BlackRock Capital Investment Corporation Reports Financial Results for the Quarter Ended June 30, 2018, Declares Quarterly Distribution of $0.18 per Share
-
GAAP Net Investment Income (NII) of
$0.16 per share providing second quarter distribution coverage of 90% -
Net Asset Value (NAV) per share declined 1.2% or
$0.09 per share to$7.56 per share on a quarter-over-quarter basis primarily due to increase in net unrealized and realized depreciation on legacy assets -
Under our existing share repurchase program, we repurchased 1,268,684
shares of common stock for
$7.9 million , including brokerage commissions, via open market purchases in the second quarter -
Net leverage of 0.43x was down, reflecting an increase in prepayment
activity. Total liquidity for portfolio company investments, including
cash, was approximately
$280 million , subject to leverage and borrowing base restrictions BCIC Senior Loan Partners increases its investment capacity from$300 million to $400 million
“We continued to execute upon our disciplined deployment strategy in the
second quarter, adding two new portfolio companies to our balance sheet
as well as making incremental investments in four existing portfolio
companies including
“In the current market conditions of compressed credit spreads, higher
leverage levels and weaker structures, we remain highly selective in new
investment opportunities and focused on opportunities with strong
underlying credit metrics. Additionally, our portfolio investments in
“Under our existing share repurchase program, during the quarter, we
invested approximately
Financial Highlights
Q2 2018 | Q1 2018 | Q2 2017 | |||||||||||||||||||||||||||
Total | Per | Total | Per | Total | Per | ||||||||||||||||||||||||
($'s in millions, except per share data) | Amount | Share | Amount | Share | Amount | Share | |||||||||||||||||||||||
Net Investment Income | $ | 11.5 | $ | 0.16 | $ | 11.6 | $ | 0.16 | $ | 13.9 | $ |
0.19 |
|
||||||||||||||||
Net realized and unrealized gains/(losses) | $ | (5.5 | ) | $ | (0.08 | ) | $ | (12.5 | ) | $ | (0.17 | ) | $ | 3.1 | $ | 0.04 | |||||||||||||
Deferred taxes | $ | (1.8 | ) | $ | (0.02 | ) | — | — | — | — | |||||||||||||||||||
Basic earnings/(loss) | $ | 4.2 | $ | 0.06 | $ | (0.9 | ) | $ | (0.01 | ) | $ | 17.0 | $ | 0.23 | |||||||||||||||
Distributions declared | $ | 12.8 | $ | 0.18 | $ | 13.2 | $ | 0.18 | $ | 13.1 | $ | 0.18 | |||||||||||||||||
Net Investment Income/(loss), as adjusted1 | $ | 11.5 | $ | 0.16 | $ | 11.6 | $ | 0.16 | $ | 13.9 | $ | 0.19 | |||||||||||||||||
Basic earnings/(loss), as adjusted1 |
$ | 4.2 | $ | 0.06 | $ | (0.9 | ) | $ | (0.01 | ) | $ | 17.0 | $ | 0.23 | |||||||||||||||
June 30, | March 31, | December 31, | June 30, | |||||||||||||||||
($'s in millions, except per share data) |
2018 |
2018 |
2017 |
2017 |
||||||||||||||||
Total assets | $ | 800.0 | $ | 887.1 | $ | 799.9 | $ | 925.0 | ||||||||||||
Investment portfolio, at fair market value | $ | 776.3 | $ | 870.1 | $ | 757.9 | $ | 893.3 | ||||||||||||
Debt outstanding | $ | 241.5 | $ | 310.1 | $ | 206.7 | $ | 295.5 | ||||||||||||
Total net assets | $ | 536.6 | $ | 553.1 | $ | 571.1 | $ | 607.5 | ||||||||||||
Net asset value per share | $ | 7.56 | $ | 7.65 | $ | 7.83 | $ | 8.33 | ||||||||||||
Net leverage ratio2 |
0.43x | 0.56x | 0.32x | 0.47x | ||||||||||||||||
Business Updates
-
Under our existing share repurchase program, during the second quarter
of 2018, 1,268,684 shares were repurchased for
$7.9 million at an average price of$6.21 per share, including brokerage commissions. The cumulative repurchases sinceBlackRock entered into the investment management agreement with the Company in early 2015 totaled approximately 5.1 million shares for$38.1 million , representing 75.6% of total share repurchase activity, on a dollar basis. Since the inception of our share repurchase program throughJune 30, 2018 , we have purchased 6.8 million shares at an average price of$7.36 per share, including brokerage commissions, for a total of$50.4 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 ofJune 30, 2018 or such time that all of the authorized shares have been repurchased. InApril 2018 , our Board of Directors authorized a total of 2.5 million shares for repurchase, effectiveJuly 1, 2018 until the earlier ofJune 30, 2019 or until such time that all of the authorized shares have been repurchased. -
Subsequent to the quarter ended
June 30, 2018 ,Senior Loan Partners , as Servicer, and its wholly-owned subsidiaryBCIC Senior Loan Funding II, LLC (a newly formed entity), as Borrower, entered into a$270 million Loan and Servicing Agreement withMorgan Stanley Senior Funding, Inc. acting asAdministrative Agent and The Bank of New York Mellon Trust Company acting as Collateral Agent. Proceeds from this credit facility refinanced the outstanding balances under the existing$200 million credit facility toBCIC Senior Loan Funding, LLC (a wholly-owned subsidiary ofSenior Loan Partners ). As previously disclosed, onApril 16, 2018 , the Company increased its equity commitment inSenior Loan Partners from$85.0 million to $113.3 million . Concurrently,Windward Investments LLC , our joint venture partner, increased their equity commitment in a pro rata manner from$15.0 million to $20.0 million . With the increase in the size of equity commitments and the credit facility, the investing capacity ofSenior Loan Partners has increased from$300 million to approximately$400 million .
_______________________________
1 Non-GAAP basis
financial measure. See Supplemental Information on page 8.
2
Calculated as the ratio between (A) debt, excluding unamortized debt
issuance costs, less available cash and receivable for investments sold,
and (B) net asset value.
Portfolio and Investment Activity*
($’s in millions) | Three months | Three months | Three months | |||||||||
ended | ended | ended | ||||||||||
June 30, 2018 | March 31, 2018 | June 30, 2017 | ||||||||||
Investment deployments | $ | 61.3 | $ | 144.6 | $ | 22.8 | ||||||
Investment exits | $ | 152.1 | $ | 17.2 | $ | 72.0 | ||||||
Number of portfolio company investments at the end of period | 29 | 31 | 34 | |||||||||
Weighted average yield of debt and income producing equity securities, at fair market value | 11.5 | % | 11.3 | % | 11.3 | % | ||||||
% of Portfolio invested in Secured debt, at fair market value | 52 | % | 59 | % | 64 | % | ||||||
% of Portfolio invested in Unsecured debt, at fair market value | 18 | % | 16 | % | 17 | % | ||||||
% of Portfolio invested in Equity, at fair market value | 30 | % | 25 | % | 19 | % | ||||||
Average investment by portfolio company, at amortized cost (excluding investments below $5.0 million) | $ | 32.9 | $ | 33.6 | $ | 33.0 | ||||||
*balance sheet amounts above are as of period end |
||||||||||||
-
We deployed
$61.3 million during the quarter while exits of investments totaled$152.1 million , resulting in a$90.8 million net decrease in our portfolio due to investment activity.-
Our deployments were primarily concentrated in two new portfolio
company investments, and incremental investments in four existing
portfolio companies:
$14.0 million funded L+7.50% second lien term loan toNorthstar Financial Services Group, LLC , which is a leading provider of technology enabled, web based outsourced practice management solutions serving investment advisors;$6.4 million funded and$2.7 million unfunded, L+8.00% second lien term loan and second lien delayed draw term loan toPharmalogic Holdings Corp. , which is a leading independent provider of radiopharmaceuticals with 16 nuclear pharmacies throughoutthe United States ;$17.5 million of incremental equity toSenior Loan Partners ;$8.3 million of incremental L+11.00% unsecured debt toGordon Brothers Finance Company to fund portfolio growth;$6.2 million of incremental 12.00% unsubordinated debt and$1.6 million equity investment inFirst Boston Construction Holdings, LLC ; and$5.6 million L+8.00% second lien delayed draw term loan toPathway Partners Vet Management Company, LLC .
-
Our repayments were primarily concentrated in four portfolio
company exits, two dispositions and one partial repayments:
$32.0 million repayment ofPre-paid Legal Services, Inc. , second lien term loan;$25.0 million repayment ofTri-Anim Health Services, Inc. , second lien term loan;$20.0 million repayment ofJLL Pioneer Inc. , second lien term loan;$7.3 million repayment ofECI Cayman Holdings, LP , limited partnership interest;$15.8 million sale at par to a third party ofBankruptcy Management Solutions, Inc. , first lien term loan;$27.2 million and$5.6 million partial sale at par to a third party (as previously disclosed) of our first lien term loan and delayed draw term loan, respectively, fromSt. George Warehousing & Trucking Co. of California , Inc.; and$18.7 million partial repayment of our Gordon Brothers Finance Company’s unsecured debt.
-
Our deployments were primarily concentrated in two new portfolio
company investments, and incremental investments in four existing
portfolio companies:
-
Our
$92.3 million equity investment inSenior Loan Partners is generating a yield of approximately 11%.Senior Loan Partners made investments into three new portfolio companies and three existing portfolio companies totaling$50.8 million of new capital deployments during the quarter, bringing committed and outstanding amounts, at par, to$287.2 million and$264.0 million , respectively, and a total of 22 borrowers. The three new investments, at par, were (i) a$9.3 million first lien term loan toNew Era Technology, Inc. , a provider of managed services, cloud, collaboration, data networking, and security solutions, (ii) a$15.0 million first lien term loan toCrown Paper Group, Inc. , an independent, vertically-integrated containerboard system company, and (iii) a$9.4 million first lien loan toENC Holding Corporation , an asset-light logistics platform providing business process outsourcing services. Additional investments in existing portfolio companies primarily include (i) additional investment of$8.0 million in first lien and revolving loans toNSM Sub Holdings Corp. , and (ii) additional investment of$4.5 million toAccruent, LLC in first lien and delayed draw loans. -
As of
June 30, 2018 , there was one non-accrual investment position, representing approximately 0.1% and 1.8% of total debt and preferred stock investments, at fair value and cost, respectively, as compared to non-accrual investment positions of approximately 3.6% and 14.3% of total debt and preferred stock investments at fair value and cost, respectively, atDecember 31, 2017 . Our average internal investment rating at fair market value atJune 30, 2018 was 1.23 as compared to 1.24 as of the prior quarter end. -
During the quarter ended
June 30, 2018 , net realized gain was$3.9 million , primarily resulting from a gain on the sale ofECI Cayman Holdings, LP , partially offset by a loss relating to our investment inSVP Worldwide Ltd ; net unrealized depreciation increased$9.5 million before deferred taxes, primarily due to an increase in unrealized depreciation mainly on certain legacy investments, as well as the reversal of previously recognized appreciation upon dispositions. For the three months endedJune 30, 2018 , unrealized gains in a consolidated taxable subsidiary resulted in a deferred tax liability of$1.8 million .
Second Quarter Financial Updates
-
GAAP net investment income (“NII”) was
$11.5 million , or$0.16 per share, for the three months endedJune 30, 2018 . Relative to distributions declared of$0.18 per share, our NII distribution coverage was 90% for the 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 quarter endedJune 30, 2018 ,$1.9 million of incentive management fees based on income was earned by our investment adviser; however, as previously disclosed, any such fees earned untilDecember 31, 2018 have been waived by our investment adviser. Pursuant to the waiver,$11.6 million of incentive management fees have been waived on a cumulative basis. During the quarter, there was no accrual for incentive management fees based on gains. -
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 totaled$1.96 per share from inception toDecember 31, 2017 . 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 distributions, please refer to Section 19 Notices posted within the Distribution History section of our website, as necessary.
Liquidity and Capital Resources
-
At
June 30, 2018 , we had$7.7 million in cash and cash equivalents and$271.9 million of availability under our credit facility, subject to leverage restrictions, resulting in approximately$279.6 million of availability for portfolio company investments. -
Net leverage, adjusted for available cash, receivables for investments
sold and unamortized debt issuance costs, was 0.43x at quarter-end,
and our 317% asset coverage ratio provided the Company with available
debt capacity under its asset coverage requirements of
$287.1 million which exceeds the available amount of$279.6 million for portfolio company investments. Further, as of quarter-end, 80% 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 |
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Consolidated Statements of Assets and Liabilities |
|||||||||
(Unaudited) |
|||||||||
June 30, |
December 31, |
||||||||
2018 |
2017 |
||||||||
Assets | |||||||||
Investments at fair value: | |||||||||
Non-controlled, non-affiliated investments (cost of $260,738,061 and $311,938,762) | $ | 239,623,756 | $ | 261,683,202 | |||||
Non-controlled, affiliated investments (cost of $140,400,336 and $195,354,637) | 171,502,210 | 215,779,077 | |||||||
Controlled investments (cost of $391,542,064 and $321,999,526) | 365,144,975 | 280,478,528 | |||||||
Total investments at fair value (cost of $792,680,461 and $829,292,925) | 776,270,941 | 757,940,807 | |||||||
Cash and cash equivalents | 7,687,958 | 29,014,645 | |||||||
Receivable for investments sold | 5,366,758 | 1,344,918 | |||||||
Interest, dividends and fees receivable | 7,533,034 | 8,342,780 | |||||||
Prepaid expenses and other assets | 3,118,038 | 3,236,819 | |||||||
Total Assets | $ | 799,976,729 | $ | 799,879,969 | |||||
Liabilities | |||||||||
Debt (net of deferred financing costs of $3,699,350 and $4,209,445) | $ | 241,522,761 | $ | 206,661,272 | |||||
Interest and credit facility fees payable | 549,902 | 1,820,971 | |||||||
Distributions payable | 12,782,869 | 13,152,924 | |||||||
Deferred tax liability | 1,810,391 | — | |||||||
Base management fees payable | 3,850,899 | 3,734,655 | |||||||
Payable for investments purchased | — | 479,297 | |||||||
Accrued administrative services | 417,215 | 114,995 | |||||||
Other accrued expenses and payables | 2,461,332 | 2,815,923 | |||||||
Total Liabilities | 263,395,369 | 228,780,037 | |||||||
Net Assets | |||||||||
Common stock, par value $.001 per share, 200,000,000 common shares authorized, 77,861,287 and 77,723,764 issued and 71,015,946 and 72,946,910 outstanding | 77,861 | 77,723 | |||||||
Paid-in capital in excess of par | 858,904,233 | 858,087,822 | |||||||
Undistributed / (Distributions in excess of) net investment income | (16,691,741 | ) | (13,918,838 | ) | |||||
Accumulated net realized loss on investments and extinguishment of debt | (235,435,820 | ) | (162,723,790 | ) | |||||
Net unrealized (depreciation), net of tax | (19,881,331 | ) | (72,688,483 | ) | |||||
Treasury stock at cost, 6,845,341 and 4,776,854 shares held | (50,391,842 | ) | (37,734,502 | ) | |||||
Total Net Assets | 536,581,360 | 571,099,932 | |||||||
Total Liabilities and Net Assets | $ | 799,976,729 | $ | 799,879,969 | |||||
Net Asset Value Per Share | $ | 7.56 | $ | 7.83 | |||||
BlackRock Capital Investment Corporation |
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Consolidated Statements of Operations |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three months | Three months | Six months | Six months | |||||||||||||
ended | ended | ended | ended | |||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | |||||||||||||
Investment Income: | ||||||||||||||||
Non-controlled, non-affiliated investments: | ||||||||||||||||
Cash interest income | $ | 8,180,538 | $ | 12,249,128 | $ | 15,324,565 | $ | 23,533,457 | ||||||||
PIK interest income | — | 1,513,528 | — | 2,990,916 | ||||||||||||
Cash dividend income | — | — | — | 404,781 | ||||||||||||
PIK dividend income | — | — | — | 65,943 | ||||||||||||
Fee income | 283,501 | 41,780 | 748,707 | 340,677 | ||||||||||||
Total investment income from non-controlled, non-affiliated investments | 8,464,039 | 13,804,436 | 16,073,272 | 27,335,774 | ||||||||||||
Non-controlled, affiliated investments: | ||||||||||||||||
Cash interest income | 2,908,434 | 2,522,872 | 5,123,047 | 4,987,708 | ||||||||||||
PIK interest income | — | 918,265 | 690,960 | 2,115,110 | ||||||||||||
PIK dividend income | 191,126 | 277,119 | 380,152 | 466,145 | ||||||||||||
Fee income | — | 63,621 | 35,000 | 349,916 | ||||||||||||
Total investment income from non-controlled, affiliated investments | 3,099,560 | 3,781,877 | 6,229,159 | 7,918,879 | ||||||||||||
Controlled investments: | ||||||||||||||||
Cash interest income | 5,730,772 | 3,911,550 | 10,816,477 | 9,615,537 | ||||||||||||
PIK interest income | 516,747 | 1,043,953 | 1,283,213 | 1,176,434 | ||||||||||||
Cash dividend income | 3,490,425 | 2,111,151 | 6,617,286 | 3,508,502 | ||||||||||||
PIK dividend income | — | — | 731,516 | — | ||||||||||||
Fee income | 3,267 | — | 390,325 | 25,000 | ||||||||||||
Total investment income from controlled investments | 9,741,211 | 7,066,654 | 19,838,817 | 14,325,473 | ||||||||||||
Other Income | — | 590,429 | — | 590,429 | ||||||||||||
Total investment income | 21,304,810 | 25,243,396 | 42,141,248 | 50,170,555 | ||||||||||||
Expenses: | ||||||||||||||||
Base management fees | 3,850,899 | 4,139,347 | 7,163,268 | 8,663,204 | ||||||||||||
Incentive management fees | 1,921,506 | 2,773,859 | 3,656,701 | 3,583,042 | ||||||||||||
Interest and credit facility fees | 3,989,257 | 5,261,085 | 7,698,215 | 9,248,165 | ||||||||||||
Professional fees | 618,756 | 792,283 | 1,351,920 | 1,357,393 | ||||||||||||
Administrative services | 417,214 | 303,782 | 970,978 | 631,459 | ||||||||||||
Director fees | 178,000 | 145,249 | 365,000 | 317,749 | ||||||||||||
Investment advisor expenses | 87,500 | 87,501 | 175,000 | 175,001 | ||||||||||||
Other | 625,480 | 644,853 | 1,256,217 | 1,342,988 | ||||||||||||
Total expenses, before incentive management fee waiver | 11,688,612 | 14,147,959 | 22,637,299 | 25,319,001 | ||||||||||||
Incentive management fee waiver | (1,921,506 | ) | (2,773,859 | ) | (3,656,701 | ) | (3,583,042 | ) | ||||||||
Expenses, net of incentive management fee waiver | 9,767,106 | 11,374,100 | 18,980,598 | 21,735,959 | ||||||||||||
Net Investment Income | 11,537,704 | 13,869,296 | 23,160,650 | 28,434,596 | ||||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss): | ||||||||||||||||
Non-controlled, non-affiliated investments | 3,919,359 | 8,362 | (46,596,597 | ) | (53,983,599 | ) | ||||||||||
Controlled investments | 3,000 | — | (26,115,432 | ) | 2,375,535 | |||||||||||
Net realized gain (loss) | 3,922,359 | 8,362 | (72,712,029 | ) | (51,608,064 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Non-controlled, non-affiliated investments | (14,549,262 | ) | (2,697,247 | ) | 29,141,255 | 54,003,848 | ||||||||||
Non-controlled, affiliated investments | 13,734,096 | 6,225,975 | 15,156,671 | 3,537,381 | ||||||||||||
Controlled investments | (8,511,872 | ) | (576,287 | ) | 10,644,672 | (3,280,674 | ) | |||||||||
Foreign currency translation | (151,144 | ) | 145,276 | (325,055 | ) | 218,571 | ||||||||||
Net change in unrealized appreciation (depreciation) | (9,478,182 | ) | 3,097,717 | 54,617,543 | 54,479,126 | |||||||||||
Net realized and unrealized gain (loss) before taxes | (5,555,823 | ) | 3,106,079 | (18,094,486 | ) | 2,871,062 | ||||||||||
Deferred taxes | (1,810,391 | ) | —- | (1,810,391 | —- | |||||||||||
Net realized and unrealized gain (loss) after taxes | (7,366,214 | ) | 3,106,079 | (19,904,877 | ) | 2,871,062 | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 4,171,490 | $ | 16,975,375 | $ | 3,255,773 | $ | 31,305,658 | ||||||||
Net Investment Income Per Share—basic | $ | 0.16 | $ | 0.19 | $ | 0.32 | $ | 0.39 | ||||||||
Earnings (Loss) Per Share—basic | $ | 0.06 | $ | 0.23 | $ | 0.05 | $ | 0.43 | ||||||||
Average Shares Outstanding—basic | 71,705,463 | 72,929,346 | 72,341,433 | 72,867,332 | ||||||||||||
Net Investment Income Per Share—diluted | $ | 0.16 | $ | 0.19 | $ | 0.31 | $ | 0.38 | ||||||||
Earnings (Loss) Per Share—diluted | $ | 0.06 | $ | 0.22 | $ | 0.05 | $ | 0.42 | ||||||||
Average Shares Outstanding—diluted | 88,699,200 | 86,187,472 | 89,335,170 | 84,454,044 | ||||||||||||
Distributions Declared Per Share | $ | 0.18 | $ | 0.18 | $ | 0.36 | $ | 0.36 | ||||||||
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 |
Three months |
Six months |
Six months |
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ended |
ended |
ended |
ended |
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June 30, 2018 |
June 30, 2017 |
June 30, 2018 |
June 30, 2017 |
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GAAP Basis: | ||||||||||||||||
Net Investment Income | $ |
11,537,704 |
|
$ |
13,869,296 |
|
$ |
23,160,650 |
|
$ |
28,434,596 |
|
||||
Net Investment Income per share | 0.16 | 0.19 | 0.32 | 0.39 | ||||||||||||
Addback: GAAP incentive management fee expense based on Gains | — | — | — | — | ||||||||||||
Addback: GAAP incentive management fee expense based on Income | — | — | — | — | ||||||||||||
Pre-Incentive Fee1: | ||||||||||||||||
Net Investment Income | $ | 11,537,704 | $ | 13,869,296 | $ | 23,160,650 | $ | 28,434,596 | ||||||||
Net Investment Income per share | 0.16 | 0.19 | 0.32 | 0.39 | ||||||||||||
Less: Incremental incentive management fee expense based on Income | — | — | — | — | ||||||||||||
As Adjusted2: | ||||||||||||||||
Net Investment Income | $ | 11,537,704 | $ | 13,869,296 | $ | 23,160,650 | $ | 28,434,596 | ||||||||
Net Investment Income per share | 0.16 | 0.19 | 0.32 | 0.39 |
Note: The Net Investment Income amounts for the three and six 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 March 6, 2017, the incremental incentive management fee was calculated based on the current quarter's incremental earnings, and without any reduction for incentive management fees paid during the prior calendar quarters. After March 6, 2017, 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 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/20180801005728/en/
Source:
BlackRock Capital Investment Corporation
Investors:
Nik
Singhal, 212-810-5427
or
Press:
Brian Beades,
212-810-5596