-
GAAP Net Investment Income (“GAAP NII”) was
$4.9 million , or$0.07 per share, up 1.4% from the second quarter, providing third quarter distribution coverage of 66%, up from 65% in the second quarter. -
Adjusted Net Investment Income (“Adjusted NII”) was
$6.2 million , or$0.08 per share, up 28.1% from the second quarter, providing third quarter distribution coverage of 84%, up from 65% in the second quarter. Adjusted NII excludes the “hypothetical liquidation” basis capital gains incentive fee accrual required under GAAP of$1.3 million in the third quarter and zero in the second quarter (refer to Supplemental Information for further details). GAAP NII and Adjusted NII also benefited from fee and other one-time income of$0.01 per share. -
Net Asset Value (“NAV”) increased to
$350.9 million , up 1.1% from$347.2 million at the end of the second quarter; NAV per share increased 1.3% to$4.74 per share from$4.68 per share, primarily driven by net realized and unrealized gains of$6.7 million during the quarter. -
Strong gross deployments in senior secured debt of
$62.8 million with eight new portfolio companies added during the third quarter, offset by gross repayments/exits of$61.6 million including$19.6 million in cash proceeds from the disposal of SVP equity as previously disclosed on Form 8-K. -
Net leverage of 0.57x as of
September 30, 2021 was up slightly from 0.56x as ofJune 30, 2021 . Total liquidity for portfolio company investments, including cash, was approximately$218 million , subject to leverage and borrowing base restrictions. -
Under the existing share repurchase program, 133,039 shares were repurchased during the third quarter for approximately
$0.5 million at an average price of$4.00 per share, including brokerage commissions. -
Subsequent to
September 30, 2021 , junior capital exposure was further reduced after a return of capital distribution of$18.3 million was received fromBCIC Senior Loan Partners (“SLP”) primarily with proceeds from SLP’s sale of the Crown Paper first lien loan. The remaining portfolio of SLP consists of first lien loans in two portfolio companies with an estimated FMV of$13.3 million .
“We continued our positive momentum in the third quarter, deploying
“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. During the third quarter of 2021, 88% of our investment dollars were in first lien term loans. Approximately 68% of the portfolio now consists of first lien investments, which has doubled from 34% at the end of 2019,”
|
Three Months Ended |
|
|
$ in Millions |
% |
Deployments |
|
|
First Lien Debt |
56 |
88% |
Second Lien Debt |
7 |
12% |
Repayments/Exits |
|
|
|
20 |
33% |
Other Core Assets |
42 |
67% |
“We remain focused on further diversifying the portfolio to capitalize on a broader range of sectors and opportunities, and also to safeguard against potential challenges in any given industry.” We ended the third quarter with 78 portfolio companies, up from 74 in the prior quarter and 47 at the end of 2019. This represents remarkable progress – and we anticipate making more headway in the fourth quarter of 2021 and in the new year,” said
|
Pro Forma3
|
|
|
|
Portfolio Composition |
|
|
|
|
First Lien Debt |
70% |
68% |
50% |
34% |
Second Lien Debt |
21% |
20% |
27% |
23% |
|
9% |
12% |
23% |
43% |
|
|
|
|
|
Portfolio Company Count |
78 |
78 |
55 |
47 |
Non-Core Assets |
|
|
|
|
Portfolio Company Count2 |
5 |
5 |
6 |
9 |
Fair Market Value (“FMV”, in Millions) |
26 |
26 |
42 |
120 |
% of investments, at FMV |
5% |
5% |
9% |
16% |
______________________________________
1 |
Includes unsecured/subordinated debt and equity investments. |
|
2 |
Excludes portfolio companies with zero FMV. |
|
3 |
Represents portfolio information on a pro forma basis following the return of capital of |
“Our net leverage increased slightly to 0.57x at the end of the third quarter from 0.56x in the second quarter. We continue to have ample leverage capacity as we pursue further portfolio growth in the coming quarters, which we expect will be accretive to NII and provide increased dividend coverage for our stockholders,”
Financial Highlights
|
Q3 2021 |
Q2 2021 |
Q3 2020 |
|||||||||
($’s in millions, except per share data) |
Total |
|
Per Share |
|
Total |
|
Per Share |
|
Total |
|
Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gains/(losses) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings/(losses) |
|
|
|
|
|
|
|
|
|
|
|
|
Distributions declared |
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income/(loss), as adjusted1 |
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings/(losses), as adjusted1 |
|
|
|
|
|
|
|
|
|
|
|
|
______________________________________
1 |
Non-GAAP basis financial measure, excluding hypothetical liquidation basis capital gain incentive fee accrual under GAAP. See Supplemental Information. |
($’s in millions, except per share data) |
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
Investment portfolio, at fair market value |
|
|
|
|
Debt outstanding |
|
|
|
|
Total net assets |
|
|
|
|
Net asset value per share |
|
|
|
|
Net leverage ratio1 |
0.57x |
0.56x |
0.51x |
0.98x |
_____________________________________
1 |
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 exited its equity position in SVP, resulting in proceeds of
$19.6 million and newly issued equity of approximately$5.9 million . Refer to the Company’s Current Report on Form 8-K, filed with theSEC onAugust 5, 2021 . -
As of
September 30, 2021 , non-core legacy assets comprised approximately$26.0 million , or 5% of our total portfolio at FMV (five portfolio companies, excluding portfolio companies with zero FMV), as compared to 8% at the end of the second quarter of 2021 and 16% at the end of 2019. Out of the remaining 5% non-core legacy assets, approximately 68% were income generating debt investments.
-
As previously disclosed, the Company exited its equity position in SVP, resulting in proceeds of
-
Reduced Exposure in
Other Junior Capital :-
Subsequent to the third quarter, the Company received an
$18.3 million return of capital from SLP primarily with sales proceeds of Crown Paper, an investment previously held by SLP. AtSeptember 30, 2021 , SLP held first lien loans in two portfolio companies with an aggregate FMV of$13.3 million , after transacting the sale of debt investments in Crown Paper. 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 11% by FMV (or 8% on a pro forma basis with further return of capital from SLP described above), down from 21% at
December 31, 2020 and 40% atDecember 31, 2019 .
-
Subsequent to the third quarter, the Company received an
-
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, 133,039 shares were repurchased for$532,288 at an average price of$4.00 per share, including brokerage commissions. As ofSeptember 30, 2021 , 7,029,955 shares remained authorized for repurchase. Cumulative repurchases since BlackRock entered into the investment management agreement with the Company in early 2015 totaled approximately 8.7 million shares at an average price of$6.39 per share, including brokerage commissions, for a total of$55.7 million . Since the inception of our share repurchase program throughSeptember 30, 2021 , we have purchased approximately 10.5 million shares at an average price of$6.49 per share, including brokerage commissions, for a total of$68.0 million . Additionally, onNovember 2, 2021 , the Company’s repurchase plan expired with 7,003,428 shares remaining unpurchased and no longer authorized for purchase. OnNovember 2, 2021 , the Company’s Board of Directors adopted a new repurchase plan and authorized the Company to purchase up to a total of 8,000,000 shares, effective until the earlier ofNovember 2, 2022 or such time that all of the authorized shares have been repurchased.
Third Quarter Financial Updates
-
GAAP NII was
$4.9 million , or approximately$0.07 per share, for the three months endedSeptember 30, 2021 (and Adjusted NII was$6.2 million or$0.08 per share). Relative to distributions declared of$0.10 per share, our NII distribution coverage was 66% (and Adjusted NII distribution coverage was 84%) for the quarter, up from 65% from the second quarter. As we continue to re-deploy capital into assets consistent with our core strategy, after successfully reducing our exposure to junior capital and non-core investments during 2020 and in the first nine months of 2021, we expect our earnings power to be accretive in the coming quarters.
-
NAV increased to
$350.9 million atSeptember 30, 2021 , up 1.1% from$347.2 million atJune 30, 2021 . NAV per share increased 1.3% or$0.06 per share to$4.74 per share on a quarter-over-quarter basis, primarily driven by net realized and unrealized gains of$6.7 million during the quarter.
-
For the quarter ended
September 30, 2021 , we incurred management fees of$2.1 million , and incentive fees based on income of$0.1 million . The investment advisor has voluntarily waived the incentive fees based on income of$0.1 million , resulting in no net incentive fees for the period. SinceMarch 2017 , the investment advisor has waived$29.8 million of incentive fees on a cumulative basis.
-
GAAP requires that the capital gains incentive fee accrual consider unrealized capital appreciation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized on a “hypothetical liquidation” basis. For the quarter ended
September 30, 2021 , a capital gains incentive fee of$1.3 million was accrued on that basis (refer to Supplemental Information below for further details). No amounts were due to the investment advisor for the period. There can be no assurance that such unrealized capital appreciation will actually be realized in the future, or that any accrued capital gains incentive fee will become payable under our investment management agreement or the Advisers Act. Amounts ultimately paid under the investment management agreement will be consistent with the formula reflected in the agreement.
Portfolio and Investment Activity*
|
Three Months Ended |
|||||
($’s in millions) |
|
|
|
|||
|
|
|
|
|
|
|
Investment deployments |
|
|
|
|
|
|
Investment exits |
|
|
|
|
|
|
Number of portfolio company investments at the end of period |
78 |
|
74 |
|
55 |
|
Weighted average yield of debt and income producing equity securities, at FMV |
8.4% |
|
8.6% |
|
9.8% |
|
% of Portfolio invested in Secured debt, at FMV |
88% |
|
85% |
|
61% |
|
% of Portfolio invested in Unsecured debt, at FMV |
5% |
|
5% |
|
27% |
|
% of Portfolio invested in Equity, at FMV |
7% |
|
10% |
|
12% |
|
Average investment by portfolio company, at amortized cost |
|
|
|
|
|
|
*Balance sheet amounts and yield information above are as of period end
-
We deployed
$62.8 million during the quarter while exits and repayments totaled$61.6 million , resulting in a$1.2 million net deployment.-
Deployments primarily consisted of eight new portfolio companies and thirteen investments/funding into existing portfolio companies, which are outlined as follows:
New Portfolio Companies
-
Sales, exits, and repayments were primarily concentrated in four complete exits in portfolio company investments, and one sale:
-
$19.6 million of cash proceeds from the sale of SVP equity, a non-core legacy asset; -
$13.5 million full repayment of first lien term loan inSphera Solutions, Inc. ; -
$10.8 million full repayment of second lien term loan inGlobalTranz Enterprises, LLC ; -
$7.7 million full repayment of first lien term loan in Paula’sChoice Holdings, Inc. ; and -
$7.5 million full repayment of first lien term loan inWinshuttle, LLC .
-
-
Deployments primarily consisted of eight new portfolio companies and thirteen investments/funding into existing portfolio companies, which are outlined as follows:
-
During the quarter ended
September 30, 2021 , there were no new non-accrual investments. As ofSeptember 30, 2021 , there were three non-accrual investment positions, representing approximately 4.3% and 14.0% of total debt and preferred stock investments, at fair value and cost, respectively, as compared to three non-accrual investment positions of approximately 4.4% and 14.5% of total debt and preferred stock investments at fair value and cost, respectively, atJune 30, 2021 . The weighted average internal investment rating of the portfolio at FMV atSeptember 30, 2021 improved to 1.33 as compared to 1.37 atJune 30, 2021 and 1.90 atDecember 31, 2020 . -
During the quarter ended
September 30, 2021 , net realized and unrealized gains were$6.7 million , primarily attributable to appreciation in portfolio valuations during the quarter.
Liquidity and Capital Resources
-
At
September 30, 2021 , we had$12.0 million in cash and cash equivalents and$206.0 million of availability under our credit facility, subject to leverage restrictions, resulting in approximately$218.0 million of availability for portfolio company investments. Committed but unfunded portfolio obligations atSeptember 30, 2021 were$33.4 million (excluding the$4.2 million 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 0.57x at quarter-end, and our 270% asset coverage ratio provided the Company with additional debt capacity of
$206.0 million under its asset coverage requirements, subject to borrowing capacity and borrowing base restrictions. Further, as ofSeptember 30, 2021 , approximately 86% of our assets were invested in qualifying assets, exceeding the 70% regulatory requirement of a business development company. -
For the third quarter of 2021, the Company declared a cash dividend of
$0.10 per share, payable onJanuary 6, 2022 to stockholders of record at the close of business onDecember 16, 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 |
||||
|
|
|
|
|
Assets |
(Unaudited) |
|
|
|
Investments at fair value: |
|
|
|
|
Non-controlled, non-affiliated investments (cost of |
|
|
|
|
Non-controlled, affiliated investments (cost of |
4,267,127 |
|
13,099,313 |
|
Controlled investments (cost of |
53,392,393 |
|
110,968,227 |
|
Total investments at fair value (cost of |
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 |
|
|
|
|
Liabilities |
|
|
|
|
Debt (net of deferred issuance costs of |
|
|
|
|
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 |
— |
|
1,849,597 |
|
Accrued capital gains incentive fees |
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 |
|
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) |
(439,289,064) |
|
(476,857,055) |
|
|
(68,000,576) |
|
(66,296,859) |
|
Total net assets |
350,874,551 |
|
315,010,277 |
|
Total liabilities and net assets |
|
|
|
|
Net assets per share |
|
|
|
|
Consolidated Statements of Operations (Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
|
(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): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
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 |
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 are calculated for each calendar quarter and are paid on a quarterly basis if certain thresholds are met. For the period
Computations for the periods below are derived from the Company’s financial statements as follows:
|
Three Months Ended |
Nine Months Ended |
||||||
|
|
|
|
|
||||
GAAP Basis: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.07 |
|
0.12 |
|
0.19 |
|
0.39 |
|
Addback: GAAP incentive fee based on capital gains |
1,291,952 |
|
— |
|
1,291,952 |
|
— |
|
Addback: GAAP incentive fee based on Income net of incentive fee waiver |
— |
|
— |
|
— |
|
— |
|
Pre-Incentive Fee1: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.08 |
|
0.12 |
|
0.21 |
|
0.39 |
|
Less: Incremental incentive fee based on Income net of incentive fee waiver |
— |
|
— |
|
— |
|
— |
|
As Adjusted2: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.08 |
|
0.12 |
|
0.21 |
|
0.39 |
|
Note: The NII amounts for the three and nine months ended
1 |
Pre-Incentive Fee: Amounts are adjusted to remove all incentive fees. Such fees have been accrued but are not due and payable at the reporting date. |
|
2 |
As Adjusted: Amounts are adjusted to remove the GAAP accrual for incentive fee based on capital gains, and to include only the incremental incentive fee based on income. Adjusted amounts reflect the fact that no Incentive Fee on capital gains was realized and payable to the Advisor during the three and nine months periods ended |
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/20211103006124/en/
Investor Contact:
Press Contact:
Source:
Published at Wed, 03 Nov 2021 13:02:00 -0700
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