BlackRock Capital Investment Corporation Reports Financial Results for the Quarter Ended September 30, 2022, Declares Quarterly Cash Dividend of $0.10 per Share
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Both GAAP Net Investment Income (“GAAP NII”) and Adjusted Net Investment Income1 (“Adjusted NII”) were
$7.7 million , or$0.10 per share for the third quarter, an increase of 8% and 27% from the prior quarter, respectively, providing third quarter dividend coverage of 105%, up from 97% and 82% of GAAP dividend coverage and adjusted dividend coverage, respectively, in the prior quarter. This compares to GAAP NII and Adjusted NII of$7.1 million and$6.0 million in the prior quarter, respectively. GAAP NII and Adjusted NII for the third quarter include fee and other one-time income of approximately$0.02 per share. -
Net Asset Value (“NAV”) decreased to
$332.0 million as ofSeptember 30, 2022 , down 1.0% from$335.4 million as ofJune 30, 2022 ; NAV per share decreased slightly to$4.56 per share from$4.57 per share as ofJune 30, 2022 . -
The Company had strong gross deployments totaling
$78.0 million during the third quarter, substantially all of which were in senior secured debt. During the third quarter, 16 new portfolio companies were added, bringing total portfolio companies at quarter-end to 111, up from 86 at the end of 2021 and 55 at the end of 2020. Gross repayments during the third quarter were$60.8 million , including full repayments from 5 existing portfolio companies. -
The Company’s weighted-average portfolio yield as of
September 30, 2022 increased to 10.5% based on total portfolio fair value, up from 9.1% as ofJune 30, 2022 . The increase was largely driven by a rise in LIBOR and SOFR rates during the quarter. -
Net leverage was 0.71x as of
September 30, 2022 , up from 0.64x as ofJune 30, 2022 , primarily driven by net deployments during the third quarter. Total available liquidity, including cash, for deployment into portfolio company investments was approximately$124.9 million , subject to leverage and borrowing base restrictions. -
Under the existing share repurchase program, 463,911 shares were repurchased during the third quarter for approximately
$1.7 million at an average price of$3.68 per share, including brokerage commissions.
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1Adjusted NII excludes the “hypothetical liquidation” basis capital gains incentive fee accrual (reversal) required under GAAP of zero and
“We sustained our solid earnings momentum this quarter, demonstrating the strength of our increasingly diversified portfolio and our commitment to delivering solid risk-adjusted returns,” said
“Drawing upon the power of the BlackRock platform, we added 16 new portfolio companies during the quarter, substantially all of which were in senior secured debt. We have constructed a well-diversified portfolio with 111 portfolio companies as of the end of the quarter, representing significant progress from 47 portfolio companies at the end of 2019. We deployed
“Amidst the macroeconomic backdrop of high inflation, rising interest rates, supply chain constraints and softening consumer demand, we remain highly selective in underwriting new investments and vigilant in monitoring our existing portfolio. We believe that our portfolio is well positioned to withstand the impacts of an economic downcycle. During the third quarter, there were no new non-accrual investments.”
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Portfolio Composition |
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First Lien Debt |
77% |
74% |
50% |
34% |
Second Lien Debt |
17% |
19% |
27% |
23% |
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6% |
7% |
23% |
43% |
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Portfolio Company Count |
111 |
86 |
55 |
47 |
Non-Core Assets |
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Portfolio Company Count2 |
4 |
5 |
6 |
9 |
Fair Market Value ("FMV", in Millions) |
11 |
26 |
42 |
120 |
% of investments, at FMV |
2% |
5% |
9% |
16% |
_______________________________________________
1. Includes unsecured/subordinated debt and equity investments.
2. Excludes portfolio companies with zero FMV.
Financial Highlights
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Q3 2022 |
Q2 2022 |
Q3 2021 |
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($'s in millions, except per share data)2 |
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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Dividends declared |
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Net Investment Income/(loss), as adjusted2 |
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Basic earnings/(losses), as adjusted1 |
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________________________________________________
1. Non-GAAP basis financial measure, excluding the hypothetical liquidation basis capital gain incentive fee accrual (reversal), if any, under GAAP. See Supplemental Information.
2. Totals may not foot due to rounding.
($'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 ratio1 |
0.71x |
0.64x |
0.56x |
0.57x |
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1. 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
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Reduced Exposure in Non-core Legacy Portfolio: During the third quarter, the Company received total proceeds of
$12.2 million from our debt and equity investments inMBS Opco, LLC andMBS Parent, LLC , which was comprised of the full exit of our$11.7 million debt position at par and a$0.5 million distribution from our equity position for which we still hold a residual position. The non-core portfolio stood at less than 2%, at fair value, of our entire portfolio as ofSeptember 30, 2022 . -
Other Junior Capital Exposure: As of
September 30, 2022 , the Company’s other junior capital (including unsecured/subordinated debt and equity) exposure, excluding non-core assets, remained low at 5% of the portfolio, down from 6% atDecember 31, 2021 , 21% atDecember 31, 2020 , and 40% atDecember 31, 2019 . -
Share Repurchase Program: During the third quarter, 463,911 shares were repurchased for
$1.7 million at an average price of$3.68 per share, including brokerage commissions. OnNovember 2, 2022 , authorization to repurchase the remaining 6,598,268 shares expired. OnOctober 28, 2022 , the Company’s Board of Directors authorized the Company to purchase up to a total of 8,000,000 shares, commencing onNovember 7, 2022 and effective until the earlier ofNovember 6, 2023 or such time that all of the authorized shares have been repurchased, subject to the terms of a share repurchase program, if in effect.
Third Quarter Financial Updates
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Both GAAP NII and Adjusted NII were
$7.7 million , or approximately$0.10 per share, for the three months endedSeptember 30, 2022 , an increase of 8% and 27% from the prior quarter, respectively. The increase in NII was driven partially by$1.3 million in fee and other one-time income received during the quarter on portfolio company repayments, as compared to$0.4 million in the prior quarter. Relative to our dividend declared of$0.10 per share, GAAP NII dividend coverage was 105%, up from 97% from the prior quarter. Adjusted NII dividend coverage was also 105% for the third quarter, up from 82% in the prior quarter. -
NAV decreased to
$332.0 million atSeptember 30, 2022 , down 1.0% from$335.4 million atJune 30, 2022 ; NAV per share decreased to$4.56 per share from$4.57 per share as ofJune 30, 2022 . The NAV decrease was driven by$2.4 million of net unrealized losses across the investment portfolio and our interest rate swap position, partially offset by$0.4 million of gains realized during the quarter. -
For the quarter ended
September 30, 2022 , we incurred management fees of$2.1 million , and incentive fees based on income of$1.6 million . As ofSeptember 30, 2022 , there was a total of$1.7 million of incentive fees based on income accrued, but for which payment to the investment advisor has been deferred pursuant to our investment management agreement. -
For the quarter ended
September 30, 2022 , no capital gains incentive fee was accrued (refer to Supplemental Information below for further details) and atSeptember 30, 2022 , the balance of accrued incentive fees on capital gains was zero.
Portfolio and Investment Activity*
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Three Months Ended |
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($’s in millions) |
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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 |
111 |
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100 |
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78 |
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Weighted average yield of debt and income producing equity securities, at FMV |
10.6% |
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9.3% |
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8.4% |
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% of Portfolio invested in Secured debt, at FMV |
94% |
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94% |
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88% |
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% of Portfolio invested in Unsecured/subordinated debt, at FMV |
4% |
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4% |
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5% |
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% of Portfolio invested in Equity, at FMV |
2% |
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2% |
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7% |
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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
$78.0 million during the quarter while exits and repayments totaled$60.8 million , resulting in a$17.2 million net increase in our portfolio.-
Deployments consisted of 16 new portfolio companies and 7 investments/fundings into existing portfolio companies, which are outlined as follows:
New Portfolio Companies-
$11.1 million SOFR ("S") + 6.75% first lien term loan,$2.9 million unfunded delayed draw term loan ("DDTL"), and$1.1 million unfunded revolver toICIMS, Inc. , a cloud-based human resources and recruiting software company; -
$7.1 million S + 6.75% first lien term loan and$2.0 million unfunded DDTL toGC Champion Acquisition LLC (Numerix ), a software provider for valuation and risk management of derivatives and structured products; -
$7.0 million S + 8.00% first lien term loan toJobvite, Inc. (Employ, Inc. ), a provider for talent acquisition software and outsourced recruiting services; -
$5.4 million S + 6.25% first lien term loan,$1.1 million unfunded DDTL, and$0.5 million unfunded revolver toAccordion Partners, LLC , a private equity focused financial consulting and technology firm; -
$5.2 million S + 9.00% first lien term loan and$1.7 million unfunded DDTL toFreedom Financial Network Funding, LLC , a personal finance company; -
$4.1 million S + 5.75% first lien term loan,$1.0 million unfunded DDTL, and$0.5 million unfunded revolver toAmeriLife Holdings, LLC , a provider of life and health insurance, annuities, and retirement planning solutions; -
$4.1 million S + 6.25% first lien term loan and$0.3 million unfunded revolver toSailpoint Technologies Holdings, Inc. , an enterprise identity security solutions provider; -
$3.8 million S + 7.25% first lien term loan toSpartan Bidco Pty Ltd (StarRez), a residential accommodation software provider; -
$3.2 million S + 6.25% first lien term loan and$0.3 million unfunded revolver toFusion Holding Corp. (Finalsite), a provider of digital communication and software solutions for K-12 schools; -
$1.9 million S + 7.50% first lien term loan toAnaconda, Inc. , an open source package manager for programming languages; -
$1.9 million S + 6.88% first lien term loan,$1.5 million unfunded DDTL, and$0.3 million unfunded revolver toGTY Technology Holdings, Inc. , a provider of vertical SaaS/cloud solutions for the public sector; -
$1.9 million S + 7.00% first lien term loan toGympass US, LLC , a business-to-business wellness platform; -
$1.4 million S + 6.00% first lien term loan,$0.9 million unfunded DDTL, and$0.2 million unfunded revolver toPueblo Mechanical and Controls, LLC , a commercial HVAC, plumbing, and controls operator; -
$0.4 million S + 6.75% first lien term loan and$0.1 million unfunded DDTL toStreamland Media MidCo LLC , a post-production services company for TV, feature films and other media; -
$0.4 million S + 6.50% first lien term loan toFusion Risk Management, Inc. , a provider for business continuity and risk management software solutions; and -
$0.3 million S + 6.50% first lien term loan toOpco Borrower, LLC (Giving Home Health Care ), a provider of home health, home aid and skilled nursing services.Incremental Investment /Funding Primarily in the Following Existing Portfolio Companies -
$6.8 million S + 6.50% first lien term loan toSyntellis Parent, LLC (Axiom Software ); -
$4.7 million S + 7.00% first lien DDTL funding to SumUp Holdings Luxembourg S.A.R.L.; -
$3.5 million LIBOR + 5.50% first lien term loan toCalceus Acquisition, Inc. (Cole Haan ); -
$1.7 million S + 6.50% toHomerenew Buyer, Inc. (Project Dream), including$1.6 million of first lien DDTL funding and$0.1 million of first lien revolver funding; -
$1.6 million S + 6.00% first lien DDTL funding toPeter C. Foy & Associates Insurance Services, LLC (PCF Insurance ); -
$0.7 million to Alpine Acquisition Corp II (48Forty), including$0.3 million of first lien DDTL funding (S + 5.50%) and$0.4 million of first lien revolver funding (PRIME + 4.50%); and -
$0.6 million S + 6.00% first lien DDTL funding toWealth Enhancement Group, LLC .
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Sales, exits, and repayments were primarily concentrated in five complete exits of portfolio company investments, and the full debt repayment/equity distribution from our largest remaining non-core legacy portfolio company, with a total of
$1.3 million in fee and other one-time income generated in excess of principal repaid on these transactions:-
$13.0 million full repayment of first lien term loan inJuul Labs, Inc. at par; -
$12.5 million full repayment of first lien term loans inMetricstream, Inc. at par; -
Total proceeds of
$12.2 million from our non-core debt and equity investments in MBS, which was comprised of the full exit of our$11.7 million debt position at par and a$0.5 million distribution from our equity position for which we still hold a residual value; -
$9.9 million full repayment at par ofDude Solutions Holdings, Inc. , including$9.2 million of first lien term loan and$0.7 million of revolver; -
$9.0 million full repayment of second lien term loans inAmeriLife Holdings, LLC at par; and -
$2.5 million full repayment of first lien term loan inPHRG Intermediate LLC at par.
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Deployments consisted of 16 new portfolio companies and 7 investments/fundings into existing portfolio companies, which are outlined as follows:
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During the quarter ended
September 30, 2022 , there were no new non-accrual investments. As ofSeptember 30, 2022 , there were three non-accrual investment positions, representing approximately 3.4% and 11.9% of total debt and preferred stock investments, at fair value and cost, respectively. -
The weighted average internal investment rating of the portfolio at FMV at
September 30, 2022 declined slightly to 1.28 as compared to 1.27 atJune 30, 2022 and improved from 1.33 atSeptember 30, 2021 . -
During the quarter ended
September 30, 2022 , net realized and unrealized losses were$(2.1) million , primarily attributable to general market declines on our existing portfolio, the reversal of unrealized gains and losses previously recorded due to portfolio company exits and unrealized losses on our interest rate swap, partially offset by$0.4 million of gains realized during the quarter.
Liquidity and Capital Resources
-
At
September 30, 2022 , we had$29.9 million in cash and cash equivalents and$95.0 million of availability under our credit facility, subject to leverage restrictions, resulting in approximately$124.9 million of availability for deployment into portfolio company investments including current unfunded commitments, and for general use in the normal course of business. Committed but unfunded portfolio obligations atSeptember 30, 2022 were$70.9 million , at par. We believe there is sufficient liquidity to meet all of the Company’s obligations and deploy new capital consistent with our strategy. -
Net leverage, adjusted for available cash, receivables for investments sold, payables for investments purchased and unamortized debt issuance costs, was 0.71x at quarter-end, and our 226% asset coverage ratio provided the Company with additional debt capacity of
$95.0 million under its asset coverage requirements, subject to borrowing capacity and borrowing base restrictions. Further, as ofSeptember 30, 2022 , approximately 85% of our assets were invested in qualifying assets, exceeding the 70% requirement for a business development company under Section 55(a) of the Investment Company Act of 1940. -
For the third quarter of 2022, the Company declared a cash dividend of
$0.10 per share, payable onJanuary 6, 2023 to stockholders of record at the close of business onDecember 16, 2022 .
Conference Call
The teleconference and the 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
Formed in 2005,
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 |
(Unaudited) |
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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 |
4,303,205 |
|
4,131,978 |
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Controlled investments (cost of |
18,442,000 |
|
21,927,071 |
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Total investments at fair value (cost of |
574,581,134 |
|
552,563,994 |
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Cash and cash equivalents |
29,859,866 |
|
12,750,121 |
|
Interest, dividends and fees receivable |
3,327,314 |
|
3,671,722 |
|
Due from broker |
1,878,136 |
|
— |
|
Deferred debt issuance costs |
1,170,130 |
|
1,511,418 |
|
Receivable for investments sold |
415,514 |
|
690,550 |
|
Prepaid expenses and other assets |
722,184 |
|
788,469 |
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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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|
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Dividends payable |
7,312,237 |
|
7,392,972 |
|
Payable for investments purchased |
3,532,831 |
|
11,679,798 |
|
Management fees payable |
2,118,115 |
|
2,122,519 |
|
Income incentive fees payable |
1,690,745 |
|
170,002 |
|
Accrued capital gains incentive fees |
— |
|
1,544,569 |
|
Interest and debt related payables |
1,315,162 |
|
601,379 |
|
Interest Rate Swap at fair value |
1,214,658 |
|
— |
|
Accrued administrative expenses |
345,707 |
|
384,225 |
|
Accrued expenses and other liabilities |
1,441,349 |
|
1,553,507 |
|
Total liabilities |
279,920,535 |
|
222,324,301 |
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Net assets |
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|
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|
Common stock, par value |
84,482 |
|
84,478 |
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Paid-in capital in excess of par |
848,052,543 |
|
852,360,178 |
|
Distributable earnings (losses) |
(443,881,330) |
|
(434,303,297) |
|
|
(72,221,952) |
|
(68,489,386) |
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Total net assets |
332,033,743 |
|
349,651,973 |
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Total liabilities and net assets |
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Net assets per share |
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Consolidated Statements of Operations
(Unaudited)
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Three Months Ended |
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Nine Months Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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Investment income |
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Interest income (excluding PIK): |
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Non-controlled, non-affiliated investments |
|
|
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|
|
|
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Non-controlled, affiliated investments |
|
— |
|
— |
|
— |
|
11,867 |
|
Controlled investments |
|
— |
|
— |
|
— |
|
718,571 |
|
PIK interest income: |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
376,854 |
|
436,929 |
|
626,012 |
|
2,033,318 |
|
Non-controlled, affiliated investments |
|
114,909 |
|
123,521 |
|
347,377 |
|
360,535 |
|
Dividend income (excluding PIK): |
|
|
|
|
|
|
|
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Non-controlled, affiliated investments |
|
— |
|
— |
|
— |
|
71,500 |
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Controlled investments |
|
— |
|
483,038 |
|
— |
|
1,531,013 |
|
PIK dividend income: |
|
|
|
|
|
|
|
|
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Non-controlled, non-affiliated investments |
|
81,188 |
|
— |
|
235,799 |
|
— |
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Other income: |
|
|
|
|
|
|
|
|
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Non-controlled, non-affiliated investments |
|
718,634 |
|
223,598 |
|
1,280,725 |
|
410,588 |
|
Total investment income |
|
16,025,393 |
|
12,514,326 |
|
40,476,635 |
|
33,644,709 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Interest and other debt expenses |
|
3,337,735 |
|
2,973,408 |
|
8,927,377 |
|
8,695,681 |
|
Management fees |
|
2,118,115 |
|
2,086,219 |
|
6,125,146 |
|
5,661,669 |
|
Incentive fees on income |
|
1,621,402 |
|
79,383 |
|
1,709,758 |
|
79,383 |
|
Incentive fees on capital gains(1) |
|
— |
|
1,291,952 |
|
(1,544,569) |
|
1,291,952 |
|
Administrative expenses |
|
345,707 |
|
333,057 |
|
1,010,476 |
|
970,058 |
|
Professional fees |
|
214,022 |
|
301,976 |
|
724,368 |
|
968,969 |
|
Insurance expense |
|
187,022 |
|
204,197 |
|
582,894 |
|
605,158 |
|
Director fees |
|
149,375 |
|
158,125 |
|
455,625 |
|
464,375 |
|
Investment advisor expenses |
|
25,819 |
|
87,500 |
|
77,457 |
|
262,500 |
|
Other operating expenses |
|
363,161 |
|
167,737 |
|
1,129,757 |
|
781,251 |
|
Total expenses, before incentive fee waiver |
|
8,362,358 |
|
7,683,554 |
|
19,198,289 |
|
19,780,996 |
|
Incentive fee waiver |
|
— |
|
(79,383) |
|
— |
|
(79,383) |
|
Total expenses, net of incentive fee waiver |
|
8,362,358 |
|
7,604,171 |
|
19,198,289 |
|
19,701,613 |
|
Net investment income(1) |
|
7,663,035 |
|
4,910,155 |
|
21,278,346 |
|
13,943,096 |
|
Realized and unrealized gain (loss) on investments, Interest Rate Swap and foreign currency: |
|
|
|
|
|
|
|
|
|
Net realized gain (loss): |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
370,660 |
|
22,048,077 |
|
1,196,573 |
|
21,408,576 |
|
Non-controlled, affiliated investments |
|
— |
|
— |
|
— |
|
(7,989,591) |
|
Controlled investments |
|
— |
|
524,445 |
|
— |
|
(10,515,629) |
|
Net realized gain (loss) |
|
370,660 |
|
22,572,522 |
|
1,196,573 |
|
2,903,356 |
|
Net change in unrealized appreciation (depreciation): |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
(1,281,032) |
|
(17,434,641) |
|
(13,693,406) |
|
19,898,636 |
|
Non-controlled, affiliated investments |
|
102,585 |
|
31,709 |
|
332,256 |
|
7,019,899 |
|
Controlled investments |
|
(232,073) |
|
1,522,554 |
|
690,314 |
|
16,349,397 |
|
Interest Rate Swap |
|
(1,015,964) |
|
— |
|
(1,214,658) |
|
— |
|
Foreign currency translation |
|
— |
|
— |
|
— |
|
(285,360) |
|
Net change in unrealized appreciation (depreciation) |
|
(2,426,484) |
|
(15,880,378) |
|
(13,885,494) |
|
42,982,572 |
|
Net realized and unrealized gain (loss) |
|
(2,055,824) |
|
6,692,144 |
|
(12,688,921) |
|
45,885,928 |
|
Net increase (decrease) in net assets resulting from operations |
|
|
|
|
|
|
|
|
|
Net investment income per share—basic(1) |
|
|
|
|
|
|
|
|
|
Earnings (loss) per share—basic(1) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding—basic |
|
73,170,323 |
|
74,081,693 |
|
73,551,057 |
|
74,221,550 |
|
Net investment income per share—diluted(1)(2) |
|
|
|
|
|
|
|
|
|
Earnings (loss) per share—diluted(1)(2) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding—diluted |
|
73,170,323 |
|
91,075,430 |
|
83,884,141 |
|
91,215,287 |
|
(1) |
Net investment income and per share amounts displayed above are net of the accrual (reversal) for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with GAAP for the nine month period ended |
(2) |
For the nine month period ended |
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.
The Company records its liability for incentive fees based on capital gains (if any) by performing a hypothetical liquidation basis calculation at the end of each reporting period, as required by GAAP, which assumes that all unrealized capital appreciation and depreciation is realized as of the reporting date. It should be noted that incentive fees based on capital gains (if any) are not due and payable until the end of the annual measurement period, or every
Computations for the periods below are derived from the Company's financial statements as follows:
|
Three Months Ended |
Nine Months Ended |
||||||
|
|
|
|
|
||||
GAAP Basis: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.10 |
|
0.07 |
|
0.29 |
|
0.19 |
|
Addback: GAAP incentive fee (reversal) based on capital gains |
— |
|
1,291,952 |
|
(1,544,569) |
|
1,291,952 |
|
Addback: GAAP incentive fee based on Income net of incentive fee waiver (if any) |
1,621,402 |
|
— |
|
1,709,758 |
|
— |
|
Pre-Incentive Fee1: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.13 |
|
0.08 |
|
0.29 |
|
0.21 |
|
Less: Incremental incentive fee based on Income net of incentive fee waiver (if any) |
(1,621,402) |
|
— |
|
(1,709,758) |
|
— |
|
As Adjusted2: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.10 |
|
0.08 |
|
0.27 |
|
0.21 |
|
1. Pre-Incentive Fee: Amounts are adjusted to remove all incentive fees. Such fees have been accrued (reversed) but are not due and payable at the reporting date.
2. As Adjusted: Amounts are adjusted to remove the GAAP accrual (reversal) for incentive fee based on capital gains (if any) and to include only the incremental incentive fee based on income. Adjusted amounts reflect the fact that no incentive fee on capital gains was realized and payable to the Advisor during the three and nine month periods ended
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/20221103006013/en/
Investors:
212.810.5427
Press:
212.810.5596
Source: