bkcc-10q_20210331.htm

 

 

 

 

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 March 31, 2021

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 April 29, 2021 was 74,151,860.

 

 

 


 

 

 

 

BLACKROCK CAPITAL INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2021

Table of Contents

 

 

INDEX

PAGE NO.

 

 

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

CONSOLIDATED FINANCIAL STATEMENTS

3

 

 

 

 

Consolidated Statements of Assets and Liabilities as of March 31, 2021 and December 31, 2020 (unaudited)

3

 

 

 

 

Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 (unaudited)

4

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2021 and 2020 (unaudited)

5

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020 (unaudited)

6

 

 

 

 

Consolidated Schedules of Investments as of March 31, 2021 and December 31, 2020 (unaudited)

7

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

21

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

43

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

52

 

 

 

Item 4.

Controls and Procedures

52

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

53

 

 

 

Item 1A.

Risk Factors

53

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

 

 

 

Item 3.

Defaults Upon Senior Securities

53

 

 

 

Item 4.

Mine Safety Disclosures

53

 

 

 

Item 5.

Other Information

53

 

 

 

Item 6.

Exhibits

54

 

 

SIGNATURES

55

 

 

 

2


 

 

 

 

PART I. FINANCIAL INFORMATION

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)

 

 

 

March 31,

2021

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $387,616,446 and $369,079,320)

 

$

383,363,814

 

 

$

354,957,936

 

Non-controlled, affiliated investments (cost of $5,003,838 and $20,927,907)

 

 

4,010,216

 

 

 

13,099,313

 

Controlled investments (cost of $170,522,225 and $216,768,227)

 

 

70,955,491

 

 

 

110,968,227

 

Total investments at fair value (cost of $563,142,509 and $606,775,454)

 

 

458,329,521

 

 

 

479,025,476

 

Cash and cash equivalents

 

 

7,059,117

 

 

 

23,332,831

 

Receivable for investments sold

 

 

14,550,947

 

 

 

5,439,507

 

Interest, dividends and fees receivable

 

 

1,936,263

 

 

 

2,138,304

 

Deferred debt issuance costs

 

 

1,234,532

 

 

 

1,374,115

 

Prepaid expenses and other assets

 

 

372,905

 

 

 

409,357

 

Total Assets

 

$

483,483,285

 

 

$

511,719,590

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred issuance costs of $1,129,787 and $1,360,356)

 

$

141,460,295

 

 

$

179,798,037

 

Interest and credit facility fees payable

 

 

2,394,164

 

 

 

502,682

 

Distributions payable

 

 

7,441,594

 

 

 

 

Base management fees payable

 

 

1,799,766

 

 

 

2,313,447

 

Incentive management fees payable

 

 

1,849,597

 

 

 

1,849,597

 

Payable for investments purchased

 

 

3,273,993

 

 

 

9,193,917

 

Accrued administrative services

 

 

322,115

 

 

 

389,064

 

Other accrued expenses and payables

 

 

2,041,799

 

 

 

2,662,569

 

Total Liabilities

 

 

160,583,323

 

 

 

196,709,313

 

Commitments and Contingencies (See Note 9)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common stock, par value $.001 per share, 200,000,000 common shares authorized, 84,478,251 and 84,478,251 issued and 74,210,603 and 74,466,665 outstanding

 

 

84,478

 

 

 

84,478

 

Paid-in capital in excess of par

 

 

858,079,713

 

 

 

858,079,713

 

Distributable earnings (losses)

 

 

(468,097,644

)

 

 

(476,857,055

)

Treasury stock at cost, 10,267,648 and 10,011,586 shares held

 

 

(67,166,585

)

 

 

(66,296,859

)

Total Net Assets

 

 

322,899,962

 

 

 

315,010,277

 

Total Liabilities and Net Assets

 

$

483,483,285

 

 

$

511,719,590

 

Net Asset Value Per Share

 

$

4.35

 

 

$

4.23

 

 

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

March 31, 2021

 

 

Three Months

Ended

March 31, 2020

 

Investment Income:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

Cash interest income

 

$

8,049,250

 

 

$

8,121,923

 

PIK interest income

 

 

780,679

 

 

 

1,095,431

 

Fee income

 

 

146,032

 

 

 

46,167

 

Total investment income from non-controlled, non-affiliated investments

 

 

8,975,961

 

 

 

9,263,521

 

Non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

Cash interest income

 

 

11,867

 

 

 

125,474

 

PIK interest income

 

 

119,029

 

 

 

108,831

 

Cash dividend income

 

 

71,500

 

 

 

Fee income

 

 

 

 

 

1,435

 

Total investment income from non-controlled, affiliated investments

 

 

202,396

 

 

 

235,740

 

Controlled investments:

 

 

 

 

 

 

 

 

Cash interest income

 

 

583,200

 

 

 

5,415,835

 

PIK interest income

 

 

 

 

 

873,508

 

Cash dividend income

 

 

511,067

 

 

 

2,907,503

 

Fee income

 

 

 

 

 

3,187

 

Total investment income from controlled investments

 

 

1,094,267

 

 

 

9,200,033

 

Total investment income

 

 

10,272,624

 

 

 

18,699,294

 

Expenses:

 

 

 

 

 

 

 

 

Base management fees

 

 

1,799,766

 

 

 

3,295,687

 

Incentive management fees

 

 

 

 

 

1,924,398

 

Interest and credit facility fees

 

 

2,753,096

 

 

 

4,212,274

 

Professional fees

 

 

412,159

 

 

 

525,012

 

Administrative services

 

 

322,115

 

 

 

313,561

 

Director fees

 

 

153,125

 

 

 

184,750

 

Investment advisor expenses

 

 

87,500

 

 

 

87,500

 

Other

 

 

554,646

 

 

 

458,523

 

Total expenses, before incentive management fee waiver

 

 

6,082,407

 

 

 

11,001,705

 

Incentive management fee waiver (See Note 3)

 

 

 

 

 

(1,924,398

)

Expenses, net of incentive management fee waiver

 

 

6,082,407

 

 

 

9,077,307

 

Net Investment Income

 

 

4,190,217

 

 

 

9,621,987

 

Realized and Unrealized Gain (Loss):

 

 

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(646,274

)

 

 

5,485

 

Non-controlled, affiliated investments

 

 

(7,989,591

)

 

 

(1,535,092

)

Controlled investments

 

 

(2,290,143

)

 

 

 

Net realized gain (loss)

 

 

(10,926,008

)

 

 

(1,529,607

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

9,868,556

 

 

 

(27,026,956

)

Non-controlled, affiliated investments

 

 

6,834,973

 

 

 

(8,280,114

)

Controlled investments

 

 

6,137,248

 

 

 

(31,402,329

)

Foreign currency translation

 

 

96,019

 

 

 

(576,649

)

Net change in unrealized appreciation (depreciation)

 

 

22,936,796

 

 

 

(67,286,048

)

Net realized and unrealized gain (loss)

 

 

12,010,788

 

 

 

(68,815,655

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

16,201,005

 

 

$

(59,193,668

)

Net Investment Income Per Share—basic

 

$

0.06

 

 

$

0.14

 

Earnings (Loss) Per Share—basic

 

$

0.22

 

 

$

(0.86

)

Weighted Average Shares Outstanding—basic

 

 

74,436,429

 

 

 

68,613,956

 

Net Investment Income Per Share—diluted

 

$

0.06

 

 

$

0.14

 

Earnings (Loss) Per Share—diluted

 

$

0.20

 

 

$

(0.86

)

Weighted Average Shares Outstanding—diluted (See Note 4)

 

 

91,430,166

 

 

 

85,607,693

 

Distributions Declared Per Share

 

$

0.10

 

 

$

0.14

 

 

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)

 

 

 

Three Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

Net Assets at December 31

 

$

315,010,277

 

 

$

435,608,981

 

Net Increase (Decrease) in Net Assets Resulting from Operations:

 

 

 

 

 

 

 

 

Net investment income

 

 

4,190,217

 

 

 

9,621,987

 

Net realized gain (loss)

 

 

(10,926,008

)

 

 

(1,529,607

)

Net change in unrealized appreciation (depreciation) before taxes

 

 

22,936,796

 

 

 

(67,286,048

)

Net increase (decrease) in net assets resulting from operations

 

 

16,201,005

 

 

 

(59,193,668

)

Distributions to Stockholders from(1):

 

 

 

 

 

 

 

 

Net investment income

 

 

(4,190,217

)

 

 

(9,543,152

)

Return of capital

 

 

(3,251,377

)

 

 

 

Total distributions to stockholders

 

 

(7,441,594

)

 

 

(9,543,152

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

Purchases of treasury stock

 

 

(869,726

)

 

 

(3,627,604

)

Total Increase (Decrease) in Net Assets

 

 

7,889,685

 

 

 

(72,364,424

)

Net Assets at March 31

 

$

322,899,962

 

 

$

363,244,557

 

Capital Share Activity:

 

 

 

 

 

 

 

 

Purchases of treasury stock

 

 

(256,062

)

 

 

(986,554

)

Net increase (decrease) in shares outstanding

 

 

(256,062

)

 

 

(986,554

)

 

 

 

 

 

 

 

 

 

 

 

(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)

 

 

 

Three Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

Operating Activities:

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

16,201,005

 

 

$

(59,193,668

)

Adjustments to reconcile net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

PIK interest, dividends and fees

 

 

(899,708

)

 

 

(2,077,770

)

Net amortization on investments

 

 

(390,583

)

 

 

(190,304

)

Amortization of debt issuance costs and discount

 

 

601,842

 

 

 

618,650

 

Net change in unrealized (appreciation) depreciation on investments

 

 

(22,840,777

)

 

 

66,709,399

 

Net change in unrealized (appreciation) depreciation on foreign currency translation

 

 

(96,019

)

 

 

576,649

 

Net realized (gain) loss on investments

 

 

10,926,008

 

 

 

1,529,607

 

Changes in operating assets:

 

 

 

 

 

 

 

 

Purchase of investments

 

 

(53,898,523

)

 

 

(35,542,803

)

Proceeds from disposition of investments

 

 

87,967,775

 

 

 

37,255,503

 

Change in receivable for investments sold

 

 

(9,111,440

)

 

 

1,167,800

 

Change in interest, dividends and fees receivable

 

 

129,822

 

 

 

701,529

 

Change in prepaid expenses and other assets

 

 

36,452

 

 

 

111,681

 

Changes in operating liabilities:

 

 

 

 

 

 

 

 

Change in interest and credit facility fees payable

 

 

1,891,482

 

 

 

1,705,861

 

Change in base management fees payable

 

 

(513,681

)

 

 

44,493

 

Change in payable for investments purchased

 

 

(5,919,924

)

 

 

(6,830,000

)

Change in accrued administrative services

 

 

(66,949

)

 

 

(58,846

)

Change in other accrued expenses and payables

 

 

(620,770

)

 

 

344,163

 

Net cash provided by (used in) operating activities

 

 

23,396,012

 

 

 

6,871,944

 

Financing Activities:

 

 

 

 

 

 

 

 

Distributions paid in cash

 

 

 

 

 

(9,637,075

)

Proceeds from debt

 

 

3,000,000

 

 

 

50,000,000

 

Repayments of debt

 

 

(41,800,000

)

 

 

(56,000,000

)

Purchase of treasury stock

 

 

(869,726

)

 

 

(3,627,604

)

Net cash provided by (used in) financing activities

 

 

(39,669,726

)

 

 

(19,264,679

)

Net increase (decrease) in cash and cash equivalents

 

 

(16,273,714

)

 

 

(12,392,735

)

Cash and cash equivalents, beginning of period

 

 

23,332,831

 

 

 

14,678,878

 

Cash and cash equivalents, end of period

 

$

7,059,117

 

 

$

2,286,143

 

Supplemental disclosure of cash flow information and non-cash financing activities:

 

 

 

 

 

 

 

 

Cash paid during period for:

 

 

 

 

 

 

 

 

Interest

 

$

57,432

 

 

$

1,684,343

 

Taxes

 

$

20,050

 

 

$

28,050

 

The accompanying notes are an integral part of these consolidated financial statements.

6


 

 

 

 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments

March 31, 2021

(Unaudited)

Portfolio Company(q)

 

Industry(s)

 

Interest Rate

 

 

Maturity

 

Principal Amount or Number of

Shares/Units

 

 

Cost(a)

 

 

Fair

Value(b)

 

Senior Secured Notes—0.62%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Lighting Technologies, LLC, Second Lien(d)(j)(t)

 

Electrical Equipment

 

23.00% (L + 600, 1.00% Floor Cash / 16.00% PIK)

 

 

3/16/27

 

$

1,871,855

 

 

$

935,927

 

 

$

935,927

 

Calceus Acquisition, Inc., First Lien

 

Specialty Retail

 

9.75%

 

 

2/19/25

 

 

1,000,000

 

 

 

974,144

 

 

 

1,074,300

 

Total Senior Secured Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,910,071

 

 

 

2,010,227

 

Unsecured Debt—6.88%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gordon Brothers Finance Company(g)(t)

 

Diversified Financial Services

 

12.00% (L + 1100, 1.00% Floor)

 

 

10/31/21

 

 

41,861,533

 

 

 

41,861,533

 

 

 

22,226,000

 

Total Unsecured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,861,533

 

 

 

22,226,000

 

Subordinated Debt—1.55%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Callodine Commercial Finance, LLC(v)

 

Diversified Financial Services

 

8.70% (L + 850)

 

 

11/30/24

 

 

5,000,000

 

 

 

5,000,000

 

 

 

5,000,000

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,000,000

 

 

 

5,000,000

 

Senior Secured Loans—121.10%(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-10 Holdco, Inc., First Lien

 

Diversified Financial Services

 

6.75% (L + 600, 0.75% Floor)

 

 

3/26/26

 

 

2,987,318

 

 

 

2,927,749

 

 

 

2,942,508

 

2-10 Holdco, Inc., Incremental First Lien

 

Diversified Financial Services

 

6.75% (L + 600, 0.75% Floor)

 

 

3/26/26

 

 

4,180,018

 

 

 

4,096,634

 

 

 

4,117,318

 

2-10 Holdco, Inc., Revolving Term Loan(o)(u)

 

Diversified Financial Services

 

6.75% (L + 600, 0.75% Floor)

 

 

3/26/26

 

 

 

 

 

(6,628

)

 

 

(4,990

)

ALCV Purchaser, Inc., First Lien

 

Automobiles

 

7.75% (L + 675, 1.00% Floor)

 

 

2/25/26

 

 

3,201,324

 

 

 

3,153,304

 

 

 

3,153,304

 

ALCV Purchaser, Inc., Revolving Term Loan(o)(u)

 

Automobiles

 

7.75% (L + 675, 1.00% Floor)

 

 

2/25/26

 

 

 

 

 

(3,501

)

 

 

(3,501

)

AmeriLife Holdings, LLC, Second Lien

 

Insurance

 

9.50% (L + 850, 1.00% Floor)

 

 

3/18/28

 

 

6,697,322

 

 

 

6,576,378

 

 

 

6,670,532

 

AmeriLife Holdings, LLC, Incremental Second Lien

 

Insurance

 

9.50% (L + 850, 1.00% Floor)

 

 

3/18/28

 

 

2,337,744

 

 

 

2,298,867

 

 

 

2,328,393

 

Aretec Group, Inc., Second Lien(r)

 

Diversified Financial Services

 

8.36% (L+ 825)

 

 

10/1/26

 

 

3,563,440

 

 

 

3,526,833

 

 

 

3,508,883

 

Barri Financial Group, LLC, First Lien

 

Consumer Finance

 

9.06% (L + 775, 1.00% Floor)

 

 

10/23/24

 

 

7,260,596

 

 

 

7,125,125

 

 

 

7,333,202

 

Bluefin Holding, LLC, Second Lien

 

Software

 

7.86% (L+ 775)

 

 

9/6/27

 

 

4,809,535

 

 

 

4,747,354

 

 

 

4,857,631

 

Calceus Acquisition, Inc., First Lien

 

Specialty Retail

 

5.69% (L + 550)

 

 

2/12/25

 

 

233,117

 

 

 

222,063

 

 

 

215,633

 

Callodine Commercial Finance, LLC, First Lien

 

Diversified Financial Services

 

10.00% (L + 900, 1.00% Floor)

 

 

11/3/25

 

 

25,000,000

 

 

 

25,000,000

 

 

 

24,850,000

 

Callodine Commercial Finance, LLC, Delayed Draw Term Loan(o)(u)

 

Diversified Financial Services

 

10.00% (L + 900, 1.00% Floor)

 

 

11/3/25

 

 

 

 

 

 

 

 

(48,387

)

CareATC, Inc., First Lien

 

Health Care Technology

 

8.25% (L + 725, 1.00% Floor)

 

 

3/14/24

 

 

4,703,455

 

 

 

4,646,609

 

 

 

4,750,489

 

CareATC, Inc., Revolving Term Loan(o)(u)

 

Health Care Technology

 

8.25% (L + 725, 1.00% Floor)

 

 

3/14/24

 

 

 

 

 

(4,172

)

 

 

 

Diamondback Acquisition, Inc. et al, First Lien

 

Energy Equipment & Services

 

10.76% (L + 976, 1.00% Floor)

 

 

6/14/23

 

 

13,512,160

 

 

 

13,365,482

 

 

 

13,593,233

 

Dude Solutions Holdings Inc., First Lien

 

Professional Services

 

8.50% (L + 750, 1.00% Floor)

 

 

6/13/25

 

 

9,310,138

 

 

 

9,157,107

 

 

 

9,403,240

 

Dude Solutions Holdings Inc., Revolving Term Loan(o)(u)

 

Professional Services

 

8.50% (L + 750, 1.00% Floor)

 

 

6/13/25

 

 

 

 

 

(19,447

)

 

 

 

FinancialForce.com, First Lien

 

Internet Software & Services

 

9.50% (L + 675, 2.75% Floor)

 

 

2/1/24

 

 

10,000,000

 

 

 

9,881,623

 

 

 

10,090,000

 

FinancialForce.com, Incremental First Lien(o)(u)

 

Internet Software & Services

 

9.50% (L + 675, 2.75% Floor)

 

 

2/1/24

 

 

 

 

 

(46,530

)

 

 

45,000

 

GlobalTranz Enterprises LLC, Second Lien

 

Road & Rail

 

8.36% (L + 825)

 

 

5/15/27

 

 

10,808,429

 

 

 

10,633,175

 

 

 

9,976,180

 

Idera, Inc., Second Lien(r)

 

IT Services

 

7.50% (L + 675, 0.75% Floor)

 

 

2/4/29

 

 

2,867,296

 

 

 

2,845,943

 

 

 

2,850,580

 

IT Parent, LLC, First Lien

 

Insurance

 

7.25% (L + 625, 1.00% Floor)

 

 

10/1/26

 

 

1,745,625

 

 

 

1,713,761

 

 

 

1,754,353

 

The accompanying notes are an integral part of these consolidated financial statements.

7


 

 

 

 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments—(Continued)

March 31, 2021  

(Unaudited)

 

Portfolio Company(q)

 

Industry(s)

 

Interest Rate

 

Maturity

 

Principal Amount or Number of

Shares/Units

 

 

Cost(a)

 

 

Fair

Value(b)

 

IT Parent, LLC, Incremental First Lien

 

Insurance

 

7.25% (L + 625, 1.00% Floor)

 

10/1/26

 

$

222,555

 

 

$

218,133

 

 

$

223,668

 

IT Parent, LLC, Revolving Term Loan(o)(u)

 

Insurance

 

7.25% (L + 625, 1.00% Floor)

 

10/1/26

 

 

 

 

 

(4,614

)

 

 

 

JobandTalent USA, Inc., First Lien(h)(k)

 

Professional Services

 

9.75% (L + 875, 1.00% Floor)

 

2/17/25

 

 

7,200,000

 

 

 

7,061,425

 

 

 

7,171,200

 

JobandTalent USA, Inc., Delayed Draw Term Loan(h)(k)

 

Professional Services

 

9.75% (L + 875, 1.00% Floor)

 

2/17/25

 

 

2,400,000

 

 

 

2,353,381

 

 

 

2,390,400

 

Juul Labs, Inc., First Lien

 

Tobacco Related

 

9.50% (L + 800, 1.50% Floor)

 

8/2/23

 

 

13,182,747

 

 

 

13,102,672

 

 

 

13,090,468

 

Kaseya Traverse Inc., First Lien(d)

 

Software

 

8.00% (L + 400, 1.00% Floor Cash / 3.00% PIK)

 

5/2/25

 

 

4,139,143

 

 

 

4,082,344

 

 

 

4,159,838

 

Kaseya Traverse Inc., Incremental First Lien(d)

 

Software

 

8.00% (L + 400, 1.00% Floor Cash / 3.00% PIK)

 

5/2/25

 

 

96,386

 

 

 

94,606

 

 

 

96,868

 

Kaseya Traverse Inc., Delayed Draw Term Loan(d)

 

Software

 

8.00% (L + 400, 1.00% Floor Cash / 3.00% PIK)

 

5/2/25

 

 

484,428

 

 

 

481,715

 

 

 

486,850

 

Kaseya Traverse Inc., Incremental Delayed Draw Term Loan(d)(u)

 

Software

 

8.00% (L + 400, 1.00% Floor Cash / 3.00% PIK)

 

5/2/25

 

 

69,857

 

 

 

67,849

 

 

 

70,730

 

Kaseya Traverse Inc., Revolving Term Loan(u)

 

Software

 

7.50% (L + 650, 1.00% Floor)

 

5/2/25

 

 

164,770

 

 

 

160,047

 

 

 

164,770

 

Kellermeyer Bergensons Services, LLC, First Lien

 

Commercial Services & Supplies

 

7.50% (L + 650, 1.00% Floor)

 

11/7/26

 

 

1,613,562

 

 

 

1,601,841

 

 

 

1,629,698

 

Kellermeyer Bergensons Services, LLC, Delayed Draw Term Loan A

 

Commercial Services & Supplies

 

7.50% (L + 650, 1.00% Floor)

 

11/7/26

 

 

354,984

 

 

 

352,111

 

 

 

358,534

 

Kellermeyer Bergensons Services, LLC, Delayed Draw Term Loan B(u)

 

Commercial Services & Supplies

 

7.50% (L + 650, 1.00% Floor)

 

11/7/26

 

 

92,545

 

 

 

92,605

 

 

 

97,441

 

Kemmerer Operations, LLC, First Lien(d)(f)

 

Metals & Mining

 

15.00% PIK

 

6/21/23

 

 

2,762,802

 

 

 

2,762,802

 

 

 

2,762,802

 

Kemmerer Operations, LLC, Delayed Draw Term Loan(d)(f)(u)

 

Metals & Mining

 

15.00% PIK

 

6/21/23

 

 

347,588

 

 

 

347,588

 

 

 

347,588

 

Live Auctioneers, LLC, First Lien

 

Internet & Catalog Retail

 

7.76% (L + 676, 1.00% Floor)

 

5/21/25

 

 

7,674,025

 

 

 

7,559,677

 

 

 

7,720,069

 

Live Auctioneers, LLC, Incremental First Lien

 

Internet & Catalog Retail

 

7.76% (L + 676, 1.00% Floor)

 

5/21/25

 

 

2,997,598

 

 

 

2,941,903

 

 

 

3,015,583

 

MBS OpCo LLC, First Lien

 

Media

 

10.00% (L + 900, 1.00% Floor)

 

12/29/22

 

 

14,512,500

 

 

 

14,512,500

 

 

 

14,331,094

 

MetricStream, Inc., First Lien

 

Internet Software & Services

 

9.00% (L +800, 1.00% Floor)

 

9/28/24

 

 

9,535,314

 

 

 

9,369,697

 

 

 

9,373,214

 

MetricStream, Inc., Incremental First Lien

 

Internet Software & Services

 

9.00% (L +800, 1.00% Floor)

 

9/28/24

 

 

1,466,971

 

 

 

1,437,673

 

 

 

1,442,033

 

NEP II, Inc., Second Lien(r)

 

Media

 

7.11% (L + 700)

 

10/19/26

 

 

3,131,760

 

 

 

2,852,367

 

 

 

2,868,160

 

Oasis Financial, LLC, Second Lien

 

Diversified Financial Services

 

9.50% (L + 850, 1.00% Floor)

 

7/5/26

 

 

5,000,000

 

 

 

4,904,958

 

 

 

4,930,000

 

One Sky Flight, LLC, First Lien

 

Airlines

 

8.50% (L + 750, 1.00% Floor)

 

12/27/24

 

 

6,937,500

 

 

 

6,798,878