans made under the Credit Facility fromJune 5, 2023 toApril 23, 2025 , (ii) reduces the aggregate commitment under the Credit Facility from$300,000,000 to$265,000,000 , (iii) reduces the amount that the Company’s commitment may increase in size, under certain circumstances, from$375,000,000 to$325,000,000 , and (iv) reduces the amount of shareholders’ equity required under the Credit Facility from$275,000,000 to$240,000,000 , plus 25% of net proceeds from the sale of equity interests by the Company its subsidiaries. Additionally, the amendment (i) removes a springing maturity that previously existed if the unsecured convertible notes due 2022 (“2022 Notes”) were not refinanced byMarch 16, 2022 and (ii) removes certain restrictions on repurchase or prepayment of 2022 Notes. For more information on the Amendment, refer to the Company’s Current Report on Form 8-K, filed with theSEC onApril 29, 2021 . -
Reduced Exposure in Non-core Legacy Portfolio:
-
The Company fully exited its position in
Advantage Insurance Inc. preferred stock during the quarter, resulting in proceeds of$5.7 million . The investment had a FMV of$5.7 million as ofDecember 31, 2020 . -
The Company recovered
$1.5 million from a distribution declared bySVP-Singer Holdings, LP , an investment with a FMV of zero as ofDecember 31, 2020 . -
The Company substantially exited its investments in
Advanced Lighting Technologies, LLC with$1.2 million of cash proceeds received, following a restructure, as well as a newly issued second lien note valued at$0.9 million . The investment had a FMV of$3.2 million as ofDecember 31, 2020 . -
As of
March 31, 2021 , non-core legacy assets comprised approximately$37.5 million , or 8% of our total portfolio at FMV (six portfolio companies, excludes portfolio companies with zero FMV), as compared to 9% at the end of the fourth quarter of 2020 and 16% at the end of 2019. Of the$37.5 million , approximately$32.6 million of non-core positions consist of income-producing investments across three portfolio companies.
-
The Company fully exited its position in
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Reduced Exposure in
Other Junior Capital :-
Other junior capital (unsecured debt and equity) exposure, excluding non-core assets, in the portfolio stood at 13% by FMV, down from 21% at
December 31, 2020 and 40% atDecember 31, 2019 . -
During the first quarter,
BCIC Senior Loan Partners (“SLP”) returned an incremental$4.0 million of capital to BCIC with proceeds from a partial sale of one of its investments. AtMarch 31, 2021 , SLP held first lien loans in four portfolio companies, with an aggregate FMV of$32.9 million . BCIC owns 85% of the equity in SLP. -
During the first quarter, the Company received a partial repayment of
$1.4 million on the unsecured debt of GBFC, a non-accrual investment. -
As previously disclosed, the Company fully exited its investments in
First Boston Construction Holdings, LLC during the first quarter, resulting in the proceeds of$38.5 million .
-
Other junior capital (unsecured debt and equity) exposure, excluding non-core assets, in the portfolio stood at 13% by FMV, down from 21% at
-
Share Repurchase Program: On
November 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. During the quarter, 256,062 shares were repurchased for$869,726 at an average price of$3.40 per share, including brokerage commissions. As ofMarch 31, 2021 , 7,243,938 shares remained authorized for repurchase. Cumulative repurchases since BlackRock entered into the investment management agreement with the Company in early 2015 totaled approximately 8.5 million shares at an average price of$6.45 per share, including brokerage commissions, for a total of$54.9 million . Since the inception of our share repurchase program throughMarch 31, 2021 , we have purchased approximately 10.3 million shares at an average price of$6.54 per share, including brokerage commissions, for a total of$67.2 million .
First Quarter Financial Updates
-
NII was
$4.2 million , or approximately$0.06 per share, for the three months endedMarch 31, 2021 . Relative to distributions declared of$0.10 per share, our NII distribution coverage was 56% for the quarter. This is mainly driven by de-leveraging due to the reduction of exposure in junior capital and non-core investments described above. We expect re-deployment into assets consistent with our core strategy to be accretive to the earnings power of the Company in the coming quarters. -
NAV increased to
$322.9 million , up 2.5% from$315.0 million atDecember 31, 2020 . NAV per share increased 2.8% or$0.12 per share to$4.35 per share on a quarter-over-quarter basis, primarily due to net realized and unrealized gains of$12.0 million during the quarter. -
For the quarter ended
March 31, 2021 , we incurred base management fees of$1.8 million , and zero incentive management fees based on income. SinceMarch 2017 , the adviser has waived$29.7 million of incentive management fees on a cumulative basis. There was no accrual or payment of incentive management fees based on gains as ofMarch 31, 2021 . -
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$2.11 per share from inception toDecember 31, 2020 . At our discretion, we may carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. We will accrue excise tax on estimated undistributed taxable income as required. There was no undistributed taxable income carried forward from 2020.
Portfolio and Investment Activity*
($’s in millions) |
Three Months Ended
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Three Months Ended
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Three Months Ended
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Investment deployments |
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Investment exits |
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Number of portfolio company investments at the end of period |
60 |
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55 |
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52 |
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Weighted average yield of debt and income producing equity securities, at FMV |
8.5% |
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8.9% |
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10.3% |
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% of Portfolio invested in Secured debt, at FMV |
86% |
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77% |
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60% |
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% of Portfolio invested in Unsecured debt, at FMV |
6% |
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13% |
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23% |
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% of Portfolio invested in Equity, at FMV |
8% |
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10% |
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17% |
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Average investment by portfolio company, at amortized cost |
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*Balance sheet amounts and yield information above are as of period end |
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We deployed
$54.9 million during the quarter while exits and repayments totaled$88.0 million , resulting in a$33.1 million net decrease in our portfolio mainly due to progress made in reducing exposure in non-core and other junior capital investments previously mentioned.-
Our deployments primarily consisted of eleven new portfolio companies, consistent with our strategy of adding more diversification, and one investment into an existing portfolio company, which are outlined as follows:
-
New Portfolio Companies
-
$9.6 million L + 9.25% first lien term loan toWorld Remit Ltd. , an online digital global remittance platform created to send money abroad; -
$7.2 million L + 8.75% first lien term loan and$2.4 million delayed draw term loan toJobandTalent USA, Inc. , a digital temporary staffing agency; -
$7.2 million L + 6.00% first lien term loan and$0.3 million unfunded revolver to 2-10Holdco, Inc. , a provider of new home and structural warranties; -
$5.0 million L + 8.50% second lien term loan toOasis Financial, LLC , a consumer litigation funding firm offering non-recourse pre-settlement and medical lien funding solutions; -
$3.7 million L + 7.00% first lien term loan and$0.4 million unfunded revolver toSEP Raptor Acquisition (Loopio), Inc. , an RFP response software platform; -
$3.6 million L + 6.25% first lien term loan (with an additional$0.5 million unfunded portion) and$0.8 million unfunded delayed draw term loan toTempus, LLC , a diversified national provider of staffing services to the bio-pharmaceutical and healthcare industries; -
$3.4 million L + 6.00% first lien term loan and delayed draw term loan, and$0.5 million revolver (with$0.2 million funded and$0.3 million unfunded) toSunland Asphalt & Construction, LLC , a provider of asphalt and paving services for public and private infrastructure maintenance and development; -
$3.2 million L + 6.75% first lien term loan and$0.2 million unfunded revolver toALCV Purchaser, Inc. , an auto leasing and sales platform; -
$3.0 million L + 7.00% first lien term loan and$0.4 million unfunded revolver toSEP Vulcan Acquisition (Tasktop), Inc. , a value stream management platform enabling enterprises to improve their software development process; -
$2.9 million L + 6.75% second lien term loan toIdera, Inc. , a provider of software technology toolsets including database, application development, and testing software; and -
$3.4 million L + 6.25% unfunded delayed draw term loan toPeter C. Foy & Associates Insurance Services, LLC , a national retail property and casualty insurance broker.
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Incremental Investments
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$1.5 million of incremental L + 8.00% first lien term loan toMetricstream, Inc.
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New Portfolio Companies
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Our sales, exits, and repayments were primarily concentrated in five complete exits in portfolio company investments and six partial repayments/sales:
-
$38.5 million of proceeds from First Boston exit and reduction in junior capital exposure; -
$14.8 million full repayment of second lien term loan inPharmalogic Holdings Corp. ; -
$9.9 million of proceeds from sale of second lien term loan inMidwest Physician Administrative Services, LLC ; -
$5.8 million partial repayment of second lien term loan inOutcomes Group Holdings, Inc. ; -
$5.7 million of proceeds fromAdvantage Insurance, Inc. exit, a non-core legacy asset; -
$4.0 million partial return of capital from our equity investment in SLP; -
$3.1 million of proceeds from partial sale ofNEP II, Inc. second lien term loan; -
$1.5 million distribution fromSVP-Singer Holdings, LP , a non-core equity investment; -
$1.4 million partial repayment of GBFC unsecured debt, a non-accrual investment; -
$1.2 million of proceeds received from our debt investments inAdvanced Lighting Technologies, LLC , a non-core legacy asset; and -
$0.5 million full repayment of first lien term loan inOpen Lending, LLC .
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Our deployments primarily consisted of eleven new portfolio companies, consistent with our strategy of adding more diversification, and one investment into an existing portfolio company, which are outlined as follows:
-
As of
March 31, 2021 , there were three non-accrual investment positions, representing approximately 5.5% and 16.5% of total debt and preferred stock investments, at fair value and cost, respectively, as compared to four non-accrual investment positions of approximately 6.5% and 17.8% of total debt and preferred stock investments at fair value and cost, respectively, atDecember 31, 2020 . The Company fully exited its preferred stock investment inAdvantage Insurance, Inc. during the quarter, a non-accrual investment atDecember 31, 2020 . The weighted average internal investment rating of the portfolio at FMV atMarch 31, 2021 improved to 1.72 as compared to 1.90 at the prior quarter end. -
During the quarter ended
March 31, 2021 , net realized and unrealized gains were$12.0 million , primarily attributable to market recovery and valuation appreciation.
Liquidity and Capital Resources
-
At
March 31, 2021 , we had$7.1 million in cash and cash equivalents and$286.5 million of availability under our credit facility, subject to leverage restrictions, resulting in approximately$293.6 million of availability for portfolio company investments. Committed but unfunded portfolio obligations atMarch 31, 2021 were$29.8 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 0.38x at quarter-end, and our 319% asset coverage ratio provided the Company with additional debt capacity of
$286.5 million under its asset coverage requirements, subject to borrowing base restrictions. Further, as ofMarch 31, 2021 , approximately 85% of our assets were invested in qualifying assets, exceeding the 70% regulatory requirement of a business development company. -
For the first quarter of 2021, the Company declared an all cash dividend of
$0.10 per share, payable onJuly 7, 2021 to stockholders of record at the close of business onJune 16, 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.
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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 |
4,010,216 |
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13,099,313 |
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Controlled investments (cost of |
70,955,491 |
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110,968,227 |
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Total investments at fair value (cost of |
458,329,521 |
|
479,025,476 |
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Cash and cash equivalents |
7,059,117 |
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23,332,831 |
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Receivable for investments sold |
14,550,947 |
|
5,439,507 |
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Interest, dividends and fees receivable |
1,936,263 |
|
2,138,304 |
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Deferred debt issuance costs |
1,234,532 |
|
1,374,115 |
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Prepaid expenses and other assets |
372,905 |
|
409,357 |
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Total Assets |
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Liabilities |
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Debt (net of deferred issuance costs of |
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Interest and credit facility fees payable |
2,394,164 |
|
502,682 |
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Distributions payable |
7,441,594 |
|
— |
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Base management fees payable |
1,799,766 |
|
2,313,447 |
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Incentive management fees payable |
1,849,597 |
|
1,849,597 |
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Payable for investments purchased |
3,273,993 |
|
9,193,917 |
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Accrued administrative services |
322,115 |
|
389,064 |
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Other accrued expenses and payables |
2,041,799 |
|
2,662,569 |
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Total Liabilities |
160,583,323 |
|
196,709,313 |
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Net Assets |
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Common stock, par value |
84,478 |
|
84,478 |
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Paid-in capital in excess of par |
858,079,713 |
|
858,079,713 |
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Distributable earnings (losses) |
(468,097,644) |
|
(476,857,055) |
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|
(67,166,585) |
|
(66,296,859) |
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Total Net Assets |
322,899,962 |
|
315,010,277 |
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Total Liabilities and Net Assets |
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Net Asset Value Per Share |
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Three Months Ended
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Three Months Ended
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Investment Income: |
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Non-controlled, non-affiliated investments: |
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Cash interest income |
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PIK interest income |
|
780,679 |
|
1,095,431 |
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Fee income |
|
146,032 |
|
46,167 |
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Total investment income from non-controlled, non-affiliated investments |
|
8,975,961 |
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9,263,521 |
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Non-controlled, affiliated investments: |
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Cash interest income |
|
11,867 |
|
125,474 |
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PIK interest income |
|
119,029 |
|
108,831 |
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Cash dividend income |
|
71,500 |
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— |
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Fee income |
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— |
|
1,435 |
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Total investment income from non-controlled, affiliated investments |
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202,396 |
|
235,740 |
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Controlled investments: |
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Cash interest income |
|
583,200 |
|
5,415,835 |
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PIK interest income |
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— |
|
873,508 |
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Cash dividend income |
|
511,067 |
|
2,907,503 |
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Fee income |
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— |
|
3,187 |
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Total investment income from controlled investments |
|
1,094,267 |
|
9,200,033 |
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Total investment income |
|
10,272,624 |
|
18,699,294 |
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Expenses: |
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|
|
|
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Base management fees |
|
1,799,766 |
|
3,295,687 |
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Incentive management fees |
|
— |
|
1,924,398 |
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Interest and credit facility fees |
|
2,753,096 |
|
4,212,274 |
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Professional fees |
|
412,159 |
|
525,012 |
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Administrative services |
|
322,115 |
|
313,561 |
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Director fees |
|
153,125 |
|
184,750 |
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Investment advisor expenses |
|
87,500 |
|
87,500 |
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Other |
|
554,646 |
|
458,523 |
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Total expenses, before incentive management fee waiver |
|
6,082,407 |
|
11,001,705 |
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Incentive management fee waiver |
|
— |
|
(1,924,398) |
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Expenses, net of incentive management fee waiver |
|
6,082,407 |
|
9,077,307 |
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Net Investment Income |
|
4,190,217 |
|
9,621,987 |
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Realized and Unrealized Gain (Loss): |
|
|
|
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Net realized gain (loss): |
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
(646,274) |
|
5,485 |
|
Non-controlled, affiliated investments |
|
(7,989,591) |
|
(1,535,092) |
|
Controlled investments |
|
(2,290,143) |
|
— |
|
Net realized gain (loss) |
|
(10,926,008) |
|
(1,529,607) |
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Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
9,868,556 |
|
(27,026,956) |
|
Non-controlled, affiliated investments |
|
6,834,973 |
|
(8,280,114) |
|
Controlled investments |
|
6,137,248 |
|
(31,402,329) |
|
Foreign currency translation |
|
96,019 |
|
(576,649) |
|
Net change in unrealized appreciation (depreciation) |
|
22,936,796 |
|
(67,286,048) |
|
Net realized and unrealized gain (loss) |
|
12,010,788 |
|
(68,815,655) |
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
|
|
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Net Investment Income Per Share—basic |
|
|
|
|
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Earnings (Loss) Per Share—basic |
|
|
|
|
|
Weighted Average Shares Outstanding—basic |
|
74,436,429 |
|
68,613,956 |
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Net Investment Income Per Share—diluted |
|
|
|
|
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Earnings (Loss) Per Share—diluted |
|
|
|
|
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Weighted Average Shares Outstanding—diluted |
|
91,430,166 |
|
85,607,693 |
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Distributions Declared Per Share |
|
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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:
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Three Months Ended
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Three Months Ended
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GAAP Basis: |
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Net Investment Income |
|
|
|
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Net Investment Income per share |
0.06 |
|
0.14 |
|
Addback: GAAP incentive management fee expense based on Gains |
— |
|
— |
|
Addback: GAAP incentive management fee expense based on Income net of incentive management fee waiver |
— |
|
— |
|
Pre-Incentive Fee1: |
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|
|
Net Investment Income |
|
|
|
|
Net Investment Income per share |
0.06 |
|
0.14 |
|
Less: Incremental incentive management fee expense based on Income net of incentive management fee waiver |
— |
|
— |
|
As Adjusted2: |
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Net Investment Income |
|
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|
|
Net Investment Income per share |
0.06 |
|
0.14 |
|
Note: The NII amounts for the three months ended |
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1 |
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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. |
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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/20210429006050/en/
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