BlackRock Capital Investment Corporation Reports Financial Results for the Quarter and Year Ended December 31, 2017, Declares First Quarter 2018 Distribution of $0.18 per Share
-
GAAP Net Investment Income (NII) of
$0.20 per share providing fourth quarter distribution coverage of approximately 110% -
Net Asset Value (NAV) per share declined 1.6% or
$0.13 per share to$7.83 per share on a quarter-over-quarter basis primarily due to net unrealized depreciation on legacy assets -
Net leverage of 0.32x was down reflecting a net reduction in
investments. Total liquidity for portfolio company investments was
approximately
$365 million , subject to leverage and borrowing base restrictions - Under our existing share repurchase program, we repurchased 224,889 shares of common stock via open market purchases in the fourth quarter
“Our NII covered the distribution for the fourth quarter by 110% as
total investment income increased
“Generally speaking, the loan market remains issuer friendly with
tighter spreads, higher leverage levels and weaker structures, which is
a continuation of market conditions over the last 12 months. As such, we
continue to be highly selective in new investment opportunities and
focused on opportunities with strong underlying credit metrics.
Additionally, we continue to pursue exposure to first lien assets
through our investments in
“After the repayment in full of our remaining 5.50% convertible notes in
Financial Highlights
Q4 2017 | Q3 2017 | Q4 2016 | ||||||||||||||||||||||||||||
Total | Per | Total | Per | Total | Per | |||||||||||||||||||||||||
($'s in millions, except per share data) | Amount | Share | Amount | Share | Amount | Share | ||||||||||||||||||||||||
Net Investment Income/(loss) | $ | 14.5 | $ | 0.20 | $ | 12.1 | $ | 0.17 | $ | 17.1 | $ | 0.24 | ||||||||||||||||||
Net realized and unrealized gains/(losses) | $ | (16.4 | ) | $ | (0.22 | ) | $ | (19.3 | ) | $ | (0.27 | ) | $ | (14.6 | ) | $ | (0.20 | ) | ||||||||||||
Deferred taxes | $ | 5.3 | $ | 0.07 | $ | (5.3 | ) | $ | (0.07 | ) | — | — | ||||||||||||||||||
Realized losses on extinguishment of debt | — | — | $ | (1.3 | ) | $ | (0.02 | ) | — | — | ||||||||||||||||||||
Basic earnings/(loss) | $ | 3.3 | $ | 0.05 | $ | (13.8 | ) | $ | (0.19 | ) | $ | 2.5 | $ | 0.03 | ||||||||||||||||
Distributions declared | $ | 13.2 | $ | 0.18 | $ | 13.1 | $ | 0.18 | $ | 15.3 | $ | 0.21 | ||||||||||||||||||
Net Investment Income/(loss), as adjusted1 | $ | 14.5 | $ | 0.20 | $ | 12.1 | $ | 0.17 | $ | 17.1 | $ | 0.24 | ||||||||||||||||||
Basic earnings/(loss), as adjusted1 |
$ | 3.3 | $ | 0.05 | $ | (13.8 | ) | $ | (0.19 | ) | $ | 2.5 | $ | 0.03 | ||||||||||||||||
2017 Totals | 2016 Totals | |||||||||||||||||||
Total | Per | Total | Per | |||||||||||||||||
($'s in millions, except per share data) | Amount | Share | Amount | Share | ||||||||||||||||
Net Investment Income/(loss) | $ | 55.1 | $ | 0.75 | $ | 54.0 | $ | 0.74 | ||||||||||||
Net realized and unrealized gains/(losses) | $ | (32.9 | ) | $ | (0.44 | ) | $ | (138.3 | ) | $ | (1.90 | ) | ||||||||
Realized losses on extinguishment of debt | $ | (1.3 | ) | $ | (0.02 | ) | — | — | ||||||||||||
Basic earnings/(loss) | $ | 20.9 | $ | 0.29 | $ | (84.3 | ) | $ | (1.16 | ) | ||||||||||
Distributions declared | $ | 52.5 | $ | 0.72 | $ | 61.0 | $ | 0.84 | ||||||||||||
Net Investment Income/(loss), as adjusted1 | $ | 55.1 | $ | 0.75 | $ | 54.0 | $ | 0.74 | ||||||||||||
Basic earnings/(loss), as adjusted1 | $ | 20.9 | $ | 0.29 | $ | (84.3 | ) | $ | (1.16 | ) | ||||||||||
As of | As of | As of | ||||||||||
December 31, | September 30, | December 31, | ||||||||||
($'s in millions, except per share data) | 2017 | 2017 | 2016 | |||||||||
Total assets | $ | 799.9 | $ | 855.0 | $ | 957.1 | ||||||
Investment portfolio, at fair market value | $ | 757.9 | $ | 833.9 | $ | 931.1 | ||||||
Debt outstanding | $ | 206.7 | $ | 246.1 | $ | 335.7 | ||||||
Total net assets | $ | 571.1 | $ | 581.5 | $ | 596.3 | ||||||
Net asset value per share | $ | 7.83 | $ | 7.96 | $ | 8.21 | ||||||
Net leverage ratio2 |
0.32x | 0.42x | 0.55x | |||||||||
1Non-GAAP basis financial measure. See Supplemental Information on page 8.
2Calculated less available cash and receivable for investments sold, plus payable for investments purchased and unamortized debt issuance costs.
Business Updates
-
During the fourth quarter of 2017, 224,889 shares were repurchased for
$1.4 million at an average price of$6.37 per share, including brokerage commissions. The cumulative repurchases sinceBlackRock Advisors, LLC entered into the investment management agreement with the Company totaled approximately 3.0 million shares for$25.5 million , representing 67.4% of total share repurchase activity, on a dollar basis, since inception. Since the inception of our share repurchase program throughDecember 31, 2017 , we have purchased 4.8 million shares at an average price of$7.90 per share, including brokerage commissions, for a total of$37.7 million . 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 ofDecember 31, 2017 , the Company had approximately 2.3 million shares authorized for repurchase. -
On
February 15, 2018 , the Company repaid the remaining$55.0 million in aggregate principal amount of its 5.50% unsecured convertible senior notes due 2018 (“Convertible Notes”) upon maturity at par using borrowings under the credit facility and cash on hand. In combination with the previously announced repurchases pursuant to a tender offer inSeptember 2017 , the entire$115 million of Convertible Notes are now retired and cancelled, and are no longer outstanding under the indenture. -
On
March 6, 2018 , the Board of Directors of the Company adopted amendments to the Company’s dividend reinvestment plan (the “Plan”). A summary of the amended Plan is included in the Company's Form 8-K, filed onMarch 7, 2018 , and a copy of the amended Plan is included as Exhibit 99.2 to such Form 8-K.
Portfolio and Investment Activity*
($’s in millions)
|
Three months | Three months | ||||||||||||||
ended | ended | Year ended | Year ended | |||||||||||||
December 31, |
December 31, |
December 31, |
December 31, |
|||||||||||||
Investment deployments | $ | 63.3 | $ | 107.8 | $ | 243.4 | $ | 325.4 | ||||||||
Investment exits | $ | 124.3 | $ | 109.2 | $ | 386.4 | $ | 377.2 | ||||||||
Number of portfolio company investments at the end of period | 30 | 38 | ||||||||||||||
Weighted average yield of debt and income producing equity securities, at fair market value | 10.8% | 11.7% | ||||||||||||||
% of Portfolio invested in Secured debt, at fair market value | 56% | 66% | ||||||||||||||
% of Portfolio invested in Unsecured debt, at fair market value | 17% | 17% | ||||||||||||||
% of Portfolio invested in Equity, at fair market value | 27% | 17% | ||||||||||||||
Average investment by portfolio company, at amortized cost (excluding investments below $5.0 million) | $ | 33.0 | $ | 31.8 | ||||||||||||
*balance sheet amounts above are as of period end
-
We deployed
$63.3 million during the quarter while exits of investments totaled$124.3 million , resulting in a$61.0 million net decrease in our portfolio due to investment activity.-
Our deployments were primarily concentrated in two new portfolio
company investments, a debt and equity investment to help
facilitate a change of control for a legacy investment, and four
investments into existing portfolio companies.
$13.9 million funded and$6.1 million unfunded delayed draw L+8.00% second lien term loan toPathway Partners Vet Management Company, LLC , which is an owner and operator of veterinary hospitals offering a range of general medical, surgical, and specialized services for pets;$7.0 million funded and$18.0 million unfunded delayed draw L+6.00% first lien term loan toVetCor Professional Practices, LLC , which is a leading consolidator (owner / operator) of veterinary hospitals, primarily in the Eastern U.S.;$15 million L+9.00% first lien term loan toMBS Opco, LLC and$500K equity investment inMBS Parent, LLC ;$6.7 million of incremental equity toSenior Loan Partners ;$5.2 million L+7.50% first lien term loan toAdvanced Lighting Technologies, Inc. as part of the restructuring;$5.0 million of incremental L+10.00% second lien term loan toParagon Films, Inc. to help fund growth initiatives; and$4.9 million of incremental L+11.00% unsecured debt toGordon Brothers Finance Company to fund portfolio growth.
-
Our repayments were primarily concentrated in four exited
portfolio companies:
$37.5 million repayment ofWink Holdco, Inc. second lien term loan;$36.5 million repayment ofGSE Environmental, Inc. first lien term loan;$19.6 million repayment ofLiberty Tire Recycling Holdco, LLC first lien term loan; and$15.0 million repayment of our second lien term loan and an equity exit of$2.3 million fromLoar Group, LLC .
- The various prepayment premiums on these exited loans contributed to the increase in our fee income as compared to the third quarter.
-
Our deployments were primarily concentrated in two new portfolio
company investments, a debt and equity investment to help
facilitate a change of control for a legacy investment, and four
investments into existing portfolio companies.
-
Our
$72.4 million equity investment inSenior Loan Partners is now generating a yield of approximately 11%.Senior Loan Partners made investments into two new portfolio companies and four existing portfolio companies totaling$33.3 million of new capital deployments during the quarter, bringing committed and outstanding amounts to$226.2 million and$219.9 million , respectively, and a total of 20 borrowers. The two new investments at par were (i) a$12.5 million first lien term loan toBARBRI, Inc. , a leading provider of bar review and bar exam preparation courses for law students in the U.S. and (ii) a$10.0 million first lien term loan toEdgewood Partners Insurance Center, a leading insurance, risk management, and employee benefits brokerage and consulting firm. -
As of
December 31, 2017 , two investments were in non-accrual status, which were 4.0% of our total debt investments at fair market value, and 15.5% at amortized cost, compared with 2.7% at fair market value and 8.9% at amortized cost last quarter respectively. Our average internal investment rating at fair market value atDecember 31, 2017 was 1.35 as compared to 1.30 as ofSeptember 30, 2017 . -
Net unrealized depreciation on investments increased
$10.3 million during the current quarter, bringing total balance sheet unrealized depreciation on investments to$72.7 million . Gross unrealized appreciation on investments of$4.2 million was offset by$18.6 million of gross unrealized depreciation on investments primarily driven by legacy positions, for a net$14.4 million of depreciation due to portfolio valuations during the quarter.
Fourth Quarter Financial Updates
-
GAAP net investment income (“NII”) was
$14.5 million , or$0.20 per share, and$55.1 million , or$0.75 per share, respectively, for the three months and year endedDecember 31, 2017 . Relative to distributions declared of$0.18 per share, our NII distribution coverage was 110% for the quarter. For the full year 2017, relative to distributions declared of$0.72 per share, our NII distribution coverage was 104%. -
Fee income earned on capital structuring, prepayments, commitments and
administration during the current quarter totaled
$2.9 million , as compared to$0.2 million earned during the preceding quarter. -
As previously disclosed, our base management fee rate was reduced from
an annual rate of 2.00% of total assets to 1.75% effective
March 7, 2017 . For the year endedDecember 31, 2017 ,$8.0 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. During the year, there was no accrual for incentive management fees based on gains. -
The Company holds certain portfolio investments through taxable
subsidiaries as pass through entities. Income earned and gains
realized on the investment held by the taxable subsidiary are taxable
to such subsidiary. For the three months ended
December 31, 2017 , a reversal of a deferred tax liability of$5.3 million (originally established in third quarter 2017) was included in net realized and unrealized gain (loss), primarily due to a reduction in the unrealized gains on the portfolio investments held in certain taxable subsidiary as a result of an increase in their tax cost basis. For the year endedDecember 31, 2017 , deferred tax had no impact to the Consolidated Statement of Operations. -
Tax characteristics of all 2017 distributions were reported to
stockholders on Form 1099 after the end of the calendar year. Our 2017
tax distributions of
$0.72 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 2017. 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
December 31, 2017 , we had$29.0 million in cash and cash equivalents and$336.6 million of availability under our credit facility based upon ourDecember 31, 2017 borrowing base calculation, subject to leverage restrictions, resulting in approximately$365.6 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 0.32x at quarter-end, and our 367% asset coverage
ratio provided the Company with available debt capacity under its
asset coverage requirements of
$354.2 million . Further, as of quarter-end, 83% of our portfolio was invested in qualifying assets, exceeding the 70% regulatory requirement of a business development company.
Conference Call
Prior to the webcast/teleconference, an investor presentation that
complements the earnings conference call will be posted to
About
The Company's investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company invests primarily in middle-market companies in the form of senior and junior secured and unsecured debt securities and loans, each of which may include an equity component, and by making direct preferred, common and other equity investments in such companies.
BlackRock Capital Investment Corporation Consolidated Statements of Assets and Liabilities |
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December 31, 2017 |
December 31, 2016 |
|||||||||
Assets | ||||||||||
Investments at fair value: | ||||||||||
Non-controlled, non-affiliated investments (cost of $311,938,762 and $586,176,755) | $ | 261,683,202 | $ | 512,308,390 | ||||||
Non-controlled, affiliated investments (cost of $195,354,637 and $112,640,458) | 215,779,077 | 109,342,171 | ||||||||
Controlled investments (cost of $321,999,526 and $322,768,014) | 280,478,528 | 309,472,929 | ||||||||
Total investments at fair value (cost of $829,292,925 and $1,021,585,227) | 757,940,807 | 931,123,490 | ||||||||
Cash and cash equivalents | 29,014,645 | 10,707,834 | ||||||||
Receivable for investments sold | 1,344,918 | 449,578 | ||||||||
Interest, dividends and fees receivable | 8,342,780 | 10,750,723 | ||||||||
Prepaid expenses and other assets | 3,236,819 | 4,035,866 | ||||||||
Total Assets | $ | 799,879,969 | $ | 957,067,491 | ||||||
Liabilities | ||||||||||
Debt (net of deferred financing costs of $4,209,445 and $1,054,266) | $ | 206,661,272 | $ | 335,667,906 | ||||||
Interest and credit facility fee payable | 1,820,971 | 3,280,961 | ||||||||
Distributions payable | 13,152,924 | 15,262,010 | ||||||||
Base management fees payable | 3,734,655 | 4,860,614 | ||||||||
Payable for investments purchased | 479,297 | — | ||||||||
Accrued administrative services | 114,995 | — | ||||||||
Other accrued expenses and payables | 2,815,923 | 1,675,631 | ||||||||
Total Liabilities | 228,780,037 | 360,747,122 | ||||||||
Net Assets | ||||||||||
Common stock, par value $.001 per share, 200,000,000 common shares authorized, 77,723,764 and 77,228,207 issued and 72,946,910 and 72,676,242 outstanding | 77,723 | 77,228 | ||||||||
Paid-in capital in excess of par | 858,087,822 | 877,300,709 | ||||||||
Undistributed / (Distributions in excess of) net investment income | (13,918,838 | ) | (7,965,655 | ) | ||||||
Accumulated net realized loss on investments and extinguishment of debt | (162,723,790 | ) | (144,527,577 | ) | ||||||
Net unrealized (depreciation), net of tax | (72,688.483 | ) | (92,261,515 | ) | ||||||
Treasury stock at cost, 4,776,854 and 4,551,965 shares held | (37,734,502 | ) | (36,302,821 | ) | ||||||
Total Net Assets | 571,099,932 | 596,320,369 | ||||||||
Total Liabilities and Net Assets | $ | 799,879,969 | $ | 957,067,491 | ||||||
Net Asset Value Per Share | $ | 7.83 | $ | 8.21 | ||||||
BlackRock Capital Investment Corporation Consolidated Statements of Operations |
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Three months |
Three |
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ended | ended | Year ended | Year ended | ||||||||||||||||||
12/31/17 (Unaudited) |
12/31/16 (Unaudited) |
12/31/17 | 12/31/16 | ||||||||||||||||||
Investment Income: | |||||||||||||||||||||
Non-controlled, non-affiliated investments: | |||||||||||||||||||||
Cash interest income | $ | 9,751,698 | $ | 12,594,087 | $ | 42,597,334 | $ | 67,604,463 | |||||||||||||
PIK interest income | 202,494 | 3,103,433 | 3,340,360 | 8,712,063 | |||||||||||||||||
Cash dividend income | — | — | 404,780 | — | |||||||||||||||||
PIK dividend income | — | 188,017 | 65,944 | 774,235 | |||||||||||||||||
Fee income | 2,708,371 | 2,559,512 | 3,213,513 | 7,780,567 | |||||||||||||||||
Total investment income from non-controlled, non-affiliated investments | 12,662,563 | 18,445,049 | 49,621,931 | 84,871,328 | |||||||||||||||||
Non-controlled, affiliated investments: | |||||||||||||||||||||
Cash interest income | 2,954,495 | 2,060,394 | 10,540,239 | 5,946,132 | |||||||||||||||||
PIK interest income | 986,653 | — | 4,054,626 | — | |||||||||||||||||
PIK dividend income | 917,861 | 178,425 | 2,997,385 | 1,869,769 | |||||||||||||||||
Fee income | 156,716 | — | 506,632 | — | |||||||||||||||||
Total investment income from non-controlled, affiliated investments | 5,015,725 | 2,238,819 | 18,098,882 | 7,815,901 | |||||||||||||||||
Controlled investments: | |||||||||||||||||||||
Cash interest income | 4,119,450 | 5,381,222 | 18,714,928 | 19,769,917 | |||||||||||||||||
PIK interest income | 143,484 | 24,885 | 1,463,401 | 24,885 | |||||||||||||||||
Cash dividend income | 2,456,399 | 790,382 | 8,814,639 | 2,944,334 | |||||||||||||||||
PIK dividend income | — | — | — | 621,650 | |||||||||||||||||
Fee income | — | 25,000 | 25,000 | 262,372 | |||||||||||||||||
Total investment income from controlled investments | 6,719,333 | 6,221,489 | 29,017,968 | 23,623,158 | |||||||||||||||||
Other income | — | 1,100,000 | 590,429 | 1,100,000 | |||||||||||||||||
Total investment income | 24,397,621 | 28,005,357 | 97,329,210 | 117,410,387 | |||||||||||||||||
Expenses: | |||||||||||||||||||||
Base management fees | 3,734,655 | 4,860,615 | 16,391,532 | 21,460,909 | |||||||||||||||||
Legal settlement | — | — | — | 17,500,000 | |||||||||||||||||
Incentive management fees | 2,903,436 | — | 7,980,098 | — | |||||||||||||||||
Interest and credit facility fees | 4,149,211 | 4,020,290 | 18,205,912 | 16,661,674 | |||||||||||||||||
Professional fees | 1,026,921 | 865,235 | 2,708,262 | 2,544,235 | |||||||||||||||||
Administrative services | 114,995 | 267,134 | 1,039,221 | 1,304,172 | |||||||||||||||||
Director fees | 193,250 | 184,750 | 668,500 | 706,500 | |||||||||||||||||
Investment advisor expenses | 87,500 | 87,504 | 350,004 | 350,004 | |||||||||||||||||
Other | 573,908 | 637,466 | 2,874,087 | 2,846,328 | |||||||||||||||||
Total expenses, before incentive management fee waiver | 12,783,876 | 10,922,994 | 50,217,616 | 63,373,822 | |||||||||||||||||
Incentive management fee waiver | (2,903,436 | ) | — | (7,980,098 | ) | — | |||||||||||||||
Expenses, net of incentive management fee waiver | 9,880,440 | 10,922,994 | 42,237,518 | 63,373,822 | |||||||||||||||||
Net Investment Income | 14,517,181 | 17,082,363 | 55,091,692 | 54,036,565 | |||||||||||||||||
Realized and Unrealized Gain (Loss): | |||||||||||||||||||||
Net realized gain (loss): | |||||||||||||||||||||
Non-controlled, non-affiliated investments | (859,750 | ) | (27,049,481 | ) | (54,814,358 | ) | (83,048,145 | ) | |||||||||||||
Non-controlled, affiliated investments | — | — | — | — | |||||||||||||||||
Controlled investments | — | — | 2,375,534 | (1,532,024 | ) | ||||||||||||||||
Net realized gain (loss) | (859,750 | ) | (27,049,481 | ) | (52,438,824 | ) | (84,580,169 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||
Non-controlled, non-affiliated investments | (8,065,434 | ) | 27,925,028 | 23,612,802 | (25,979,691 | ) | |||||||||||||||
Non-controlled, affiliated investments | 346,794 | (3,740,774 | ) | 23,722,730 | (6,008,885 | ) | |||||||||||||||
Controlled investments | (7,814,577 | ) | (11,554,566 | ) | (28,225,914 | ) | (21,967,719 | ) | |||||||||||||
Foreign currency translation | (23,380 | ) | (152,457 | ) | 463,413 | 207,975 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (15,556,597 | ) | 12,477,231 | 19,573,031 | (53,748,320 | ) | |||||||||||||||
Deferred Taxes | 5,257,916 | — | — | — | |||||||||||||||||
Net realized and unrealized gain (loss) | (11,158,431 | ) | (14,572,250 | ) | (32,865,793 | ) | (138,328,48 | ) | |||||||||||||
Realized losses on extinguishment of debt | (10,723 | ) | — | (1,323,442 | ) | — | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 3,348,027 | $ | 2,510,113 | $ | 20,902,457 | $ | (84,291,92 | ) | ||||||||||||
Net Investment Income Per Share—basic | $ | 0.20 | $ | 0.24 | $ | 0.75 | $ | 0.74 | |||||||||||||
Earnings (Loss) Per Share—basic | $ | 0.05 | $ | 0.03 | $ | 0.29 | $ | (1.16 | ) | ||||||||||||
Average Shares Outstanding—basic | 73,145,321 | 72,673,587 | 72,983,354 | 72,757,978 | |||||||||||||||||
Net Investment Income Per Share—diluted | $ | 0.19 | $ | 0.24 | $ | 0.73 | $ | 0.74 | |||||||||||||
Earnings (Loss) Per Share—diluted | $ | 0.05 | $ | 0.03 | $ | 0.29 | $ | (1.16 | ) | ||||||||||||
Average Shares Outstanding—diluted (NII only) | 94,875,804 | 72,673,587 | 90,927,689 | 82,654,705 | |||||||||||||||||
Distributions Declared Per Share | $ | 0.18 | $ | 0.21 | $ | 0.72 | $ | 0.84 | |||||||||||||
Supplemental Information
The Company reports its financial results on a GAAP basis; however, management believes that evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP basis financial measures. Management reviews non-GAAP financial measures to assess ongoing operations and, for the reasons described below, considers them to be effective indicators, for both management and investors, of the Company’s financial performance over time. The Company’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
Until
Computations for the periods below are derived from the Company's financial statements as follows:
Three months ended |
Three months |
Yearended |
Yearended |
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GAAP Basis: | ||||||||||||||||
Net Investment Income | $ | 14,517,181 | $ | 17,082,364 | $ | 55,091,692 | $ | 54,036,565 | ||||||||
Net Investment Income per share | 0.20 | 0.24 | 0.75 | 0.74 | ||||||||||||
Addback: GAAP incentive management fee expense based on Gains | — | — | — | — | ||||||||||||
Addback: GAAP incentive management fee expense based on Income | — | — | — | — | ||||||||||||
Pre-Incentive Fee1: | ||||||||||||||||
Net Investment Income | $ | 14,517,181 | $ | 17,082,364 | $ | 55,091,692 | $ | 54,036,565 | ||||||||
Net Investment Income per share | 0.20 | 0.24 | 0.75 | 0.74 | ||||||||||||
Less: Incremental incentive management fee expense based on Income | — | — | — | — | ||||||||||||
As Adjusted2: | ||||||||||||||||
Net Investment Income | $ | 14,517,181 | $ | 17,082,364 | $ | 55,091,692 | $ | 54,036,565 | ||||||||
Net Investment Income per share | 0.20 | 0.24 | 0.75 | 0.74 | ||||||||||||
Note: The Net Investment Income amounts for the three and twelve 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/20180307006153/en/
Source:
BlackRock Capital Investment Corporation
Investors:
Nik
Singhal, 212-810-5427
or
Press:
Brian Beades,
212-810-5596