bkcc-10q_20210930.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 September 30, 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 November 3, 2021 was 73,970,093.

 

 

 


 

 

BLACKROCK CAPITAL INVESTMENT CORPORATION

FORM 10-Q

FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 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 September 30, 2021 and December 31, 2020 (unaudited)

3

 

 

 

 

Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020 (unaudited)

4

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2021 and 2020 (unaudited)

5

 

 

 

 

Consolidated Statements of Cash Flows for the nine months ended September 30, 2021 and 2020 (unaudited)

7

 

 

 

 

Consolidated Schedules of Investments as of September 30, 2021 and December 31, 2020 (unaudited)

8

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

24

 

 

 

Item 2.

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

47

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

58

 

 

 

Item 4.

Controls and Procedures

58

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

59

 

 

 

Item 1A.

Risk Factors

59

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60

 

 

 

Item 3.

Defaults Upon Senior Securities

60

 

 

 

Item 4.

Mine Safety Disclosures

60

 

 

 

Item 5.

Other Information

60

 

 

 

Item 6.

Exhibits

61

 

 

SIGNATURES

62

 

 

 

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  

 

 

 

September 30,

2021

 

 

December 31,

2020

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $494,672,826 and $369,079,320)

 

$

500,450,078

 

 

$

354,957,936

 

Non-controlled, affiliated investments (cost of $5,075,822 and $20,927,907)

 

 

4,267,127

 

 

 

13,099,313

 

Controlled investments (cost of $143,128,356 and $216,768,227)

 

 

53,392,393

 

 

 

110,968,227

 

Total investments at fair value (cost of $642,877,004 and $606,775,454)

 

 

558,109,598

 

 

 

479,025,476

 

Cash and cash equivalents

 

 

11,992,164

 

 

 

23,332,831

 

Interest, dividends and fees receivable

 

 

3,248,380

 

 

 

2,138,304

 

Deferred debt issuance costs

 

 

1,626,431

 

 

 

1,374,115

 

Receivable for investments sold

 

 

32,939

 

 

 

5,439,507

 

Prepaid expenses and other assets

 

 

930,371

 

 

 

409,357

 

Total assets

 

$

575,939,883

 

 

$

511,719,590

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred issuance costs of $660,964 and $1,360,356)

 

$

201,400,204

 

 

$

179,798,037

 

Payable for investments purchased

 

 

8,367,467

 

 

 

9,193,917

 

Distributions payable

 

 

7,405,845

 

 

 

 

Interest and debt related payables

 

 

2,378,419

 

 

 

502,682

 

Management fees payable

 

 

2,086,219

 

 

 

2,313,447

 

Income incentive fees payable (see Note 3)

 

 

 

 

 

1,849,597

 

Accrued capital gains incentive fees (see Note 3)

 

 

1,291,952

 

 

 

 

Accrued administrative expenses

 

 

333,057

 

 

 

389,064

 

Accrued expenses and other liabilities

 

 

1,802,169

 

 

 

2,662,569

 

Total liabilities

 

 

225,065,332

 

 

 

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 73,996,620 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)

 

 

(439,289,064

)

 

 

(476,857,055

)

Treasury stock at cost, 10,481,631 and 10,011,586 shares held

 

 

(68,000,576

)

 

 

(66,296,859

)

Total net assets

 

 

350,874,551

 

 

 

315,010,277

 

Total liabilities and net assets

 

$

575,939,883

 

 

$

511,719,590

 

 

 

 

 

 

 

 

 

 

Net assets per share

 

$

4.74

 

 

$

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

 

 

Nine Months Ended

 

 

 

September 30, 2021

 

 

September 30, 2020

 

 

September 30, 2021

 

 

September 30, 2020

 

Investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (excluding PIK):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

11,247,240

 

 

$

7,543,251

 

 

$

28,507,317

 

 

$

23,265,815

 

Non-controlled, affiliated investments

 

 

 

 

 

114,250

 

 

 

11,867

 

 

 

357,724

 

Controlled investments

 

 

 

 

 

5,707,147

 

 

 

718,571

 

 

 

16,609,577

 

PIK income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

436,929

 

 

 

1,303,323

 

 

 

2,033,318

 

 

 

3,757,448

 

Non-controlled, affiliated investments

 

 

123,521

 

 

 

118,529

 

 

 

360,535

 

 

 

340,318

 

Controlled investments

 

 

 

 

 

 

 

 

 

 

 

1,053,664

 

Dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, affiliated investments

 

 

 

 

 

 

 

 

71,500

 

 

 

 

Controlled investments

 

 

483,038

 

 

 

1,496,818

 

 

 

1,531,013

 

 

 

6,970,469

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

223,598

 

 

 

14,139

 

 

 

410,588

 

 

 

77,393

 

Non-controlled, affiliated investments

 

 

 

 

 

1,451

 

 

 

 

 

 

4,322

 

Controlled investments

 

 

 

 

 

3,186

 

 

 

 

 

 

67,526

 

Total investment income

 

 

12,514,326

 

 

 

16,302,094

 

 

 

33,644,709

 

 

 

52,504,256

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

 

2,973,408

 

 

 

3,668,242

 

 

 

8,695,681

 

 

 

12,239,957

 

Management fees

 

 

2,086,219

 

 

 

2,481,836

 

 

 

5,661,669

 

 

 

8,486,385

 

Incentive fees on income

 

 

79,383

 

 

 

1,492,248

 

 

 

79,383

 

 

 

5,025,386

 

Incentive fees on capital gains(1)

 

 

1,291,952

 

 

 

 

 

 

1,291,952

 

 

 

 

Administrative expenses

 

 

333,057

 

 

 

379,650

 

 

 

970,058

 

 

 

1,068,915

 

Professional fees

 

 

301,976

 

 

 

461,851

 

 

 

968,969

 

 

 

1,531,708

 

Insurance expense

 

 

204,197

 

 

 

203,794

 

 

 

605,158

 

 

 

446,637

 

Director fees

 

 

158,125

 

 

 

157,500

 

 

 

464,375

 

 

 

494,750

 

Investment advisor expenses

 

 

87,500

 

 

 

87,500

 

 

 

262,500

 

 

 

262,500

 

Other operating expenses

 

 

167,737

 

 

 

334,586

 

 

 

781,251

 

 

 

1,058,182

 

Total expenses, before incentive fee waiver

 

 

7,683,554

 

 

 

9,267,207

 

 

 

19,780,996

 

 

 

30,614,420

 

Incentive fee waiver (see Note 3)

 

 

(79,383

)

 

 

(1,492,248

)

 

 

(79,383

)

 

 

(5,025,386

)

Expenses, net of incentive fee waiver

 

 

7,604,171

 

 

 

7,774,959

 

 

 

19,701,613

 

 

 

25,589,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income(1)

 

 

4,910,155

 

 

 

8,527,135

 

 

 

13,943,096

 

 

 

26,915,222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and unrealized gain (loss) on investments and foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

22,048,077

 

 

 

(18,151

)

 

 

21,408,576

 

 

 

(12,329,417

)

Non-controlled, affiliated investments

 

 

 

 

 

 

 

 

(7,989,591

)

 

 

(43,774,013

)

Controlled investments

 

 

524,445

 

 

 

(59,194,744

)

 

 

(10,515,629

)

 

 

(59,194,744

)

Net realized gain (loss)

 

 

22,572,522

 

 

 

(59,212,895

)

 

 

2,903,356

 

 

 

(115,298,174

)

Net change in unrealized appreciation (depreciation):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(17,434,641

)

 

 

7,840,464

 

 

 

19,898,636

 

 

 

(8,101,976

)

Non-controlled, affiliated investments

 

 

31,709

 

 

 

496,668

 

 

 

7,019,899

 

 

 

34,674,826

 

Controlled investments

 

 

1,522,554

 

 

 

15,037,776

 

 

 

16,349,397

 

 

 

(51,752,433

)

Foreign currency translation

 

 

 

 

 

147,185

 

 

 

(285,360

)

 

 

(189,875

)

Net change in unrealized appreciation (depreciation)

 

 

(15,880,378

)

 

 

23,522,093

 

 

 

42,982,572

 

 

 

(25,369,458

)

Net realized and unrealized gain (loss)

 

 

6,692,144

 

 

 

(35,690,802

)

 

 

45,885,928

 

 

 

(140,667,632

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

11,602,299

 

 

$

(27,163,667

)

 

$

59,829,024

 

 

$

(113,752,410

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income per share—basic(1)

 

$

0.07

 

 

$

0.12

 

 

$

0.19

 

 

$

0.39

 

Earnings (loss) per share—basic(1)

 

$

0.16

 

 

$

(0.39

)

 

$

0.81

 

 

$

(1.65

)

Weighted average shares outstanding—basic

 

 

74,081,693

 

 

 

70,086,236

 

 

 

74,221,550

 

 

 

68,943,459

 

Net investment income per share—diluted(1)

 

$

0.07

 

 

$

0.12

 

 

$

0.19

 

 

$

0.39

 

Earnings (loss) per share—diluted(1)

 

$

0.15

 

 

$

(0.39

)

 

$

0.73

 

 

$

(1.65

)

Weighted average shares outstanding—diluted (see Note 8)

 

 

91,075,430

 

 

 

87,079,973

 

 

 

91,215,287

 

 

 

85,937,196

 

 

 

(1)

Net investment income and per share amounts displayed above are net of the accrual for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with GAAP for the three and nine month periods ended September 30, 2021 (see Note 3). Refer to Supplemental Non-GAAP Information within the Management’s Discussion and Analysis section for further details and as adjusted figures that reflect that there were no incentive fees on capital gains realized and payable to the Advisor during such periods.

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)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Outstanding

 

 

Par Amount, Shares Issued

 

 

Paid in Capital

in Excess of Par

 

 

Distributable

earnings (loss)

 

 

Treasury Stock at Cost

 

 

Total Net

Assets

 

Balance at December 31, 2020

 

 

74,466,665

 

 

$

84,478

 

 

$

858,079,713

 

 

$

(476,857,055

)

 

$

(66,296,859

)

 

$

315,010,277

 

Repurchase of common stock

 

 

(256,062

)

 

 

 

 

 

 

 

 

(869,726

)

 

 

(869,726

)

Net investment income

 

 

 

 

 

 

 

 

4,190,217

 

 

 

 

 

4,190,217

 

Net realized and unrealized gain

 

 

 

 

 

 

 

 

12,010,788

 

 

 

 

 

12,010,788

 

Distributions to common stockholders(1)

 

 

 

 

 

 

 

 

(7,441,594

)

 

 

 

 

(7,441,594

)

Balance at March 31, 2021

 

 

74,210,603

 

 

$

84,478

 

 

$

858,079,713

 

 

$

(468,097,644

)

 

$

(67,166,585

)

 

$

322,899,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(80,944

)

 

 

 

 

 

 

 

 

(301,703

)

 

 

(301,703

)

Net investment income

 

 

 

 

 

 

 

 

4,842,724

 

 

 

 

 

4,842,724

 

Net realized and unrealized gain

 

 

 

 

 

 

 

 

27,182,996

 

 

 

 

 

27,182,996

 

Distributions to common stockholders(1)

 

 

 

 

 

 

 

 

(7,413,594

)

 

 

 

 

(7,413,594

)

Balance at June 30, 2021

 

 

74,129,659

 

 

$

84,478

 

 

$

858,079,713

 

 

$

(443,485,518

)

 

$

(67,468,288

)

 

$

347,210,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(133,039

)

 

 

 

 

 

 

 

 

(532,288

)

 

 

(532,288

)

Net investment income

 

 

 

 

 

 

 

 

4,910,155

 

 

 

 

 

4,910,155

 

Net realized and unrealized gain

 

 

 

 

 

 

 

 

6,692,144

 

 

 

 

 

6,692,144

 

Distributions to common stockholders(1)

 

 

 

 

 

 

 

 

(7,405,845

)

 

 

 

 

(7,405,845

)

Balance at September 30, 2021

 

 

73,996,620

 

 

$

84,478

 

 

$

858,079,713

 

 

$

(439,289,064

)

 

$

(68,000,576

)

 

$

350,874,551

 

 

 

(1)

Sources of distribution to stockholders will be adjusted on an annual basis, if necessary, and calculated in accordance with federal income tax regulations (see Note 2). For the three months ended September 30, 2021, it is estimated that $2,495,690 out of the total $7,405,845 distribution was from a return of capital based on book income. For the three months ended June 30, 2021, it is estimated that $2,570,870 out of the total $7,413,594 distribution was from a return of capital based on book income. For the three months ended March 31, 2021, it is estimated that $3,251,377 out of the total $7,441,594 distribution was from a return of capital based on book income.

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

5


 

BlackRock Capital Investment Corporation

Consolidated Statements of Changes in Net Assets—(Continued)

(Unaudited)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Outstanding

 

 

Par Amount, Shares Issued

 

 

Paid in Capital

in Excess of Par

 

 

Distributable

earnings (loss)

 

 

Treasury Stock at Cost

 

 

Total Net

Assets

 

Balance at December 31, 2019

 

 

68,836,255

 

 

$

77,861

 

 

$

849,240,398

 

 

$

(351,040,023

)

 

$

(62,669,255

)

 

$

435,608,981

 

Repurchase of common stock

 

 

(986,554

)

 

 

 

 

 

 

 

 

(3,627,604

)

 

 

(3,627,604

)

Net investment income

 

 

 

 

 

 

 

 

9,621,987

 

 

 

 

 

9,621,987

 

Net realized and unrealized loss

 

 

 

 

 

 

 

 

(68,815,655

)

 

 

 

 

(68,815,655

)

Distributions to common stockholders(1)

 

 

 

 

 

 

 

 

(9,543,152

)

 

 

 

 

(9,543,152

)

Balance at March 31, 2020

 

 

67,849,701

 

 

$

77,861

 

 

$

849,240,398

 

 

$

(419,776,843

)

 

$

(66,296,859

)

 

$

363,244,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from dividend reinvestment plan

 

 

290,254

 

 

 

291

 

 

 

638,269

 

 

 

 

 

 

 

638,560

 

Net investment income

 

 

 

 

 

 

 

 

8,766,190

 

 

 

 

 

8,766,190

 

Net realized and unrealized loss

 

 

 

 

 

 

 

 

(36,161,267

)

 

 

 

 

(36,161,267

)

Distributions to common stockholders(1)

 

 

 

 

 

 

 

 

(6,813,994

)

 

 

 

 

(6,813,994

)

Balance at June 30, 2020

 

 

68,139,955

 

 

$

78,152

 

 

$

849,878,667

 

 

$

(453,985,914

)

 

$

(66,296,859

)

 

$

329,674,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock from stock distribution and reinvestment

 

 

4,171,549

 

 

 

4,171

 

 

 

11,059,848

 

 

 

 

 

 

 

11,064,019

 

Net investment income

 

 

 

 

 

 

 

 

8,527,135

 

 

 

 

 

8,527,135

 

Net realized and unrealized loss

 

 

 

 

 

 

 

 

(35,690,802

)

 

 

 

 

(35,690,802

)

Distributions to common stockholders(1)

 

 

 

 

 

 

 

 

(7,017,228

)

 

 

 

 

(7,017,228

)

Balance at September 30, 2020

 

 

72,311,504

 

 

$

82,323

 

 

$

860,938,515

 

 

$

(488,166,809

)

 

$

(66,296,859

)

 

$

306,557,170

 

 

 

(1)

Sources of distribution to stockholders will be adjusted on an annual basis, if necessary, and calculated in accordance with federal income tax regulations (see Note 2).

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

6


 

 

BlackRock Capital Investment Corporation

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30, 2021

 

 

September 30, 2020

 

Operating activities

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

59,829,024

 

 

$

(113,752,410

)

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Net realized (gain) loss

 

 

(2,903,356

)

 

 

115,298,174

 

Change in unrealized (appreciation) depreciation of investments

 

 

(43,267,932

)

 

 

25,179,583

 

Change in unrealized (appreciation) depreciation on foreign currency translation

 

 

285,360

 

 

 

189,875

 

Interest and dividend income paid in kind

 

 

(2,393,853

)

 

 

(5,151,430

)

Net amortization of investment discounts and premiums

 

 

(1,555,798

)

 

 

(636,787

)

Amortization of deferred debt issuance costs

 

 

1,214,536

 

 

 

1,599,298

 

Amortization of original issue discount on debt

 

 

702,775

 

 

 

664,358

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Purchase of investments

 

 

(203,961,132

)

 

 

(78,784,396

)

Proceeds from disposition of investments

 

 

174,919,422

 

 

 

84,440,718

 

Decrease (increase) in interest, dividends and fees receivable

 

 

(1,316,910

)

 

 

2,125,328

 

Decrease (increase) in receivable for investments sold

 

 

5,406,568

 

 

 

985,467

 

Decrease (increase) in prepaid expenses and other assets

 

 

(521,014

)

 

 

(1,113,072

)

Increase (decrease) in payable for investments purchased

 

 

(826,450

)

 

 

(7,312,500

)

Increase (decrease) in interest and debt related payables

 

 

1,875,737

 

 

 

1,627,768