BlackRock Capital Investment Corporation Reports Financial Results for the Quarter Ended June 30, 2021, Declares Quarterly Cash Distribution of $0.10 per Share
-
GAAP Net Investment Income (“NII”) of
$0.07 per share, or$4.8 million , was up 15.6% from the first quarter, which provided second quarter distribution coverage of 65%, an improvement from 56% in the first quarter. -
Net Asset Value (“NAV”) increased to
$347.2 million , up 7.5% from$322.9 million at the end of the first quarter of 2021; NAV per share increased 7.6% to$4.68 per share from$4.35 per share, primarily due to net realized and unrealized gains of$27.2 million during the quarter. -
Strong gross deployments in senior secured debt of
$88.9 million with sixteen new portfolio companies added, and further progress towards reducing junior capital and non-core exposure including previously disclosed exit on Red Apple. -
Net leverage of 0.56x as of
June 30, 2021 , up from 0.38x as ofMarch 31, 2021 , primarily driven by net deployments during the current quarter. -
Total liquidity for portfolio company investments, including cash, was approximately
$230 million , subject to leverage and borrowing base restrictions. -
Under the existing share repurchase program, 80,944 shares were repurchased during the second quarter for approximately
$0.3 million at an average price of$3.73 per share, including brokerage commissions. -
Subsequent to
June 30, 2021 , the Company exited its equity investment inSVP-Singer Holdings LP (“SVP”), a non-core legacy portfolio company, as a result of the sale of SVP. The exit resulted in$19.6 million of cash proceeds and newly issued equity with a cost basis of approximately$6 million .
“We generated strong momentum in the second quarter, growing our investment portfolio by
“We continue to draw upon the power of the BlackRock platform to identify compelling new opportunities with solid risk-adjusted returns, focusing on senior secured debt - and first lien loans in particular,” Keenan said. “The second quarter of 2021 represented our strongest level of gross deployments in two years. Of the new investment dollars in the quarter, 77% was in first lien term loans. Approximately 64% of the portfolio now consists of first lien investments, up from 34% at the end of 2019.”
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Three Months Ended |
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$ in Millions |
% |
Deployments |
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|
First Lien Debt |
69 |
77% |
Second Lien Debt |
20 |
23% |
Repayments/Exits |
|
|
|
19 |
73% |
Other Core Assets |
6 |
27% |
“We also remain intently focused on diversifying the portfolio to capitalize on a broader range of sectors and opportunities, and also to safeguard against potential challenges in any given industry,” Keenan added. “We closed the second quarter with 74 portfolio companies, up from 60 in the prior quarter and 47 at the end of 2019. This represents remarkable progress – and we fully anticipate making more headway in the back half of 2021.”
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Pro Forma3
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Portfolio Composition |
|
|
|
|
First Lien Debt |
66% |
64% |
50% |
34% |
Second Lien Debt |
22% |
21% |
27% |
23% |
|
12% |
15% |
23% |
43% |
|
|
|
|
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Portfolio Company Count |
74 |
74 |
55 |
47 |
Non-Core Assets |
|
|
|
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Portfolio Company Count2 |
5 |
5 |
6 |
9 |
Fair Market Value ("FMV", in Millions) |
26 |
46 |
42 |
120 |
% of investments, at FMV |
5% |
8% |
9% |
16% |
1 |
Includes unsecured/subordinated debt and equity investments. |
|
2 |
Excludes portfolio companies with zero FMV. |
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3 |
Represents portfolio information on a pro forma basis following the successful monetization of the SVP equity subsequent to |
“As we steadily boosted deployments, we increased net leverage to 0.56x for the second quarter from 0.38x for the first quarter. We have more leverage runway to utilize as we pursue further growth. As the portfolio continues to grow in coming quarters, we expect it will be accretive to NII and provide increased dividend coverage for our stockholders,” Keenan concluded.
Financial Highlights
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Q2 2021 |
Q1 2021 |
Q2 2020 |
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($'s in millions, except per share data) |
Total Amount |
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Per Share |
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Total Amount |
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Per Share |
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Total Amount |
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Per Share |
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Net Investment Income/(loss) |
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Net realized and unrealized gains/(losses) |
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Basic earnings/(losses) |
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Distributions declared |
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Net Investment Income/(loss), as adjusted1 |
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Basic earnings/(losses), as adjusted1 |
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($'s in millions, except per share data) |
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Total assets |
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Investment portfolio, at fair market value |
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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 ratio2 |
0.56x |
0.38x |
0.51x |
0.95x |
______________________________________ | ||
1 |
Non-GAAP basis financial measure. See Supplemental Information. |
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2 |
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
-
Reduced Exposure in Non-core Legacy Portfolio:
-
As previously disclosed, the Company fully exited its debt and equity positions in
Red Apple Stores Inc. , resulting in proceeds of$14.9 million (including$0.1 million of interest). Refer to the Company’s Current Report on Form 8-K, filed with theSEC onMay 3, 2021 . -
As of
June 30, 2021 , non-core legacy assets comprised approximately$45.9 million , or 8% of our total portfolio at FMV (five portfolio companies, excluding portfolio companies with zero FMV), as compared to 8% at the end of the first quarter of 2021 and 16% at the end of 2019. The equity investment in SVP, a non-core asset, had a fair value of$25.9 million atJune 30, 2021 , an increase of$23.2 million compared to prior quarter, driven by an expected sale of the portfolio company which closed subsequent toJune 30, 2021 . The successful exit of our existing equity investment in SVP resulted in cash proceeds of$19.6 million and newly issued equity with a cost basis of approximately$6 million . Based on the mechanics of the sale, the Company may receive additional proceeds in the future from an escrow and earn out payment linked to the performance of SVP. As a result of the SVP sale, non-core assets would decline to approximately$25.9 million , or 5% of the portfolio at FMV on a pro forma basis, which would be comprised of$17.6 million of income producing investments across two portfolio companies and$8.3 million in non-income producing assets.
-
As previously disclosed, the Company fully exited its debt and equity positions in
-
Reduced Exposure in
Other Junior Capital :-
Other junior capital (unsecured debt and equity) exposure, excluding non-core assets, in the portfolio stood at 10% by FMV, down from 13% at
March 31, 2021 and 40% atDecember 31, 2019 . -
During the second quarter,
BCIC Senior Loan Partners (“SLP”) returned an incremental$3.8 million of capital to BCIC with proceeds from exiting one of its investments. AtJune 30, 2021 , SLP held first lien loans in three portfolio companies, with an aggregate FMV of$29.6 million . BCIC owns 85% of the equity in SLP.
-
Other junior capital (unsecured debt and equity) exposure, excluding non-core assets, in the portfolio stood at 10% by FMV, down from 13% at
-
Revolving Credit Facility Amendment: As previously disclosed, on
April 23, 2021 , the Company entered into a Sixth Amendment to the Credit Facility which among other items, extended the maturity date on loans made under the Credit Facility fromJune 5, 2023 toApril 23, 2025 , and reduced the aggregate commitment under the Credit Facility from$300 million to$265 million . For more information on the Amendment, refer to the Company’s Current Report on Form 8-K, filed with theSEC onApril 29, 2021 . -
Share Repurchase Program: On
November 3, 2020 , the Company’s Board of Directors authorized the Company to purchase up to a total of 7,500,000 shares, effective until the earlier ofNovember 2, 2021 or such time that all the authorized shares have been repurchased. During the quarter, 80,944 shares were repurchased for$301,703 at an average price of$3.73 per share, including brokerage commissions. As ofJune 30, 2021 , 7,162,994 shares remained authorized for repurchase. Cumulative repurchases since BlackRock entered into the investment management agreement with the Company in early 2015 totaled approximately 8.6 million shares at an average price of$6.42 per share, including brokerage commissions, for a total of$55.2 million . Since the inception of our share repurchase program throughJune 30, 2021 , we have purchased approximately 10.3 million shares at an average price of$6.52 per share, including brokerage commissions, for a total of$67.5 million .
Second Quarter Financial Updates
-
NII was
$4.8 million , or approximately$0.07 per share, for the three months endedJune 30, 2021 . Relative to distributions declared of$0.10 per share, our NII distribution coverage was 65% for the quarter, up from 56% from the first quarter. As we continue to re-deploy into assets consistent with our core strategy, post successfully reducing our exposure in junior capital and non-core investments during 2020 and the first half of 2021, we expect our earnings power to be accretive in the coming quarters. -
NAV increased to
$347.2 million , up 7.5% from$322.9 million atMarch 31, 2021 . NAV per share increased 7.6% or$0.33 per share to$4.68 per share on a quarter-over-quarter basis, primarily due to net realized and unrealized gains of$27.2 million during the quarter. -
For the quarter ended
June 30, 2021 , we incurred base management fees of$1.8 million , and zero incentive management fees based on income. SinceMarch 2017 , the adviser has waived$29.7 million of incentive management fees on a cumulative basis. There was no accrual or payment of incentive management fees based on gains as ofJune 30, 2021 .
Portfolio and Investment Activity*
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Three Months Ended |
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($’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 |
74 |
|
60 |
|
52 |
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Weighted average yield of debt and income producing equity securities, at FMV |
8.6% |
|
8.5% |
|
9.9% |
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% of Portfolio invested in Secured debt, at FMV |
85% |
|
86% |
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59% |
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% of Portfolio invested in Unsecured debt, at FMV |
5% |
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6% |
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27% |
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% of Portfolio invested in Equity, at FMV |
10% |
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8% |
|
14% |
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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 |
-
We deployed
$88.9 million during the quarter while exits and repayments totaled$25.4 million , resulting in a$63.5 million net increase in portfolio, consistent with our strategy of redeploying capital into our core strategy.-
Deployments primarily consisted of sixteen new portfolio companies and four investments into existing portfolio companies, which are outlined as follows:
New Portfolio Companies-
$10.9 million L + 8.00% first lien term loan and$0.9 million unfunded revolver to Pluralsight, Inc., an enterprise technology learning platform; -
$9.6 million L + 7.25% first lien term loan toKeep Truckin, Inc. , a provider of safety and fleet management solutions for transportation and logistics companies; -
$7.0 million L + 8.25% second lien term loan toMcAfee, LLC , a device-to-cloud focus cybersecurity company; -
$6.5 million L + 7.00% first lien term loan and$0.8 million unfunded revolver toESO Solutions, Inc. , a provider of electronic health records, patient care reporting and other mission critical enterprise software solutions; -
$5.0 million L + 7.50% second lien term loan toGI Consilio Parent, LLC , a provider of electronic discovery, document review and consulting services; -
$5.0 million L + 8.00% second lien term loan toEnsono, Inc. , a hybrid IT services provider; -
$4.9 million L + 7.50% first lien term loan and$0.7 million unfunded revolver toBackoffice Associates Holdings, LLC , a provider of data migration, transformation and governance software and services; -
$4.7 million funded L + 9.00% first lien delayed draw term loan (with an additional$7.0 million unfunded commitment) toRazor Group GmbH , aGermany based consolidator of small to medium sized brands that sell through Amazon’s third-party platform; -
$4.7 million L + 7.62% first lien term loan toWhele LLC , a consolidator of small to medium sized brands that sell through Amazon’s third-party platform; -
$3.1 million L + 7.00% first lien term loan,$0.4 million unfunded delayed draw term loan and$0.3 million unfunded revolver toAras Corporation, Inc. , a provider of product lifecycle management software for manufacturing companies; -
$2.9 million L + 7.25% first lien term loan and$0.2 million unfunded revolver toAppriss Health, LLC , a cloud based software and analytics platform that connects healthcare professionals; -
$2.7 million L + 6.00% first lien term loan toINH Buyer, Inc. , a primary care physician group; -
$2.4 million L + 6.50% first lien term loan and$1.2 million unfunded delayed draw term loan toColony Display, LLC , a designer, manufacturer, and installer of in-store fixtures and displays for retailers; -
$2.2 million L + 6.00% first lien term loan and$0.9 million unfunded delayed draw term loan toPorcelain Acquisition Corporation , a developer, importer, and distributor of porcelain and luxury tile and other hard surface floor coverings; -
$2.0 million L + 8.00% second lien term loan toGainwell Acquisition Corporation , a provider of technology solutions to health and human services programs; and -
$1.4 million L + 7.00% second lien term loan and$2.9 million unfunded delayed draw term loan toMetroNet Systems Holdings, LLC , a provider of high-speed broadband, video and voice services with residential and commercial customers across the Midwest.
Incremental Investments -
$6.3 million of incremental L + 7.75% first lien term loan toBarri Financial Group, LLC ; -
$2.9 million of incremental L + 8.75% first lien delayed draw term loan toJobandTalent USA, Inc. ; -
$1.6 million L + 6.25% first lien delayed draw term loan funding toPeter C. Foy & Associates Insurance Services, LLC ; and -
$1.3 million L + 6.75% first lien delayed draw term loan funding to Sonny’sEnterprises, LLC .
-
-
Sales, exits, and repayments were primarily concentrated in two complete exits in portfolio company investments, one partial return of capital and one partial sale:
-
$14.9 million of proceeds (including$0.1 million of interest) from debt and equity positions inRed Apple Stores Inc. , a non-core legacy asset; -
$3.8 million partial return of capital from equity investment in SLP; -
$3.6 million full repayment of second lien term loan inAretec Group, Inc ; and -
$1.3 million of proceeds from partial sale of first lien term loan inESO Solutions, Inc.
-
-
Deployments primarily consisted of sixteen new portfolio companies and four investments into existing portfolio companies, which are outlined as follows:
-
As of
June 30, 2021 , there were three non-accrual investment positions, representing approximately 4.4% and 14.5% of total debt and preferred stock investments, at fair value and cost, respectively, as compared to four non-accrual investment positions of approximately 5.5% and 16.5% of total debt and preferred stock investments at fair value and cost, respectively, atMarch 31, 2021 . The weighted average internal investment rating of the portfolio at FMV atJune 30, 2021 improved to 1.37 as compared to 1.72 atMarch 31, 2021 . -
During the quarter ended
June 30, 2021 , net realized and unrealized gains were$27.2 million , primarily attributable to valuation appreciation on SVP, and overall market recovery.
Liquidity and Capital Resources
-
At
June 30, 2021 , we had$17.0 million in cash and cash equivalents and$213.0 million of availability under our credit facility, subject to leverage restrictions, resulting in approximately$230.0 million of availability for portfolio company investments. Committed but unfunded portfolio obligations atJune 30, 2021 were$41.0 million (excluding the$4.2 million LP commitment to SLP, which is completely discretionary). 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 0.56x at quarter-end, and our 276% asset coverage ratio provided the Company with additional debt capacity of
$213.0 million under its asset coverage requirements, subject to borrowing base restrictions. Further, as ofJune 30, 2021 , approximately 89% of our assets were invested in qualifying assets, exceeding the 70% regulatory requirement of a business development company. -
For the second quarter of 2021, the Company declared an all cash dividend of
$0.10 per share, payable onOctober 6, 2021 to stockholders of record at the close of business onSeptember 15, 2021 .
Conference Call
Both the teleconference and 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
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 |
|
|
|
|
||
Non-controlled, affiliated investments (cost of |
4,281,369 |
|
13,099,313 |
|
||
Controlled investments (cost of |
51,869,839 |
|
110,968,227 |
|
||
Total investments at fair value (cost of |
549,280,219 |
|
479,025,476 |
|
||
Cash and cash equivalents |
17,030,583 |
|
23,332,831 |
|
||
Interest, dividends and fees receivable |
2,484,493 |
|
2,138,304 |
|
||
Receivable for investments sold |
25,156 |
|
5,439,507 |
|
||
Deferred debt issuance costs |
1,741,443 |
|
1,374,115 |
|
||
Prepaid expenses and other assets |
1,153,459 |
|
409,357 |
|
||
Total assets |
|
|
|
|
||
Liabilities |
|
|
|
|
||
Debt (net of deferred issuance costs of |
|
|
|
|
||
Distributions payable |
7,413,594 |
|
- |
|
||
Payable for investments purchased |
16,845,569 |
|
9,193,917 |
|
||
Management fees payable |
1,775,684 |
|
2,313,447 |
|
||
Incentive fees payable |
1,849,597 |
|
1,849,597 |
|
||
Interest and debt related payables |
620,493 |
|
502,682 |
|
||
Accrued administrative expenses |
314,886 |
|
389,064 |
|
||
Accrued expenses and other liabilities |
1,758,928 |
|
2,662,569 |
|
||
Total liabilities |
224,504,968 |
|
196,709,313 |
|
||
Net assets |
|
|
|
|
||
Common stock, par value |
84,478 |
|
84,478 |
|
||
Paid-in capital in excess of par |
858,079,713 |
|
858,079,713 |
|
||
Distributable earnings (losses) |
(443,485,518) |
|
(476,857,055) |
|
||
|
(67,468,288) |
|
(66,296,859) |
|
||
Total net assets |
347,210,385 |
|
315,010,277 |
|
||
Total liabilities and net assets |
|
|
|
|
||
Net assets per share |
|
|
|
|
Consolidated Statements of Operations (Unaudited) |
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Three Months Ended |
|
Six Months Ended |
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Investment income |
|
|
|
|
|
|
|
|
Interest income (excluding PIK): |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
|
|
|
|
|
|
Non-controlled, affiliated investments |
|
— |
|
118,000 |
|
11,867 |
|
243,474 |
Controlled investments |
|
135,371 |
|
5,486,595 |
|
718,571 |
|
10,902,430 |
PIK income: |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
815,710 |
|
1,358,694 |
|
1,596,389 |
|
2,454,125 |
Non-controlled, affiliated investments |
|
117,985 |
|
112,958 |
|
237,014 |
|
221,789 |
Controlled investments |
|
— |
|
180,156 |
|
— |
|
1,053,664 |
Dividend income: |
|
|
|
|
|
|
|
|
Non-controlled, affiliated investments |
|
— |
|
— |
|
71,500 |
|
— |
Controlled investments |
|
536,908 |
|
2,566,148 |
|
1,047,975 |
|
5,473,651 |
Other income: |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
40,958 |
|
17,087 |
|
186,990 |
|
63,254 |
Non-controlled, affiliated investments |
|
— |
|
1,436 |
|
— |
|
2,871 |
Controlled investments |
|
— |
|
61,153 |
|
— |
|
64,340 |
Total investment income |
|
10,857,759 |
|
17,502,958 |
|
21,130,383 |
|
36,202,252 |
Operating expenses |
|
|
|
|
|
|
|
|
Interest and other debt expenses |
|
2,969,177 |
|
4,359,441 |
|
5,722,273 |
|
8,571,715 |
Management fees |
|
1,775,684 |
|
2,708,862 |
|
3,575,450 |
|
6,004,549 |
Incentive fees |
|
— |
|
1,608,740 |
|
— |
|
3,533,138 |
Professional fees |
|
254,834 |
|
544,845 |
|
666,993 |
|
1,069,857 |
Administrative expenses |
|
314,886 |
|
375,704 |
|
637,001 |
|
689,265 |
Insurance expense |
|
201,597 |
|
123,223 |
|
400,961 |
|
242,843 |
Director fees |
|
153,125 |
|
152,500 |
|
306,250 |
|
337,250 |
Investment advisor expenses |
|
87,500 |
|
87,500 |
|
175,000 |
|
175,000 |
Other operating expenses |
|
258,232 |
|
384,693 |
|
613,514 |
|
723,596 |
Total expenses, before incentive fee waiver |
|
6,015,035 |
|
10,345,508 |
|
12,097,442 |
|
21,347,213 |
Incentive fee waiver |
|
— |
|
(1,608,740) |
|
— |
|
(3,533,138) |
Expenses, net of incentive fee waiver |
|
6,015,035 |
|
8,736,768 |
|
12,097,442 |
|
17,814,075 |
Net investment income |
|
4,842,724 |
|
8,766,190 |
|
9,032,941 |
|
18,388,177 |
Realized and Unrealized Gain (Loss): |
|
|
|
|
|
|
|
|
Net realized gain (loss): |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
6,773 |
|
(12,316,751) |
|
(639,501) |
|
(12,311,266) |
Non-controlled, affiliated investments |
|
— |
|
(42,238,921) |
|
(7,989,591) |
|
(43,774,013) |
Controlled investments |
|
(8,749,931) |
|
— |
|
(11,040,074) |
|
— |
Net realized gain (loss) |
|
(8,743,158) |
|
(54,555,672) |
|
(19,669,166) |
|
(56,085,279) |
Net change in unrealized appreciation (depreciation): |
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
27,464,721 |
|
11,084,426 |
|
37,333,277 |
|
(15,942,530) |
Non-controlled, affiliated investments |
|
153,217 |
|
42,458,272 |
|
6,988,190 |
|
34,178,158 |
Controlled investments |
|
8,689,595 |
|
(35,387,880) |
|
14,826,843 |
|
(66,790,209) |
Foreign currency translation |
|
(381,379) |
|
239,587 |
|
(285,360) |
|
(337,060) |
Net change in unrealized appreciation (depreciation) |
|
35,926,154 |
|
18,394,405 |
|
58,862,950 |
|
(48,891,641) |
Net realized and unrealized gain (loss) |
|
27,182,996 |
|
(36,161,267) |
|
39,193,784 |
|
(104,976,920) |
Net Increase (Decrease) in Net Assets Resulting from Operations |
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Net Investment Income Per Share—basic |
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|
|
|
|
Earnings (Loss) Per Share—basic |
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding—basic |
|
74,150,425 |
|
68,117,628 |
|
74,292,637 |
|
68,365,792 |
Net Investment Income Per Share—diluted |
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|
|
|
|
|
|
Earnings (Loss) Per Share—diluted |
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding—diluted |
|
91,144,162 |
|
85,111,365 |
|
91,286,374 |
|
85,359,529 |
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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.
Incentive management fees based on income have been calculated for each calendar quarter and are paid on a quarterly basis if certain thresholds are met. The Company records its liability for incentive management fees based on capital gains by performing a hypothetical liquidation at the end of each reporting period. The accrual of this hypothetical capital gains incentive management fee is required by GAAP, but it should be noted that a fee so calculated and accrued is not due and payable until the end of the measurement period, or every
Computations for the periods below are derived from the Company's financial statements as follows:
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Three Months Ended |
Six Months Ended |
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GAAP Basis: |
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Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.07 |
|
0.13 |
|
0.12 |
|
0.27 |
|
Addback: GAAP incentive fee expense based on Gains |
— |
|
— |
|
— |
|
— |
|
Addback: GAAP incentive fee expense based on Income net of incentive fee waiver |
— |
|
— |
|
— |
|
— |
|
Pre-Incentive Fee1: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.07 |
|
0.13 |
|
0.12 |
|
0.27 |
|
Less: Incremental incentive fee expense based on Income net of incentive fee waiver |
— |
|
— |
|
— |
|
— |
|
As Adjusted2: |
|
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|
|
|
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|
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Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.07 |
|
0.13 |
|
0.12 |
|
0.27 |
|
Note: The NII amounts for the three and six months ended |
||
1 |
Pre-Incentive Fee: Amounts are adjusted to remove all incentive fees. Such fees are calculated but not necessarily due and payable at this time. |
|
2 |
As Adjusted: Amounts are adjusted to remove the incentive fee expense based on gains, as required by GAAP, and to include only the incremental incentive fee expense based on Income. Incentive 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
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/20210805005974/en/
Investor Contact:
212.810.5427
Press Contact:
212.810.5596
Source: