BlackRock Capital Investment Corporation Reports Financial Results for the Quarter Ended December 31, 2022, Declares Quarterly Cash Dividend of $0.10 per Share
BlackRock Capital Investment Corporation (NASDAQ:BKCC) reported a GAAP Net Investment Income (NII) of $8.1 million, or $0.11 per share, in Q4 2022, marking a 6% increase from Q3's $7.7 million. This NII covered the declared dividend of $0.10 per share by 112%. However, Net Asset Value (NAV) fell by 4.1% to $318.5 million, primarily due to net unrealized losses of $13.2 million. The Company deployed $36 million in investments, predominantly in first lien loans, with a weighted average yield of 11.5%. The total portfolio expanded to 116 companies, up from 86 a year earlier. The Company repurchased 318,324 shares for approximately $1.2 million during the quarter.
- NII increased 6% to $8.1 million from Q3, providing 112% coverage for the dividend.
- Weighted average portfolio yield rose to 11.9% from 10.5% in the previous quarter.
- Total portfolio companies increased to 116 from 86 year-over-year.
- NAV decreased by 4.1% to $318.5 million, primarily due to $13.2 million in unrealized losses.
- Net leverage increased to 0.77x from 0.71x, indicating higher risk exposure.
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GAAP Net Investment Income (“NII”) was
, or$8.1 million per share in the fourth quarter, representing a$0.11 6% increase from third quarter NII of . Fourth quarter NII provided dividend coverage of$7.7 million 112% , up from third quarter dividend coverage of105% . NII for the fourth quarter includes fee and other one-time income of approximately per share, as compared to$0.01 per share in the prior quarter.$0.02 -
Net Asset Value (“NAV”) decreased to
as of$318.5 million December 31, 2022 , down4.1% from as of$332.0 million September 30, 2022 ; NAV per share decreased by3.7% to per share from$4.39 per share as of$4.56 September 30, 2022 , primarily driven by net unrealized losses of during the quarter due to credit spread widening across the broader market and other portfolio valuation declines.$13.2 million -
The Company had gross deployments totaling
during the fourth quarter, substantially all of which were in first lien loans. The weighted average yield on gross deployments during the quarter was$36.0 million 11.5% , up from10.0% in the third quarter. During the quarter, 8 new portfolio companies were added, bringing total portfolio companies at quarter-end to 116, up from 86 at the end of 2021 and 55 at the end of 2020. Gross repayments during the fourth quarter were , including full repayments from 3 existing portfolio companies.$27.9 million -
The Company’s weighted-average portfolio yield as of
December 31, 2022 increased to11.9% based on total portfolio fair value, up from10.5% as ofSeptember 30, 2022 . The increase was largely driven by a rise in LIBOR and SOFR rates during the quarter. -
Net leverage was 0.77x as of
December 31, 2022 , up from 0.71x as ofSeptember 30, 2022 , driven by new net deployments and a decrease in valuations across our portfolio. Total available liquidity for deployment into portfolio company investments, including cash, was approximately , subject to leverage and borrowing base restrictions.$112.5 million -
During the fourth quarter, the Company repurchased 318,324 shares under the share repurchase program, spending approximately
at an average price of$1.2 million per share, including brokerage commissions.$3.62
“Our NII continued its upward trajectory this quarter, demonstrating the strength of our increasingly diversified portfolio and our commitment to delivering solid risk-adjusted returns,” said
“The fourth quarter witnessed reduced origination activity across the market as corporate mergers and acquisitions, the need for growth financings as well as refinancing activity slowed down owing to a rising interest rate environment. Even during this slower environment, we added 8 new portfolio companies during the quarter, drawing upon the power of the BlackRock platform. We ended the year with a well-diversified portfolio of 116 companies, more than doubling the number of portfolio companies we had at the end of 2020. We deployed
“Against the macroeconomic backdrop of continued inflation, higher interest rates, and softening consumer demand, we remain highly selective in underwriting new investments and vigilant in monitoring our existing portfolio. We believe that our portfolio is well positioned to withstand the impact of a deteriorating economic environment. Our credit quality remains solid as there were no new non-accrual investments in the fourth quarter, demonstrating our focus on prudent underwriting and maintaining a strong credit culture.”
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Portfolio Composition |
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First Lien Debt |
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Second Lien Debt |
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Portfolio Company Count |
116 |
111 |
86 |
55 |
Non-Core Assets |
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Portfolio Company Count2 |
3 |
4 |
5 |
6 |
Fair Market Value ("FMV", in Millions) |
9 |
11 |
26 |
42 |
% of investments, at FMV |
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Financial Highlights
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Q4 2022 |
Q3 2022 |
Q4 2021 |
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($'s in millions, except per share data)2 |
Total Amount |
Per Share |
Total Amount |
Per Share |
Total Amount |
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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Dividends declared |
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Net Investment Income/(loss), as adjusted1 |
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Basic earnings/(losses), as adjusted1 |
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__________________________________________
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2022 Totals |
2021 Totals |
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($'s in millions, except per share data) |
Total Amount |
Per Share |
Total Amount |
Per Share |
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Net Investment Income/(loss) |
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Net realized and unrealized gains/(losses) |
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Basic earnings/(losses) |
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Dividends declared |
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Net Investment Income/(loss), as adjusted1 |
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Basic earnings/(losses), as adjusted1 |
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__________________________________________
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($'s in millions, except per share data) |
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Total assets |
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Investment portfolio, at FMV |
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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 ratio1 |
0.77x |
0.71x |
0.56x |
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Business Updates
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Reduced Exposure in Non-Core Legacy Portfolio: During the fourth quarter, the Company received
of proceeds from a partial repayment of our first lien term loan in$1.0 million Kemmerer Operations, LLC ("Kemmerer Operations"). The non-core portfolio stood at less than2% of our entire portfolio, at fair value, as ofDecember 31, 2022 . Subsequent toDecember 31, 2022 , the Company received in proceeds from the full sale of its first lien debt and equity positions in Kemmerer Operations, and$2.4 million in proceeds from the full sale of its non-accrual second lien secured note position in$0.8 million Advanced Lighting Technologies, LLC ("Advanced Lighting"), further reducing the Company's non-core legacy exposure. -
Other Junior Capital Exposure: As of
December 31, 2022 , the Company’s other junior capital (including unsecured/subordinated debt and equity) exposure, excluding non-core assets, remained low at4% of the portfolio, down from6% atDecember 31, 2021 , and down from21% atDecember 31, 2020 . -
Share Repurchase Program: During the fourth quarter, the Company repurchased 318,324 shares of its common stock for
at an average price of$1.2 million per share, including brokerage commissions. On$3.62 October 28, 2022 , the Company’s Board of Directors authorized the Company to purchase up to a total of 8 million shares, commencing onNovember 7, 2022 and effective until the earlier ofNovember 6, 2023 or such time that all of the authorized shares have been repurchased, subject to the terms of a share repurchase program, if in effect.
Fourth Quarter Financial Updates
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NII was
, or approximately$8.1 million per share, for the three months ended$0.11 December 31, 2022 , an increase of6% from the prior quarter. Relative to our dividend declared of per share, dividend coverage was$0.10 112% , up from105% in the prior quarter. -
NAV decreased to
at$318.5 million December 31, 2022 , down4.1% from at$332.0 million September 30, 2022 ; NAV per share decreased to per share from$4.39 per share as of$4.56 September 30, 2022 . The NAV decrease was primarily driven by of net unrealized losses due to credit spread widening across the broader market and other portfolio valuation declines.$13.2 million -
Tax characteristics of all 2022 dividends were reported to stockholders on Form 1099 after the end of the calendar year. Our 2022 aggregate dividends of
per share included a$0.40 per share return of capital. At our discretion, we may carry forward taxable income in excess of calendar year dividends and pay a$0.02 4% excise tax on this income. We will accrue excise tax on estimated undistributed taxable income as required. There was no undistributed taxable income carried forward from 2022, and therefore no excise tax payable atDecember 31, 2022 .
Portfolio and Investment Activity*
($’s in millions) |
Three Months Ended |
Year Ended |
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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 |
116 |
86 |
116 |
86 |
Weighted average yield of debt and income producing equity securities, at FMV |
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% of Portfolio invested in Secured debt, at FMV |
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% of Portfolio invested in Unsecured/subordinated debt, at FMV |
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% of Portfolio invested in Equity, at FMV |
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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. |
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We deployed
during the quarter while exits and repayments totaled$36.0 million , resulting in an$27.9 million net increase in our portfolio.$8.1 million -
Deployments consisted of investments/fundings into 8 new portfolio companies and primarily 7 existing portfolio companies, which are outlined as follows:
New Portfolio Companies-
SOFR ("S") +$5.2 million 6.50% first lien term loan and unfunded revolver to$5.2 million Integrity Marketing Acquisition, LLC , an independent marketer and distributor of life and health insurance products; -
S +$5.2 million 6.50% first lien term loan, unfunded delayed draw term loan ("DDTL"), and$1.3 million unfunded revolver to Zendesk, Inc., a provider of customer support solutions to businesses;$0.5 million -
S +$5.0 million 7.00% first lien term loan and unfunded revolver to$0.4 million Madison Logic Holdings, Inc. , a business-to-business marketing services provider; -
S +$2.6 million 8.25% first lien term loan toMoney Transfer Acquisition Inc. , a consumer financial services company; -
S +$2.3 million 7.25% first lien term loan and unfunded revolver to Avalara, Inc., a provider of cloud-based solutions for transaction tax compliance;$0.2 million -
S +$2.2 million 7.00% first lien term loan, unfunded DDTL, and$0.2 million unfunded revolver to$0.3 million Alcami Corporation , a contract drug development and manufacturing organization; -
S +$2.2 million 6.25% first lien term loan toCommerceHub, Inc. , a provider of cloud-based ecommerce solutions; and -
S +$2.1 million 8.75% first lien term loan toKong Inc. , a software provider for managing, scaling and monitoring application processing interfaces.
Incremental Investment /Funding Primarily in the Following Existing Portfolio Companies -
S +$2.9 million 6.00% first lien DDTL funding toWealth Enhancement Group, LLC ; -
S +$1.5 million 6.88% first lien DDTL funding toGTY Technology Holdings, Inc. ; -
S +$1.0 million 7.50% first lien DDTL funding toElastic Path Software Inc. ; -
S +$0.9 million 7.25% first lien DDTL funding toGrey Orange Incorporated ; -
S +$0.7 million 5.75% first lien DDTL funding toAmeriLife Holdings, LLC ; -
$0.7 million 12.00% first lien term loan toMagenta Buyer, LLC (McAfee); and -
LIBOR +$0.5 million 8.00% first lien revolver funding to Pluralsight, Inc.
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Exits and repayments were primarily concentrated in three complete exits of portfolio company investments and two partial paydowns, with a total of
in fee and other one-time income generated in excess of principal repaid on these transactions:$0.5 million -
full repayment at par of first lien term loan in$11.7 million Barri Financial Group, LLC ; -
of proceeds from the full repayment at par of first lien term loan, DDTL and revolver in$9.2 million Unanet, Inc. ; -
of proceeds from the full repayment at par of second lien term loan and DDTL in$4.3 million MetroNet Systems Holdings, LLC ; -
of proceeds from the partial repayment of first lien term loan in Kemmerer Operations, a non-core legacy position; and$1.0 million -
of proceeds from the partial repayment of first lien term loan and revolver in Alpine Acquisition Corp II (48Forty).$0.6 million
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Deployments consisted of investments/fundings into 8 new portfolio companies and primarily 7 existing portfolio companies, which are outlined as follows:
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During the quarter ended
December 31, 2022 , there were no new non-accrual investments. As ofDecember 31, 2022 , there were three non-accrual investment positions, representing approximately2.8% and11.8% of total debt and preferred stock investments, at fair value and cost, respectively. Subsequent toDecember 31, 2022 , the Company received in proceeds from the full sale of its non-accrual debt position in Advanced Lighting, further reducing its number of non-accrual investment positions to two.$0.8 million -
The weighted average internal investment rating of the portfolio at FMV declined slightly to 1.33 at
December 31, 2022 , as compared to 1.28 atSeptember 30, 2022 , and 1.21 atDecember 31, 2021 . -
During the quarter ended
December 31, 2022 , net unrealized losses were , driven by credit spread widening across the broader market and other portfolio valuation declines. The largest contributors to the unrealized losses included$13.2 million Gordon Brothers Finance Company ,Razor Group GmbH ,Magenta Buyer, LLC ,Stitch Holdings L.P. andMBS Parent, LLC . There were no realized gains or losses during the quarter.
Liquidity and Capital Resources
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At
December 31, 2022 , we had in cash and cash equivalents and$9.5 million of availability under our credit facility, subject to leverage restrictions, resulting in approximately$103.0 million of availability for deployment into portfolio company investments including current unfunded commitments, and for general use in the normal course of business.$112.5 million -
Net leverage, adjusted for available cash, receivables for investments sold, payables for investments purchased and unamortized debt issuance costs, was 0.77x at quarter-end, and our
225% asset coverage ratio provided the Company with additional debt capacity of under its asset coverage requirements, subject to borrowing capacity and borrowing base restrictions. Further, as of$103.0 million December 31, 2022 , approximately85% of our assets were invested in qualifying assets, exceeding the70% requirement for a business development company under Section 55(a) of the Investment Company Act of 1940. -
For the fourth quarter of 2022, the Company declared a cash dividend of
per share, payable on$0.10 April 6, 2023 to stockholders of record at the close of business onMarch 16, 2023 .
Conference Call
The teleconference and the 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.
About
Formed in 2005,
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 |
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Investments at fair value: |
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Non-controlled, non-affiliated investments (cost of |
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Non-controlled, affiliated investments (cost of |
3,574,438 |
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4,131,978 |
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Controlled investments (cost of |
15,228,000 |
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21,927,071 |
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Total investments at fair value (cost of |
570,489,084 |
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552,563,994 |
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Cash and cash equivalents |
9,531,190 |
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12,750,121 |
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Interest, dividends and fees receivable |
5,515,446 |
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3,671,722 |
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Due from broker |
1,946,507 |
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— |
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Deferred debt issuance costs |
1,055,117 |
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1,511,418 |
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Receivable for investments sold |
12,096 |
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690,550 |
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Prepaid expenses and other assets |
510,706 |
|
788,469 |
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Total assets |
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Liabilities |
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Debt (net of deferred issuance costs of |
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Dividends payable |
7,257,191 |
|
7,392,972 |
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Income incentive fees payable |
3,403,349 |
|
170,002 |
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Accrued capital gains incentive fees |
— |
|
1,544,569 |
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Management fees payable |
2,186,540 |
|
2,122,519 |
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Interest Rate Swap at fair value |
1,332,299 |
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— |
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Interest and debt related payables |
738,719 |
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601,379 |
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Payable for investments purchased |
600,391 |
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11,679,798 |
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Accrued administrative expenses |
397,299 |
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384,225 |
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Accrued expenses and other liabilities |
1,618,844 |
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1,553,507 |
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Total liabilities |
270,537,793 |
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222,324,301 |
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Net assets |
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Common stock, par value |
84,482 |
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84,478 |
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Paid-in capital in excess of par |
850,199,351 |
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852,360,178 |
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Distributable earnings (losses) |
(458,387,778) |
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(434,303,297) |
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(73,373,702) |
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(68,489,386) |
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Total net assets |
318,522,353 |
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349,651,973 |
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Total liabilities and net assets |
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Net assets per share |
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Consolidated Statements of Operations
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Three Months Ended (Unaudited) |
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Year Ended |
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Investment income |
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Interest income (excluding PIK): |
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Non-controlled, non-affiliated investments |
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Non-controlled, affiliated investments |
|
— |
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— |
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— |
|
11,867 |
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Controlled investments |
|
— |
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— |
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— |
|
718,571 |
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PIK interest income: |
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Non-controlled, non-affiliated investments |
|
512,299 |
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59,418 |
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1,138,311 |
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2,092,736 |
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Non-controlled, affiliated investments |
|
109,309 |
|
121,265 |
|
456,686 |
|
481,800 |
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Dividend income (excluding PIK): |
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Non-controlled, affiliated investments |
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— |
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— |
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— |
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71,500 |
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Controlled investments |
|
— |
|
116,648 |
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— |
|
1,647,661 |
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PIK dividend income: |
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Non-controlled, non-affiliated investments |
|
83,725 |
|
15,177 |
|
319,524 |
|
15,177 |
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Other income: |
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|
|
|
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Non-controlled, non-affiliated investments |
|
353,070 |
|
429,090 |
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1,633,795 |
|
839,678 |
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Total investment income |
|
17,459,159 |
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12,600,311 |
|
57,935,794 |
|
46,245,020 |
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Operating expenses |
|
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|
|
|
|
|
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Interest and other debt expenses |
|
4,213,025 |
|
2,925,218 |
|
13,140,402 |
|
11,620,899 |
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Management fees |
|
2,186,540 |
|
2,122,519 |
|
8,311,686 |
|
7,784,188 |
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Incentive fees on income |
|
1,712,604 |
|
170,002 |
|
3,422,362 |
|
249,385 |
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Incentive fees on capital gains(1) |
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— |
|
252,617 |
|
(1,544,569) |
|
1,544,569 |
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Administrative expenses |
|
397,299 |
|
384,225 |
|
1,407,775 |
|
1,354,283 |
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Professional fees |
|
112,420 |
|
131,039 |
|
836,788 |
|
1,100,008 |
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Insurance expense |
|
164,534 |
|
204,198 |
|
747,428 |
|
809,356 |
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Director fees |
|
158,125 |
|
158,125 |
|
613,750 |
|
622,500 |
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Investment advisor expenses |
|
25,819 |
|
87,500 |
|
103,276 |
|
350,000 |
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Other operating expenses |
|
396,017 |
|
230,022 |
|
1,525,774 |
|
1,011,273 |
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Total expenses, before incentive fee waiver |
|
9,366,383 |
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6,665,465 |
|
28,564,672 |
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26,446,461 |
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Incentive fee waiver |
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— |
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— |
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— |
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(79,383) |
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Total expenses, net of incentive fee waiver |
|
9,366,383 |
|
6,665,465 |
|
28,564,672 |
|
26,367,078 |
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Net investment income(1) |
|
8,092,776 |
|
5,934,846 |
|
29,371,122 |
|
19,877,942 |
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Realized and unrealized gain (loss) on investments, Interest Rate Swap and foreign currency |
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|
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Net realized gain (loss): |
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|
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|
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Non-controlled, non-affiliated investments |
|
— |
|
— |
|
1,196,573 |
|
21,408,577 |
|
Non-controlled, affiliated investments |
|
— |
|
— |
|
— |
|
(7,989,591) |
|
Controlled investments |
|
— |
|
(21,980,388) |
|
— |
|
(32,496,018) |
|
Net realized gain (loss) |
|
— |
|
(21,980,388) |
|
1,196,573 |
|
(19,077,032) |
|
Net change in unrealized appreciation (depreciation): |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
(10,151,765) |
|
226,419 |
|
(23,845,171) |
|
20,125,055 |
|
Non-controlled, affiliated investments |
|
288,182 |
|
(86,942) |
|
620,438 |
|
6,932,957 |
|
Controlled investments |
|
(3,214,001) |
|
22,565,269 |
|
(2,523,687) |
|
38,914,666 |
|
Interest Rate Swap |
|
(117,641) |
|
— |
|
(1,332,299) |
|
— |
|
Foreign currency translation |
|
— |
|
— |
|
— |
|
(285,360) |
|
Net change in unrealized appreciation (depreciation) |
|
(13,195,225) |
|
22,704,746 |
|
(27,080,719) |
|
65,687,318 |
|
Net realized and unrealized gain (loss) |
|
(13,195,225) |
|
724,358 |
|
(25,884,146) |
|
46,610,286 |
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Net increase (decrease) in net assets resulting from operations |
|
|
|
|
|
|
|
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Net investment income per share—basic(1) |
|
|
|
|
|
|
|
|
|
Earnings (loss) per share—basic(1) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding—basic |
|
72,611,050 |
|
73,950,159 |
|
73,314,124 |
|
74,153,145 |
|
Net investment income per share—diluted(1)(2) |
|
|
|
|
|
|
|
|
|
Earnings (loss) per share—diluted(1)(2) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding—diluted |
|
72,611,050 |
|
90,943,896 |
|
81,042,705 |
|
91,146,882 |
|
__________________________________________
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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.
The Company records its liability for incentive fees based on capital gains (if any) by performing a hypothetical liquidation basis calculation at the end of each reporting period, as required by GAAP, which assumes that all unrealized capital appreciation and depreciation is realized as of the reporting date. It should be noted that incentive fees based on capital gains (if any) are not due and payable until the end of the annual measurement period, or every
Computations for the periods below are derived from the Company's financial statements as follows:
|
Three Months Ended |
Year Ended |
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|
|
|
|
|
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GAAP Basis: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.11 |
|
0.08 |
|
0.40 |
|
0.27 |
|
Addback: GAAP incentive fee (reversal) based on capital gains |
— |
|
252,617 |
|
(1,544,569) |
|
1,544,569 |
|
Addback: GAAP incentive fee based on Income net of incentive fee waiver (if any) |
1,712,604 |
|
170,002 |
|
3,422,362 |
|
170,002 |
|
Pre-Incentive Fee1: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.14 |
|
0.09 |
|
0.43 |
|
0.29 |
|
Less: Incremental incentive fee based on Income net of incentive fee waiver (if any) |
(1,712,604) |
|
(170,002) |
|
(3,422,362) |
|
(170,002) |
|
As Adjusted2: |
|
|
|
|
|
|
|
|
Net Investment Income |
|
|
|
|
|
|
|
|
Net Investment Income per share |
0.11 |
|
0.08 |
|
0.38 |
|
0.29 |
|
__________________________________________
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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/20230301006013/en/
Investor Contact:
212.810.5427
Press Contact:
212.810.5596
Source:
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