UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
|
☑ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the quarterly period ended September 30, 2020
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the transition period from to
Commission file number 814-00712
BLACKROCK CAPITAL INVESTMENT CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
|
|
|
|
Delaware |
20-2725151 |
|
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
|
|
|
|
40 East 52nd Street, New York, NY |
10022 |
|
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s Telephone Number, Including Area Code: 212-810-5800
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ Accelerated filer ☑ Non-Accelerated filer ☐
Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
|
Common Stock, $0.001 par value |
BKCC |
NASDAQ Global Select Market |
The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at November 4, 2020 was 72,311,504.
BLACKROCK CAPITAL INVESTMENT CORPORATION
FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2020
Table of Contents
|
|
INDEX |
PAGE NO. |
|
|
|
|
|
PART I. |
|
|
|
|
|
|
|
Item 1. |
3 |
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
Consolidated Schedules of Investments as of September 30, 2020 and December 31, 2019 (unaudited) |
7 |
|
|
|
|
|
|
22 |
|
|
|
|
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
48 |
|
|
|
|
|
Item 3. |
59 |
|
|
|
|
|
|
Item 4. |
59 |
|
|
|
|
|
|
PART II. |
|
|
|
|
|
|
|
Item 1. |
60 |
|
|
|
|
|
|
Item 1A. |
60 |
|
|
|
|
|
|
Item 2. |
63 |
|
|
|
|
|
|
Item 3. |
63 |
|
|
|
|
|
|
Item 4. |
63 |
|
|
|
|
|
|
Item 5. |
63 |
|
|
|
|
|
|
Item 6. |
64 |
|
|
|
|
|
|
65 |
||
2
In this Quarterly Report, “Company”, “we”, “us” and “our” refer to BlackRock Capital Investment Corporation unless the context states otherwise.
Item 1. Consolidated Financial Statements
BlackRock Capital Investment Corporation
Consolidated Statements of Assets and Liabilities
(Unaudited)
|
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Investments at fair value: |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost of $380,462,039 and $389,156,775) |
|
$ |
360,354,615 |
|
|
$ |
377,136,394 |
|
|
Non-controlled, affiliated investments (cost of $21,209,854 and $65,825,475) |
|
|
12,532,729 |
|
|
|
22,473,524 |
|
|
Controlled investments (cost of $338,357,722 and $400,561,551) |
|
|
236,103,026 |
|
|
|
350,249,163 |
|
|
Total investments at fair value (cost of $740,029,615 and $855,543,801) |
|
|
608,990,370 |
|
|
|
749,859,081 |
|
|
Cash and cash equivalents |
|
|
5,439,064 |
|
|
|
14,678,878 |
|
|
Receivable for investments sold |
|
|
885,968 |
|
|
|
1,871,435 |
|
|
Interest, dividends and fees receivable |
|
|
3,915,970 |
|
|
|
5,708,324 |
|
|
Prepaid expenses and other assets |
|
|
2,161,437 |
|
|
|
1,945,709 |
|
|
Total Assets |
|
$ |
621,392,809 |
|
|
$ |
774,063,427 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Debt (net of deferred financing costs of $1,596,049 and $2,298,004) |
|
$ |
305,036,006 |
|
|
$ |
313,569,694 |
|
|
Interest and credit facility fees payable |
|
|
2,385,240 |
|
|
|
757,472 |
|
|
Distributions payable |
|
|
— |
|
|
|
9,637,075 |
|
|
Base management fees payable |
|
|
2,481,836 |
|
|
|
3,251,194 |
|
|
Incentive management fees payable |
|
|
1,849,597 |
|
|
|
1,849,597 |
|
|
Payable for investments purchased |
|
|
— |
|
|
|
7,312,500 |
|
|
Accrued administrative services |
|
|
379,650 |
|
|
|
372,407 |
|
|
Other accrued expenses and payables |
|
|
2,703,310 |
|
|
|
1,704,507 |
|
|
Total Liabilities |
|
|
314,835,639 |
|
|
|
338,454,446 |
|
|
Commitments and Contingencies (See Note 9) |
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
|
|
|
|
Common stock, par value $.001 per share, 200,000,000 common shares authorized, 82,323,090 and 77,861,287 issued and 72,311,504 and 68,836,255 outstanding |
|
|
82,323 |
|
|
|
77,861 |
|
|
Paid-in capital in excess of par |
|
|
860,938,515 |
|
|
|
849,240,398 |
|
|
Distributable earnings (losses) |
|
|
(488,166,809 |
) |
|
|
(351,040,023 |
) |
|
Treasury stock at cost, 10,011,586 and 9,025,032 shares held |
|
|
(66,296,859 |
) |
|
|
(62,669,255 |
) |
|
Total Net Assets |
|
|
306,557,170 |
|
|
|
435,608,981 |
|
|
Total Liabilities and Net Assets |
|
$ |
621,392,809 |
|
|
$ |
774,063,427 |
|
|
Net Asset Value Per Share |
|
$ |
4.24 |
|
|
$ |
6.33 |
|
The accompanying notes are an integral part of these consolidated financial statements.
3
BlackRock Capital Investment Corporation
Consolidated Statements of Operations
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Three Months Ended September 30, 2020 |
|
|
Three Months Ended September 30, 2019 |
|
|
Nine Months Ended September 30, 2020 |
|
|
Nine Months Ended September 30, 2019 |
|
||||
|
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash interest income |
|
$ |
7,543,251 |
|
|
$ |
8,167,397 |
|
|
$ |
23,265,815 |
|
|
$ |
20,922,567 |
|
|
PIK interest income |
|
|
1,303,323 |
|
|
|
362,757 |
|
|
|
3,757,448 |
|
|
|
858,865 |
|
|
Fee income |
|
|
14,139 |
|
|
|
441,537 |
|
|
|
77,393 |
|
|
|
1,354,283 |
|
|
Total investment income from non-controlled, non-affiliated investments |
|
|
8,860,713 |
|
|
|
8,971,691 |
|
|
|
27,100,656 |
|
|
|
23,135,715 |
|
|
Non-controlled, affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash interest income |
|
|
114,250 |
|
|
|
937,710 |
|
|
|
357,724 |
|
|
|
3,364,592 |
|
|
PIK interest income |
|
|
118,529 |
|
|
|
114,221 |
|
|
|
340,318 |
|
|
|
128,622 |
|
|
PIK dividend income |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
220,480 |
|
|
|
Fee income |
|
|
1,451 |
|
|
|
1,604 |
|
|
|
4,322 |
|
|
|
1,604 |
|
|
Total investment income from non-controlled, affiliated investments |
|
|
234,230 |
|
|
|
1,053,535 |
|
|
|
702,364 |
|
|
|
3,715,298 |
|
|
Controlled investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash interest income |
|
|
5,707,147 |
|
|
|
4,967,220 |
|
|
|
16,609,577 |
|
|
|
17,727,023 |
|
|
PIK interest income |
|
|
— |
|
|
|
1,057,151 |
|
|
|
1,053,664 |
|
|
|
2,017,417 |
|
|
Cash dividend income |
|
|
1,496,818 |
|
|
|
3,878,092 |
|
|
|
6,970,469 |
|
|
|
12,172,960 |
|
|
Fee income |
|
|
3,186 |
|
|
|
3,199 |
|
|
|
67,526 |
|
|
|
128,299 |
|
|
Total investment income from controlled investments |
|
|
7,207,151 |
|
|
|
9,905,662 |
|
|
|
24,701,236 |
|
|
|
32,045,699 |
|
|
Other income |
|
|
— |
|
|
|
25,296 |
|
|
|
— |
|
|
|
30,371 |
|
|
Total investment income |
|
|
16,302,094 |
|
|
|
19,956,184 |
|
|
|
52,504,256 |
|
|
|
58,927,083 |
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fees |
|
|
2,481,836 |
|
|
|
3,230,146 |
|
|
|
8,486,385 |
|
|
|
9,173,908 |
|
|
Incentive management fees |
|
|
1,492,248 |
|
|
|
2,101,954 |
|
|
|
5,025,386 |
|
|
|
6,628,725 |
|
|
Interest and credit facility fees |
|
|
3,668,242 |
|
|
|
4,312,944 |
|
|
|
12,239,957 |
|
|
|
11,466,706 |
|
|
Professional fees |
|
|
461,851 |
|
|
|
814,820 |
|
|
|
1,531,708 |
|
|
|
1,783,336 |
|
|
Administrative services |
|
|
379,650 |
|
|
|
330,072 |
|
|
|
1,068,915 |
|
|
|
1,031,012 |
|
|
Director fees |
|
|
157,500 |
|
|
|
185,250 |
|
|
|
494,750 |
|
|
|
553,250 |
|
|
Investment advisor expenses |
|
|
87,500 |
|
|
|
87,500 |
|
|
|
262,500 |
|
|
|
262,500 |
|
|
Other |
|
|
538,380 |
|
|
|
485,682 |
|
|
|
1,504,819 |
|
|
|
1,512,742 |
|
|
Total expenses, before incentive management fee waiver |
|
|
9,267,207 |
|
|
|
11,548,368 |
|
|
|
30,614,420 |
|
|
|
32,412,179 |
|
|
Incentive management fee waiver (See Note 3) |
|
|
(1,492,248 |
) |
|
|
(1,229,259 |
) |
|
|
(5,025,386 |
) |
|
|
(5,756,030 |
) |
|
Expenses, net of incentive management fee waiver |
|
|
7,774,959 |
|
|
|
10,319,109 |
|
|
|
25,589,034 |
|
|
|
26,656,149 |
|
|
Net Investment Income |
|
|
8,527,135 |
|
|
|
9,637,075 |
|
|
|
26,915,222 |
|
|
|
32,270,934 |
|
|
Realized and Unrealized Gain (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(18,151 |
) |
|
|
— |
|
|
|
(12,329,417 |
) |
|
|
(23,395,840 |
) |
|
Non-controlled, affiliated investments |
|
|
— |
|
|
|
(76,161 |
) |
|
|
(43,774,013 |
) |
|
|
(345,387 |
) |
|
Controlled investments |
|
|
(59,194,744 |
) |
|
|
— |
|
|
|
(59,194,744 |
) |
|
|
— |
|
|
Net realized gain (loss) |
|
|
(59,212,895 |
) |
|
|
(76,161 |
) |
|
|
(115,298,174 |
) |
|
|
(23,741,227 |
) |
|
Net change in unrealized appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
7,840,464 |
|
|
|
(1,013,109 |
) |
|
|
(8,101,976 |
) |
|
|
20,131,296 |
|
|
Non-controlled, affiliated investments |
|
|
496,668 |
|
|
|
(13,565,504 |
) |
|
|
34,674,826 |
|
|
|
(22,796,087 |
) |
|
Controlled investments |
|
|
15,037,776 |
|
|
|
(7,594,669 |
) |
|
|
(51,752,433 |
) |
|
|
(11,375,067 |
) |
|
Foreign currency translation |
|
|
147,185 |
|
|
|
(79,775 |
) |
|
|
(189,875 |
) |
|
|
197,292 |
|
|
Net change in unrealized appreciation (depreciation) |
|
|
23,522,093 |
|
|
|
(22,253,057 |
) |
|
|
(25,369,458 |
) |
|
|
(13,842,566 |
) |
|
Net realized and unrealized gain (loss) |
|
|
(35,690,802 |
) |
|
|
(22,329,218 |
) |
|
|
(140,667,632 |
) |
|
|
(37,583,793 |
) |
|
Net Increase (Decrease) in Net Assets Resulting from Operations |
|
$ |
(27,163,667 |
) |
|
$ |
(12,692,143 |
) |
|
$ |
(113,752,410 |
) |
|
$ |
(5,312,859 |
) |
|
Net Investment Income Per Share—basic |
|
$ |
0.12 |
|
|
$ |
0.14 |
|
|
$ |
0.39 |
|
|
$ |
0.47 |
|
|
Earnings (Loss) Per Share—basic |
|
$ |
(0.39 |
) |
|
$ |
(0.18 |
) |
|
$ |
(1.65 |
) |
|
$ |
(0.08 |
) |
|
Average Shares Outstanding—basic |
|
|
70,086,236 |
|
|
|
68,836,255 |
|
|
|
68,943,459 |
|
|
|
68,836,702 |
|
|
Net Investment Income Per Share—diluted |
|
$ |
0.12 |
|
|
$ |
0.14 |
|
|
$ |
0.39 |
|
|
$ |
0.45 |
|
|
Earnings (Loss) Per Share—diluted |
|
$ |
(0.39 |
) |
|
$ |
(0.18 |
) |
|
$ |
(1.65 |
) |
|
$ |
(0.08 |
) |
|
Average Shares Outstanding—diluted (See Note 4) |
|
|
87,079,973 |
|
|
|
85,829,992 |
|
|
|
85,937,196 |
|
|
|
85,830,439 |
|
|
Distributions Declared Per Share |
|
$ |
0.10 |
|
|
$ |
0.14 |
|
|
$ |
0.34 |
|
|
$ |
0.50 |
|
The accompanying notes are an integral part of these consolidated financial statements.
4
BlackRock Capital Investment Corporation
Consolidated Statements of Changes in Net Assets
(Unaudited)
|
|
|
Nine Months Ended |
|
|||||
|
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
||
|
Net Assets at December 31 |
|
$ |
435,608,981 |
|
|
$ |
487,020,154 |
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations: |
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
9,621,987 |
|
|
|
11,404,181 |
|
|
Net realized gain (loss) |
|
|
(1,529,607 |
) |
|
|
56,263 |
|
|
Net change in unrealized appreciation (depreciation) before taxes |
|
|
(67,286,048 |
) |
|
|
6,508,258 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
|
(59,193,668 |
) |
|
|
17,968,702 |
|
|
Distributions to Stockholders from(1): |
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(9,543,152 |
) |
|
|
(12,390,525 |
) |
|
Capital Share Transactions: |
|
|
|
|
|
|
|
|
|
Purchases of treasury stock |
|
|
(3,627,604 |
) |
|
|
(469,227 |
) |
|
Total Increase (Decrease) in Net Assets |
|
|
(72,364,424 |
) |
|
|
5,108,950 |
|
|
Net Assets at March 31 |
|
$ |
363,244,557 |
|
|
$ |
492,129,104 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations: |
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
8,766,190 |
|
|
|
11,229,675 |
|
|
Net realized gain (loss) |
|
|
(54,555,672 |
) |
|
|
(23,721,329 |
) |
|
Net change in unrealized appreciation (depreciation) before taxes |
|
|
18,394,405 |
|
|
|
1,902,233 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
|
(27,395,077 |
) |
|
|
(10,589,421 |
) |
|
Distributions to Stockholders from(1): |
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(6,813,994 |
) |
|
|
(12,390,526 |
) |
|
Capital Share Transactions: |
|
|
|
|
|
|
|
|
|
Share issuance - distribution reinvestment |
|
|
638,560 |
|
|
|
— |
|
|
Total Increase (Decrease) in Net Assets |
|
|
(33,570,511 |
) |
|
|
(22,979,947 |
) |
|
Net Assets at June 30 |
|
$ |
329,674,046 |
|
|
$ |
469,149,157 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in Net Assets Resulting from Operations: |
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
8,527,135 |
|
|
|
9,637,075 |
|
|
Net realized gain (loss) |
|
|
(59,212,895 |
) |
|
|
(76,161 |
) |
|
Net change in unrealized appreciation (depreciation) before taxes |
|
|
23,522,093 |
|
|
|
(22,253,057 |
) |
|
Net increase (decrease) in net assets resulting from operations |
|
|
(27,163,667 |
) |
|
|
(12,692,143 |
) |
|
Distributions to Stockholders from(1): |
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(7,017,228 |
) |
|
|
(9,637,075 |
) |
|
Capital Share Transactions: |
|
|
|
|
|
|
|
|
|
Share issuance - stock distribution and reinvestment |
|
|
11,064,019 |
|
|
|
— |
|
|
Total Increase (Decrease) in Net Assets |
|
|
(23,116,876 |
) |
|
|
(22,329,218 |
) |
|
Net Assets at September 30 |
|
$ |
306,557,170 |
|
|
$ |
446,819,939 |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Activity: |
|
|
|
|
|
|
|
|
|
Shares issued from stock distribution and reinvestment |
|
|
4,461,803 |
|
|
|
— |
|
|
Purchases of treasury stock |
|
|
(986,554 |
) |
|
|
(85,543 |
) |
|
Net increase (decrease) in shares outstanding |
|
|
3,475,249 |
|
|
|
(85,543 |
) |
|
(1) |
Sources of distribution to stockholders will be adjusted on an annual basis, if necessary, and calculated in accordance with federal income tax regulations. |
The accompanying notes are an integral part of these consolidated financial statements.
5
BlackRock Capital Investment Corporation
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
Nine Months Ended |
|
|||||
|
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
||
|
Operating Activities: |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
(113,752,410 |
) |
|
$ |
(5,312,859 |
) |
|
Adjustments to reconcile net increase (decrease) in net assets resulting from operations: |
|
|
|
|
|
|
|
|
|
PIK interest, dividends and fees |
|
|
(5,151,430 |
) |
|
|
(3,225,384 |
) |
|
Net amortization on investments |
|
|
(636,787 |
) |
|
|
(708,842 |
) |
|
Amortization of debt issuance costs and discount |
|
|
2,263,656 |
|
|
|
1,821,795 |
|
|
Net change in unrealized (appreciation) depreciation on investments |
|
|
25,179,583 |
|
|
|
14,039,858 |
|
|
Net change in unrealized (appreciation) depreciation on foreign currency translation |
|
|
189,875 |
|
|
|
(197,292 |
) |
|
Net realized (gain) loss on investments |
|
|
115,298,174 |
|
|
|
23,741,227 |
|
|
Changes in operating assets: |
|
|
|
|
|
|
|
|
|
Purchase of investments |
|
|
(78,784,396 |
) |
|
|
(227,510,832 |
) |
|
Proceeds from disposition of investments |
|
|
84,440,718 |
|
|
|
138,611,906 |
|
|
Change in receivable for investments sold |
|
|
985,467 |
|
|
|
1,473,772 |
|
|
Change in interest, dividends and fees receivable |
|
|
2,125,328 |
|
|
|
(6,159,972 |
) |
|
Change in prepaid expenses and other assets |
|
|
(1,113,072 |
) |
|
|
37,091 |
|
|
Changes in operating liabilities: |
|
|
|
|
|
|
|
|
|
Change in interest and credit facility fees payable |
|
|
1,627,768 |
|
|
|
1,951,405 |
|
|
Change in base management fees payable |
|
|
(769,357 |
) |
|
|
(264,373 |
) |
|
Change in incentive management fees payable |
|
|
— |
|
|
|
872,695 |
|
|
Change in payable for investments purchased |
|
|
(7,312,500 |
) |
|
|
(989,460 |
) |
|
Change in accrued administrative services |
|
|
7,243 |
|
|
|
(46,434 |
) |
|
Change in other accrued expenses and payables |
|
|
998,803 |
|
|
|
1,178,869 |
|
|
Net cash provided by (used in) operating activities |
|
|
25,596,663 |
|
|
|
(60,686,830 |
) |
|
Financing Activities: |
|
|
|
|
|
|
|
|
|
Distributions paid in cash |
|
|
(21,308,873 |
) |
|
|
(37,333,266 |
) |
|
Proceeds from debt |
|
|
106,000,000 |
|
|
|
213,000,000 |
|
|
Repayments of debt |
|
|
(115,900,000 |
) |
|
|
(124,600,000 |
) |
|
Purchase of treasury stock |
|
|
(3,627,604 |
) |
|
|
(469,227 |
) |
|
Net cash provided by (used in) financing activities |
|
|
(34,836,477 |
) |
|
|
50,597,507 |
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
(9,239,814 |
) |
|
|
(10,089,323 |
) |
|
Cash and cash equivalents, beginning of period |
|
|
14,678,878 |
|
|
|
13,497,320 |
|
|
Cash and cash equivalents, end of period |
|
$ |
5,439,064 |
|
|
$ |
3,407,997 |
|
|
Supplemental disclosure of cash flow information and non-cash financing activities: |
|
|
|
|
|
|
|
|
|
Cash paid during period for: |
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
7,842,233 |
|
|
$ |
6,729,781 |
|
|
Taxes |
|
$ |
88,050 |
|
|
$ |
62,841 |
|
|
Share issuance — stock distribution and reinvestment |
|
$ |
11,702,579 |
|
|
$ |
— |
|
The accompanying notes are an integral part of these consolidated financial statements.
6
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments
September 30, 2020
(Unaudited)
|
Portfolio Company(r) |
|
Industry(t) |
|
Interest Rate |
|
|
Maturity |
|
Principal Amount or Number of Shares/Units |
|
|
Cost(a) |
|
|
Fair Value(b) |
|
||||
|
Senior Secured Notes—0.35% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Lighting Technologies, LLC, Second Lien(d)(f)(j)(u) |
|
Electrical Equipment |
|
18.00% (L + 1700, 1.00% Floor PIK) |
|
|
10/4/23 |
|
$ |
9,333,535 |
|
|
$ |
2,181,306 |
|
|
$ |
— |
|
|
|
Calceus Acquisition, Inc., First Lien |
|
Specialty Retail |
|
9.75% |
|
|
2/19/25 |
|
|
1,000,000 |
|
|
|
971,294 |
|
|
|
1,083,000 |
|
|
|
Total Senior Secured Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,152,600 |
|
|
|
1,083,000 |
|
|
Unsecured Debt—41.01% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CB-HDT Holdings, Inc.(d)(j) |
|
Aerospace & Defense |
|
12.00% PIK |
|
|
3/6/21 |
|
|
8,934,882 |
|
|
|
8,934,882 |
|
|
|
8,934,882 |
|
|
|
Gordon Brothers Finance Company(g)(p) |
|
Diversified Financial Services |
|
12.00% (L + 1100, 1.00% Floor) |
|
|
10/31/21 |
|
|
130,680,477 |
|
|
|
130,680,477 |
|
|
|
116,782,943 |
|
|
|
Total Unsecured Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
139,615,359 |
|
|
|
125,717,825 |
|
|
Subordinated Debt—11.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Boston Construction Holdings, LLC(d)(g)(k) |
|
Thrifts & Mortgage Finance |
|
12.00% |
|
|
2/23/23 |
|
|
32,625,000 |
|
|
|
32,625,000 |
|
|
|
31,301,457 |
|
|
|
Gordon Brothers Finance Company, LLC(g)(p)(w) |
|
Diversified Financial Services |
|
8.73% (L + 850) |
|
|
11/30/24 |
|
|
5,000,000 |
|
|
|
5,000,000 |
|
|
|
5,000,000 |
|
|
|
Total Subordinated Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,625,000 |
|
|
|
36,301,457 |
|
|
Senior Secured Loans—121.76%(e) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Lighting Technologies, LLC, First Lien(f) |
|
Electrical Equipment |
|
8.50% (L + 750, 1.00% Floor) |
|
|
10/4/22 |
|
|
5,049,991 |
|
|
|
5,005,310 |
|
|
|
3,231,994 |
|
|
|
AmeriLife Holdings, LLC, Second Lien |
|
Insurance |
|
9.50% (L + 850, 1.00% Floor) |
|
|
3/18/28 |
|
|
6,697,322 |
|
|
|
6,568,139 |
|
|
|
6,637,046 |
|
|
|
Aretec Group, Inc., Second Lien(s) |
|
Diversified Financial Services |
|
8.40% (L+ 825) |
|
|
10/1/26 |
|
|
3,563,440 |
|
|
|
3,524,178 |
|
|
|
3,005,155 |
|
|
|
Barri Financial Group, LLC, First Lien |
|
Consumer Finance |
|
8.75% (L + 775, 1.00% Floor) |
|
|
10/23/24 |
|
|
7,797,487 |
|
|
|
7,633,366 |
|
|
|
7,867,664 |
|
|
|
Bluefin Holding, LLC, Second Lien |
|
Software |
|
7.90% (L+ 775) |
|
|
9/6/27 |
|
|
4,809,535 |
|
|
|
4,743,668 |
|
|
|
4,838,392 |
|
|
|
Calceus Acquisition, Inc., First Lien |
|
Specialty Retail |
|
5.76% (L + 550) |
|
|
2/12/25 |
|
|
248,387 |
|
|
|
235,232 |
|
|
|
231,000 |
|
|
|
Cambrex Corporation, Second Lien |
|
Pharmaceuticals |
|
10.00% (L+ 900, 1.00% Floor) |
|
|
12/6/27 |
|
|
11,903,098 |
|
|
|
11,685,447 |
|
|
|
11,843,583 |
|
|
|
CareATC, Inc., First Lien |
|
Health Care Technology |
|
8.25% (L + 725, 1.00% Floor) |
|
|
3/14/24 |
|
|
4,733,036 |
|
|
|
4,664,925 |
|
|
|
4,728,303 |
|
|
|
CareATC, Inc., Revolving Term Loan(o)(v) |
|
Health Care Technology |
|
8.25% (L + 725, 1.00% Floor) |
|
|
3/14/24 |
|
|
— |
|
|
|
(4,859 |
) |
|
|
(338 |
) |
|
|
Diamondback Acquisition, Inc. et al, First Lien |
|
Energy Equipment & Services |
|
9.81% (L + 881, 1.00% Floor) |
|
|
6/14/22 |
|
|
13,580,887 |
|
|
|
13,422,721 |
|
|
|
13,404,336 |
||